HomeMy Public PortalAbout2008_12_09_R187 Reducing Perf Guar for Oaklawn Commercial
The Town of
Leesburg,
Virginia
PRESENTED: December 9. 2008
RESOLUTION NO.: 2008-187
ADOPTED:
December 9. 2008
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OAKLA WN COMMERCIAL
MUC5
WHEREAS, the Town's Director of Works has reviewed the improvements installed to date in
Oaklawn Commercial MUC5 and certified that the value of work performed is $294,300; and
WHEREAS, a letter of credit from the Wachovia Bank in the amount of $327,000 was provided by
the developer and approved by the Council to guarantee installation of public improvements in Oaklawn
Commercial MUC5; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed in Oaklawn Commercial MUC5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Wachovia Bank in the amount of$327,000 is reduced to
$32,700.
SECTION II. The Town Manager shall notify the developers that liability for the performance
guarantee 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 Oaklawn Commercial MUC5.
PASSED this 9th day of December. 2008.
~~Cu~
ns ..; C. . mstattd, Mayor ..
Town of Leesburg