HomeMy Public PortalAbout1996_03_12_R050The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED Ymr ch 12, 1996
96-50 ADOPTED March 12, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE WOODLEA MANOR,
PHASE 2A
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A~EST:
Clerk of Council
J~mes 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 Woodlea Manor Section 2A and certified that the value of the work
performed is $785,942.00; and
WHEREAS, a letter of credit in the amount of $1,131,658.00 from NationsBank was provided
by the developer and approved by the Council to guarantee installation of public improvements for
Woodlea Manor Phase 2A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from NationsBank in the amount of $1,131,658.00 is reduced
to $345,716.00.
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
thc contract for public improvements for Woodlea Manor Section 2A.
PASSED this 12th day of March , 1996.