HomeMy Public PortalAbout1990_04_24_R080PRESENTED April 24, 1990
RESOLUTION NO. 90-80
ADOPTED April 24, 1990
A RESOLUTION:
AUTHORIZING A TIME EXTENSION OF THE PERFORMANCE GUARANTEE
AND THE INSTALlaTION OF PUBLIC IMPROVEMENTS FOR POTOMAC
CROSSING SECTION lC
WHEREAS, the Grimm Company, the developers of Potomac Crossing Section 1C have not
completed all the required public improvements in accordance with the approved construction drawings
and town standards and final punchlist within the initial two year period and the one year time
extension previously authorized by the council; and
WHE~, the letter of credit from United Savings Bank, which guarantees the inst~llstion of
public improvements, in the amount of $385,740.00 will expire on May 6, 1990; and
WHEREAS, The Grimm Company has requested a one year time extension and provided a new
letter of credit from United Savings Bank in the amount of $385,740.00 to guarantee ins~ll~tion of
the remaining public improvements for Potomac Crossing Section 1C; and
WHEREAS, the Director of Engineering and Public Works hms approved the amount of
$385,740.00 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 $385,740.00 in a
form approved by the Town Attorney and an extension of 90 days for the inst~llstion of public
improvements in Potomsc Crossing Section 1C are hereby approved.
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A RESOLUTION: POTOMAC CROSSING SECTION lC
SECTION II. In the event the public improvements in Potomac Crossing Section lC are not
satisfactorily completed, as determined by the Director of Engineering and Public Works, prior to
July 25, 1990, the Town Manager is hereby authorized to dec]are the developer in default of his
contract and the mRnager is authorized to request payment pursuant to the letter of credit from
United Savings Bank.
PASSED t~s 24th day of April , 1990.
ATTEST:
potcros, le
Robert E. Sevi~ Mayor
Town of Leesburg