HomeMy Public PortalAbout2011_04_26_R047 Sub Perf Guar for Valley View SubdivisionThe Town of
Leesburg,
Virginia
PRESENTED April 26, 2011
RESOLUTION NO. 2011-047 ADOPTED April 26, 2011
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
VALLEY VIEW SUBDIVISION
WHEREAS, Council Resolution #2010 -147 adopted on November 30, 2010, approved an
irrevocable letter of credit from United Bank in the amount of $1,246,000 to guarantee the public
improvements for Valley View Subdivision; and
WHEREAS, Batu Homes, Inc., the developer of Valley View Subdivision has requested to
provide a letter of credit from Virginia Commerce Bank in the amount of $1,246,000 for Valley View
Subdivision instead of the previously approved letter of credit from United Bank and is requesting
approval of the same; and
WHEREAS, the Director of Public Works recommends approval of a substitute performance
guarantee for Valley View Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that the
substitute letter of credit from Virginia Commerce Bank in the amount of $1,246,000 is approved to
guarantee the public improvements shown on plans approved by the Director of Plan Review.
PASSED this 26 day of April, 2011.
ATI S`
Clerk of council
P: \Resolutions\Resolutions 2011 \0426 Valley View Subdivision PB Substitute.doc
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"C. Um tattd, Mayor
Town of Leesburg