HomeMy Public PortalAbout2000_04_25_r081The Town of
eesburg,
rg ma
PRESENTED April 25, 2000
RESOLUTION NO. 2000-81 ADOPTED April 25, 2000
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR STRATFORD PHASE A SECTIONS 1 & 2, PHASE B SECTION
l&3 AND PHASE B SECTION 2&4
WHEREAS, Stratford Associates, L.C., the developer of the Stratford Development, 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
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
WHEREAS, letters of credit issued by the Virginia First Savings Bank in the amount of
$67,832.00 for Phase A Section 1, $50,173.00 for Phase A Section 2, $128,836.00 for Phase B Section
l&3 and $302,559.00 for Phase B Section 2&4 were provided by the developer to guarantee the
installation of public improvements in the Stratford Development; and
WHEREAS, the town's Director of Engineering and Public Works recommends a one (1) year
time extension for completion of the public improvements.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letters of credit issued by the Virginia First Savings Bank in the amounts
listed above are approved to guarantee the installation of public improvements in Stratford Phase A
Sections 1 & 2, Phase B Section l&3 and Phase B Section 2&4.
SECTION II. A one (1) year time extension for completion of the public improvements is
approved.
PASSED this 254 day of April 2000.
ATTEST:
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J.a(nes E. Clem, Mayor
Town of Leesburg
R:Strafford