HomeMy Public PortalAbout2010_07_13_R091 Sycolin CornerThe Town of
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PRESENTED: July 13, 2010
RESOLUTION NO. 2010-091 ADOPTED: July 13, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT SYCOLIN CORNER
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Sycolin Corner and certified that the value of work performed is $1,305,000; and
WHEREAS, a Letter of Credit issued by Cardinal Bank in the amount of $1,450,000 was provided
by the developer and approved by the Council to guarantee installation of public improvements at Sycolin
Corner; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Sycolin Corner.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit from Cardinal Bank for Sycolin Corner in the amount of
$1,450,000 is reduced to $145,000.
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 Sycolin Corner.
PASSED this 13`h day of Jam, 2010.
stattd, Mayor
Town of Leesburg
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Clerk of Coin
P:UZesolutions\Resolutions 2010\0713 Sycolin Comer Bond Reduction.doc