HomeMy Public PortalAbout1995_02_28_R037The Town of
Leesburg,
lrg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 28~ 1995
95-37 ADOPTED February 28~ 1995
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR EXETER SECTION 11
PASSED this 28th day of February
Clerk of Council
, 1995.
es E. Clem, Mayor
Town of Leesburg
R:exeterll.res
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 the Riggs National Bank of Virginia was provided by the developer
to guarantee the installation of public improvements for Exeter Section 11; and
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.