HomeMy Public PortalAbout2010_08_10_R111 - Perf. Guarantee Market Square @Pot. StationThe Toam of
Leesburg,
Virginia
PRESENTED: Aueust 10, 2010
RESOLUTION NO. 2010-1 l l ADOPTED: Aueust 10.2010
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
MARKET SQUARE @ POTOMC STATION - PHASE I (BB&T)
WHEREAS, Branch Banking and Trust (BB&T), [he developer of the Market Square @ Potomac
Station - Phase I (BB&T) has requested approval of a letter of credit from BB&T in the amount of $472,000 to
guarantee [he public improvements; and
WHEREAS, the Director of Public Works recommends approval of a contract for installation of public
improvements and acceptance of a performance guarantee for Market Square @ Potomac Station -Phase I
(BB&T).
THEREFORE, RESOLVED by the Council of [he Town of Leesburg in V irginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for [he
improvements shown on the plans [o be approved by the Director of Plan Review for Market Square @
Potomac S[a[ion - Phase I (BB&T).
SECTION II. A letter of credit from BB&T in the amount of $472,000 is approved as security to
guarantee installation of [he public improvements shown on plans [o be approved by the Director of Plan
Review for Market Sgaare @ Potomac Station - Phase I (BB&T).
SECTION III. The extension of municipal water and sewer for Market Square @ Potomac Station -
Phase I (BB&T) is approved in accordance with Section 34-123 and Section 35-25 of [he Town Code.
PASSED [his IO'" day of Aueust' 2010.
1 ice Mayor
ow sburg
S
Clerk of Co I
P:VtesolutionsUtesolutions 2010\0810 Marker Square at Potomac Stffi PH 1 doc