HomeMy Public PortalAbout2010_02_09_R013 - Perf. Guar. Fort Evans Plaza IIThe Town of
PRESENTED: February 9, 2010
RESOLUTION NO. 2010-013 ADOPTED: February, 9, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED AT FORT EVANS PLAZA II
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Fort Evans Plaza II and certified that the value of work performed is $4,492,800; and
WHEREAS, a Letter of Credit issued by Wachovia Bank in the amount of $4,992,000 was provided
by the developer and approved by the Council to guarantee installation of public improvements at Fort Evans
Plaza II; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Fort Evans Plaza II.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit from Wachovia Bank for Fort Evans Plaza II in the amount of
$4,992,000 is reduced to $499,200.
SECTION II. The Town Manager shall notify the developers that liability for corporate surety
bond 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 at Fort Evans Plaza II.
PASSED this 9`'' day of February, 2010.
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C. U tattd, Mayor
Town of Leesburg
T T.
Clerk of Co i
P:Utesolutions\Resolutions 2010\0209 Ft Evans Plaza II Bond Reduction.doc