HomeMy Public PortalAbout2002_08_13_r142The Town of
I eesburg,
trgtma
PRESENTED August 13, 2002
RESOLUTION NO. 2002-1/.2 ADOPTED August 13, 2002
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
12B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Section 12B and certified that the value of work
performed is $142,720.00; and
WHEREAS, a letter of credit from the Mercantile Safe Deposit and Trust Company in the amount
of $175,000.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Kincaid Forest Section 12B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Kincaid Forest Section 12B.
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 and Trust Company in the
amount of $175,000.00 is reduced to $32,280.00.
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 Kincaid Forest Section 12B.
PASSED this 13th day of August 2002.
of C uncil
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Town of Leesburg
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