HomeMy Public PortalAbout1995_02_28_R036The Town of
Leesburg,
rglma
PRESENTED February 28 ~ 1995
RESOLUTION NO. 95-36 ADOPTED February 2{~. 1995
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND WATER AND SEWER EXTENSION
PERMITS FOR THE TOWNES OF VANDERBILT
WHEREAS, Council Resolution #94-247, adopted on November 22, 1994, authorized an
agreement for installation of punic improvements and approved water and sewer extension permits for
The Townes of Vanderbilt; and
WHEREAS, the developer, Double T Corporation, did not provide a performance guarantee for
the public improvements; and
WHEREAS, the final subdivision plat for The Townes of Vanderbilt cannot be recorded until
the public improvements are completed and accepted by the Town Council or a performance guarantee
acceptable to the Town Council is provided; and
WHEREAS, the estimated cost to install the punic improvements shown on the approved
construction drawings for The Townes of Vanderbilt has been reduced by the Director of Engineering
and Public Works from $181,928.00 to $89,073.70 based on improvements installed as of February 6,
1995; and
WHEREAS, the developer proposes to provide a letter of credit from The Washington Bank in
the amount of $89,073.70 to guarantee the installation of the public improvements shown on the plans
approved by the Director of Engineering and Public Works for The Townes of Vanderbilt.
RESOLVED, by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute a new contract for installation of public improvements
for the improvements shown on the plans approved by the Director of Engineering and Public Works
for The Townes of Vanderbilt.
RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GURANTEE AND WATER AND SEWER EXTENSION
PERMITS FOR THE TOWNES OF VANDERBILT
SECTION II. The irrevocable letter of credit in a form approved by the town attorney from The
Washington Savings Bank in the amount of $89,073.70 is approved as security to guarantee installation
of the public improvements shown on the plans approved by the Director of Engineering and Public
Works for The Townes of Vanderbilt.
SECTION III. The contract for installation of public improvements authorized by Resolution
#94-247 will be cancelled after the new contract and performance guarantee approved in Sections I and
II above are executed and in effect.
PASSED this 28th day of
ATTEST:
Clerk of Council
February , 1995.
· Clem, Mayor
Town of Leesburg
R:vander.res