HomeMy Public PortalAbout1991_02_26_R046The Town of
Leesburg,
Virginia
PRESENTED
RESOLUTION NO. 91-46 ADOPTED
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE
AUTHORIZING A TIME EXTENSION FOR PUBLIC IMPROVEMENTS
INSTAIff.ATION FOR THE EXETER CATTAIL BRANCH STORMWATER
MANAGEMENT POND
February 26, 1991
February 26, 1991
GUARANTEE AND
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date for the Exeter Cattail Branch Stormwater Management Pond and
certified that the value of work performed is $891,370.00; and
WHEREAS, a letter of credit from First American Bank in the amount of $1,126,065.00 has been
provided by the developer and approved by Council to guarantee installation of public improvements
for the Exeter Cattail Branch Stormwater Management Pond.
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 $1,126,065.00 is
reduced to $234,695.00.
SECTION II. The Acting 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 the Exeter Cattail Branch Stormwater
Management Pond.
PASSED this 26th day of February , 1991.
ATTEST:
~'qilu~/~-~~Clerk of Co
exeter.cbs
~)z,~nes ~ Cl~m~ Vice-Mayor
Town of Leesburg