HomeMy Public PortalAbout2010_10_26_R137 - Perf. Guar. for Kincaid Forest Sec. 3The Town of
Leesburg,
Virginia
PRESENTED: October 26, 2010
RESOLUTION NO. 2010 -137 ADOPTED: October 26, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT KINCAID FOREST SECTION 3
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Kincaid Forest, Section 3 and certified that the value of work performed is $802,800; and
WHEREAS, a Letter of Credit issued by Regions Bank in the amount of $892,000 was provided by
the developer and approved by the Council to guarantee installation of public improvements at Kincaid
Forest, Section 3; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Kincaid Forest, Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit from Regions Bank for Kincaid Forest, Section 3 in the amount
of $892,000 is reduced to $89,200.
SECTION II. The Town Manager shall notify the developer 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 Kincaid Forest, Section 3.
PASSED this 26 day of October, 2010.
Clerk of Counci
P: \Resolutions\Resolutions 2010 \1026 Kincaid Forest SEC 3 Bond Reduction.doc
C. Umstattd, Mayor
Town of Leesburg