HomeMy Public PortalAbout1994_01_25_R013of
Leesburg,
Virginia
RESOLUTION NO. 94-13
A RESOLUTION:
PRESENTED January 25~ 1994
ADOPTED January 25, 1994
AUTHORIZINGAGREEMENTSWITH ARCADIA BUILDING COMPANY
AND APPROVING PERFORMANCE GUARANTEES FOR TAVISTOCK
FARMS SECTION 1, 3, 4, 5, 6 ,7, 9, 10, 11 & 12, 13, 14, 18, 19, 20 & 21,
OFFSITE WATERLINE AND OFFSITE SANITARY SEWER AND
RELEASING CORPORATE SURETY BONDS AND CANCELLING THE
CONTRACTS WITH SAD REALTY CORPORATION
WHEREAS, Council Resolution #91-221 authorized agreements with SAD Realty Corporation
and approved corporate surety bonds from Homestead Insurance Company as security to guarantee
installation of public improvements in Tavistock Farms, as shown on plans approved by the Director of
Engineering and Public Works for the above listed sections of Tavistock Farms; and
WHEREAS, Arcadia Building Company is planning to submit a bid to the Resolution Trust
Corporation (RTC) to purchase Tavistock Farms and proposes to provide new corporate surety bonds
issued by The American Insurance Company as performance guarantees to replace the securities
previously approved for Tavistock Farms if they are the successful bidder; and
WHEREAS, the Director of Finance has approved the financial standing of The American
Insurance Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute the contracts for public improvements with Arcadia
Building Company for the improvements shown on plans approved by the Director of Engineering and
Public Works for Tavistock Farms Section 1, 3, 4, 5, 6, 7, 9, 10, 11 & 12, 13, 14, 18, 19, 20 & 21, Offsite
Waterline and Offsite Sanitary Sewer if Arcadia Building Company is the successful bidder and becomes
the owner and developer of Tavistock Farms.
SECTION II. The corporate surety bonds from The American Insurance Company in the
following amounts:
Section i $180,000.00
Section 3 40,426.00
Section 4 122,400.00
Section 5 117,498.00
Section 6 200,556.00
Section 7 400,000.00
RESOLUTION:
-2-
AUTHORIZINGAGREEMENTSWITH ARCADIA BUILDING COMPANY
AND APPROVING PERFORMANCE GUARANTEES FOR TAVISTOCK
FARMS
Section 9
Section 10
Section 11 & 12
Sections 13, 19, 20 & 21
Section 14
Section 18
Offsite Waterline
Offsite Sanitary Sewer
38,500.00
725,403.00
882,694.00
1,637,094.00
230,878.45
356,004.00
50,663.00
31,281.00
are approved to guarantee the installation of public improvements in Tavistock Farms as shown on plans
approved by the Director of Engineering and Public Works for Tavistock Farms Section 1, 3, 4, 5, 6, 7,
9, 10, 11 & 12, 13, 14, 18, 19, 20 & 21, Offsite Waterline and Offsite Sanitary Sewer.
SECTION III. The corporate surety bonds from Homestead Insurance Company are authorized
to be released when the new contracts and performance guarantees provided by Arcadia Building
Company signed and in effect Arcadia Building Company is the owner and developer of Tavistock Farms.
SECTION IV. The contracts for installation of public improvements for Tavistock Farms dated
June 24, 1991 with SAD Realty Corporation are authorized to be released when the new contracts and
performance guarantees provided by Arcadia Building Company are signed and in effect and Arcadia
Building Company is the owner and developer of Tavistock Farms.
PASSED this 25Ch day of 30nuary , 1994.
ames E. Clem, Mayor
TEST: .
Clerk-of Council - ff
R:tavres.arc
Town of Leesburg