HomeMy Public PortalAbout2000_01_26_r019The Town of
Leesburg,
_ Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 26, 2000
2000-19
ADOPTED January 26, 2000
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
SYCAMORE I-Ill J. PHASE I OFFSITE STORMWATER
MANAGEMENT POND, RECREATION CENTER, PHASE I
SECTIONS 1, 2, AND 3, PHASE II SECTION 1 AND 2 AND
RELEASING THE LETTERS OF CREDIT FROM OHIO SAVINGS
BANK AND MAKING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTAIJ.ED IN
SYCAMORE HILL PHASE I SECTION 1
WHEREAS, letters of credit issued by the Ohio Savings Bank are currently in place for
Sycamore Hill Phase I Sections 1, 2 and 3, Phase II Sections 1 and 2, the Recreation Center and
the Stormwater Management Pond; and
WHEREAS, BRE/Sycamore Hill L.L.C., the developers of the Sycamore Hill
development have requested that the letters of credit issued by Ohio Savings Bank be replaced
with cash bonds in the following amounts:
; and
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Phase I Section 1 .............. $174,969.00
Phase I Section 2 .............. $
Phase I Section 3 .............. $
Phase II Section 1 ............. $
Phase li Section 2 ............. $
Recreation Center ............. $
SWMP .......................... $
33,058.00
49,545.00
55,749.00
25,997.00
9,502.70
8,086.30
WHEREAS, Sycamore Hill Phase I Section 1 completed a small amount of the public
improvements and has requested a reduction of the performance guarantee; and
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date in Sycamore Hill Phase I Section 1 and certified that the
value of work performed is $46,718.00; and
A RESOLUTION:
-2-
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
SYCAMORE HII.L PHASE I OFFSITE STORMWATER
MANAGEMENT POND, RECREATION CENTER, PHASE I
SECTIONS 1, 2, AND 3, PHASE II SECTION 1 AND 2 AND
RELEASING THE LETTERS OF CREDIT FROM OI-IIO SAVINGS
BANK AND MAKING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED IN
SYCAMORE H2,L PHASE I SECTION 1
WHEREAS, a letter of credit in the amount of $221,687.00 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 I Section 1; and
WHEREAS, the Director of Engineering and Public Works recommends approval of cash
bonds for the Sycamore Hill Phase I Sections 1, 2 and 3, Phase II Sections 1 and 2, the
Recreation Center and the Stormwater Management Pond; and
WHEREAS, the Director of Finance recommends approval of cash bonds for Sycamore
Hill Phase I Sections 1, 2 and 3, Phase II Sections 1 and 2, the Recreation Center and the
Stormwater Management Pond with the condition that the interest paid to the developer shall be
the amount generated by market rate interest as earned by the Town; and
WHEREAS, the Director of Engineering and Public Works recommends that the
performance guarantee for Sycamore Hill Phase I Section 1 in the amount of $221,687.00 be
reduced to $174,969.00.
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 $221,687
for Sycamore Hill Phase I Section 1 is hereby reduced to $174,969.00.
SECTION II. The Town Manager shall notify the developer that liability for letter of
credit has been reduced as outlined in Section I of this resolution and that this reduction does not
A RESOLUTION:
-3-
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
SYCAMORE HILL PHASE I OFFSITE STORMWATER
MANAGEMENT POND, RECREATION CENTER, PHASE I
SECTIONS 1, 2, AND 3, PHASE II SECTION 1 AND 2 AND
RELEASING THE LETTERS OF CREDIT FROM OHIO SAVINGS
BANK AND MAKING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTAIJ~ED IN
SYCAMORE HILL PHASE I SECTION 1
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 I
Section 1.
SECTION llI. Cash bonds to replace letters of credit issued by Ohio Savings Bank for
the following sections of Sycamore Hill Development in the amounts indicated are hereby
approved:
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Sycamore Hill
Phase I Section 1 .............. $174,969.00
Phase I Section 2 .............. $
Phase I Section 3 .............. $
Phase II Section 1 ............. $
Phase II Section 2 ............. $
Recreation Center ............. $
SWMP .......................... $
33,058.O0
49,545.00
55,749.00
25,997.00
9,502.70
8,086.30
SECTION IV. Acceptance of cash bonds to replace the letters of credit issued by Ohio
Savings Bank for Sycamore Hill is conditioned upon an amendment to the contracts for
Installation of Public Improvements between the town and the developer stating that if a cash
escrow is posted as the performance guarantee, the funds on deposit shall generate market rate
interest, as earned by the town.
PASSED this 26th day of January 2000.
Clerk of Council
mes E. Clem, Mayor
Town of Leesburg
r:SycamoreDevelopment