HomeMy Public PortalAbout1990_06_13_R124ees~urg in ~Zirginia
RESOLUTION NO. 90-124
PRESENTED June 13. 1990
ADOPTED June 13, 1990
A RESOLUTION: ACCEPTING A SUBSTITUTE CONTRACT FOR INSTAI,I,&TION OF PUBLIC
IMPROVEMENTS AND PERFORMANCE GUARANTEE AND AUTHORIZING
A TIME EXTENSION FOR INSTAI,I,&TION OF PUBLIC IMPROVEMENTS FOR
POTOMAC CROSSING SECTION 1C
WHEREAS, the CLPS Leesburg Joint Venture (Grimm Company), the developers of Potomac
Crossing Section lC has not completed an the required public improvements in accordsnce 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
WHE~, the Potomac Crossing Corporation has replaced the CLPS Leesburg Joint Venture
as the owner and developer of Potomac Crossing;, and
WHEREAS, the letter of credit from United Savings Bank, provided by the CLPS Leesburg Joint
Venture which guarantees the installation of public improvements in Potom--- Crossing Section lC,
in the amount of $385,740.00 will expire on July 25, 1990; and
WHEREAS, a new letter of credit from United Savings Bank in the amount of $385,740.00 has
been provided by the Potom-~- Crossing Corporation to guarantee installation of the remsining public
improvements in Potomac Crossing Section 1C; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$385,740.00 to guarantee insimllstion of the remaining public improvements in Potomac Crossing
Section 1C.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia 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 lC.
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A RESOLUTION: POTOMAC CROSSING SECTION 1C
SECTION II. The letter of credit from United Savings Bank in the amount of $385,740.00 in a
form approved by the Town Attorney and a time extension to September 1, 1990 for the ins~llation
of public improvements in Section 1C are hereby approved.
SECTION Ill. 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
August 24, 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.
ATTEST:
Robert E. Sev~ Mayor
Town of Leesburg
potomac, lc