HomeMy Public PortalAbout1994_11_22_R250The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED November 22, 1994
94-250 ADOPTED November 22, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTSINSTALLED IN GREENWAYFARM SECTION
3
~lltmes . Clem, Mayor
Town of Leesburg
R:greenway3.res
ATTEST:
Clerk of Council
PASSED this 22nd day of November , 1994.
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Greenway Farm Section 3 and certified that the value of the work
performed is $742,400.00; and
WHEREAS, a corporate surety bond in the amount of $928,000.00 from the American Motorists
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Greenway Farm Section 3.
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 $928,000.00 is reduced to $185,600.00.
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 Greenway Farm Section 3.