HomeMy Public PortalAbout2006_06_13_r100
The Town of
Leesburg,
Virginia
RESOLUTION NO.
PRESENTED June 13. 2006
2006-100
ADOPTED
June 13.2006
A RESOLUTION:
AUTHORIZING AN AGREEMENT AND APPROVING A SUBSTITUTE
PERFORMANCE GUARANTEE AND A WATER EXTENSION PERMIT
FROM LEESBURG BUSINESS PARK, LLC FOR PUBLIC IMPROVEMENTS
INSTALLED AT THE ECHO ENTRANCE ROAD AND WATERLINE
EXTENSION; AND RELEASING THE LEITER OF CREDIT FROM EVERY
CITIZEN HAS OPPORTUNITIES (ECHO), INC.
WHEREAS, Council Resolution #2003-72 adopted on May 13, 2003, approved a letter of credit
from the Bank of America in the amount of $24,110.00 as security to guarantee installation of public
improvements as shown on plans approved by the Director of Engineering and Public Works for the
ECHO Entrance Road and Waterline Extension; and
WHEREAS, Every Citizen Has Opportunities (ECHO), Inc., the developer of the ECHO
Entrance Road and Waterline Extension, bas sold Parcel IB of this property to Leesburg Business Park,
LLC; and
WHEREAS, ECHO has not started work on the public improvements and part of the agreement
and contract of sale between ECHO and Leesburg Business Park, LLC was for Leesburg Business Park,
LLC to construct these improvements at their expense; and
WHEREAS, Leesburg Business Park, LLC has requested to replace the previously approved
letter of credit from the Bank of America in the amount of $24,170.00 with a new letter of credit issued
by the Cardinal Bank in the amount of $24, 110.00 and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a contmct
with ECHO and Leesburg Business Park, LLC, and acceptance of a substitute performance guarantee
from the Cardinal Bank in the amount of $24, 110.00 to guarantee installation of public improvements for
the ECHO Entrance Road and Waterline Extension; and recommends cancellation of the current contract
for public improvements with ECHO and release of the letter of credit from the Bank of America.
-2-
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE PERFORMANCE GUARANTEE AND A WATER
EXTENSION PERMIT FROM LEESBURG BUSINESS PARK, LLC
FOR PUBLIC IMPROVEMENTS INSTALLED AT THE ECHO
ENTRANCE ROAD AND WATERLINE EXTENSION; AND
RELEASING THE LETTER OF CREDIT FROM EVERY CITIZEN
HAS OPPORTUNITIES (ECHO), INC.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute a new contract for public improvements with
ECHO and Leesburg Business Park, LLC for the improvements shown on the plans approved by the
Director of Engineering and Public Works for ECHO Entrance Road and Waterline Extension.
SECTION II. The substitute letter of credit from the Cardinal Bank in the amount of
$24,110.00 is approved as security to guarantee installation of the public improvements shown on plans
approved by the Director of Engineering & Public Works for the ECHO Entrance Road and Waterline
Extension.
SECTION III. The contract for public improvements dated June 1, 2003 with ECHO is cancelled
contingent upon receipt of the new contract with ECHO and Leesburg Business Park, LLC
SECTION VI. The letter of credit from the Bank of America in the amount of $24, 170.00 for the
ECHO Entrance Road and Waterline provided by ECHO is released contingent upon receipt of the
substitute letter of credit from the Cardinal Bank in the amount of $24,110.00 provided by Leesburg
Business Park, LLC.
PASSED this nib day of June 2006.
~~~
Kristen C. U Mayor
Town ofLeesburg
ATTEST:
~ UL.;d tJ'JtuL:
lerk of Council
R06:ECHO SubstBond