HomeMy Public PortalAbout1990_02_27_R035Lccsl~urg
RESOLUTION NO. 90- 35
A RESOLUTION:
MAKING A REDUCTION
AUTHORIZING A TIME
INSTALL&TION IN FOX CHASE SECTION I
PRESENTED February 27, 1990
ADOPTED February 27, 1990
OF THE PERFORMANCE GUARANTEE AND
EXTENSION FOR PUBLIC IMPROVEMENTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Fox Chase Section I and certified that the value of work performed
exceeds $248,000.00; and
WHEREAS, a letter of credit from Sovran Bank in the amount of $310,000.00 has been provided
by the developer and approved by Council to guarantee instsllstion of public improvements for Fox
Chase Section I.
WHEREAS, Pulte Home Corporation, the developers of Fox Chase Section I have not completed
all of the required public improvements in accordance with the approved construction drawings and
town standards within the two year period agreed to in the contract for public improvements; and
WHEREAS, the letter of credit from Sovran Bank dated March 15, 1988, which guarantees the
install-tion of public improvements in the amount of $310,000.00 will expire on March 15, 1990.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The letter of credit from Sovran Bank in the amount of $310,000.00 is reduced to
SECTION I.
$62,OOO.OO.
SECTION H.
The Town Manager shall notify the developer that liability for the letter of credit
Ires 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 Fox Chase Section I.
RESOLUTION: FOX CHASE SECTION I
SECTION ITL A time extension of one year for inst~llstion of public improvements is hereby
approved.
PASSED this 27th day of February ,1990.
ATTEST:
Clerk of ~ncil
Robert E. Sevila, Mayor
Town of Leesburg