HomeMy Public PortalAbout1995_11_14_R224 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
95-224
PRESENTED November 14, 1995
ADOPTED November 14, 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST PHASE 1,
SECTION 6B
, 1995.
J~nes E. Clem, Mayor
Town of Leesburg
R:kncaid6B.res
Clerk of Council
PASSED this 14th day of November
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Phase 1, Section 6B and certified that the value of work
performed is $588,757.62; and
WHEREAS, a corporate surety bond in the amount of $1,249,854.65 from the American
Motorists Insurance Company was provided by the developer and approved by the Council to guarantee
installation of public improvements for Kincaid Forest Phase 1, Section 6B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in
the amount of $1,249,854.65 is reduced to $661,097.03.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit
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 Kincaid Forest Phase 1, Section 6B.