HomeMy Public PortalAbout1996_09_24_R199 The Town of
Leesburg,
llVirginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED September 24, 1996
96-199 ADOPTED September 24, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC CROSSING/
BATTLEFIELD PARKWAY
ATTEST:
Clerk of Council
· Clem, Mayor
Leesburg
R: pcbattle, res
PASSED this 24th day of September , 1996.
contract for public improvements for Potomac Crossing/Battlefield Parkway.
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing/Battlefield Parkway and certified that the value of work
performed is $508,910.40; and
WHEREAS, a corporate surety bond in the amount of $565,456.00 from The American Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Potomac Crossing/Battlefield Parkway.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the amount of
$565,456.00 is reduced to $56,545.60.
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