HomeMy Public PortalAbout1988_07_26_R142l~es6~r; in CVir;inia
PRESENTED July 26, 1988
ADOPTED July 26, 1988
easements free of any liens or changes.
PASSED this 26~h day of
ATTEST:
Clerk of Coancil
July
, 1988.
Robert E. Sevila, Mayor
Town of Leesburg
RESOLUTION NO. 88-142
A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR ~BLIC
IMPROVEMENTS, PHASE I LEESBURG GATEWAY SUBDIVISION
WHEREAS, S¥colin Partnership,the developer of Leesburg Gateway
Subdivision Phase I has completed public improvements in accordance with
approved plans and town standards except for grading and earthwork on lot
9, and these have been inspected and approved.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The irrevocable letter of credit from First American Bank in
the amount of $124,000.00 is released, and a new performance guarantee for
maintenance in the amount of $31,000.00 from First American Bank in a form
approved by the town attorney is approved, and shall be in effect for a
period of one year from this date.
SECTION II. A letter of credit or other surety in a form approved by
the town attorney in the amount of $42,085.00 shall be provided as
performance surety to guarantee the completion of the erosion controls,
grading and stabilization on lot 9. This guarantee shall remain in effect
for one year.
SECTION II. This release is contingent upon delivery of a properly
executed instrument conveying unto the town all such improvements and