HomeMy Public PortalAbout2009_09_09_R093 - Summit Community Bank~~ t'::.' ~ (#r{iii ,}~`~
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t'IiESCNiTED; Seuteinlier 9, 2t}Q9
RESOLUTION NO. 2Q09-493. At7(?PTED: Setite~nber 9, 2009
A RESOLD"LION; IvIAICINC; A REDEIGTIO'V OF' `T"lIF PERFOItMr1NCE C;UAiZANTEE F{)R
1'U13LIC fMPRC?VFMEN`I'S 1NS'I'ALLED iN SUMMIT GOb~IN1UNl"1`Y BANK
WHEREAS, [Iie Tawn's Director of Public trv'orks has iei~ie~red the iinproventents installed to date
in Suinntit~oti5munity^ L3ank and cettifiedthat thevalue aLwork iterfarmed is'$225,(?04; aiid
thFHEREAS, a irrevacabie letierof credit Crain Clnited Bank in tiie a~iiount of $363,090 Fvas irravided
liy the devoltspcr anti ais~kaved 6y the Coatteii to gaarantee installation at`pt~bliG iriiiirai=emants iiiSii~r~iut
Cantrttwrit}~ Ba~tk; <iiiil
W FFEPiEAS, the Director cif Publ ie W orks recffntmencis reducing the performance. guaraFitee for
public imitrovements Instaiied'iiiSumntitGautnnnritj~Bai~k.
TfIEREFQRE, RESOhVEL) by the Cbi~ncii aftlte Tovvn of I~ecsbtirg in Virginia as fvllp~vsi
SECTIC?Tv' 1. The u~rerocable Ietter'iiLcreditP~aui United E3ank fcii`$ummitGOnunnuityBank,iti
ttie ainaturt of$363,000 is reduced o ~ I38;000.
SEUT1C7l~ 11, '3'(ie Tativn'tVianagershall no#ify the devetaiters tiiai liabi(ify faa~+rrevacatzle (et#er of
eaedit has been refiticed as outlined iat Section l of this i~esaluticiit aid that this~eductibn does noteonstitnte
acaeptauce riftii~hlic itupiove~nents by the Tativu ar relieve the developer ofi'esponsibiiities autUaeci isi tiie
eouti'aotfarpub(icr`in~irovemei~tsin Summit CoEUnuanily:Bank,
PASSED tliis9`i' day of Se tember, 2009,
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Cleck of Council
P lltegolut~onslttes~.iutaans 200g1~9k?} ~AililiiTi Coisununity niutkii~rc 9110i200~?