HomeMy Public PortalAbout2014_06_24_R072 Perf. Guarantee for Cornerstone Chapel The Town of
Leesburg,
Virginia PRESENTED: June 24, 2014
RESOLUTION NO. 2014-072 ADOPTED: June 24, 2014
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
CORNERSTONE CHAPEL, PHASE 1 (TLPF-2013-0016)
WHEREAS, Cornerstone Chapel Real Estate,the developer of Cornerstone Chapel, Phase 1 has
requested approval of a Letter of Credit from Cardinal Bank in the amount of$1,434,000 to guarantee
the 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 Cornerstone Chapel, Phase 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for the
improvements shown on the plans to be approved by the Director of Plan Review for Cornerstone
Chapel, Phase 1.
SECTION II. A Letter of Credit from Cardinal Bank in the amount of$1,434,000 is approved
as security to guarantee installation of the public improvements shown on plans to be approved by the
Director of Plan Review for Cornerstone Chapel, Phase 1.
SECTION III. The extension of municipal water and sewer for Cornerstone Chapel, Phase 1 is
approved in accordance with Section 34-25 and Section 34-123 of the Town Code.
PASSED this 24th day of June, 2014.
Kra, - C. mstattd, ayor
Town of Leesburg
ATT. _:
p i , '
Clerk of Council
P:\Resolutions\2014\0624 Cornerstone Chapel-Phase 1 New Perf Bond.doc