HomeMy Public PortalAbout1991_11_12_R254The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED November 12~ 1991
91-254 ADOPTED November 12~ 1991
MAKING A REDUCTION OF THEPERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED AT LEESBURG GATEWAY CONDOMINIUMS
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date at Leesburg Gateway Condominiums and certified that the value of work
performed is $127,748.00; and
WHEREAS, a letter of credit from Eastern American Bank in the amount of $367,000.00 has been
provided by the developer and approved by the Council to guarantee instmllation of public improvements
for the Leesburg Gateway Condominiums.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Eastern American Bank in the amount of $367,000.00 is
reduced to $239,252.00.
SECTION H. 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 Leesburg Gateway Condomlni-m.~.
PASSED this 12th day of November .~[991.
ATTEST:
Clerk of Council
Robert E. Sevila, Mayor
Town of Leesburg
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