HomeMy Public PortalAbout1997_03_11_R058 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED /.larch 11~ 1997
97-58 ADOPTED Harch 11, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE I,
SECTION 1
, 1997.
J, tfmes E. Clem, Mayor
Town of Leesburg
R: SycaI 1.res
Clerk of Council
PASSED this llth day of March
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase I, Section 1 and certified that the value of work
performed is $810,853.00; and
WHEREAS, a letter of credit in the amount of $1,440,126.00 from the Ohio Savings Bank was
provided by the developer and approved by the Council to guarantee installation of public improvements for
Sycamore Hill Phase I, Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Ohio Savings Bank in the amount of $1,440,126.00 is
reduced to $629,273.00.
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 Phase I, Section 1.