HomeMy Public PortalAbout1992_05_26_R072The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
92-72
AUTHORIZING A
IMPROVEMENTS
PRESENTED May 26, 1992
ADOPTED May 26, 1992
TIME EXTENSION FOR INSTALLATION OF PUBLIC
AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE FOR MANORS OF LEESBUI~G SECTION 1
WHEREAS, the Poretsky Building Group, the developer of Manors of Leesburg Section 1, has
not completed all the required public improvements in accm'dance 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 $1,077,700.00 from Signet Bank/Maryland was
provided by the developer to guarantee the installation of public improvements in Manors of Leesburg
Section I and this letter of credit was reduced to the current amount of $215,540.00 by Resolution No.
91-130. This letter of credit automatically renews for successive one year periods and is currently in
effect until September 19, 1992; and
WHEREAS, the current rating of Signet Bank/Maryland is below the town's minimum; and
WHEREAS, the developer intends to provide the town with a confirming letter of credit issued
by Signet Bank/Virginia, which has an acceptable rating; and
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Signet Bank/Maryland, confirmed by Signet
Bank/Virginia in the amount of $215,540.00 is approved to guarantee the installation of public
improvements for Manors of Leesburg Section 1.
RESOLUTION:
-2-
MANORS OF LEESBURG SECTION 1 PERFORMANCE GUARANTEE
SECTION II.
approved for Manors of Leesburg Section 1.
PASSED this 26th day of May, 1992.
A time extension of one year for installation of public improvements is hereby
ATTEST:
Clerk of Council
Robert E. Sevila, Mayor
Town of Leesburg
manorl.res