HomeMy Public PortalAbout1989_06_13_R123eesourg in ~Virginia
PRESENTED
June 13, 1989
RESOLUTION NO. 89-123
ADOPTED June 13, 1989
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI,I,ATION IN POTOMAC CROSSING SECTION lB1.
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing Section 1B1 and certified that the value of work
perfomed is in excess of $230,400.00; and
WHEREAS, an irrevocable bank letter of credit from Riggs National Bank in the amount of
$288,000.00 has been provided by the developer and approved by Council to guarantee instsllation of
public improvements for Potom~ Crossing Section lB1.
THEREFORE, RESOLVED by the Council of Town of Leesburg in Vir~n~s as follows:
SECTION I. The irrevocable letter of credit from Riggs National Bank in the amount of
$288,000.00 is reduced to $57,600.00.
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 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 Potomac Crossing Section lB1.
PASSED this 13th day of June .,1989.
A~'rEST:
Town of Leesburg