HomeMy Public PortalAbout1983_11_09_R176 The TownofLeesburg~Virgin~ PRESENTED November 9~ 1983
RESOLUTION NO. 83-176 ADOPTED November 9~ 1983
A RESOLUTION: MAKING A FIFTH REDUCTION IN 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 $192,761 and the remaining amount of work is less than $338,104; 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 improve-
ments 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 originally in the
amount of $412,235 is reduced to $238,750. The Fidelity and Deposit Company of
Maryland surety bond in the amount of $99,354 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.
PASSED this 9th day of November , 1983.
ATTE ST:
Charles A. Bos, Mayor Pro Tem
Town of Leesburg