HomeMy Public PortalAbout2009_06_09_R066 - Reducing Perf. Guar. for Exeter Neighborhood Center
The Town of
Leesburg,
Virginia
PRESENTED: June 9. 2009
RESOLUTION NO. 2009-066
ADOPTED: June 9. 2009
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER NEIGHBORHOOD
CENTER
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
in Exeter Neighborhood Center and certified that the value of work performed is $268,000; and
WHEREAS, a irrevocable letter of credit from the PNC Bank in the amount of $318,000 was
provided by the developer and approved by the Council to guarantee installation of public improvements in
Exeter Neighborhood Center; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed in Exeter Neighborhood Center.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from PNC Bank for Exeter Neighborhood Center in
the amount of $318,000 is reduced to $50,000.
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 Exeter
Neighborhood Center.
PASSED this 9th day of June 2009.
ATI~
Clerk of Council
~0. Ot~
. . m d, Mayor
Town of Leesburg