HomeMy Public PortalAbout1994_07_26_R165 The Town of
Leesburg,
Virginia
PRESENTED July 26~ 1994
RESOLUTION NO. 94-165 ADOPTED July 26, 1994
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE FOR KINCAID FOREST SECTION 9B
WHEREAS, Council Resolution #94-96, adopted on May 10, 1994, authorized an agreement for
installation of public improvements and approved water and sewer extension permits for Kincaid Forest
Section 9B; and
WHEREAS, the developer, First Potomac Development Company, did not provide a
performance guarantee for the public improvements; and
WHEREAS, the final subdivision plat for Kincaid Forest Section 9B 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, the estimated cost to install the public improvements shown on the approved
construction drawings for Kincaid Forest Section 9B has been reduced by the Director of Engineering
and Public Works from $288,784.93 to $58,414.79 based on improvements installed as of July 15, 1994;
and
WHEREAS, the developer proposes to provide a corporate surety bond from American
Motorists Insurance Company in the amount $58,414.79 to guarantee the installation of the public
improvements shown on the plans approved by the Director of Engineering and Public Works for Kincaid
Forest Section 9B.
RESOLVED, by the Council of the Town of Leesburg in Virginia as follows:
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 Section 9B.
RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE FOR KINCAID FOREST SECTION 9B
SECTION II. The corporate surety bond in a form approved by the Town Attorney from
American Motorist Insurance Company in the amount of $58,414.79 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 Section 9B.
SECTION III. The contract for installation of public improvements authorized by Resolution
#94-96 will be cancelled after the new contracts and performance guarantee approved in Sections I and
II above are executed and in effect.
PASSED this 26th day of
July , 1994.
a~mes E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:kincaid.9B