HomeMy Public PortalAbout1988_09_13_R168Lee~/~urg in ~irginia
PRESENTED September 13, 1988
RESOLUTION NO. 88-168 ADOPTED September 13, 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR BATTLEFIELD PARKWAY, PHASE I
WHEREAS, the Town's Director of Engineering and Public Works has re-
viewed the public improvements installed to date for Battlefield Parkway,
Phase I and certified that the value of work performed is $842,685.52; and
WHEREAS, a corporate surety bond from American Motorists Insurance
Company in the amount of $847,522.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for Battlefield Parkway, Phase I:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in
Virginia as follows:
SECTION I. The corporate surety bond from American Motorists
Insurance Company in the amount of $847,522.00 is reduced to $169,504.00.
SECTION II. The Town Manager shall notify the developer that lia-
bility for the letter of credit funds has been reduced as outlined in
Section I of this resolution, and that this reduction does not constitute
acceptance of public improvements by the Town or relieve the developer of
responsibilities outlined in the contract for public improvements for
Battlefield Parkway, Phase I.
PASSED this 13th day of
Sept her , 1988.
Robert E. Sevila, Mayor
Town of Leesburg
Clerk of C~cil