HomeMy Public PortalAbout1995_07_25_R160 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 25. 1995
95-160 ADOPTED July 25. 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN PARK VIEW
ESTATES
PASSED this 25th day of July , 1995.
ATTEST:
Clerk of Council
.~'~ames E. Clem, Mayor
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date in Park View Estates and certified that the value of work
performed is $303,796.35; and
WHEREAS, a letter of credit in the amount of $499,154.10 from Virginia First Savings
Bank was provided by the developer and approved by the Council to guarantee installation of
public improvements for Park View Estates.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The letter of credit from Virginia First Savings Bank in the amount of
$499,154.10 is reduced by $303,796.35 to $195,357.75.
SECTION II. The Town Manager shall notify the developer that liability for the letter
of credit funds has been reduced as outlined in Section I of this resolution and that this reduction
does not constitute acceptance of public improvements by the town or relieve the developer of
responsibilities outlined in the contract for public improvements for Park View Estates.