HomeMy Public PortalAbout2001_10_10_r166The Town of
Leesburg,
lrglnla
PRESENTED October 10, 2001
RESOLUTION NO. 2001-166 ADOPTED October 10, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN NORTHLAKE SECTION 3
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Northlake Section 3 and certified that the value of work performed is
$153,200.00; and
WHEREAS, a letter of credit from the Mercantile-Safe Deposit & Trust Company in the amount
of $201,352.80 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Northlake Section 3; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Northlake Section 3.
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 $201,352.80 is reduced to $48,153.00.
SECTION II. The town manager shall notify the developer that liability for corporate surety
bond 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 Northlake Section 3.
PASSED this 10t~ day of October 2001.
EST:
.(~erk of CounCil
B.J. 'Web[~, Mayor
Town of Leesburg
R:NoLake3Red