HomeMy Public PortalAbout1988_12_13_R261Lees6urg in ~'Virginia
PRESENTED December 13,
RESOLUTION NO. 88- 261 ADOI~CED December 13,
A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, RELF,%SING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS IN FOXRIDGE SECTION 2
WI-IEREAS, Pulte Home Corporation, the developer of Foxridge Section 2 hms completed public
improvements in accordance with approved plans and town stand, ds, and these have b~.~n inspected
and approveck
THEREFORE, RESOLVED by the Council of the Town of Leesburg in %rlrgi~'nis as follows:
SECTION L The irrevocable letter of credit from First American Bank in the mnount of
$985,852.00 is relemsed, and a new letter of credit for a maintenance guarantee in the amount of
$49,293.00 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 H. Th~ release is contingent upon delivery of a properly executed ins+.rument
conveying unto the town all such improvements and easements free of any liens or ch~ges.
PASSED this 13~h day of December , 1988.
A~I~EST:
Clerk of Co~cil
Robert E. Sevila, Mayor
Town of Leesburg
1988
1988