HomeMy Public PortalAbout2009_09_22_R102 - Substitute Performance Guarantee Kincaid Forest 3~ E 3tF ~
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t2LSflLliTIO1V NO. 2001.102 ADflP'I'Ell SeI}tetnbor 22, 2009
A ItESC}I,UTICJkti: API'ROV[NG r'~ SUI35TITUTk PfiRI~C}ItMANC:E; GUARAIiTEE FC?R
K1NCt11IJ F4Rk'sS`I'- SIiCTI()N 3
W HBI~~S,COUncil Reso{ution n2(?09.089 arioPted on liugnst I l; 2009, apPr~rved au
ii-~vocnb[e letter of credit fiom US Aauk i1a Rhe an3outit of $842,000 to guarantee the pi3bfic
imPravementsfor (<itrcaid Forssi-~Sectiau3,atid
WIIIREf'~S, ;VII [domes of DC, k,I.C, tl3e deve[Oper of Kincaid Forest Section 3 has rejiiestecl
toi'eplaee the,Eireviattsk}~uPgroveii[ettcr aferedit tivitli nletter of eiedii froth Fiegious6ank in the amaurit
of $892,000 far KinoaidForest-Section 3 anti is requesting apprat~ai 4f the same„ at3d
t~'HLItF,AS, the Dit'ector of Pub[rc throrks reeonm3anr[s ~j3pral al'of a substitute perfiarniattee
guarantee far I{incaid Forest -Section 3,
TS-IEftEF[}RI, RESt}LVIr[3 b~, the t;ouncil ofthe `1'a3~~a of Leesburg in Virgicta as foilo3~'s;
SEGTIQN ~: `I"ha substitute lett~raf credit it3 the an3outtF of $892;000 is appraued t4 guarantee
tfiepttk>iic int}irovemertts shaven an [3lans a}3proved by the Ciireetor of 1'Can Review.
SECi'1t3N lI, "I'he [ettar of ereditProm US Bank 63 thearnattnt of$892,000 Por Kincaid Forest-
Section 3 isa'eleased contingent upon receipt of ti3e substitute IsHOr of oredit f`ron312egions Rank in'the
ai3iarint ~iF $892,000.
PASSI~I~ ti3is 22"`' Clay of Septen3ber, 2009.
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