HomeMy Public PortalAbout1989_10_24_R222Leesb~rg in ~rirginia
PRESENTED October 24, 1989
RESOLUTION NO. 89-222 ADOPTED October 24, 1989
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN POTOMAC CROSSING SECTION 1E
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomsc Crossing Section 1E and certified that the value of work
performed exceeds $384,118.00; and
WHEREAS, an irrevocable letter of credit from Chevy Chase Federal Savings Bank in the amount
of $458,000.00 has been provided by the developer and approved by Council to guarantee instsll,tion
of public improvements for Potom--- Crossing Section 1E.
THEREFOKE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Chevy Chase Federal Savings Bank in the
amount of $458,000.00 is reduced to $91,600.00.
SECTION II. The Town Manager shall notify the developer that l~ability for the irrevocable letter
of credit 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 1E.
PASSED this 24th day of October ,1989.
ATTEST:
Clerk of Coup-il
Robert E. Sevila, Mayor
Town of Leesburg