HomeMy Public PortalAbout1995_05_23_R102The Town of
Leesburg,
oVirg' '
lnla
RESOLUTION NO.
A RESOLUTION:
PRESENTED
May 23, 1995
95-102
ADOPTED
May 23, 1995
AUTHORIZING
PERFORMANCE
SECTION 1
AN AGREEMENT AND APPROVING A
GUARANTEE FOR OLD WATERFORD KNOLL
WHEREAS, Council Resolution #95-101, adopted May 23, 1995, authorized an agreement with
First Hotel Investment Corporation for installation of public improvements and approved water and
sewer extension permits for Old Waterford Knoll Section 1; and
WHEREAS, the developer, First Hotel Investment Corporation, did not provide a performance
guarantee for the public improvements; and
WHEREAS, the final subdivision plat for Old Waterford Knoll Section 1 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 Old Waterford Knoll Section 1 has been approved by the Director of
Engineering and Public Works at $1,129,468.00; and
WHEREAS, Richmond American Homes of Virginia, Inc. (Richmond American) has a contract
with First Hotel Investment Corporation to purchase Old Waterford Knoll Section i and the other
sections of the Old Waterford Knoll Subdivision; and
WHEREAS, Richmond American has requested approval of a contract for installation of public
improvements which would go into effect when Richmond American is the owner of Old Waterford
Knoll Section 1; and
WHEREAS, Richmond American proposes to provide a corporate surety bond from Frontier
Insurance Company in the amount of $1,129,468.00 to guarantee the installation of the public
improvements shown on the plans approved by the Director of Engineering and Public Works for Old
Waterford Knoll Section 1.
RESOLUTION:
AUTHORIZING
PERFORMANCE
SECTION 1
-2-
AN AGREEMENT AND APPROVING A
GUARANTEE FOR OLD WATERFORD KNOLL
RESOLVED, by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute a contract with Richmond American for installation
of public improvements for the improvements shown on the plans approved by the Director of
Engineering and Public Works for Old Waterford Knoll Section 1, which shall go into effect when
Richmond American takes legal fee simple title to Old Waterford Knoll Section 1.
SECTION II. The corporate surety bond in a form approved by the Town Attorney from
Frontier Insurance Company in the amount of $1,129,468.00 is approved as security to guarantee
installation of the public improvements shown on plans approved by the Director of Engineering and
Public Works for Old Waterford Knoll Section 1.
SECTION III. The contract for installation of public improvements authorized by Resolution
#95-101 will be cancelled after the new contract and performance guarantee approved in Section I and
II above are executed and in effect.
PASSED this 232rd day of May , 1995.
ATTEST:
-Clerk of.~ounc'~~
· Clem, Mayor
Town of Leesburg