HomeMy Public PortalAbout1997_09_23_R230 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
97-230
MAK1NG A REDUCTION
PUBLIC IMPROVEMENTS
SECTION 3
PRESENTED September 23, 1997
ADOPTED September 23, 1997
OF THE PERFORMANCE GUARANTEE FOR
INSTALLED IN TOV~NES OF VANDERBILT
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Townes of Vanderbilt Section 3 and certified that the value of work
performed is $135,689.77; and
WHEREAS, a letter of credit in the amount of $246,552.81 from The Washington Savings Bank
was provided by the developer and approved by the Council to guarantee installation of public
improvements for Townes of Vanderbilt Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION 1. The letter of credit from The Washington Savings Bank in the current amount of
$246,552.81 is reduced to $110,863.04.
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 Townes of Vanderbilt Section 3.
PASSED this 23rd day of September ,1997.
lem, Mayor
eesburg
A_~_EST:
Clerk of Council
R:townes3