HomeMy Public PortalAbout2003_11_25_r156The Town of
1 .eesburg,
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PRESENTED: November 25, 2003
RESOLUTION NO. 2 0 0 3-1 5 6 ADOPTED: November 25, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
4C
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Kineaid Forest Section 4C and certified that the value of work
performed is $118,834.00; and
WHEREAS, a letter of credit from the Mercantile Safe Deposit and Trust Company in the mount
of $148,543.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements for Kine, aid Forest Section 4C; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Kincaid Forest Section 4C.
THEREFORE, RESOLVED by the Cotmeil of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Mercantile Safe Deposit and Trust Company for
Kincaid Forest Section 4C in the mount of $148,543.00 is reduced to $29,709.00.
SECTION II. The Town Manager shall notify the developers that liability for letter of credit
fimds 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 Kineaid Forest Section 4Ci
PASSED this 254 day of November 2003.
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Town of Leesburg
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