HomeMy Public PortalAbout1991_11_26_R264The Town of
Leesburg,
Virginia
RESOLUTION NO. 91-26/4
A RESOLUTION: AUTHORIZING A TI1VfE EXTENSION
IMPROVEMENTS FOR UNION COURT SECTION 1
WHEREAS, Patterson Place, Inc., the developers of Union Court Section 1, has not completed
ail 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 Sovran Bank in the amount of $37,684.00 was provided by the
developer to guarantee the installation of public improvements in Union Court Section 1; and
WHEREAS, the town received written notice from Sovran Bank stating that the letter of credit
for Union Court Section 1 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 #91-232 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 $37,684.00 on October 23, 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 Union Court Section 1.
SECTION II. The $37,684.00 paid to the town will be held as a performance guarantee during
the one year time extension period.
PASSED this 26th
TEST:
C16rk of Council -
r:union.crt
day of N/c~mber , 1991.
Robert E. Sevila, l~yor
Town of Leesburg
PRESENTED November 26~ 1991
ADOPTED November 26~ 1991
FOR INSTALI.ATION OF PUBLIC