HomeMy Public PortalAbout1989_10_10_R209Lee~b~rg in ~Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 10, 1989
89-209 ADOPTED October 10, 1989
AUTHORIZING A TIME EXTENSION OF THE PERFORMANCE GUARANTEE
FOR INSTALLATION OF PUBLIC IMPROVEMENTS FOR SOUTH HAVEN
SUBDIVISION.
WHE~, Tendence Incorporated, the developers of South Haven Subdivision 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 the extension
thereto; and
WHEREAS, all the housing units in the subdivision have been sold by the builder and are occupied;
WHEREAS, the letter of credit from Farmers and Merchants National Bank of Hamilton, Virginia
dated April 10, 1989, which guarantees the installation of public improvements, in the amount of
$68,758.00, will expire on October 10, 1989; and
WHEREAS, a new letter of credit from Farmers and Merchants National Bank of I-lAmilton,
Virginia in the amount of $68,758.00 has been provided by the developer to guarantee installation of the
remaining public improvements for South Haven; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $68,758.00
to guarantee installation of the remaining public improvements;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Farmers and Merchants National Bank of I~Ismilton, Virginia
in the amount of $68,758.00 in a form approved by the Town Attorney and a request for an extension
of 30 days for the inst~llAtion of public improvements is hereby approved.
SECTION II. In the event the public improvements in the South Haven Subdivision are not
satisfactorily completed, as determined the Director of Engineering and Public Works, prior to
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A RESOLUTION: SOUTH HAVEN PERFORMANCE GUARANTEE
November 9, 1989, the town hereby authorizes the Town Manager to declare the Developer in default
of his contract and the manager is authorized to request payment pursuant to the letter of credit from
Farmers and Merchants National Bank of l-lamilton, Virgini~
PASSED this 10th day of
October .,1989.
Robert E. SJv~-l~ayor
Town of Leesburg
ATTEST:
C~erk of Coun~
sohaven