HomeMy Public PortalAbout1990_01_09_R005ccs~urg in CVirginia
PRESENTED January 9~ 1990
ADOPTED January 9, 1990
RESOLUTION NO. 90-5
A RESOLUTION: MAKING A REDUCTION IN THE PEI{FORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION AT LEESBURG CHRYSLER NISSAN
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date at Leesburg Chrysler Nia~-- and certified that the value of work
performed is $29,596.00; and
WHEREAS, a letter of credit from the Bank of Loudoun in the amount of $44,761.20 has been
provided by the developer and approved by Council to guarantee instsl]-tion of public improvements
for Leesburg Chrysler Nissan.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in V-trginia as follows:
SECTION I. The letter of credit from the Bank of Loudoun in the amount of $44,761.20 is
reduced to $15,165.20.
SECTION II. This Town Manager slmll notify the developer that liability for the 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 Leesburg Chrysler Nissan.
PASSED this 9th day of January ,1990.
ATTEST:
Clerk of Council
Robert E. Sevila,
Town of Leesburg