HomeMy Public PortalAbout1989_12_12_R252PRESENTED
ADOPTED
December 12, 1989
RESOLUTION NO. 89- 252
A RESOLUTION: ~G A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN WOODLEA MANOR PHASE I
December 12, 1989
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Woodlea Manor Phase I and certified that the value of work
performed is $2,447,000.00; and
WHEREAS, an irrevocable letter of credit from Home Federal Savings and Loan Association in
the amount of $3,221,000.00 has been provided by the developer and approved by Council to guarantee
installation of public improvements for Woodlea Manor Phase I; and
WHEREAS, Resolution No. 89-245 adopted by the Town Council on November 28, 1989 reduced
the liability for the irrevocable letter of credit from $3,221,000.00 to $2,447,000.00.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Home Federal Savings and Loan Association
in the amount of $2,447,000.00 is reduced to $774,000.00.
SECTION H. 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 Woodlea Manor Phase I.
PASSED this 12th day of December ,1989.
ATTEST:
Clerk of Coun~i~
Robert E. Sevila, Mayor
Town of Leesburg