HomeMy Public PortalAbout1996_10_23_R225 The Town of
Leesburg,
Virginia
RESOLUTION NO.
RESOLUTION:
PRESENTED October 23, 1996
96-225 ADOPTED October 23, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LEESBURG GATEWAY CONDOS
the town's Director of Engineering and Public Works has reviewed the public
PASSED this 23rd day of October , 1996.
~TEST:
Clerk of Council
em, Mayor
Leesburg
R:gatcondos. res
WHEREAS,
improvements installed to date in Leesburg Gateway Condos and certified that the value of work performed
is $104,802.00; and
WHEREAS, a letter of credit in the amount of $367,000.00 from Eastern American Bank and
confirmed by Signet Bank/Virginia was provided by the developer and approved by the Council to guarantee
installation of public improvements for Leesburg Gateway Condos, and this letter of credit was reduced to
$239,252 by Resolution//91-254 adopted on November 12, 1991 and reduced to $235,194.85 by Resolution
//96-66 adopted April 9, 1996.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Eastern American Bank and confirmed by Signet Bank/Virginia
in the current amount of $235,194.85 is reduced to $130,393.84.
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.