HomeMy Public PortalAbout1992_07_28_R136The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 28, 1992
92-136 ADOPTED July 28, 1992
ACCEPTING PUBLIC IMPROVEMENTS, I~.~I.I~ASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT PEER MANOR SECTION III
PASSED this 28th day of July , 1992.
,James E. Clem, Mayor
?~TEST:
Clerk of Council 0
Town of Leesburg
WHEREAS, the Peer III General Partnership, the developer of Peer Manor Section HI, has
completed the public improvements, except for a small number of items which would be disturbed by
the town's Peer Manor Offsite Storm Drainage Project. in accordance with approved plans and town
standards, and these have been inspected and approved.
WHEREAS, the value of the improvements not completed is $4,766.50; and
WHEREAS, the developer has paid $4,766.50 to the town to include the uncompleted items as
part of the Peer Manor Offsite Storm Drainage Project, which is currently under contract for
construction.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Farmers and Merchants National Bank in
the amount of $34,449.00 is released, and a new security in a form approved by the town attorney for
a maintenance guarantee in the amount of $8,612.00 is approved, and shall be in effect for a period of
one year from this date.
SECTION II. The payment of $4,766.50 to the town for the uncompleted items is accepted
and shall be applied to the Peer Manor Storm Drainage Project for completion of the work.
Section III. This release is contingent upon delivery of a properly executed instrument
conveying unto the town ail such improvements and easements free of any liens or charges.