HomeMy Public PortalAbout2001_10_23_r173The Town of
I eesburg,
trglnla
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 23, 2001
2001-173 ADOPTED October 23, 2001
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN NORTHLAKE SECTION 8
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Northlake Section 8 and certified that the value of work performed is
$106,607.60; and
WHEREAS, a letter of credit from the Mercantile-Safe Deposit & Trust Company in the amount
of $134,190.10 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Northlake Section 8; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Northlake Section 8.
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 $134,190.10 is reduced to $27,582.50.
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 Northlake Section 8.
PASSED this 23ra day of October 2001.
ST:
rl~ ~f Cour~cil
B.~j. W~~b', May~orf~'
Town of Leesburg
R:NoLake8Red