HomeMy Public PortalAbout1990_10_24_R273Leesl~urg in ~l'rginia
RESOLUTION NO. 90-273
PRESENTED October 24, 1990
ADOPTED October 24, 1990
A RESOLUTION:
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECTION 1F
WHEREAS, the Potomac Crossing Corporation, the developer of Potomac Crossing Section iF, has
completed the public improvements in accordance with approved plans and town standards, and these
have been inspected and approved except for the temporary cul-de-sac at the end of Campbell Court;
WHEREAS, the Potomac Crossing Corporation will provide a letter of credit from United Federal
Savings Bank in the amount of $5,000.00 to guarantee installation of the temporary cml-de-sac on
Campbell Court.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virg~n{~ as follows:
SECTION I. The irrevocable letter of credit from United Federal Savings Bank in the amount
of $84,200.00 is released, and a new letter of credit from United Savings Bank in a form approved by
the town attorney for a maintenance guarantee in the amount of $20,439.00 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 $5,000.00 is approved as surety to guarantee inst~llstion of the Campbell
Court temporary cml-de-sac. The letter of credit shall be in effect for a two year period. In the event
the £mal plat and construction drawings for the extension of Campbell Court are not approved and
the road extension bonded before the end of the two year period, then the temporary cul-de-sac shall
be constructed unless a time extension is authorized by the Council
RESOLUTION:
ACCEPTING PUBLIC IMPROVEMENTS, REI,~ASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECTION IF
SECTION IH. 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.
ATq~ST:
PASSED this 24th day of
October ., 1990.
Town of Leesburg
Clerk of Count/1 J