HomeMy Public PortalAbout1995_11_14_R225 T}te Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED Novemhor 14: 1 qq5
95-225 ADOPTED November 14. 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST PHASE 1,
SECTION 10A
AT/JTEST: .
Clerk of Council
· Clem, Mayor
f Leesburg
R:kncaidl0A.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Phase 1, Section 10A and certified that the value of
work performed is $345,760.36; and
WHEREAS, a corporate surety bond in the amount of $433,299.00 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 10A.
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 $433,299.00 is reduced to $87,538.64.
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 10A.
PASSED this 14th day of November , 1995.