HomeMy Public PortalAbout2009_08_11_R089 - Perf. Guar. Kincaid Forest, Section 3
The Town of
Leesburg,
Virginia
PRESENTED: August 11. 2009
RESOLUTION NO. 2009-089
ADOPTED: August 11.2009
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
KINCAID FOREST-SECTION 3
WHEREAS, MI Homes of DC, LLC, the developer of Kincaid Forest-Section 3, has requested
approval of a Letter of Credit from US Bank in the amount of $892,000 to guarantee the public
improvements; and
WHEREAS, the Director ofPub]ic Works recommends approval of a contract for installation of
public improvements and acceptance ofa performance guarantee for Kincaid Forest-Section 3.
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 ofP]an Review for Kincaid Forest-Section 3.
SECTION II. The extension of municipal water and sewer for Kincaid Forest-Section 3 is
approved in accordance with Sections 34-]23 and 35-25 of the Town Code.
SECTION III. A Letter of Credit from US Bank in the amount of $892,000 is approved as security
to guarantee installation of the public improvements shown on plans approved by the Director of Plan
Review for Kincaid Forest-Section 3.
. PASSED this ] ] th day of August. 2009.
~~J~;~?p
Town of Leesburg
P:\Resolutions\Resolutions 2009\0811 Kincaid Forest Performance Guarantee.doc
8/12/2009