HomeMy Public PortalAbout2001_04_24_r052The Town of
l .eesburg,
irginia
PRESENTED April 24, 2001
RESOLUTION NO. 2001-52 ~ ADOPTED April 24, 2001
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
LEESBURG AIRPARK LOT D
WHEREAS, Council Resolution #2001-45 adopted on April 10, 2001, approved a letter of credit
from the Branch Banking and Trust Company in the amount of $232,478.00 as security to guarantee
installation of public improvements as shown on plans approved by the Director of Engineering and
Public Works for Leesburg Airpark Lot D; and
WHEREAS, Park Centre I, L.L.C. has requested to replace the previously approved letter of
credit with a corporate surety bond in the amount of $232,478.00 for Leesburg Ah'park Lot D from the
Great American Insurance Company and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a substitute
performance guarantee for Leesburg Ah'park Lot D.
THEREFORE, RESOLVED by the Council of the. Town of Leesburg in Virginia as follows:
SECTION I. The substitute corporate surety bond in a form approved by the town attorney
from the Great American Insurance Company in the amount of $232,478.00 is approved as security to
guarantee installation of the public improvements shown on plans approved by the Director of
Engineering and Public Works for Leesburg Airpark Lot D.
SECTION II. The letter of credit from the Branch Banking and Trust Company in the amount of
$232,478.00 for Leesburg Airpark Lot D is released contingent upon approval by the town attorney of the
substitute corporate surety bond from the Great American Insurance Company.
PASSED this 24th day of April 2001.
erk of Council
B.J. W~bb, Mayor
Town of Leesburg
R:LeesburgAirparkLotDSubstB ond