HomeMy Public PortalAbout1999_06_22_r191The Town of
Leesburg,
Virginia
PRESENTED June 22, 1999
RESOLUTION NO. 99-191 ADOPTED June 22, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KIRKPATRICK PROPERTY
SUBDIVISION
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Kirkpatriek Property Subdivision and certified that the value of
work performed is $246,788.00; and
WHEREAS, a letter of credit in the amount of $312,000.00 from the Provident Bank of
Maryland was provided by the developer and approved by the Council to guarantee installation of public
improvements for the Kirkpatriek Property Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Provident Bank of Maryland in the amount of
$312,000.00 is reduced to $65,212.00.
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 the Kirkpatrick Property Subdivision.
PASSED this 22nd day of June, 1999.
oweSE. Clem,
Mayor
n of Leesburg
Clerk of Council
R:kirkpatriek