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Home My Public Portal About1995_03_14_R047The Town of Leesburg, .rg ma RESOLUTION NO. A RESOLUTION: PRESENTED March 14~ 1995 95-47 ADOPTED March 14, 1995 AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING THE PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1E WHEREAS, Richmond American Homes, the developer of Potomac Crossing Section 1E, has not completed all the required public improvements in accordance with the approved construction drawings and town standards within the two year period agi'eed to in the contract for public improvements and two additional one year time extensions; and WHEREAS, the developer has requested an additional one (1) year time extension to complete the public improvements; and WHEREAS, a corporate surety bond in the amount of $91,600.00 from American Motorists Insurance Company was provided by the developer to guarantee the installation of public improvements in Potomac Crossing Section 1E; and WHEREAS, Richmond American does not own the remaining lots in Potomac Crossing Section 1E; Arkin Homes, the owner, currently has three remaining lots on which house construction has not started; and WHEREAS, Richmond American is obligated by contract with the town to complete the remaining public improvements and would like to complete the portion under the contract for public improvements without the houses completed on the lots; and WHEREAS, the Director of Engineering and Public Works has approved the amount of $91,600.00 as sufficient to complete the public improvements in Potomac Crossing Section 1E; and WHEREAS, the completion of the public improvements is a high priority of the town and the developer should proceed with completion of the work as soon as possible. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: RESOLUTION: -2- AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC IMPROVEMENTS AND APPROVING THE PERFORMANCE GUARANTEE FOR POTOMAC CROSSING SECTION 1E SECTION I. The corporate surety bond from American Motorists Insurance Company in the amount of $91,600.00 is approved to guarantee the installation of public improvements in Potomac Crossing Section 1E. SECTION II. A time extension to March 21, 1996 for completion of the public improvements is approved. PASSED this ATTEST: Clerk of Council 14th day of March ,1995. J~t~nes E. Clem, Mayor Town of Leesburg R:potlE.res