HomeMy Public PortalAbout1994_02_08_R022The Town of
Leesburg,
.rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED February $, 1994
94-22 ADOPTED February 8, 1994
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTSAND APPROVING A PERFORMANCE GUARANTEE FOR
EXETER SECTION 11
PASSED this 8th day of
A~TEST: ~__. ~ /
Clerk of Council~ '
r:exeter, ll
February , 1994.
Town of Leesburg
WHEREAS, Globe USA, Inc., the developer of Exeter Section 11, 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; and
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
WHEREAS, a letter of credit in the amount of $1,219,000.00 from the District of Columbia Riggs
National Bank confirmed by Riggs National Bank of Virginia was provided by the developer to guarantee the
installation of public improvements for Exeter Section 11; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $1,219,000.00
to guarantee installation of the remaining public improvements for Exeter Section 11.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension of one (1) year for the installation of public improvements is hereby
approved for Exeter Section 11.
SECTION II. The letter of credit from the District of Columbia Riggs National Bank confirmed
by Riggs National Bank of Virginia in the amount of $1,219,000.00 is approved to guarantee the installation
of public improvements for Exeter Section 11.