HomeMy Public PortalAbout1995_05_23_R099 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 23, 1995
95-99 ADOPTED May 23, 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN GREENWAY FARM
SECTION 4B
ATTEST:
clerk ofCou ncil~,.r_.~
es E. Clem, Mayor
n of Leesburg
R:grnway4B.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Greenway Farm Section 4B and certified that the value of work
performed is $524,000.00; and
WHEREAS, a corporate surety bond in the amount of $655,000.00 from American Home
Assurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Greenway Farm Section 4B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from American Home Assurance Company in the
amount of $655,000.00 is reduced to $131,000.00.
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 4B.
PASSED this 23rd day of May , 1995.