HomeMy Public PortalAbout1990_01_09_R004 PRESENTED January 9, 1990
ADOPTED January 9, 1990
AGREEMENT AND APPROVING A
RESOLUTION NO. 90-4
A RESOLUTION: AUTHORIZING A SUBSTITUTE
SUBSTITUTE PERFORMANCE GUARANTEE FOR POTOMAC CROSSING
SECTION 1E AND R]~LEASING THE LETTER OF CREDIT FROM LONG
SIGNATURE HOMES, INC., FOR SAME
WHEREAS, Council Resolution #87-168 approved a letter of credit from First American Bank of
Vir~nia in the amount of $458,000.00 as security to guarantee inst~llstion of public improvements by
Long Signature Homes, Inc., as shown on plans approved by the Director of Engineering for Potomac
Crossing Section 1E; and
WHEREAS, Council Resolution #89-222 approved a reduction of the letter of credit for Potomac
Crossing Section 1E to $91,600.00; and
WHEREAS, Richmond American Homes of Virginia, Inc., new owner of Potomac Crossing Section
1E lms requested to replace the previously approved letter of credit with its letter of credit from First
American Bank and is requesting approval of same;
THEREFORE, RESOLVED by the Council of the Town of Leeshurg in V'n~rda as follows:
SECTION I. The manager shall execute a substitute contract for public improvements with
Richmond American Homes of Virginia, In% for the improvements shown on plans approved by the
Director of Engineering for Potomac Crossing Section LE.
SECTION II. The substitute letter of credit from First American Bank provided by Richmond
American Homes of Virginia, Inc., in the amount of $91,600.00 in a form approved by the Town
Attorney is approved.
POTOMAC CROSSING SECTION 1E
SECTION IH. The letter of credit from First American Bank provided by Long Signature Homes,
Inc., in the amount of $91,600.00 is released contingent upon approval by the Town Attorney of the
substitute letter of credit from First American Bank provided by Richmond American Homes of
Virginia, Inc.
PASSED this 9th day of January ~ 1990.
Aq~rEST:
Clerk of Council
Robert E. S~vil~ Mayor
Town of Leesburg