HomeMy Public PortalAbout2013_04_09_R047 Perf Guar for Star Building Addition TLPF 2011-0008The Town of
Leesburg,
Virginia
PRESENTED: April 9, 2013
RESOLUTION NO. 2013 -047 ADOPTED: April 9, 2013
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT STAR BUILDING ADDITION
(TLPF- 2011 -0008)
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Star Building Addition and certified that the value of work performed is $207,900; and
WHEREAS, a Letter of Credit issued by Middleburg Bank in the amount of $213,000 was provided
by the developer and approved by the Council to guarantee installation of public improvements at Star
Building Addition; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Star Building Addition.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit issued by Middleburg Bank for Star Building Addition in the
amount of $231,000 is reduced to $23,100.
SECTION IL 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 Star Building Addition.
PASSED this 9th day of April, 2013.
�-KTistki C. mstatt , ayor
Town of Leesburg
ATT
Clerk of Court
P: \Resolutions\2013 \0409 Star Building Addition - Bond Reduction.doc