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HomeMy Public PortalAbout1999_09_14_r281The To n of Leesburg, Virginia PRESENTED September 14, 1999 RESOLUTION NO. 99- 281 ADOPTED September 14, 1999 A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE FOR SYCAMORE HILL PHASE I, SECTION 2 WHEREAS, Sycamore Hill L.L.C., the developer of the Sycamore Hill Phase I, Section 2, 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 extension; 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 $81,935.00 from the Ohio Savings Bank was provided by the developer to guarantee the installation of public improvements in Sycamore Hill Phase I, Section 2. 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 $81,935.00 is approved to guarantee the installation of public improvements in Sycamore Hill Phase I, Section 2. SECTION II. A six (6) month time extension to February 25, 2000 for completion of the public improvements is approved· PASSED this 14th day of September, 1999· Clerk of Council · Clem, Mayor Town of Leesburg R:SycamorelSec2