HomeMy Public PortalAbout1997_02_25_R045 The Town of
Leesburg,
l Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED ~ebruary 25: 19~7
97-45 ADOPTED February 25, 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 11
WHEREAS, Globe USA, Inc., the developer of Exeter Section 11, 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 extension;
and
WHEREAS, the remaining work is the regrading of the rear yards of two townhouses and correcting
overland relief grading; and
WHEREAS, the developer has signed agreements with the lot owners and wants to complete the work
as soon as possible; and
WHEREAS, the developer has requested a time extension to March 31, 1997 to complete these
improvements; and
WHEREAS, a letter of credit in the amount of $243,800.00 from the District of Columbia Riggs
National Bank, confirmed by Riggs National Bank of Virginia was provided to guarantee installation of public
improvements for Exeter Section 11; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of $121,900.00
to guarantee installation of the remaining public improvements for Exeter Section 11.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
A 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 11
SECTION I. The letter of credit from the District of Columbia Riggs National Bank, confirmed by
Riggs National Bank of Virginia in the amount of $243,800.00 is reduced to $121,900.00 and is approved to
guarantee the installation of public improvements for Exeter Section 11.
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 Exeter Section 11.
SECTION III. A time extension to March 31,
improvements is hereby approved for Exeter Section 11.
PASSED this 25th day of
A~TEST: _
Clerk of Council
1997 for the installation of the remaining public
February , 1997.
J!~aes E. Clem, Mayor
/Town of Leesburg
R:exeter 11.res