HomeMy Public PortalAbout1991_09_10_R193The Town of
Leesburg,
.rg ma
PRESENTED September 10, 1991
RESOLUTION NO. 91-193 ADOPTED September 10, 1991
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN THE BATTLEFIELD SHOPPING
CENTER
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Battlefield Shopping Center and certified that the value of work
performed is $541,831.00; and
WHEREAS, a letter of credit from Sovran Bank N.A. in the amount of $737,000.00 has been
provided by the developer and approved by the Council to guarantee installation of public
improvements for the Battlefield Shopping Center.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Sovran Bank N.A. in the amount of $737,000.00 is
reduced to $195,169.00.
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 the Battlefield Shopping Center.
PASSED this 10th day of September , 1991.
ATTEST:
Clerk of Council
r:battle.sc
Rdbert E. Sevila, Mayor
Town of Leesburg