HomeMy Public PortalAbout1991_10_09_R228The Town of
Leesburg,
]Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 9, 1991
91-228 ADOPTED October 9, 1991
DECLARING THE DEVELOPER OF TAVISTOCK FARMS SECTION 9 IN
DEFAULT OF ITS CONTRACT FOR INSTAI,LATION OF PUBLIC
IMPROVEMENTS AND AUTHORIZING THE TOWN MANAGER TO PREPARE
AND SIGN THE DOCUMENTS NECESSARY TO REQUEST PAYMENT OF THE
PERFORMANCE GUARANTEE FUNDS
WHEREAS, the Poretsky Building Group, Inc., developers of Tavistock Farms Section 9, has not
completed all the required public improvements in accordance with the approved construction drawings
and town standards within the two-year period agreed to in the contract for public improvements; and
WHEREAS, the Poretsky Building Group, Inc., has requested a one year time extension for
completion of the remaining bonded improvements; and
WHEREAS, a letter of credit from Perpetual Savings Bank FSB was provided by the Poretsky
Building Group, Inc., which guarantees the installation of public improvements in Tavistock Farms Section
9, in the current amount of $38,580.00; and
WHEREAS, the town has received a written notice from Perpetual Savings Bank, FSB that the letter
of credit will not be renewed beyond the maturity date which is January 16, 1992; and
WHEREAS, the Poretsky Building Group, Inc., has stated to the town that it cannot obtain a
substitute performance guarantee from another institution; and
WHEREAS, in order to guarantee that the town will have sufficient funds to complete the public
improvements if the Poretsky Building Group, Inc., fails to complete the proje~ a claim for payment of
the letter of credit funds must be made.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager is hereby authorized to declare the Poretsky Building Group, Inc.,
in default of its contract for public improvements for Tavistock Farms Section 9 and to request payment
pursuant to the letter of credit from Perpetual Savings Bank, FSB in the amount of $38,580.00 which
guarantees the installation of public improvements in Tavistock Farms Section 9.
SECTION II. The Town Manager is also authorized to prepare and execute all documents necessary
to enforce all terms of the contract for public improvements for Tavistock Farms Section 9.
A RESOLUTION:
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DECLARING THE DEVELOPER OF TAVISTOCK FARMS SECTION 9 IN
DEFAULT OF ITS CONTRACT FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND AUTHORIZING THE TOWN MANAGER TO PREPARE
AND SIGN THE DOCUMENTS NECESSARY TO REQUEST PAYMENT OF THE
PERFORMANCE GUARANTEE FUNDS
PASSED this 9th day of October, 1991.
Clerk of Counc~
Rob~rt-E. Sevila, Mayor
Town of Leesburg
tavistock.9