HomeMy Public PortalAbout1994_05_24_R111 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 24~ 1994
94-111 ADOPTED May 24~ 1994
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR KINCAID FOREST PHASE 1, SECTIONS 8A AND 8B
WHEREAS, Council Resolution #93-219, adopted November 9, 1993, authorized an agreement for
installation of public improvements and approved water and sewer extension permits for Kincaid Forest Phase
1, Section 8; and
WHEREAS, the developer, First Potomac Development Company, did not provide a performance
guarantee for the public improvements; and
WHEREAS, the developer has divided Section 8 into two parts, Sections 8A and 8B; and
WHEREAS, the final subdivision plat for Kincaid Forest Phase, Section 8B cannot be recorded until
the public improvements are completed and accepted by the Town Council or a performance guarantee
acceptable to the Town Council is provided; and
WHEREAS, Council Resolution #93-253, adopted December 14, 1993, authorized an agreement
approving a performance guarantee in the amount of $236,858.64 for Kincaid Forest Phase I Section 8A; and
WHEREAS, the estimated cost to install the public improvements shown on the approved
construction drawings and approved by the Director of Engineering and Public Works for Kincaid Forest
Phase 1, Sections 8A and 8B is $451,397.38; and has been reduced to $162,235.00 based on the improvements
installed and inspected; and
WHEREAS, the developer proposes to provide a corporate surety bond from American Motorist
Insurance Company in the amount of $162,235.00 to guarantee the completion of the installation of the public
improvements shown on the plans approved by the Director of Engineering and Public Works for Kincaid
Forest Phase 1, Sections 8A and 8B.
RESOLVED, by the Council of the Town of Leesburg in Virginia as follows:
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A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR KINCAID FOREST PHASE 1, SECTIONS 8A AND 8B
SECTION I. The Manager shall execute a new contract for installation of public improvements for
the improvements shown on the plans approved by the Director of Engineering and Public Works for Kincaid
Forest Phase 1, Sections 8A and 8B.
SECTION II. The corporate surety bond in a form approved by the Town Attorney from American
Motorist Insurance Company in the amount of $162,235.00 is approved as security to guarantee installation
of the public improvements shown on plans approved by the Director of Engineering and Public Works for
Kincaid Forest Phase 1, Sections 8A and 8B.
SECTION III. The contracts for installation of public improvements for Kincaid Forest Phase 1
Section 8 and Phase 1 Section 8A are authorized to be cancelled when the new contract and performance
guarantee provided by First Potomac are signed and in effect.
SECTION IV. The corporate surety bond issued by American Motorist Insurance Company in the
current amount of $91,046.64 which guarantees the public improvements in Kincaid Forest Phase 1 Section
8A is authorized to be released when the new contract and performance guarantee are signed and in effect.
PASSED this 24th day of May
ATTEST:
Clerk of Council
R:kincaid.8ab
, 1994.
James E. Clem, Mayor
Town of Leesburg