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HomeMy Public PortalAbout1990_09_12_R225I~esBurg in ~rirgini~ RESOLUTION NO. 90-225 PRESENTED ADOPTED September 12, 1990 September 12, 1990 A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1G WHEREAS, the Potomac Crossing Corporation, the developers of Potomac Crossing Section 1G, 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 time period authorized by the Town Council for the inst~llstion of public improvements in Potomac Crossing Section 1G expired on September 1, 1990; and WHEREAS, a letter of credit from United Savings Bank in the amount of $84,621.00 was provided by the Potomac Crossing Corporation to guarantee inst~llstion of public improvements in Potomac Crossing Section 1G; and WHEREAS, work to complete the public improvements is currently underway and is expected to be furnished in 4 to 6 weeks; and WI-IEREAS, United Savings Bank is presently in conservatorship with the federally appointed Resolution Trust Corporation (RTC) acting as receiver for the assets and obligations held by United Savings Bank and has been recharted and re~med United Federal Savings Bank; and WHEHEAS, United Federal Savings Bank bas stated that it will honor the letter of credit issued by United Savings Bank to the full extent allowed by the contract for public improvements; and WHEREAS, the letter of credit from United Savings Bank in the amount of $84,621.00 provided by the Potomsc Crossing Corporation to guarantee instmllmtion of the remmining public improvements for Potomac Crossing Section 1G has been renewed by United Federal Savings Bank and will expire on November 1, 1990; and -2- RESOLUTION - POTOMAC CROSSING SECTION 1G WHEREAS, the Director of Engineering and Public Works lms 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 Virginia as follows: SECTION I. The renewed letter of credit from 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, and a time extension to November 1, 1990 for the inst~l~ation of public improvements in Section 1G are hereby approved. SECTION II. In the event the public improvements in Potomac Crossing Section 1G are not satisfactorily completed by October 31, 1990, as determined by the Director of Engineering and Public Works, 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 credit or other performance guarantee, and to enforce all terms of the contract for public improvements. PASSED this 12th day of September., 1990. Robert E. Sevila, Mayor Town of Leesburg ATTEST: potomac, lg