HomeMy Public PortalAbout2010_03_09_R023 - Fort Evans Road Public Improvements Performance GuaranteeThe Town o f
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PRESENTED: March 9, 2010
RESOLUTION NO. 2010-023 ADOPTED: March 9, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
FORT EVANS PLAZA II -FORT EVANS ROAD PUBLIC IMPROVEMENTS
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Fort Evans Plaza II -Fort Evans Road Public Improvements and certified that the value of work
performed is $2,924,100; and
WHEREAS, a Letter of Credit issued by Wachovia Bank in the amount of $3,249,000 was provided
by the developer and approved by the Council to guarantee installation of public improvements at Fort Evans
Plaza II -Fort Evans Road Public Improvements; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Fort Evans Plaza II -Fort Evans Road Public Improvements.
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 -Fort Evans Road
Public Improvements in the amount of $3,249,000 is reduced to $324,900.
SECTION II. The Town Manager shall notify the developers that liability for Letter of Credit 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 -Fort Evans Road Public Improvements.
PASSED this 9`'' day of March, 2010.
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Is C. stattd, Mayor
Town of Leesburg
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Clerk of Cou 1
P:\Resolutions\Resolutions 2010\0309 Ft. Evans Road Public Improvements.doc