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RESOLUTION NO. 89- 254
A RESOLUTION:
PRESENTED December 12, 1989
ADOPTED December 12, 1989
MAKINGAREDUCTIONOFTHEPERFORMANCE GUARANTEE FORPUBLIC
IMPROVEMENTS INSTAI~.&TIONINPOTOMAC CROSSING SECTION1F.
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing Section 1F and certified that the value of work
performed is in excess of $336,800.00; and
WHEREAS, an irrevocable bank letter of credit from United Savings Bank in the amount of
$421,000.00 has been provided by the developer and approved by Council to guarantee installation of
public improvements for Potomsc Crossing Section IF.
THEREFORE, RESOLVED by the Council of Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from United Savings Bank in the amount of
$421,000.00 is reduced to $84,200.00.
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 Potomac Crossing Section iF.
PASSED this 12th day of December,1989.
ATTEST:
Robert E. Sevila, Mayor
Town of Leesburg
Clerk of Coun~