HomeMy Public PortalAbout1990_10_24_R270in ~rirginia
RESOLUTION NO. 90-270
PltESENTED October 24, 1990
ADOPTED October 24, 1990
A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, ltgI,EASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECTION 1G
WHEREAS, the Potomac Crossing Corporation, the developers of Potomac Crossing Section 1G,
has completed the public improvements in accordance with approved plans and town standards, and
these have been inspected and approved except for the storm drahmge improvements along the
pedestrian and b~ke trail;
WHEREAS, the Potomac Crossing Corporation will provide a letter of credit from United Federal
Savings Bsnk in the amount of $10,000.00 to guarantee completion of the storm dralnmge
improvements along the pedestr~n and b~ke trail
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virgin~ as fo]lows:
SECTION I. The h~revocable letter of credit from United Federal Savings Bank in the amount of
$8~1,621.00 ~s released, and a new letter of credit in a form approved by the town attorney for a
msintenance guarantee ~n the amount of $9,316.00 is approved, and shall be in effect for a period of
one year from this date.
SECTION II. A letter of credit from United Federal Savings Bank in a form approved by the town
attorney in the amount of $10,000.00 is approved as surety to g~arantee completion of the drainmge
improvements along the pedestr~sn and bike trail. The letter of credit shall be in effect until
November 30, 1990.
SECTION III. In the event the storm drahmge knprovements along the pedestrian and bike trail
in Potomsc Crossh~ Section 1G are not satisfactorily completed by November 30, 1990, as determined
by the Director of Engineering and Public Works, the Town Manager is hereby authorized to declare
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A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECTION 1G
the developer in default of its contract and the Marmger 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.
SECTION IV. This release is contingent upon delivery of a properly executed instrument
conveying unto the town all such improvements and easements free of any liens or charges.
ATTEST:
PASSED this 24th
day of October , 1990.
Robert E Sev~la, Ma~or
Town of Leesburg
Clerk of Courlcil J
potcross, lg