HomeMy Public PortalAbout2001_06_12_r086The Town of
1 eesburg,
rg ma
PRESENTED June 12, 2001
2001.-86
RESOLUTION NO. ADOPTED June 12, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
11
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Section 11 and certified that the value of work
performed is $1,208,352.00; and
WHEREAS, a letter of credit from the Mercantile-Safe Deposit & Trust Company in the amount
of $1,575,000.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Kincaid Forest Section 11; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Kincaid Forest Section 11.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Mercantile-Safe Deposit & Trust Company in the
amount of $1,575,000.00 is reduced to $366,648.00.
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 Kincaid Forest Section 11.
PASSED this 12th day of June 2001.
EST:
erk of Council
B.J. Web(~, Mayor
Town of Leesburg
R:Kincaidl 1Red