HomeMy Public PortalAbout1998_06_23_R145The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 23, 1998
98-145 ADOPTED June 23, 1998
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING A PERFORMANCE
GUARANTEE FOR LEESBURG GATEWAY CONDOS
WHEREAS, Leo Chiang Development III, LP, 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) extension to complete the public
improvements; and
WHEREAS, due to slow sales for condo units, the developer has been unable to finish the
project as planned; and
WHEREAS, the remaining 48 units are projected to be completed in 1999; and
WHEREAS, a letter of credit in the amount of $130,393.84 from Eastern American Bank,
confirmed by First Union Bank was provided by the developer to guarantee the installation of
public improvements at 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, confirmed by First
Union National Bank in the amount of $130,393.84 is approved to guarantee the installation of
public improvements at Leesburg Gateway Condos.
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR LEESBURG GATEWAY
CONDOS
SECTION II. A time extension to
improvements is approved.
PASSED this 23rd day of June, 1998.
March 14, 1999 for completion of the public
ATTEST:
Clerk of Council
Jagnes E. Clem, Mayor
Town of Leesburg
R:gatecond