HomeMy Public PortalAbout1989_04_25_R086 p~ April 25, 1989
R~8OLUTION NO. 89-86 ADOPTED _~1989
A RESOLUTION: AUTHORIZING A TIM]~ ~XTF2~SION OF TH~ PERFORCE
GUARANTEE FOR INSTAI.I.~,TION OF PUBLIC IMPROVEMENTS FOR
POTOMAC CROSSING SECTION lC
WI4E~, The Grimm Company, developers of Potomac Cro~_~'~g Section lC 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
WI41~.REAS, the irrevocable letter of credit from United Savings B~n~ of %rn~/nio in the amount
of $385,740.00 expires on May 6, 1989; and
WI-IE,~, a new letter of credit from United Savings BAnk of Virginia in the amount of
$385,740.00 has been provided by the developer to guarantee installation of the remA|ni~lg public
improvements for Potomac Crossing Section 1C and thi~ amount has been approved by the Director of
Engineering and Public Works:
THEHEFORE, RESOLVED by the Council of the Town of Leesburg in Vir~'~ia as follows:
SECTION I. The irrevocable letter of credit from United Savings B~n~ of Vir~'nis in the
amount of $385,740.00 in a form approved by the Town Attorney and an extension of one year for the
instm11~tion of public improvements are approved.
PASSED thi~ 25th day of April
, 1989.
ATTEST:
Robert E. Se~la, Mayor
Town of Leesburg
Clerk of Co~cil