HomeMy Public PortalAbout1988_12_13_R262LccsSurg ~n ~Virgin~a
RESOLUTION NO. 88-262
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE
PUBLIC IMPROVEMENTS INSTALI,&TION FOR THE
BROOKMEADE CONDOMINII/MS
WHEREAS, the Town's Director of Engineering and Public Works [ms reviewed the public
improvements installed to date for the Brookmeade Condomini,,ms and certified that the value of
work performed is $207,318.00; and
WHEREAS, an irrevocable letter of credit from First American Bank in the amount of
$306,000.00 has been provided by the developer and approved by Council to guarantee ins~llstion of
public improvements for the Brookmeade Condomird,,m.~:
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
$306,000.00 is reduced to $98,682.00.
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 Brookmeade Condominium.~.
PASSED this 13th day of
ATTEST:
Clerk of C~ncil
December , 1988.
Robert E. Sevila, Mayor
Town of Leesburg
PRESENTED December 13, 1988
ADOPTED December 13, 1988