HomeMy Public PortalAbout1992_09_08_R168 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A ltgSOLUTION:
PRESENTED September 8~ 1992
92-168 ADOPTED September 8, 1992
AUTHORIZING A SUBS'lTl'UTE AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND REDUCTION FOR THE HIGHPOINT
WATERLINE EXTENSION AND RELEASING A LETTER OF CREDIT AND
CANCE~G A CONTRACT WITH HIGI-IPOINT ASSOCIATES
WHEREAS, Council Resolution #90-234 approved a letter of credit from American Security Bank
in the amount of $14,050.00 as security to guarantee inst~llstion of public improvements by Highpoint
Associates as shown on plans approved by the Director of Engineering and Public Works for the tlighpoint
Waterline Extension; and
WHEREAS, the Sunset I-tills Corporation, the new owner of the Highpeint Development, has
presented a new contract and a new perform-nce guarantee to replace the documents from Highpoint
Associates, the former owner; and
WI-IF, REAS, the Sunset I-Iills Corporation has requested a reduction of the amount of the
performance guarantee based on the work completed to date; and
WHEREAS, the Department of Engineering and Public Works has reviewed the request for
reduction and inspected the improvements and recommends that the performance guarantee in the amount
of $14,050.00 be reduced by $11,240.00 to $2,810.00; and
WHEREAS, the Department of Engineering and Public Works also recommends acceptance of a
new contract and a cash bond in the amount of $2,810.00 from Sunset I-Iills Corporation and release of the
contract and the letter of credit provided by I-Iighpoint Associates from American Security Bank in the
amount of $14,050.00.
THEREFORE, RESOLVED by the Council of the Town of Leesburg, Virginia as follows:
SECTION I. The Manager shall execute the contract for public improvements with the Sunset
l-Iills Corporation for the improvements shown on plans approved by the Director of Engineering and
Public Works for the Highpoint Waterline Extensior~
SECTION II. A cash bond in the amount of $2,810.00, provided by Sunset I-Iills Corporation,
is approved to replace the letter of credit from American Security Bank in the amount of $14,050.00.
RESOLUTION:
-2-
AUTHORIZING A SUBSTITUTE AGREEMENT AND APPROVING A
PERFORMANCE GU~E AND REDUCTION FOR THE HIGHPOINT
WATERINE EXTENSION AND REI,RASING A LETTER OF CRED1T AND
CANCELLING A CONTRACT WITH HIGHPOINT ASSOCIATES
SECTION III.
hereby released.
SECTION IV.
The letter of credit from American Security Bank in the amount of $14,050.00 is
The contract for inst~ll-tion of public improvements for the Highpoint Waterline
Extension dated September 7, 1990 with Highpoint Associates, is hereby cancellech
PASSED this 8th day of September , 1992.
J es~~E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council d
R:highpt.res