HomeMy Public PortalAbout1988_09_13_R169l~cs§urg i~ ~irginia
PRESENTED September 13, 1988
RESOLUTION NO. 88-169 ADOPTED September 13~ 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR THE POTOMAC CROSSING PLANNED
DEVELOPMENT SECTION 1H
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for the Potomac Crossing
Planned Development Section iH and certifies that the value of work per-
formed is $212,235.10; and
WHEREAS, a corporate surety bond from American Motorists Insurance
Company in the amount of $270,000.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for the Potomac Crossing Planned Development Section 1H:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in
Virginia as follows:
SECTION Io The corporate surety bond from American Motorists
Insurance Company in the amount of $270,000.00 is reduced to $54,000.00.
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 the
Potomac Crossing Planned Development Section 1H.
PASSED this 13th day of , 1988.
Clerk of C~ncil'
Robert E. Sevila, Mayor
Town of Leesburg