HomeMy Public PortalAbout1997_10_14_R241 The Town of
Leesburg,
Virginia
PRESENTED October 14, 1997
ADOPTED October 14, 1997
OF THE PERFORMANCE GUARANTEE FOR
INSTALLED IN SYCAMORE HILL PHASE I,
PASSED this 14th day of October ,1997.
Clerk of Council
· Clem, Mayor
Leesburg
R:sycalred
RESOLUTION NO. 97- 241
A RESOLUTION: MAKING A REDUCTION
PUBLIC IMPROVEMENTS
SECTION 1
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 $390,900.00; and
WHEREAS, a letter of credit in the amount of $629,273.00 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 $629,273.00 is
reduced to $238,373.00.
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.