HomeMy Public PortalAbout2008_05_13_r068 Reducing Perf Guar for Western Loudoun Medical Center
The Town of
Leesburg,
Virginia
PRESENTED: May 13.2008
RESOLUTION NO. 2008-68
ADOPTED: May 13. 2008
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN WESTERN
LOUDOUN MEDICAL CENTER-MEDICAL OFFICE BUILDING
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Western Loudoun Medical Center-Medical Office Building
and certified that the value of work performed is $1,067,000; and
WHEREAS, a irrevocable letter of credit from the Cardinal Bank in the amount of
$1,194,000 was provided by the developer and approved by the Council to guarantee installation
of public improvements in Western Loudoun Medical Center-Medical Office Building; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Western Loudoun Medical Center-
Medical Office Building.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The irrevocable letter of credit from Cardinal Bank for Western Loudoun
Medical Center-Medical Office Building in the amount of$I,194,000 is reduced to $127,000.
SECTION II. The Town Manager shall notify the developers that liability for
irrevocable letter of credit 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 in Western
Loudoun Medical Center-Medical Office Building.
-2-
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN WESTERN
LOUDOUN MEDICAL CENTER-MEDICAL OFFICE BUILDING
PASSED this 13th day of May 2008.
~C: G~l)
~ . n C. mstattd, Mayor (
Town of Leesburg
ATTEST: