HomeMy Public PortalAbout1994_05_10_R095The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED May 10, 1994
94-95 ADOPTED May 10, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST PHASE 1,
SECTION 8A
PASSED this lOth day of May ,1994.
AT,~EST:,
Clerk of Council
,~'~James E. Clem, Mayor
Town of Leesburg
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WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Phase 1, Section 8A and confirmed that the value of
work performed is $165,812.00; and
WHEREAS, a corporate surety bond from American Motorists Insurance Company in the
amount of $256,858.64 has been provided by the developer and approved by the Council to guarantee
installation of public improvements in Kincaid Forest Phase 1, Section 8A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in
the amount of $256,858.64 is reduced to $91,046.64.
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 or responsibilities
outlined in the contract for public improvements for Kincaid Forest Phase 1, Section 8A.