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RESOLUTION NO. 88-150
A RESOLUTION: AUTHORIZING A TIME EXTENSION AND APPROVING A REDUCTION OF THE
PERFORMANCE GUARANTEE FOR INSTALLATION OF PUBLIC IMPROVEMENTS
FOR THE FIELDSTONE APARTMENTS
WHEREAS, Pulte Home Corporation, the builders of the Fieldstone
Apartments, have not completed all the required public improvements in
accordance with the approved construction drawings and town standards
within the two year period agreed to in the contract for public
improvements; and
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for the Fieldstone
Apartments and certifies that the value of work performed is in excess of
$400,000.00; and
WHEREAS, a letter of credit from First American Bank of Virginia in the
amount of $500,000.00 has been provided by the developer and approved by
Council to guarantee installation of public improvements for the Fieldstone
Apartments:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from First American Bank of Virginia in
the amount of $500,000.00 is reduced to $100,000.00 and an extensiOn of six
months for the letter of credit is approved.
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
PRESENTED August 9, 1988
ADOPTED August 9,~ 1988
AUTHORIZING A TIME EXTENSION AND APPROVING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR INSTALLATION OF PUBLIC IMPROVEMENTS FOR THE FIELDSTONE
APARTMENTS
responsibilities outlined in the contract for public improvements for the
Fieldstone Apartments.
PASSED this 9th day of August , 1988.
Robert E. ~ila, Mayor
Town of Leesburg
ATTEST:
'C~erk of founcil