HomeMy Public PortalAbout1995_06_13_R115 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 13, 1995
95-115 ADOPTED June 13, 1995
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE FOR GATEWAY LOT 9A - FORT KNOX SELF STORAGE
WHEREAS, Williamsborough Development Corporation, the general partner and agent for Fort
Knox Self Storage II and III, a Maryland General Partnership and owner of Lot 9A, 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 year (1) time extension to complete the
remaining public improvements; and
WHEREAS, a letter of credit in the amount of $19,736.00 from the Mercantile Safe Deposit and
Trust Company was provided by the developer to guarantee the installation of public improvements for
Gateway Lot 9A - Fort Knox Self Storage; and
WHEREAS, the developer proposes to replace the current letter of credit with a new letter of
credit from the Frederick County National Bank; and
WHEREAS, the Director of Finance has approved the financial standing of the Frederick County
National Bank.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginai as follows:
SECTION I. The letter of credit from the Frederick County National Bank in the amount of
$19,736.00 for Gateway Lot 9A - Fort Knox Self Storage is approved.
SECTION II. The letter of credit from the Mercantile Safe Deposit and Trust Company
guaranteeing installation of public improvements at Gateway Lot 9A - Fort Knox Self Storage shall be
released when the new performance guarantee described in Section I is in effect.
RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE FOR GATEWAY LOT 9A - FORT KNOX SELF STORAGE
SECTION III. A time extension to June 7, 1996 for installation of public improvements is hereby
approved for Gateway Lot 9A - Fort Knox Self Storage.
PASSED this 13th
Clerk of Council
day of June , 1995.
J~m, Mayor
Town of Leesburg
R:gate9A.res