HomeMy Public PortalAbout2000_02_08_r032The .Town of
Leesburg,
Virginia
PRESENTED February 8, 2000
RESOLUTION NO. 2000-32
ADOPTED February 8, 2000
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN STRATFORD
PHASE A SECTIONS 1 & 2, PHASE B SECTION 1 &3 AND PHASE B
SECTION 2&4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date in Stratford Phase A Sections 1 & 2, Phase B Section 1 &3
and Phase B Section 2&4 and certified that the value of work performed is as follows:
Phase A Section 1
Phase A Section 2
Phase B Section l&3
Phase B Section 2&4
$99,357.00
$14,751.00
$287,602.00
$43,296.00
WHEREAS, letters of credit from Virginia First Savings Bank in the amounts listed
below were provided by the developer and approved by the Council to guarantee installation of
public improvements in the following sections of the Stratford Development:
Phase A Section 1
Phase A Section 2
Phase B Section 1 &3
Phase B Section 2&4
$167,189.00
$64,924.00
$416,438.00
$345,855.00
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in these sections of the Stratford
Development.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED 1N STRATFORD
PHASE A SECTIONS 1 & 2, PHASE B SECTION 1 &3 AND PHASE B
SECTION 2&4
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The letters of credit from the Virginia First Savings Bank are reduced as
follows:
Phase A Section 1
Phase A Section 2
Phase B Section l&3
Phase B Section 2&4
$67,832.00
$50,173.00
$128,836.00
$302,559.00
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 Stratford Phase A Sections 1
& 2, Phase B Section 1 &3 and Phase B Section 2&4.
PASSED this 8th day of February 2000.
ATTEST:
~l~rk-of C~cil/~f~
J~rnes E~ Clem, Mayor
Town of Leesburg t'~'~ ~
R:StratfordReductions