HomeMy Public PortalAbout1994_06_14_R119 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 14~ 1994
94-119 ADOPTED June 14, 1994
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR EXETER SECTION 7
WHEREAS, Pulte Home Corporation, the developer of Exeter Section 7, 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 $1,048,311.00 from Nations Bank (formerly C
& S Sovran Corporation) was provided by the developer to guarantee the installation of public
improvements in Exeter Section 7.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Nations Bank in the amount of $1,048,311.00 is
approved to guarantee the installation of public improvements in Exeter Section 7.
SECTION II. A time extension to July 16, 1995 for completion of the public improvements is
approved.
PASSED this 14th
ATTEST:
Clerk of Council
day of June , 1994.
J~mes E. Clem, Mayor
Town of Leesburg
R:exeter7.res