HomeMy Public PortalAbout2014_08_12_R088 Perf Guar for Courthouse Square The Town of
Leesburg,
Virginia
PRESENTED: August 12,2014
RESOLUTION NO. 2014-088 ADOPTED: August 12, 2014
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
COURTHOUSE SQUARE(TLPF-2012-0011)
WHEREAS,Court House Square LLC,the developer of Courthouse Square has requested
approval of a Letter of Credit from Eagle Bank in the amount of$1,485,000 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 Courthouse Square.
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 Courthouse Square.
SECTION II. A Letter of Credit from Eagle Bank in the amount of$1,485,000 is approved as
security to guarantee installation of the public improvements shown on plans to be approved by the
Director of Plan Review for Courthouse Square.
SECTION III. The extension of municipal water and sewer for Courthouse Square is approved
in accordance with Section 34-25 and Section 34-123 of the Town Code.
PASSED this 12"' day of August, 2014.
N
Krlst-n C. U stattd,Mayor
Town of Leesburg
ATTE
of
Clerk of Cou
P:\Resolutions\2014\0812 Approving a Perf Guar for Courthouse Square.doc