HomeMy Public PortalAbout1992_04_28_R054The Town of
Leesburg,
Virginia
RESOLUTION NO. q?-~.
A RESOLUTION:
PRESENTED April 28~ 1992
ADOPTED April 28, 1992
AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR
COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING THE
PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1E
WHEREAS, Richmond American, the developer of Potomac Crossing Section 1E, 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 (1) year time extension to complete the public
improvements; and
WHEREAS, a letter of credit in the amount of $91,600.00 from First American Bank was
provided by the developer to guarantee the inst~ll~tion of public improvements in Potomac Crossing
Section 1E. This letter of credit is currently in effect until March 27, 1993; and
WHEREAS, the letter of credit from First American Bank has been confn'med by a letter of
credit from the Federal Home Loan Bank of Atlanta, an agency of the U.S. Government.
WHEREAS, the Director of Engineering has approved the amount of $91,600.00 as sufficient
to complete the public improvements in Potomac Crossing Section 1E; 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 First American Bank confirmed by the Federal Home
Loan Bank of Atlanta in the amount of $91,600.00 is approved to guarantee the installation of public
improvements in Potomac Crossing Section 1E.
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR
COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING THE
PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1E
SECTION II. A time extension to March 21, 1993 for completion of the public improvements
is approved with the following conditions:
Common ground Parcel B in Potomac Crossing Section 1E shall
receive final grading and seeding or sodding prior to July 1, 1992.
b. The asphalt trail and landscaping within Parcel B shall be installed
before December 1, 1992.
c. When the improvements within Parcel B are completed and approved
by the town and the Potomac Crossing Homeowners Association
(HOA), the HOA will accept the improvements and the warranty
period for Parcel B will begin.
SECTION Ill. Failure by the developer to meet any of the deadlines established in the
conditions of Section H 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
control.
SECTION IV. The conditions of this resolution shall be incorporated as amendments to the
contract for installation of the public improvements for Potomac Crossing Section 1E and agreed to
by the developer.
SECTION V. In the event the developer does not agree in writing to the conditions of this
resolution, then no time extension is approved and the Town Manager is hereby authorized to declare
A RESOLUTION:
-3-
AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR
COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING THE
PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1E
the developer in default of its contract for public improvements for Potomac Crossing Section 1E and
to prepare and execute all required documents and undertake all necessary actions to enforce all terms
of said contract.
PASSED this
28th day of April
,1992.
Town of Leesburg
ATTEST:
Clerk of Council
r:potomac.cro