HomeMy Public PortalAbout1990_03_13_R048Leesl~urg in ~irginia
PRESENTED March 13, 1990
ADOPTED March 13, 1990
RESOLUTION NO. 90-48
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALL&TION AT LEESBURG CHRYSLER-NISSAN
WHEREAS, the town's Director of Engineerin~ and Public Works has reviewed the public
impr~ements installed to date at Leesburg Chrysler-Nissan and certified ~.hRt the value of work
performed since the last reduction of the performRnce guarantee exceeds $6,212,96; and
WHEREAS, a irrevocable letter of credit from the p~nit of Loudoun in the amount of $15,165.20
has been provided by the developer and approved by Council to guarantee installation of public
improvements for Leesburg Chrysler-Nissa~
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from the Bank of Loudoun in the amount of
$15,165.20 is reduced to $8,952.24.
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 Leesburg Chrysler-Nissam
PASSED this 13ch day of March ,1990.
ATTEST:
Clerk of C~cil
Town of Leesburg