HomeMy Public PortalAbout1990_02_13_R025L
ees~urg in ~rirginia
PRESENTED February 13, 1990
ADOPTED February 13, 1990
RESOLUTION NO. 90-25
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALL&TED IN BEAD-REGARD ESTATES SECTION 1
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Beauregard Estates Section I and certified that the value of work
performed exceeds $827,967.36; and
WHEREAS, a letter of credit from Signet Bank in the amount of $1,034,959.20 has been provided
by the developer and approved by Council to guarantee instmilstion of public improvements for
Beauregard Estates Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Signet Bank in the smount of $1,034,959.20 is reduced to
$206,991.84.
SECTION II. The Town Manager shall 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 Beauregard Estates Section 1.
PASSED the 13th day of February ,1990.
A~I~EST:
Clerk of Council
Town of Leesburg