HomeMy Public PortalAbout2001_09_25_r150The Town of
1 .eesburg,
rgtma
PRESENTED September 25,2001
RESOLUTION NO. 2001-150 ADOPTED September 25, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE I,
SECTIONS 4 & 5 AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE FOR SYCAMORE HILL PHASE I, SECTION 4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase I, Sections 4 & 5 and certified that the value of
work performed is $6,777.00 for Phase I, Section 4; and $41,753.00 for Phase I, Section 5; and
WHEREAS, letters of credit from the Wells Fargo Bank, N.A. in the amount of $103,878.00 for
Phase I, Section 4; and $132,551.00 for Phase I, Section 5 were provided by the developer and approved
by the Council to guarantee installation of public improvements in Sycamore Hill Phase I, Sections 4 & 5;
and
WHEREAS, BRE/Sycamore L.L.C., the developer of the Sycamore Hill Development has
requested that the Town Council accept a cash bond as a replacement for the letter of credit from the
Wells Fargo Bank for Sycamore Hill Phase I, Section 4 and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements in Sycamore Hill Phase I, Sections 4 & 5 and approval
of a substitute performance guarantee for Sycamore Hill Phase I, Section 4.
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
$132,551.00 is reduced to $41,753.00 for Sycamore Phase I, Section 5.
SECTION II. The performance guarantee amount for Sycamore Hill Phase I, Section 4 is
reduced from $103,878.00 to $97,101.00.
SECTION IlL The substitute cash bond in the amount of $97,101.00 for Sycamore Hill Phase I,
Section 4 is approved.
A RESOLUTION:
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MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE I,
SECTIONS 4 & 5 AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE FOR SYCAMORE HILL PHASE I, SECTION 4
SECTION IV. The letter of credit from the Wells Fargo Bank in the amount of $103,878.00 for
Sycamore Hill Phase I, Section 4 is released.
SECTION V. The town manager shall notify the developer that liability for performance
guarantee funds has been reduced as outlined in Sections I and II 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 contracts for public improvements for Sycamore Hill Phase I, Sections 4
&5.
PASSED this 25 th day of September 2001.
rk of Council
B.J. We~/o, Mayor
Town of Leesburg
R:SycaHill4&5