HomeMy Public PortalAbout1988_12_13_R260Leesl~urg in aVirginia
PRESENTED December 13, 1988
RESOLUTION NO. ~8-260 ADOPTED December 13, 1988
A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEE AND APPROVING MAINTENANCE AND
PERFORMANCE GUARANTEES FOR PUBLIC IMPROVEMENTS, FOR THE
WARD COMPONENT PLANT _ '-
WHEREAS, Ward Corporation, the developer of Ward Components Plant has completed the
on-site public improvements in accordance with approved plans and town standards, and these have
been inspected and approved; and
WHEREAS, completion of improvements to Route 643 which the developer is responsible for
constructing has been delayed; and
WHEREAS, improvements to Route 643 will be jointly constructed with a Town of Leesburg
Capital Project in the Spring of 1989:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Enterprise Bank in the amount of
$53,742.00 is released, and a new letter of credit for a msiutenance guarantee in the amount of
$10,960.00 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 new letter of credit to guarantee the improvements to Route 643 in the
amount of $34,802.00 in a form approved by the town attorney is approved and shall be in effect for
one year from this date.
SECTION III. This release is contingent upon delivery of a properly executed instrument
conveying unto the Town ali such improvements and easements free of any liens or char ges.
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PASSED this 13[:h day of December
ATTEST:
Clerk of C~/ncil
,1988.
Town of Leesburg