HomeMy Public PortalAbout2003_02_25_r039The Town of
Leesburg,
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PRESENTED February 25, 2003
RESOLUTION NO. 2003-39 ADOPTED February 25, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST
SECTIONS 5, 10B, AND 10C
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Kincaid Forest Sections 5, 10B, and 10C and certified that the
value of work performed in Section 5 is $69,716.00; Section 10B is $117,751.00 and Section
10C is $59,557.00; and
WHEREAS, letters of credit from the Mercantile Safe Deposit and Trust Company in the
amount of $77,465.30 for Section 5; $210,681.00 for Section 10B; and $127,226.00 for Section
10C were provided by the developer and approved by the Council to guarantee installation of
public improvements for Kincaid Forest Sections 5, 10B and 10C; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Kincaid Forest Sections 5, 10B,
and 10C.
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 5 in the amount of $77,465.30 is reduced to $7,747.00; and for
Kincaid Forest Section 10B in the amount of $210,681.00 is reduced to $92,930.00; and for
Kincaid Forest Section 10C in the amount of $127,226.00 is reduced to $67,669.00.
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
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST
SECTIONS 5, 10B, AND 10C
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 5,
10B, and 10C.
PASSED this 25th day of February 2003.
ATTEST:
cil
Kns'~t"O~. ~jmst]t~d, Mayor
Town of Leesburg
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