HomeMy Public PortalAbout1992_05_26_R073The Town of
Leesburg,
Virginia
RESOLUTION NO. 92- 73
A RESOLUTION:
PRESENTED May 26, 1992
ADOPTED May 26, 1992
AUTHORIMING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR LEESBURG GATEWAY LOT 9A
WHE~, Willlsmsborough Development Corporation Inc., the developer of Leesburg Gateway
Lot 9A (Fort Knox Se]f Storage) 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
WHE~, the developer has requested both a one (1) year time extension to complete the public
improvements and a reduction of the smount of the performance gtmrantee; and
WHEREAS, the current performsuce guarantee ~s a letter of credit from Mercantile Bank in the
amount of $98,682.00 which guarantees the h~stsllstion of public improvements for Leesburg Gateway Lot
9A; and
WHEREAS, the letter of credit from Mercantile Bank automatically renews for one year periods;
and
WHEREAS, the Town's Director of Engineerh~ and Public Works has reviewed the public
improvements installed to date in Leesburg Gateway LOt 9A and certified that the value of work performed
~s $78,9~6.00.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension of one year for the ins*mllAtion of public improvements ~s hereby
approved for Leesburg Gateway LOt 9A.
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR LEESBURG GATEWAY LOT 9A
SECTION II. The letter of credit from Mercantile Bank in the amount of $98,682.00 is approved
and is reduced to $19,736.00.
SECTION III. The Town Manager shall notify the developer that liability for the letter of credit
has been reduced as outlined in Section II 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 Leesburg Gateway Lot 9A.
PASSED this 26th day of
ATTEST:
Clerk of Council
, 1992.
Robert E. Sevila, Mayor
Town of Leesburg