HomeMy Public PortalAbout1989_04_11_R075RESOLUTION NO.
A RESOLUTION:
PRESENTED April 11, 1989
89-75 ADOPTED April 11, 1989
MAKING A t{_.~DUCTION IN THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVE1V~,NTS INSTAI,!JATION IN THE ROSFAfEADE
SUBDIVISION
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Rosemeade Subdivision and certified that the value of work
performed exceeds $487,292.00; and
WHE~, an irrevocable letter of credit from American Security B~nl~ in the amount of
$610,000.00 has been provided by the developer and approved by Council to guarantee installation of
public improvements for the Rosemeade Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg as follows:
SECTION I. The irrevocable letter of credit from American Security B~nk in the amount of
$610,000.00 is reduced to $121,823.00.
SECTION II. The Town Manager shall notify the developer that liability for the corporate
surety bond has been reduced as outlined in Section I of t~hi_~ resolution, and that this reduction does
not constitute acceptsnce of public improvements by the town or relieve the developer of responsibilities
outlined in the contract for public improvements for the Rosemeade Subdivision.
ATTEST:
PASSED this llth day of April , 1989.
Robert E. Sevila, Mayor
Town of Leesburg
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Clerk of Co~flcil