HomeMy Public PortalAbout2004_09_14_r139The Town of
Leesburg,
Virginia
PRESENTED: September 14~ 2004
RESOLUTION NO. 2006-].39 ADOPTED: September 14, 2004
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE HAMLETS AT
LEESBURG
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in The Hamlets at Leesburg and certified that the value of work performed
is $14,924.50; and
WHEREAS, a letter of credit from the Branch Banking & Trust Company in the amount of
$85,915.00 was provided by the developer and approved by the Council to guarantee installation of public
improvements for The Hamlets at Leesburg; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in The Hamlets 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 & Trust Company for The Hamlets
at Leesburg in the amount of $85,915.00 is reduced to $70,990.50.
SECTION Il. 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 The Hamlets of Leesburg.
PASSED this 14m day of September 2004.
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Town of Leesburg