HomeMy Public PortalAbout1994_05_10_R099 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 10, 1994
94-99 ADOPTED May 10~ 1994
AUTHORIZINGAGREEMENTSWITH WINCHESTER HOMES, INC. AND
APPROVINGPERFORMANCE GUARANTEES FORWOODLEAMANOR
PHASE I AND THE BRADFIELD DRIVE CONNECTION AND
RELEASING LETTERS OF CREDIT AND CANCELLING CONTRACTS
WITH ELM STREET DEVELOPMENT
WHEREAS, Council Resolution 89-105 authorized agreements with Elm Street Development
and approved letters of credit from HomeFed Bank, F.A. as security to guarantee installation of public
improvements in Woodiea Manor Phase I and the Bradfield Drive Connection, as shown on plans
approved by the Director of Engineering and Public Works for Woodlea Manor Phase I; and
WHEREAS, Winchester Homes, Inc. has a contract with HomeFed Bank and the Resolution
Trust Corporation (RTC) to purchase all of Woodlea Manor and proposes to provide new corporate
surety bonds issued by Safeco Insurance Company of America as performance guarantees to replace the
securities previously approved for Woodlea Manor Phase I and the Bradfield Drive Connection when
they become the owner of Woodiea Manor.
WHEREAS, the Director of Finance has approved the financial standing of Safeco Insurance
Company of America; and
WHEREAS, the corporate surety bonds issued by Safeco Insurance Company of America shall
be in the amounts of $774,000.00 for Woodlea Manor Phase I and $62,000.00 for the Bradfield Drive
Connection and these amounts have been approved by the Director of Engineering and Public Works.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute the contracts for public improvementswith Winchester
Homes, Inc. for the improvements shown on plans approved by the Director of Engineering and Public
Works for Woodiea Manor Phase I and the Bradfield Drive Connection when Winchester Homes, Inc.
becomes the owner and developer of Woodlea Manor.
RESOLUTION:
-2-
AUTHORIZINGAGREEMENTSWITH WINCHESTER HOMES, INC. AND
APPROVINGPERFO RMANCE GUARANTEES FORWOODLEAMANOR
PHASE 1 AND THE BRADFIELD DRIVE CONNECTION AND
RELEASING LETTERS OF CREDIT AND CANCELLING CONTRACTS
WITH ELM STREET DEVELOPMENT
SECTION II. The initial term of the contracts with Winchester Homes, Inc. for completion of
the installation of public improvements shall be one (1) year for Woodlea Manor Phase I and five (5)
years for the Bradfield Drive Connection.
SECTION III. The corporate surety bonds from Safeco Insurance Company of America in the
amounts of $774,000.00 for Woodlea Manor Phase I and $62,000.00 for the Bradfield Drive Connection
are approved to guarantee the installation of public improvements in Woodlea Manor as shown on the
plans approved by the Director of Engineering and Public Works for Woodlea Manor Phase I.
SECTION IV. The letters of credit from HomeFed Bank, F.A. are authorized to be released
when the new contracts and performance guarantees provided by Winchester Homes, Inc. are signed and
in effect and Winchester Homes, Inc. is the owner and developer of Woodlea Manor.
SECTION V. The contracts for installation of public improvements for Woodlea Manor Phase
I and the Bradfield Drive Connection dated September 23, 1988 with Elm Street Development (formerly
NVLand, Inc.) are authorized to be released when the new contracts and performance guarantees
provided by Winchester Homes, Inc. are signed and in effect and Winchester Homes, Inc. is the owner
and developer of Woodlea Manor Phase I.
PASSED this 10th day of Hay ,1994.
ATT~EST:
Clerk of Council
James E. Clem, Mayor
Town of Leesburg
R:woodlea.res