HomeMy Public PortalAbout2003_05_13_r073The Town of
Leesburg,
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PRESENTED May 13, 2003
RESOLUTION NO. 2003-73 ADOPTED May 13, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE HAMLET AT LEESBURG
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in The Hamlet at Leesburg and certified that the value of work performed
is $623,990.00; and
WHEREAS, a letter of credit from the Branch Banking and Trust Company of Virginia in the
amount of $709,905.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in The Hamlet at Leesburg; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in The Hamlet at Leesburg.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Branch Banking and Trust Company of Virginia in
the amount of $709,905.00 is reduced to $85,915.00.
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 relieye the developer of responsibilities
outlined in the contract for Public improvements for The Hamlet at Leesburg..
PASSED this 13th day of May 2003. ~yt~-.,x ~~
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Town of Leesburg
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