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RESOLUTION NO. 90-216
A RESOLUTION:
PRESENTED August 8, 1990
ADOI~D August 8, 1990
AUTHORIZING A TIME EXTENSION FOR INSTALL&TION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
POTOMAC CROSSING SECTION lC SUBJECT TO CONDITIONS
WHEREAS, the Potomac Crossi~ Corporation, the developers of Potomac Crossing Section lC,
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 letter of credit from United Savings Bank, provided by the Potomac Cro~aing
Corporation which guarantees the ins~llstion of public improvements in Potomac Crossing Section
lC, in the mount of $385,740.00 will expire on September 1, 1990; and
WHEREAS, a substitute perform-nce guarantee in the amount of $385,740.00 may be provided
by the Potomac Crossing Corporation to guarantee inst~llstion of the remsinino~ public improvements
for Potomac Crossing Section lC; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$385,740.00 to guarantee im0~llstion of the remslnlno~ public improvements in Potomac Crossing
Section 1C.
THEREFORE, RESOLVED by the Cotmcil of the Town of Leesburg in Virginia as follows:
SECTION I. In the event a substitute perform-nce guarantee is provided from an institution,
other than United Federal Savings Bank, approved by the town's Director of Finance in the amount
of $385,740.00 and in a form approved by the Town Attorney, a time extension to October 1, 1990 for
the installation of public improvements in Section 1C is hereby approved.
SECTION H. In the event the public improvements in Potomac Crossing Section 1C are not
satisfactorily completed by August 31, 1990, as determined by the Director of Engineering and Public
Works or a substitute performance guarantee to sathfy Section I of this Resolution is not submitted
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RESOLUTION - POTOMAC CROSSING SECTION 1C
and approved by August 31, 1990, the Town Manager is hereby authorized to declare the developer
in default of its contract and the Manager is authorized to request payment pursuant to the letter of
guarantee, and to enforce all terms of the contract for public
credit or other performance
improvements.
PASSED this
ATTEST:
8th day of August , 1990.
Robert E. Sevi~ Mayor
Town of Leesburg
~lerk of Co ~unj~
potomac. 1C