HomeMy Public PortalAbout2001_06_12_r088The Town of
I ,eesburg,
PRESENTED June 12, 2001
RESOLUTION NO. 2001-88 ADOPTED June 12, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN BEAUREGARD HEIGHTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Beauregard Heights and certified that the value of work performed is
$502,084.00; and
WHEREAS, a letter of credit from the Branch Banking & Trust Company of Virginia in the
amount of $897,233.37 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Beauregard Heights; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Beauregard Heights.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Branch Banking & Trust Company of Virginia in the
amount of $897,233.37 is reduced to $395,149.37.
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 Beauregard Heights.
PASSED this 12t~ day of June 2001.
erk of Council
Town of Leesburg
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