HomeMy Public PortalAbout1997_04_22_R090 The Town of
Leesburg,
Virginia
PRESENTED .'Xpril 22, 1997
RESOLUTION NO. 97-90 ADOPTED April 22, 1997
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR LEESBURG GATEWAY CONDOS
WHEREAS, Leo Chiang Development III Limited Partnership, the developer of Leesburg
Gateway Condos, 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 one (1) year extension to complete the public
improvements; and
WHEREAS, a letter of credit in the amount of $130,393.84 from Eastern American Bank,
confirmed by Signet Bank/Virginia was provided by the developer to guarantee the installation of public
improvements in Leesburg Gateway Condos.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Eastern American Bank, confh'med by Signet
Bank/Virginia in the amount of $130,393.84 is approved to guarantee the installation of public
improvements in Leesburg Gateway Condos.
SECTION II. A time extension to March 14, 1998 for completion of the public improvements is
approved.
PASSED this 22nd day of
Clerk of Council
April , 1997.
· Clem, Mayor
Leesburg
R:gatecond