HomeMy Public PortalAbout1991_11_26_R263The Town of
Leesburg,
Virginia
RESOLUTION NO. 91- 263
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR INSTAI,L&TION
IMPROVEMENTS FOR TAVISTOCK FARMS SECTION 9
PRESENTED November 26, 1991
ADOPTED November 26: 1991
OF PUBLIC
WHEREAS, the Poretsky Building Group, the 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 developer has requested a one year extension to complete the public
improvements; and
WHEREAS, a letter of credit from Perpetual Savings Bank, FSB in the amount of $38,500.00 was
provided by the developer to guarantee the installation of public improvements in Tavistock Farms
Section 9; and
WHEREAS, the town received written notice from Perpetual Savings Bank, FSB stating that the
letter of credit for Tavistock Farms Section 9 will not be renewed; and
WHEREAS, the developer could not provide a substitute performance guarantee and was declared
in default of its contract with the town by Resolution #91-228 adopted on October 9, 1991; and
WHEREAS, a claim was made for the letter of credit funds and the town was paid the full
amount of $38,500.00 on November 4, 1991.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension of one year for the installation of public improvements is hereby
approved for Tavistock Farms Section 9.
SECTION II. The $38,500.00 paid to the town will be held as a performance guarantee during
the one year time extension period.
PASSED this 26th
Clerk of Council
day of ~,
Robert E. Sevila, l~ayor
Town of Leesburg