HomeMy Public PortalAbout1997_02_11_R029The Town of
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 11, 1997
97-29 ADOPTED February 11, 1997
MAKING A REDUCTION, OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
EXETER SECTION 3
WHEREAS, Pulte Home Corporation, the developer of Exeter Section 3, 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 previously approved time
extensions; and
WHEREAS, the developer has requested a time extension to April 15, 1997 to complete the public
improvements; and
WHEREAS, a letter of credit in the amount of $1,515,253.00 from NationsBank was provided by the
developer and approved by the Council to guarantee installation of public improvements for Exeter Section
3, and this letter of credit was reduced to $968,573.00 by Resolution//91-238 adopted October 22, 1991 and
$303,050.60 by Resolution #93-235 adopted on December 14, 1993; and
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 3 and certified that the value of work performed is
$151,525.50; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $151,525.50
to guarantee installation of the remaining public improvements in Exeter Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from NationsBank in the current amount of $303,051.00 is reduced
to $151,525.50 and is approved to guarantee the installation of public improvements for Exeter Section 3.
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
RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR
EXETER SECTION 3
of public improvements by the town or relieve the developer of responsibilities outlined in the contract for
public improvements for Exeter Section 3.
SECTION III. A time extension to April 15, 1997 for the installation of the remaining public
improvements is hereby approved for Exeter Section 3.
PASSED this 11 th day of
ATTEST:
Clerk of Council
February , 1997.
· Clem, Mayor
of Leesburg
R:exeter3.res