HomeMy Public PortalAbout1996_04_09_R066 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 9, 1996
96-66 ADOPTED April 9~ 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS FOR LEESBURG GATEWAY CONDOMINIUMS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements recently installed at Leesburg Gateway Condominiums and certified that the value of work
performed is $4,056.16; and
WHEREAS, a letter of credit in the amount of $239,252.00 from Eastern American Bank
confirmed by Signet Bank/Virginia was provided by the developer and approved by the Council to
guarantee installation of public improvements for Leesburg Gateway Condominiums; and
WHEREAS, Leo Chiang Development III, Limited Partnership, 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 the previously approved
extension thereto which expired on March 14, 1996;
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Eastern American Bank confirmed by Signet
Bank/Virginia in the amount of $239,252.00 is reduced to $235,195.84 and is approved to guarantee the
installation of public improvements for Gateway Condos.
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
the contract for public improvements for Leesburg Gateway Condos.
RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS FOR LEESBURG GATEWAY CONDOMINIUMS
SECTION III. A time extension to March 14, 1997 for the installation of public improvements
is hereby approved for Gateway Condos.
PASSED this 9th day of April,
ATTEST:
Clerk of Council
1996
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