HomeMy Public PortalAbout2011_03_22_R034 South King Street CenterThe Town of
Leesburg,
Virginia
RESOLUTION NO. 2011 -034 ADOPTED: March 22, 2011
A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEE AND APPROVING A MAINTENANCE
GUARANTEE FOR SOUTH KING STREET CENTER
WHEREAS, Barrett Company No. 26, L.C., the developer of South King Street Center has
completed the public improvements in accordance with approved plans and Town standards and these
have been inspected and approved; and
WHEREAS, the Director of Public Works recommends accepting the public improvements and
approving a maintenance guarantee for South King Street Center.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit in the current amount of $246,728 from Virginia Commerce
Bank is released, and acceptance of a Letter of Credit from Virginia Commerce Bank for a
maintenance guarantee in the amount of $12,336.40 is approved, and shall be in effect for a period of
one year from this date.
SECTION II. This release is contingent upon delivery of a properly executed instrument
conveying unto the Town all such improvements and easements free of any liens or charges.
PASSED this 22 day of March, 2011.
Clerk of Cohn
P:\Resolutions\Resolutions 2011 \0322 South King Street Center- Rel PB Accept MB.doc
PRESENTED: March 22, 2011
is en C. mstattd, Mayor
Town of Leesburg