HomeMy Public PortalAbout1990_03_27_R059ees~urg in ~rfrginia
I~SOLUTION NO. 90-59
A RESOLUTION:
PRESRNT~D March 27, 1990
ADOPTED March 27, 1990
AUTHORIZING A TIME EXTENSION OF THE PERFORMANCE GUARANTEE
FOR INSTAI,I,ATION OF PUBLIC IMPROVEMENTS FOR POTOMAC
CROSSING SECTION 1G
WHEREA~, the Grimm Company, the developers of Potomac Crossing Section 1G have not
completed all 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, almost all the housing units in the subdivision have been sold by the builder and are
occupied; and
WHEREAS, the letter of credit from United Savings Bank dated March 31, 1988, which guarantees
the inst~llstion of public improvements, in the amount of $84,621.00 will expire in March 31, 1990;
and
WHEREAS, a new letter of credit from United Savings Bank in the amount of $84,621.00 has
been provided by the developer to guarantee inst~llstion of the remaining public improvements for
Potomac Crossing Section 1G; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $84,621.00
to guarantee installation of the remaining public improvements:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from United Savings Bank in the amount of $84,621.00 in a form
approved by the Town Attorney and an extension of 90 days for the installstion of public
improvements are hereby approved.
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A RESOLUTION: POTOMAC CROSSING SECTION 1G
SECTION H. In the event the public improvements in Potomac Crossing Section 1G are not
satisfactorily completed, as determined by Director of Engineering and Public Works, prior to
June 20, 1990, the Town Manager is hereby authorized to declare the developer in default of his
contract and the m~nager is authorized to request payment pursuant to the letter of credit from
United Savings Bank.
PASSED this 27th day of March ~ 1990.
ATTEST:
Clerk of Cou~.~il
potcros, lg
Robert E. Sevila, Mayor
Town of Leesburg