HomeMy Public PortalAbout2014_11_24_R120 Substitute Perf Guar for Courthouse Sq The Town of
Leesburg,
Virginia
PRESENTED November 24, 2014
RESOLUTION NO. 2014-120 ADOPTED November 24, 2014
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
COURTHOUSE SQUARE (TLPF-2012-0011)
WHEREAS, Council Resolution#2014-088 adopted on August 12, 2014, approved an
irrevocable Letter of Credit from Eagle Bank in the amount of$1,485,000 to guarantee the public
improvements for Courthouse Square; and
WHEREAS, Court House Square LLC,the developer of Courthouse Square has requested to
provide a Letter of Credit from John Marshall Bank in the amount of$1,485,000 for Courthouse
Square instead of the previously approved Letter of Credit from Eagle Bank and is requesting
approval of the same; and
WHEREAS,the Director of Public Works recommends approval of a substitute performance
guarantee for Courthouse Square.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute letter of credit from John Marshall Bank in the amount of
$1,485,000 is approved to guarantee the public improvements shown on plans approved by the
Director of Plan Review.
PASSED this 24th day of November, 2014.
1
C. mstattd, ayor
Town of Leesburg
TT.
Clerk of Counc
P:\Resolutions\2014\1124 Substitute Perf Guar for Courthouse Square.doc