HomeMy Public PortalAbout2014_07_22_R083 Reducing the Perf. Guar. for Valley View Subdivision The Town of
Leesburg,
Virginia PRESENTED:July 22, 2014
RESOLUTION NO. 2014-083 ADOPTED: July 22, 2014
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT VALLEY VIEW SUBDIVISION
(TLCD-2008-0003)
WHEREAS,the Town's Director of Public Works has reviewed the improvements installed
to date for Valley View Subdivision and certified that the value of work performed is $966,000; and
WHEREAS, a Letter of Credit in the amount of$1,246,000 was provided by the developer
and approved by the Council to guarantee installation of public improvements at Valley View
Subdivision and
WHEREAS,the Director of Public Works recommends reducing the performance guarantee
for public improvements installed at Valley View Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Letter of Credit for Valley View Subdivision in the amount of
$1,246,000 is reduced to $280,000.
SECTION II. The Town Manager shall notify the developers that liability for the 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 Valley View Subdivision.
PASSED the 22nd day of July, 2014.
I1ns en C. mstattd, Mayor
Town of Leesburg
A 4•
Clerk of Co le
P:\Resolutions\2014\0722 Valley View-Bond Reduction.doc