HomeMy Public PortalAbout1992_11_24_R233 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED November 24,
92-233 ADOPTED November 24~
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
WOODLEA MANOR PHASE I
WHEREAS, Ell Street Development, the developer of Woodlea Manor Phase I, bas 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 and one 60-day time extension for Woodlea Manor Phase I; and
WHEREAS, the developer has requested a one year time extension to complete the inst~ll-tion
of the rem,lnlng public improvements; and
WHEREAS, the letter of credit from Home Federal Savings and Loan Association (HomeFed),
which guarantees the inst~ll-tion of public improvements in Woodiea 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 inst~ll-tion of the rem-iuing public improvements of Woodlea Manor Phase I;
and
WHEREAS, HomeFed 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
WHEP~_~S, Ell Street Development ~s in the process of obtaining new investors and purchasing
the current loads from HomeFed; and
1992
1992
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR INSTAI,I.&TION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
WOODLEA MANOR PHASE I
WHEREAS, HomeFed has verbally accepted the buy-back offer; and
WHE~, negotiations are not yet complete and the purchase of the loans must be approved by
the RTC; and
WHEREAS, the developer has requested a time extension to January 25, 1993 to allow sufficient
time to complete negotiations.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension to January 25, 1993 for the instAllAtion of public improvements is
hereby approved for Woodlea Manor Phase I.
SECTION H. 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.
PASSED this 24th day of November , 1992.
ATTEST:
Clerk Of Counci~
r:woodiea
James E. Clem, Mayor
Town of Leesburg