HomeMy Public PortalAbout1995_03_14_R048The Town of
Leesburg,
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PRESENTED Mgtrch 14. 1995
RESOLUTION NO. 95-48 ADOPTED }larch 14, 1995
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR LEESBURG GATEWAY CONDOS
WHEREAS, Leo Chiang Development III, the developer of Leesburg Gateway Condos, 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 $239,252.00 from Eastern American Bank was
provided by the developer to guarantee the installation of public improvements at Leesburg Gateway
Condos. This letter of credit is currently in effect until May 29, 1996 and will be automatically extended
for successive one year period of time; and
WHEREAS, the financial rating of Eastern American Bank has gone below the minimum' the
requirements of the town for a financial institution issuing letters of credit; and
WHEREAS, the letter of credit from Eastern American Bank is now confirmed by a letter of
credit from Signet Bank/Virginia; and
WHEREAS, the Director of Finance has approved the financial standing of Signet Bank/Virginia;
and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$239,252.00 as sufficient to complete the public improvements at Leesburg Gateway Condos.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension to March 14, 1996 for the installation of public improvements
is hereby approved for Leesburg Gateway Condos.
RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR LEESBURG GATEWAY CONDOS
SECTION II. The letter of credit from Eastern American Bank, confirmed by Signet
Bank/Virginia in the amount of $239,252.00 is approved to guarantee the installation of public
improvements at Leesburg Gateway Condos.
PASSED this 14th day of March
ATTEST:
Clerk of Council
, 1995.
21~mes E. Clem, Mayor
Town of Leesburg
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