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RESOLUTION NO. ~2-210
A RESOLUTION:
PRESENTED October 27} 1992
ADOPTED October 27, 1992
AUTHORIZING A TIME EXTENSION FOR INSTALI,ATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
WOODI,EA MANOR PHASE I
WHERF. J~, Elm Street Development, the developer of Woodlea Manor Phase I, 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 plus two one-year
time extensions for Woodlea Manor Phase I; and
WHEREAS, the developer has requested a one year time extension to complete the installation
of the remaining public improvements; and
WHEREAS, the letter of credit from Home Federal Savings and Loan Association (HomeFed),
which guarantees the installation of public improvements in Woodlea Manor Phase I, in the amount of
$774,000.00 automatically renews for additional one year periods of time; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$774,000.00 to guarantee installation of the remaining public improvements of Woodlea Manor Phase I;
and
WHEREAS, HomeFod has been taken over by the Office of Thrift Supervision and placed under
the control of the Resolution Trust Corporation (RTC); and
WHEREAS, no notice of cancellation of the letter of credit has been received by the town from
HomeFed or the RTC although payment of a claim against the letter of credit funds was not confirmed
by HomeFed or the RTC; and
WHEREAS, a request to HomeFed for both a new letter of credit in the amount of $774,000.00
and an additional loan to finance the completion of Woodlea Manor Phase I has been made by Elm Street
Development; and
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
WOODLF. A MANOR PHASE I
WHEREAS, the funding request must be approved by the RTC; and a final decision by the RTC
regarding the request for funding made by Elm Street Development will not be available until mid-
November 1992.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension to November 25, 1992 for the installation of public improvements
is hereby approved for Woodlea Manor Phase I.
SECTION II. The letter of credit from the HomeFed in the amount of $774,000.00 is approved
to guarantee the installation of public improvements for Woodlea Manor Phase I.
PASSEDthis 2?th dayof October ,1992.
James E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
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