HomeMy Public PortalAbout1998_06_09_R133The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 9, 1998
98-133 ADOPTED June 9, 1998
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR SYCAMORE HILL PHASE I, SECTION 1
ATTEST:
Clerk of Council R:sycal
Clem, Mayor
-Town of Leesburg
WHEREAS, BRE/Sycamore L.L.C., the developer of the Sycamore Hill Phase I, Section 1, 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
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
WHEREAS, a letter of credit in the amount of $238,373.00 from the Ohio Savings Bank was
provided by the developer to guarantee the installation of public improvements in 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 $238,373.00 is
approved to guarantee the installation of public improvements in Sycamore Hill Phase I, Section 1.
SECTION II. A time extension to June 26, 1999 for completion of the public improvements is
approved.
PASSED this 9th day of June, 1998.