HomeMy Public PortalAbout2001_02_27_r023
The Town of
lleesburg,
'--Virginia
PRESENTED February 27, 2001
RESOLUTION NO.
2001-23
ADOPTED
February 27, 2001
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE I,
SECTION 5
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase I, Section 5 and certified that the value of work
performed is $156,535.00; and
WHEREAS, a letter of credit from the Wells Fargo Bank, N.A. in the amount of $289,086.00 was
provided by the developer and approved by the Council to guarantee installation of public improvements
in Sycamore Hill Phase I, Section 5; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Sycamore Hill Phase I, Section 5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Wells Fargo Bank, N.A. in the amount of
$289,086.00 is reduced to $132,551.00.
SECTION I1. 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 I, Section 5.
PASSED this 27th day of February 2001.
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Town of Leesburg
ATTEST:
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