HomeMy Public PortalAbout1995_09_26_R193 The Town of
Leesburg,
Virginia
PRESENTED September 26, 1995
RESOLUTION NO. 95-193 ADOPTED September 26; 1995
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR THE DULLES TOLL ROAD
WHEREAS, the Toll Road Investors Partnership (TRIP II), the developer of the Dulles Toll
Road (Dulles Greenway), have not completed all the required public improvements within the initial 3
year term in accordance with the Implementation Agreement dated July 28, 1995; and
WHEREAS, the developer has requested a eight (8) month time extension to complete the
remaining public improvements; and
WHEREAS, a corporate surety bond in the amount of $1,319,487.00 from the AMWEST Surety
Insurance Company was provided by the developer to guarantee the installation of public improvements
for the Dulles Toll Road.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the AMWEST Surety Insurance Company in the
amount of $1,319,487.00 is approved to guarantee the installation of public improvements for the Dulles
Toll Road.
SECTION II.
is approved.
PASSED this
Clerk of Council
A time extension to March 31, 1996 for completion of the public improvements
26th day of
September , 1995.
mes E Clem, Mayor
~'a_ mes E'
Town of Leesburg