HomeMy Public PortalAbout1997_01_14_R007The Town of
Leesburg,
rgm a
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 14, 1997
97-7 ADOPTED January 14~ 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL/FT. EVANS
ROAD
R: sycafte, res
ATTEST:
Clerk of Council
January , 1997.
· Clem, Mayor
Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill/Ft. Evans Road and certified that the value of work
performed is $322,707.00; and
WHEREAS, a letter of credit in the amount of $358,564.00 from Ohio Savings Bank was provided
by the developer and approved by the Council to guarantee installation of public improvements for Sycamore
Hill/Ft. Evans Road.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Ohio Savings Bank in the amount of $358,564.00 is reduced
to $35,857.00.
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 the contract for
public improvements for Sycamore Hill/Ft. Evans Road.
PASSED this 14th day of