HomeMy Public PortalAbout2002_02_12_r017The Town of
! eesburg,
'- rglnla
RESOLUTION NO.
A RESOLUTION:
2002-17
PRESENTED February 12, 2002
ADOPTED February 12, 2002
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST
SECTIONS 4B, 7B, AND 12A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Kincaid Forest Sections 4B, 7B, and 12A and certified that the
value of work performed is as follows:
; and
Section4B - $183,593.00
Section 7B - $544,645.00
Section 12A- $680,173.00
WHEREAS, letters of credit from the Mercantile Safe Deposit and Trust Company in the
amount of $211,257.00 for Section 4B; $627,015.00 for Section 7B; and $901,692.00 for Section
12A were provided by the developer and approved by the Council to guarantee installation of
public improvements for Kincaid Forest Sections 4B, 7B and 12A; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Kincaid Forest Sections 4B, 7B,
and 12A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The letters of credit from the Mercantile Safe Deposit and Trust Company
for Kincaid Forest Section 4B in the amount of $211,257.00 is reduced to $27,664.00; and for
Kincaid Forest Section 7B in the amount of $627,015.00 is reduced to $82,370.00; and for
Kincaid Forest Section 12A in the amount of $904,164.00 is reduced to $223,991.00.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTIONS
4B, 7B, AND 12A
SECTION II. The Town Manager shall notify the developers 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 Sections 4B,
7B, and 12A.
PASSED this 12th day of February 2002.
ATTEST:
q~lerk of Council
B.J. Mayor
Town of Leesburg
R:KincaidReds4B7B 12A