HomeMy Public PortalAbout2010_01_12_R003 - Reducing Perf. Guarantee for Oaklawn at StratfordFie'. i t}!;.!tt f7~
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YitESENTtD: Janit~i;~i2, 2010
RES£al,UT1C?N' Nr(~. 2flt0-t}43 AI~OA"t'E1): Janirai~ 12, 2Q1Q
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WidI3REAS, f7ie Tttivn's Delitit}~ D2rectoe of Piiblie Works itas reviews-ed the irn,pioverttenis installed
to date for' C}akl~w€t at~tratfarcl -3~andtray "L~"and certified that ilie value of ivor~k pei~€or•rned is $939,OQQ;
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WHEREAS, a Letter a#' Credit issued try tVaclrasrla Bank fii the amotuit of $~~f l,i}06 was p~os~ided
bythe des~eloE~t~r and apYioved b}'the Council to guarantee instailaTiart ufptiblic improvements iirt}aklaivn
at Stiatford ~ lartdbay ``D"; iind
WHGREtaS,tite L)eput}~ Dit-ectoi~ of'PritrGc Woitks reconin~n3tds reditcit7g the performance gcrarantae
fahix7triie irnprovemants installed irs t)aklasba~ at Stratford Lartiihay "L~"
Tl1EREI~ORC, RI3SC)LWEt} b}~ the Caunci(afthe'foivn of l.ecsi>nrg in Virginia as follo~i~s:
SECTIC}N L Tile Lettai' iif Credif fi`om Waditovra f3atxk for t~akiawii at Sriatfard Lanctbap "[3"
in the amount of $4d h{1{?0 is rcducecl to ~S[72,OQd.
SEC"ffC)N fi. The Towit Managei•shall notify the deueloliers that iialritity fell the Letter o#'Ceedit
has beers reduced as outlined in Seetiorr I of fins resolution and that This reducfion cues ntif constlidte
acce~tarioe of 1>iiGiic 3inliros=en3ents ft}~ the Town or relieve €he developer ofresponsibihties autl'sned inihe
canzract for piililic intprovemenis ~fQakiasvu at Stiatford l.and6ay "C?'>,
PASSj~';I3 this f?'t' da} of Janurary, 241t}.
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Krastetr G. Umstattd, a}or ~''
rr '?. "foii~n of Lt;esburg
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2CkiQAU [ 12 O:~ktau7t.it Srrntiorrl 3'cr£ Ciuar~ntea:ihic.