HomeMy Public PortalAbout1992_07_28_R146Tow of
Leesburg,
Virginia
RESOLUTION NO. 92-146
A RESOLUTION:
PRESENTED July 28, 1992
ADOPTED July 28, 1992
AUTHORIZING A SUBSTITUTE AGREEMENT AND APPROVING
PERFORMANCE GUARANTEE FOR MANORS OF LEESBURG SECTION
1 AND RELEASING A LETTER OF CREDIT AND CANCELLING A
CONTRACT WITH THE PORETSKY BUILDING GROUP
WHEREAS, Council Resolution #90-99 approved a letter of credit from Signet bank of Maryland
in the amount of $1,077,700.00 as security to guarantee installation of public improvements by Poretsky
Building Group, Inc., as shown on plans approved by the Director of Engineering and Public Works for
Manors of Leesburg Section 1; and
WHEREAS, Council Resolution #91-130 approved a reduction of the letter of credit for Manors
of Leesburg Section 1 to $215,540.00; and
WHEREAS, Rivermeade Homes, Inc., the new owner of Manors of Leesburg Section 1, has
presented a new contract and a new performance guarantee to replace the documents previously
approved for Manors of Leesburg Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute the contract for public improvements with Rivermeade
Homes, Inc., for the improvements shown on plans approved by the Director of Engineering and Public
Works for Manors of Leesburg Section 1.
SECTION II. The corporate surety bond from Seaboard Surety Company in the amount of
$215,540.00, provided by Rivermeade Homes, Inc., is approved to replace the letter of credit from Signet
Bank of Maryland in the amount of $215,540.00.
SECTION III. The letter of credit from Signet Bank of Maryland in the amount of $215,540.00
is hereby released.
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A RESOLUTION: PERFORMANCE GUARANTEE FOR
SECTION 1
MANORS OF LEESBURG
SECTION IV. The contract for installation of public improvements for Manors of Leesburg
Section I dated May 23, 1990 with the Poretsky Building Group, Inc., is hereby cancelled.
PASSED this 28th day of July ,1992.
ATTEST:
r:poretsky
James E. Clem, Mayor
Town of Leesburg