HomeMy Public PortalAbout2000_09_12_r167The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED September 12, 2000
2000-167 ADOPTED September 12, 2000
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE 1,
SECTION 4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase 1, Section 4 and certified that the value of work
performed is $451,106.00; and
WHEREAS, a letter of credit from Wells Fargo Bank, N.A. in the amount of $554,984.00 was
provided by the developer and approved by the Council to guarantee installation of public improvements
in Sycamore Hill Phase 1, Section 4; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the performance
guarantee for public improvements installed in Sycamore Hill Phase 1, Section 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Wells Fargo Bank, N.A in the amount of $554,984.00 is
reduced to $103,878.00.
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 Sycamore Hill Phase 1, Section 4.
PASSED this 12th day of September 2000.
ATTEST:
erk of Council
Mayor
Town of Leesburg