HomeMy Public PortalAbout1990_10_10_R256eesBu°trg in ~irginia
RESOLUTION NO.
90-256
PRESENTED October 10, 1990
ADOPTED October 10, 1990
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI.I,ATION IN FOXCHASE SECTION H
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Foxchase Section II and certified that the value of work performed
is $213,457.00; and
WHEREAS, an irrevocable letter of credit from First American Bank in the amount of $397,499.00
has been provided by the developer and approved by the Council to guarantee instmll-tion of public
improvements in Foxchase Section II.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from First American Bank in the amount of $397,499.00 is
reduced to $184,042.00.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit
has been reduced as outlined in Section I of this resolution, and that this reduction does not constitute
acceptance of public improvements by the town or relieve the developer of responsibilities outlined
in the contract for public improvements for Foxchase Section II.
PASSED this 10th day of October 1990.
Robert E. Sevila, Mayor
Town of Leesburg
ATTEST:
~lerk of Co~
foxchase. II