HomeMy Public PortalAbout1990_06_13_R126Leesb~rg in ~tZfrginia
RESOLUTION NO. 90-126
PRESENTED June 13, 1990
ADOPTED June 13, 1990
A RESOLUTION: ACCEPTING A SUBSTITUTE CONTRACT FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND PERFORMANCE GUARANTEE FOR INSTAIJ.&TION
OF PUBLIC IMPROVEMENTS FOR POTOMAC CROSSING SECTION 1F
WHEREAS, the Potomac Crossing Corporation kas 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 Potomac Crossing Section 1F,
in the -mount of $8A,200.00 expires on September 12, 1990; and
WHEREAS, a new letter of credit from United Savings Bank in the amount of $84,200.00 has
been provided by the Potomac Crossing Corporation to guarantee inst~ll-tion of the remaining public
improvements for Potomac Crossing Section 1F; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $84,200.00
to guarantee installation of the remaining public improvements in Potomac Crossing Section 1F.
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 1F.
SECTION II. The letter of credit from United Savings Bank in the -mount of $8~,200.00 in a
form approved by the Town Attorney to guarantee the instmllAtion of public improvements in Section
1F are hereby approvech
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A RESOLUTION: POTOMAC CROSSING SECTION iF
SECTION HI. In the event the public improvements in Potomac Crossing Section iF are not
satisfactorily completed, as determined by the Director of Engineering and Public Works, prior to
September 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.
ATTEST:
Robert E. Sevil~ Mayor
Town of Leesburg
potomac. If