HomeMy Public PortalAbout1990_08_08_R218Leesb~drg in ~rirginia
PREMENTED August 8, 1990
EEMOLUTIONNO. 90-218 ADOPTED August 8, 1990
A ltESOLUTION: AUTHORIZING A ~ EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
POTOMAC CROSSING SECTION 1G SUBJECT TO CONDITIONS
WHEREAS, the Potomac Crossing Corporation, the developers of Potomac Crossing Section 1G,
tins 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 Potomsc Crossing
Corporation which guarantees the instslIAtion of public improvements in Potomac Crossing Section
1G, in the amount of $84,621.00 will expire on September 1, 1990; and
WHEREAS, a substitute performance guarantee in the amount of $84,621.00 may be provided by
the Potomac Crossing Corporation to guarantee installation of the remaining public improvements for
Potomac Crossing Section 1G; and
WHEREAS, the Director of Engineering and Public Works Ires approved the amount of $84,621.00
to guarantee inst~llAtion of the remaining public improvements in Potomac Crossing Section 1G.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in ~r~rginia 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 $84,621.00 and in a form approved by the Town Attorney, a time extension to October 1, 1990 for
the instm~Ation of public improvements in Section 1G is hereby approved.
SECTION Il. In the event the public improvements in Potomac Crossing Section 1G are not
satisfactorily completed by August 31, 1990, as determined by the Director of Engineering and Public
Works or a substitute performRnce guarantee to satisfy Section I of this Resolution is not submitted
and approved by August 31, 1990, the Town Manager is hereby authorized to declare the developer
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RESOLUTION - POTOMAC CROSSING SECTION 1G
in default of its contract and the Mmmger is authorized to request payment pursuant to the letter of
credit or other performRnce guarantee, and to enforce all terms of the contract for public
improvements.
PASSED this
ATTEST:
8th day of August , 1990.
Robert E. Sevila, Mayor
Town of Leesburg
Clerk of Co~t~d
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