HomeMy Public PortalAbout1994_01_11_R010The Town of
Leesburg,
l Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 11 ~ 1994
94-10 ADOPTED January 11, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTSINSTALLED IN GREENWAYFARMS ROUTE
15 IMPROVEMENTS- PHASE 1
PASSED this llth day of January , 199'4.
C~rk of Council
R:grnwyimp.res
4ames E. Clem, Mayor
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Greenway Farms Route 15 Improvements - Phase I and certified that
the value of work performed is $170,800.00; and
WHEREAS, a corporate surety bond in the amount of $213,500.00 from the American Home
Assurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Greenway Farms Route 15 Improvements - Phase 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Home Assurance Company in the
amount of $213,500.00 is reduced to $42,700.00.
SECTION II. The Town Manager shall notify the developer that liability for the corporate
surety bond 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 Greenway Farms Route 15 Improvements - Phase