HomeMy Public PortalAbout1995_11_14_R222 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED November 14, 1995
95-222 ADOPTED November 14, 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN PARK VIEW ESTATES
the contract for public improvements for Park View Estates.
PASSED this l~+th day of November
Clerk of Council
, 1995.
Jafifies E. Clem, Mayor
Town of Leesburg
R:parkview.res
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
$97,526.95; 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, and this letter of credit was reduced to $195,357.75 by Resolution #95-160
adopted on July 25, 1995.
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 current amount of
$195,357.75 is reduced to $99,830.82.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit
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