HomeMy Public PortalAbout2005_01_11_r003 Perf Guar Georgetown MewsThe Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED: January_ 11, 2005
2005-3 ADOPTED: January 11, 2005
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN GEORGETOWN MEWS
the town's Director of Engineering and Public Works has reviewed the
PASSED this 11m day of January 2005.
EST:
r-k of Council
~Umst~ Mayor
Town of Leesburg
R05:GeorgetownMewsRed
WHEREAS,
improvements installed to date in Georgetown Mews and certified that the value of work performed is
$180,345.00; and
WHEREAS, a letter of credit from the Community Bank of Northern Virginia in the amount of
$288,269.30 was provided by the developer and approved by the Council to guarantee installation of
public improvements for Georgetown Mews; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Georgetown Mews.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Community Bank of Northern Virginia for
Georgetown Mews in the amount of $288,269.30 is reduced to $107,924.30.
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 does not
constitute acceptance of public improvements by the town or relieve the developer of responsibilities
outlined in the contract for public improvements for Georgetown Mews.