HomeMy Public PortalAbout1990_08_08_R217Leesb~rg in ~rirginia
PRESENTED August 8, 1990
RESOLUTION NO. 90-217 ADOPTED August 8, 1990
A RESOLUTION: AUTHOKIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
POTOMAC CROSSING SECTION iF SUBJECT TO CONDITIONS
WHEREAS, the Potomac Crossing Corporation, the developers of Potomac Crossing Section IF,
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 Crossing
Corporation which guarantees the inst~llRtion of public improvements in Potomac Crossing Section
iF, in the amount of $84,200.00 will expire on September 12, 1990; and
WHEREAS, a substitute performsnce guarantee in the amount of $84,200.00 may be provided by
the Potomac Crossing Corporation to guarantee inst~llstion of the rems~uing public improvements for
Potomac Crossing Section 1F; and
WI-IEREAS, the Director of Engineering and Public Works has approved the amount of $84,200.00
to guarantee inst~llAtion of the remA{n~ug public improvements in Potomac Crossing Section 1F.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. In the event a substitute performance guarantee is provided from an institution,
other than United Federal Savings Bank, approved by the town's Director of Finance in the amount
of $84,200.00 and in a form approved by the Town Attorney, a time extension to October 1, 1990 for
the installation of public improvements in Section IF is hereby approved.
SECTION II. In the event the public improvements in Potomac Crossing Section 1F are not
satisfactorily completed by September 11, 1990, as determined by the Director of Engineering and
Public Works or a substitute performance guarantee to satisfy Section I of this Resolution is not
submitted and approved by September 11, 1990, the Town Manager is hereby authorized to dec]are
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RESOLUTION - POTOMAC CROSSING SECTION 1F
the developer in default of its contract and the Manager is authorized to request payment pursuant
to the letter of credit or other performance guarantee, and to enforce all terms of the contract for
public improvements.
PASSED this
ATTEST:
8th
day of August , 1990.
Robert E ~ev~ Mayor
Town of Leesburg
potcros, lf