HomeMy Public PortalAbout1988_07_12_R135 PRESENTED July~12]~-!988
RESOLUTION NO. 88-135 ADOPTED July 12~ 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR THE POTOMAC CROSSING PLANNED
DEVELOPMENT SECTION 1G
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for the Potomac Crossing
Planned Development Section 1G and certifies that the value of work
performed is $120,379.00; and
WHEREAS, a letter of credit from the United Savings Bank of Vienna,
Virginia in the amount of $205,000.00 has bee~ provided by the developer
and approved by Council to guarantee installation of public improvements
for the Potomac Crossing Planned Development Section 1G:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from the United Saving~ Bank of Vienna,
Virginia in the amount~of $205,000.00 is reduced to $84,621.00.
SECTION II. The Town Manager shall notify the developer that liability
for the letter of credit funds has been reduced as outlined in Section I of
this resolution, and that this reduction does not constitute acceptance of
public improvements by the Town or relieve the developer of
responsibilities outlined in the contract for public improvements for the
Potomac Crossing Planned Development Section 1G.
PASSED this 12th day of
ATTEST:
Clerk of C~ncil
July ~ , 1988.
Robert E. Sevila, Mayor
Town of Leesburg