HomeMy Public PortalAbout1997_06_24_R158The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED June 24, 1997
97-158 ADOPTED June 24, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN POTOMAC STATION SECTION 1E
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 1E and certified that the value of work performed is
$110,498.85; and
WHEREAS, a letter of credit in the amount of $122,776.50 from the Mercantile Safe Deposit & Trust
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Potomac Station Section 1E.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Mercantile Safe Deposit & Trust Company in the amount of
$122,776.50 is reduced to $12,277.65.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit funds 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 Potomac Station Section 1E.
PASSED this 24th day of June ,1997.
Clerk of Council
/}times E. Clem, Mayor
J Town of Leesburg
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