HomeMy Public PortalAbout1996_12_04_R263 The own of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED December 4, 1996
96-263 ADOPTED December 4, 1996
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR THE DRY MILL TOWNHOUSE SUBDIVISION
WHEREAS, Council Resolution #95-240, adopted November 28, 1995, authorized an agreement with
KL Olde Towne, LLC for installation of public improvements and approved water and sewer extension
permits for the Dry Mill Townhouse Subdivision; and
WHEREAS, the developer, KL Olde Towne, LLC, did not provide a performance guarantee for the
public improvements; and
WHEREAS, the final subdivision plat for the Dry Mill Townhouse Subdivision cannot be recorded
until the public improvements are completed and accepted by the Town Council or a performance guarantee
acceptable to the Town Council is provided; and
WHEREAS, the estimated cost to install the public improvements shown on the approved construction
drawings for the Dry Mill Townhouse Subdivision has been approved by the Director of Engineering and
Public Works at $85,339.00; and
WHEREAS, KL Olde Towne, LLC proposes to provide a letter of credit from Ohio Savings Bank
in the amount of $85,339.00 to guarantee the installation of the public improvements shown on the plans
approved by the Director of Engineering and Public Works for the Dry Mill Townhouse Subdivision.
RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The manager shall execute the contract for installation of public improvements for the
improvements shown on the plans approved by the Director of Engineering and Public Works for the Dry Mill
Townhouse Subdivision.
SECTION II. A letter of credit in a form approved by the Town Attorney from Ohio Savings Bank
in the amount of $85,339.00 is approved a security to guarantee installation of public improvements shown
on plans approved by the Director of Engineering and Public Works for the Dry Mill Townhouse Subdivision.
RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR THE DRY MILL TOWNHOUSE SUBDIVISION
SECTION III. The contract for installation of public improvements authorized by Resolution//95-240
will be cancelled after the new contract and performance guarantee approved in Sections I and II above are
executed and in effect.
PASSED this 4th
day of December , 1996.
ATTEST:
Clerk of Council
ooweS E. Clem, Mayor
n of Leesburg
R:drymill. res