HomeMy Public PortalAbout2000_02_23_r040 The Town of
1 .eesburg,
"-. rg ma
RESOLUTION NO.
A RESOLUTION:
2000-60 ADOPTED
APPROVING SUBSTITUTE PERFORMANCE
RELEASING THE CASH PERFORMANCE
SYCAMORE HILL PHASE I SECTION 4
PRESENTED February 23, 2000
February 23, 2000
GUARANTEE AND
GUARANTEE FOR
WHEREAS, a cash bond is currently in place for Sycamore Hill Phase I Section 4; and
WHEREAS, BRE/Sycamore Hill L.L.C., the developer of the Sycamore Hill Phase I
Section 4 have requested that the cash bond be replaced with a letter of credit from Wells Fargo
Bank, N.A. in the amount of $554,984.00; and
WHEREAS, the Director of Engineering and Public Works recommends releasing the
cash bond and approving of a letter of credit in the amount of $554,984.00 from Wells Fargo
Bank, N.A. for the Sycamore Hill Phase I Section 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
A letter of credit from the Wells Fargo Bank, N.A. to replace the cash bond for Sycamore
Hill Phase I Section 4 is hereby approved:
PASSED this 23rd day of February 2000.
ATTEST:
Clerk of~ouncil~
r:SycaHillPhsISec4
~meas E. Clem,
Mayor
Town of Leesburg