HomeMy Public PortalAbout1989_10_24_R223Lees~u~rg in ~Virginia
PRESENTED October 24; lq89
ADOPTED October 24, 1989
RESOLUTION NO. 89-223
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN LAWSON ROAD INDUSTRIAL PARK
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Lawson Road Industrial Park and certified that the value of work
performed exceeds $51,520.00; and
WHEREAS, an irrevocable letter of credit from The National Bank of Northern Virginia in the
amount of $64,400.00 has been provided by the developer and approved by Council to guarantee
instsllstion of public improvements for Lawson Road Industrial Park.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from The National Bank of Northern Virginia in the
amount of $64,000.00 is reduced to $12,800.00.
SECTION II. The Town Manager shall notify the developer that liability 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 Lawson Road Industrial Park.
PASSED this 24th day of October ,1989.
ATTEST:
Clerk of Coun~
Ro6ert ~ S~vila, Mayor'
Town of Leesburg