HomeMy Public PortalAbout1990_11_14_R297PRESENTED November 14, 1990
ADOPTED November 14, 1990
RESOLUTION NO. 90- 292
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR COMPLETION OF THE PUBLIC IMPROVEMENTS IN
BEAUREGARD ESTATES PHASE I
WHEREAS, the Fort Beauregard Development Corporation was declared in default of its contract
for instsllstion of public improvements in Beauregard Estates Phsse I; and
WHEREAS, a ~lAi,n for payment to the town of the funds guaranteed by the letter of credit issued
by Signet Bank/Mm-yland was made on September 25, 1990, and a payment of $206,991.84, which is
the full amount of the letter of credit, was received on October 5, 1990 by Deputy Town Attorney
Deborah Welsh; and
WHEREAS, the $206,991.84 is currently held in an escrow account; and
WHEREAS, Signet Bank/Maryland purchased Beauregard Estates Phase I at the Trustee's sale
held on September 27, 1990; and
WHEREAS, the 1VP Corporation, a subsidiary of Signet Bank/Maryland is the legal owner of
Beauregard Estates Phase I and hms provided a new contract for inst~llstion of the public
improvements and a new letter of credit in the amount of $206,991.84 from Signet Bank/Maryland;
and
WHEREAS, the NP Corporation, by letter dated November 5, 1990, has provided a schedule to
complete all bonded improvements within six months and complete road repairs, interim paving
and other critical improvements before the end of December 1990.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The acting town manager shall execute the contract for public improvements with
modifications as outlined in letter from the NP Corporation dated November 5, 1990, in a form
approved by the Town Attorney for completion of the improvements shown on the plans approved by
the Director of Engineering and Public Works for Beauregard Estates Phase I.
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SECTION Il. The irrevocable bank letter of credit in a form approved by the town attorney from
Signet Bank/Maryland in the amount of $206,991.84 is approved as security to guarantee instsllAtion
of the public improvements shown on plans approved by the Director of Engineering and Public Works
for Beauregard Estates Phase I.
SECTION III. All improvements shall be completed before May 5, 1991 except for the paving work
identified in the November 5, 1990 letter which must be completed before December 20, 1990.
SECTION IV. The $206,991.84 in cash currently held in escrow shall be released to Signet
Bank/Maryland when the Deputy Town Attorney has approved the new contract for public
improvements and the new letter of credit and all documents are executed and in effect.
PASSED this 14th day of November ., 1990.
ATTEST:
C~erk of ,C~c]l ~ __T _
l~obert E Sev~la, l~Ia~or
Town of Leesburg