HomeMy Public PortalAbout1992_03_10_R028The Town of
Leesburg,
Virginia
RESOLUTION NO. 92-28
A RESOLUTION:
MAKING A REDUCTION OF
PUBLIC IMPROVEMENTS
SHOPPING CENTER
PRESENTED March 10, 1992
ADOPTED March 10, 1992
THE PERFORMANCE GUARANTEE FOR
INSTALLATION IN THE BATTLEFIELD
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Battlefield Shopping Center and confirmed that the value of work
performed exceeds $589,600.00; and
WHEREAS, a letter of credit from Nations Bank (formerly Sovran Bank N.A.) in the amount of
$737,000.00 was provided by the developer and approved by the Council to guarantee installation of public
improvements for the Battlefield Shopping Center, and this letter of credit was reduced to $195,169.00
by Resolution 91-193 adopted on September 10, 1991.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Nations Bank (formerly Sovran Bank N.A.) in the
current amount of $195,169.00 is reduced to $147,400.00.
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 Battlefield Shopping Center.
PASSED this 10th day of March, 1992.
~Clerk of Council '
Robert E. Sevila, Mayor
Town of Leesburg