HomeMy Public PortalAbout1995_06_13_R118The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED June i3~ 1995
95-118 ADOPTED June 13, 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE GREENWAY FARM
ULTIMATE REGIONAL STORMWATER MANAGEMENT POND
Pond Phase 1.
PASSED this 13th
day of June , 1995.
A/~, TEST:
Clerk of Council
Jjgrnes E. Clem, Mayor
Town of Leesburg
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WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Greenway Farm Ultimate Regional Stormwater Management Pond
and certified that the value of the work performed is $758,885.00; and
WHEREAS, a corporate surety bond in the amount of $1,454,100.00 from Safeco Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for the Greenway Farm Ultimate Regional Stormwater Management Pond;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Thc corporate surety bond from Safeco Insurance Company in the amount of
$1,454,100.00 is reduced to $695,215.00.
SECTION II. The Town Manager shall notify the developer that liability for the corporate surety
bond funds 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 Regional Stormwater Management