HomeMy Public PortalAbout2000_06_27_r117The Town of
Leesburg,
Virginia
PRESENTED June 27, 2000
RESOLUTION NO. 2006-117 ADOPTED June 27, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST
SECTION 7A AND SECTION 10C
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Kincaid Forest Section 7A and Section 10C and certified that
the value of work performed is as follows:
Section 7A - $163,749.30
Section 10C- $549,464.80
WHEREAS, letters of credit from the Mercantile Safe Deposit and Trust Company in the
amount of $207,395.00 for Section 7A and $676,691.40 for Section 10C were provided by the
developer and approved by the Council to guarantee installation of public improvements for
Kincaid Forest Section 7A and Section 10C; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Kincaid Forest Section 7A and
Section 10C.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The letters of credit from the Mercantile Safe Deposit and Trust Company
for Kincaid Forest Section 7A in the amount of $207,395.00 is reduced to $43,645.70 and for
Kincaid Forest Section 10C in the amount of $676,691.40 is reduced to $127,226.60.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
7A AND SECTION 10C
SECTION II. The Town Manager shall notify the developers 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 Kincaid Forest Section 7A
and Kincaid Forest Section 1C.
PASSED this 27th day of June 2000.
)TEST:
//Clerk of Council
Town of Leesburg
R:Kincaid Reductions