HomeMy Public PortalAbout1992_01_14_R008 Substitute Perf Guar for the C and P Building at HighpointThe Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 14~ 1992
92-8 ADOPTED January 14. 1992
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR THE C&P
BUILDING AT HIGHPOINT
PASSED this 14th day of January
'Clerk of Coftncil ' '
r:C&P.HPT
/], 1992.
Robert E. Se~l~, l~Iaybr
Town of Leesburg
WHEREAS, a corporate surety bond from International Fidelity Insurance Company in the amount
of $158,349.00 was approved by the Town Council by the adoption of Resolution #90-319 on December
12, 1990 to guarantee the installation of public improvements at the C&P Building at Highpoint; and
WHEREAS, Long Lane Associates, the developer of the C&P Building at Highpoint did not submit
the approved corporate surety bond and requested that a letter of credit in the amount of $158,349.00
from either Sovran Bank or Dominion Bank be accepted instead of the corporate surety bond from
International Fidelity Insurance Company; and
WHEREAS, acceptance of a letter of credit in a form approved by the Town Attorney from either
Sovran Bank or Dominion Bank in the amount of $158,349.00 was approved by the adoption of
Resolution #91-271 on November 26, 1991; and
WHEREAS, the developer has not been able to provide the town with a letter of credit in a form
which meets the requirements of the Town Attorney; and
WHEREAS, the developer has requested that the town accept a corporate surety bond from Fidelity
and Deposit Company of Maryland in the amount of $158,349.00; and
WHEREAS, Fidelity and Deposit Company of Maryland meets the requirements for an insurance
company in Section 13-94 of the town's Subdivision and Land Development Regulations.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
A corporate surety bond in a form approved by the Town Attorney from Fidelity and Deposit
Company of Maryland in the amount of $158,349.00 is approved as security to guarantee the installation
of public improvements at the C&P Building at Highpoint.