HomeMy Public PortalAbout1994_04_26_R087 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 26~ 1994
94-87 ADOPTED April 26, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST PHASE 1,
SECTION 9A
ATTEST:
Clerk of Council
James E. Clem, Mayor
Town of Leesburg
R:kincd9A.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Phase 1, Section 9A and certified that the value of work
performed is $107,302.17; and
WHEREAS, a corporate surety bond from American Motorist Insurance Company has been
provided by the developer in the current amount of $172,372.99 has been provided by the developer and
approved by the Council to guarantee installation of public improvements in Kincaid Forest Phase 1,
Section 9A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bonds from American Motorist Insurance Company in the
amount of $172,372.99 is reduced to $65,070.82.
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 Kincaid Forest Phase 1, Section 9A.
PASSED this 26th day of April , 1994.