HomeMy Public PortalAbout1992_06_23_R095The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 23, 1992
92-95 ADOPTED June 23, 1992
AUTHORIZING A FINAL TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS FOR THE ROSEMI~,ADE SUBDIVISION
WHEREAS, the Sunset Hill Corporation, the successor of Catoctin Chase Limited Partnership,
the developer of the Rosemeade Subdivision, 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 the previously approved the time extensions
thereto which expired on June 8, 1992; and
WHEREAS, the developer needs additional time 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 installation of public improvements in the Rosemeade
Subdivision and this letter of credit was reduced to the current amount of $98,518.00 by Resolutions
No. 89-75, and No. 91-278. This letter of credit automatically renews for six month periods and is
currently in effect until September 30, 1992; and
WHEREAS, the completion of the public improvements to the satisfaction of the town and the
residents of Rosemeade 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. A final time extension to July 10, 1992 for completion of the public improvements
is approved.
SECTION II. Failure by the developer to complete all public improvements in the Rosemeade
Subdivision by July 10, 1992 will constitute a default under the contract.
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AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC IMPROVEMENTS
FOR THE ROSEMEADE SUBDIVISION
SECTION ]]]. In the event the developer does not complete the public improvements by July
10, 1992, 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 23rd day of June , 1992.
ATTEST:
Robert E. Sevil~, Mayor
Town of Leesburg
Clerk °f ~°uncil/t~ ~7~ ff.)
r:rosemeade