HomeMy Public PortalAbout1999_12_14_r366The Town of
Leesburg,
Virginia
PRESENTED December 14, 1999
RESOLUTION NO. 99- 366 ADOPTED December 14, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
10B
WHEREAS, the town' Director of Engineering and Public Works has reviewed the
improvements installed to date in Kincaid Forest Section 10B and certified that the value of work
performed is $253,858.00; and
WHEREAS, a letter of credit from Mercantile Safe Deposit & Trust Company in the amount of
$464,539.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements for Kincaid Forest Section 10B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Kincaid Forest Section 1 OB.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Mercantile Safe Deposit & Trust Company in the
amount of $464,539.00 is reduced to $210,681.00.
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 Kincaid Forest Section l0B.
PASSED this 14t~ day of December, 1999.
ATTEST:
Clerk of Council
lem, Mayor
Town of Leesburg
R:KincaidSeclOB