HomeMy Public PortalAbout1990_04_24_R077RESOLUTION NO.
A RESOLUTION:
PRESENTED April 24; 1990
90-77 ADOPTED April 24: 1990
AUTHORIZING A TIME EXTENSION OF THE PERFORMANCE GUARANTEE
AND THE INSTALL&TION OF PUBLIC IMPROVElVIENTS FOR THE
BROOKMEADE CONDOMINH3MS
WHEREAS, the Lokey Construction Company, the developers of the Brooi~meade Condomlni,,ms
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, all the condominium units in the development are completed; and
WHEREAS, the letter of credit from First American Bank, which guarantees the inst~"stion of
public improvements, in the amount of $98,682.00 will expire on May 6, 1990; and
WHEREAS, the Lokey Construction Company has requested a time extension of 60 days and
provided a new letter of credit from First American Bank in the amount of $98,682.00 to guarantee
inst~llRtion of the remsining public improvements for the Brookmeade Condomini,,ms; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $98,682.00
to guarantee instsllation 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 First American Bank in the amount of $98,682.00 in a form
approved by the Town Attorney and an extension of 60 days for the instsllation of public
improvements are hereby approved.
A RESOLUTION:
-2-
THE BROOKMEADE CONDOMINILrMS
SECTION II. In the event the public improvements in the Brookmeade Condomini-m~ are not
satisfactorily completed, as determined by the Director of Engineering and Public Works, prior to
June 27, 1990, the Town Manager is hereby authorized to declare the developer in default of his
contract and the manager is authorized to request payment pursuant to the letter of credit from First
PASSED this 9~h day of Agrl 1 , 1990.
A~I~EST:
Clerk of Council
Robert E. Sevila, Mayor
Town of Leesburg
br~kme~e