HomeMy Public PortalAbout1995_02_28_R044The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED February 28. 1995
95-44 ADOPTED February 28~ 1995
AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR
COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A
PERFORMANCE GUARANTEE FOR THE PAXTON SECTION 2
SUBDIVISION
WHEREAS, Paxton Development Company, Inc., the developer of thc Paxton Section 2
Subdivision, 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 the previously approved extension thereto which expired on February 21, 1995; and
WHEREAS, the developer has requested a one year time extension to complete the public
improvements; and
WHEREAS, a letter of credit in the initial amount of $187,966.60 from F & M Bank Winchester
was provided by the developer to guarantee the installation of public improvements in the Paxton Section
2 Subdivision and this letter of credit was reduced to the current amount of $37,593.22 by Resolution No.
92-158 adopted on August 11, 1992 by the Town Council. This letter of credit automatically renews for
3 month periods and is currently in effect until May 13, 1995; and
WHEREAS, the developer has not completed the grading in the rear of lot 19 in conformance
with the approved final lot grading plan and was notified in writing by the town on October 27, 1993 and
again on April 29, 1994 to complete the grading work; and
WHEREAS, the Director of Engineering has approved the amount of $37,593.22 as sufficient
to complete the public improvements in the Paxton Section 2 Subdivision; and
WHEREAS, the completion of the public improvements is a high priority of the town and the
developer should proceed with completion of the work as soon as possible.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from F & M Bank Winchester in the amount of $37,593.22 is
approved to guarantee the installation of public improvements in the Paxton Section 2 Subdivision.
SECTION II. A time extension to August 21, 1995 for completion of the public improvements
RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION WITH CONDITIONS FOR
COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A
PERFORMANCEGUARANTEE FOR PAXTON SECTION2 SUBDIVISION
is approved with the following conditions:
a. The construction work necessary to complete the required grading of lot 19 must begin
before March 15, 1995.
b. The construction work necessary to fill, regrade and stabilize lot 19 shall be completed
before April 15, 1995.
SECTION III. Failure by the developer to meet any of the deadlines established in the
conditions of Section II will constitute a default under the contract. The developer may request
additional time extensions if the improvements are not completed due to factors beyond the developer's
control.
SECTION IV. The conditions of this resolution shall be incorporated as amendments to the
contract for installation of the public improvements for Paxton Section 2 Subdivision and agreed to by
the developer.
SECTION V. In the event the developer fails to meet any of the deadlines established in Section
II of this resolution then the Town Manager is hereby authorized to declare the developer in default of
its contract for public improvements for the Paxton Section 2 Subdivision and to request payment
pursuant to the letter of credit from F & M Bank Winchester in the amount of $37,593.72 and to prepare
and execute all required documents and undertake all necessary actions to enforce all terms of said
contract.
PASSED this 28th
day of
A ST:
Clerk of Council
February , 1995.
I mes E Clem, Mayor
J~_ mes .
Town of Leesburg
R:paxton.tex