HomeMy Public PortalAbout1990_06_13_R123ee$ourg in ~Zirgini~
RESOLUTION NO. 90-123
PRESENTED June 13, 1990
ADOPTED June 13, 1990
A RESOLUTION: ACCEPTING A SUBSTITUTE CONTRACT FOR INSTAIJJATION OF PUBLIC
IMPROVEMENTS AND PERFORMANCE GUARANTEE AND AUTHORIZING
A TIME EXTENSION FOR INSTAI$.~TION OF PUBLIC IMPROVEMENTS FOR
POTOMAC CROSSING SECTION lA
WHEREAS, the CLPS Leesburg Joint Venture (Grimm Company), the developers of Potomac
Crossing Section IA has 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 plus approved time extensions; and
WHEREAS, the Potomac Crossing Corporation has replaced the CLPS Leesburg Joint Venture
as the owner and developer of Potomac Cross~, and
WHEREAS, the letter of credit from United Savings Bank, provided by the CLPS Leesburg Joint
Venture which guarantees the instmll-tion of public improvements in Potomsc Crossing Section lA,
in the amount of $32,125.00 will expire on June 12, 1990; and
WHEREAS, a new letter of credit from United Savings Bank in the amount of $32,125.00 has
been provided by the Potomac Crossing Corporation to guarantee installation of the remnirfing public
improvements in Potomac Crossing Section lA; and
WHEREAS, the Director of Engineering and Public Works lms approved the amount of $82,125.00
to guarantee ins~llntion of the remaining public improvements in Potomac Crossing Section lA.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virgini, as follows:
SECTION I. The Town Manager shall execute the substitute contract for public improvements
signed by the Potomac Crossing Corporation for the improvements shown on the plans approved by
the Director of Engineering and Public Works for Potomac Crossing Section 1~
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A RESOLUTION: POTOMAC CROSSING SECTION IA
SECTION H. The letter of credit from United Savings Bank in the amount of $32,125.00 in a
form approved by the Town Attorney and a time extension of six months for the inst~llAtion of public
improvements in Section IA are hereby approved.
SECTION III. In the event the public improvements in Potomac Crossing Section IA are not
satisfactorily completed, as determined by the Director of Engineering and Public Works, prior to
December 5, 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
United Savings Bank.
PASSED this 13th day of June , 1990.
AriTEST:
Robert E. Sevila, Mayor
Town of Leesburg
potomac, la