HomeMy Public PortalAbout2015_02_24_R029 Sub Perf Guar for Courthouse Square The Town of
Leesburg,
Virginia PRESENTED February 24, 2015
RESOLUTION NO. 2015-029 ADOPTED February 24, 2015
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, Council Resolution#2014-120 was adopted on November 24, 2014, approved a
substitute Letter of Credit from John Marshall 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 Union First Market Bank in the amount of$1,485,000 for Courthouse
Square instead of the previously approved Letter of Credit from Eagle Bank and the previously
approved substitute Letter of Credit from John Marshall 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 that the
substitute letter of credit from Union First Market 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 February, 2015.
Kristen C. U stattd, Mayor
Town of Leesburg
A " E.
140( / I
Clerk of C. V
P:\Resolutions\2015\• 4 Substitute Perf Guar Courthouse Square.doc