HomeMy Public PortalAbout1996_02_13_R029The Town of
Leesburg,
.rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 13. 1996
96-29 ADOPTED February 13, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LEESBURG PARK
PASSED this 13th day of February
Or~TEST:~--.,
Clerk of Council
, 1996.
Jalafes E. Clem, Mayor
Town of Leesburg
R:leespk.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Leesburg Park and certified that the value of work performed is
$470,699.08; and
WHEREAS, a corporate surety bond in the amount of $537,941.80 from Liberty Mutual
Insurance Companywas provided by the developer and approved by the Council to guarantee installation
of public improvements for Leesburg Park.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Liberty Mutual Insurance Company in the amount
of $537,941.80 is reduced to $67,242.72.
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 Leesburg Park.