HomeMy Public PortalAbout2000_04_25_r098The Town of
Leesburg,
Virginia
PRESENTED May 23, 2000
RESOLUTION NO. 2000- 98 ADOPTED May 23, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STRATFORD PHASE B
SECTION 2&4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Stratfm:d Phase B Section 2&4 and certified that the value of work
performed is $205,918.00; and
WHEREAS, a letter of credit from the Virginia First Savings Bank in the amount of $302,559.00
was provided by the developer and approved by the Council to guarantee installation of public
improvements in Stratford Phase B Section 2&4; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Stratford Phase B Section 2&4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Virginia First Savings Bank in the amount of
$302,559.00 is reduced to $96,641.00.
SECTION II. The Town Manager shall notify the developer that liability for letter of credit
funds has been reduced as outlined 'in Section ! 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 B Section 2&4.
PASSED this 23rd day of May 2000.
ATTEST:
¢~lerk of Council
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R:StratfordReduction