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HomeMy Public PortalAbout1991_12_10_R278The Town of Leesburg, rginia SUBSTITUTE RESOLUTION PllBSENTED December 10~ 1991 RESOLUTION NO. 91-278 ADOPTED December 10, 1991 A RESOLUTION: AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR THE ROSEMEADE SUBDIVISION WHEREAS, Catoctin Chase lJmlted Partnership, the developer of the Rosemeade Subdivision, has not completed all the required public improvements in aocordance with the approved construction drawings and town standards within the two year period agreed to in the contract for public improvements and the previously approved extension thereto which expires on January 8, 1992; and · WHE~, the developer has requested a six (6) month time extension to complete the public improvements; and WHEREAS, a letter of credit in the initial amount of $610,000.00 from American Security Bank was provided by the developer to guarantee the instsllation of public improvements in the Rosemeade Subdivision and this letter of credit was reduced to the current amount of $121,823.00 by Resolution No. 89-75 adopted on April 11, 1989 by the Town Council This letter of credit automatically renews for 6 month periods and is currently in effect until March 30, 1992; and WHEREAS, the town received a $23,305.00 payment from South Charles Realty Corp. for street lights installed in the Resemeade Subdivision and the developer has requested a reduction of the performance guarantee by the same amount; and WHEREAS, the Director of Engineering has approved the amount of $98,518.00 as sufficient to complete the public improvements in the Rosemeade Subdivision; and WHEREAS, the completion of the public improvements is a high priority of the town and the developer should proceed with completion of the work as soon as possible. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. The letter of credit from American Security Bank in the amount of $121,823.00 is reduced to $98,518.00. RESOLUTION: -2- AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR ROSEMEADE SUBDIVISION 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 Rosemeade Subdivision. SECTION Ill. A time extension to May 8, 1992 for completion of the public improvements is approved with the following conditions. The developer shall provide to the Director of Engineering and Public Works before February 1, 1992 a copy of a signed contract with a construction company for completion of the public improvements in the Rosemeade Subdivision. b. The construction work necessary to complete the required improvements shall begin before March 1, 1992. c. The construction work necessary to fill and regrade the temporary stormwater detention pond shall be completed before April 1, 1992. d. All landscape plantings shall be installed and dead landscape plantings replaced by April 15, 1992. e. All final paving work shall be complete by April 15, 1992. f. All public improvements shall be completed and ready for acceptance by the town by May 8, 1992. SECTION IV. Failure by the developer to meet any of the deadlines established in the conditions of Section Ill will constitute a default under the contract. The developer may request additional time extensions if the improvements are not completed due to factors beyond the developer's controll. SECTION V. The conditions of this resolution shall be incorporated as amendments to the contract for inst~llAtion of the public improvements for the Rosemeade Subdivision and agreed to by the developer. SECTION VI. In the event the developer does not agree in writing to the conditions of this resolution before January 8, 1992, then no time extension is approved and the Town Manager is hereby -3- RESOLUTION: AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR ROSEI~,~)E SUBDIVISION SECTION VI. In the event the developer does not a~ree in writing to the conditions of this resolution before January 8, 1992, then no time extension is approved and the Town Manager is hereby authorized to declare the developer in default of its contract for public improvements for the Rosemeade Subdivision and to request payment pursuant to the letter of credit from American Security Bank in the amount of $98,518.00 and to prepare and execute all required documents and undertake all necessary actions to enforce all terms of said contract. PASSED this 10th day of December ~991. Robert E Se~-]~iayor Town of Leesburg ATTEST: Clerk of Council rosemeacLres