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RESOLUTION NO. 89- 245
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMP~VE~ INSTALLATION IN WOODLP. A MANOR PHASE I
PRESENTED November 28, 1989
ADOPTED November 28, 1989
WHEREAS, the Town's Director of Engineering and Public Works ires reviewed the public
improvements installed to date in Woodlea Manor Phase I and certified that the value of work
performed i~ $774,000.00; and
WHERF. d~, an irrevocable letter of credit from Home Federal Savings and Loan A~ociation in
the amount of $3,221,000.00 lure been provided by the developer and approved by Council to guarantee
irm*mllRtion of public improvements for Woodlea Manor Phase I.
THEREFORE, RESOLVED by the Council of the Town of Leeeburg in V'n~da as follows:
SECTION I. The irrevocable letter of credit from Home Federal Savings and Loan Am~ociation
in the amount of $3,221,000.00 i~ reduced to $2,447,000.00.
SECTION H. The Town 1W~ns.oer shall notify the developer that liability for the irrevocable letter
of credit hs, been reduced as outlined in Section I of ~ resolution, and that this reduction does not
cormtitute acceptance of public improvements by the Town or relieve the developer of respormibilities
outlined in the contract for public improvements for Woodlea Manor Plmse I.
PASSED this 28th day of November ,1989.
l~bert E. Sevila, Mayor
Town of Leesburg
'~rk of C