HomeMy Public PortalAbout2008_12_09_R185 Perf Guar Sycolin Corner
The Town of
Leesburg,
Virginia
PRESENTED: December 9. 2008
RESOLUTION NO.
2008-185
ADOPTED: December 9. 2008
A RESOLUTION:
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
SYCOLIN CORNER
WHEREAS, Sycolin Center, LLC, the developer of Sycolin Corner, has requested approval of a
letter of credit from the Cardinal Bank in the amount of $1,450,000 to guarantee the public
improvements; and
WHEREAS, the Director of Public Works recommends approval of a contract for installation of
public improvements and acceptance of a performance guarantee for Sycolin Corner.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for the
improvements shown on the plans approved by the Director of Plan Review for Sycolin Corner.
SECTION II. The extension of municipal water and sewer for Sycolin Corner is approved in
accordance with Sections 15-9 and 19-18 of the Town Code.
SECTION III. A letter of credit from Cardinal Bank in the amount of $1,450,000 is approved
as security to guarantee installation ofthe public improvements shown on plans approved by the Director
of Plan Review for Sycolin Corner.
PASSED this 9th day of December. 2008.
~c: Cl-~:P
'm C. Um tattd, Mayor
Town of Leesburg