HomeMy Public PortalAbout1983_07_27_R106The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 27, 1983
83-106 ADOPTED July 27~ 1983
REDUCING THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS
INSTALLATION FOR CEDAR WALK SUBDIVISION.
WHEREAS, the developer's engineer, Bengtson, DeBell, Elkin & Titus and the
town's Director of Engineering have reviewed the public improvements installed to
date in Cedar Walk Subdivision and certify that the value of work performed is
$34,047 and the remaining amount of work is less than $480,947; and
WHEREAS, a $412,235 Round Hill National Bank set aside letter and $99,354
Fidelity and Deposit Company of Maryland surety bond have been provided by the
developer and approved by Council to guarantee installation of public improvements
in Cedar Walk Subdivision; and
WHEREAS, the town has agreed, when appropriate, to decrease the performance
guarantee by reducing set aside bank funds by 90 percent of the value of work
completed on the public improvements;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Round Hill National Bank set aside letter in the amount of
$412,235 is reduced to $381,593. The Fidelity and Deposit Company of Maryland
surety bond in the amount of $99,345 remains unchanged.
SECTION II. The manager shall notify Cedar Walk, Inc. that liability for
set aside funds has been reduced as outlined in Section I of this resolution,
and that this reduction not constitute acceptance of public improvements by the
town or relieve the developer of responsibilities outlined in the contract for
public improvements for Cedar Walk Subdivision,
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PASSED this 27th day of July
, 1983.
ATTEST:
Charles A. Bos, Mayor Pro-Tem
Town of Leesburg