HomeMy Public PortalAbout1998_11_10_R255The Town of
Leesburg,
.rg nta
PRESENTED November 10, 1998
RESOLUTION NO. 98-255 ADOPTED November 10, 1998
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED 1N SYCAMORE HILL PHASE II,
SECTION 1
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase II, Section 1 and certified that the value of work
performed is $164,941.00; and
WHEREAS, a letter of credit in the amount of $259,894.00 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 II, 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 $259,894.00 is
reduced to $94,953.00.
SECTION II. The Town Manager shall notify the developer that liability for 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 Sycamore Hill Phase II, Section 1.
PASSED this l0th day of November, 1998.
ATTEST:
Clerk of Council
JCs E. Clem, Mayor
Town of Leesburg
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