HomeMy Public PortalAbout1996_10_08_R210 The Town
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 8, 1996
96-210 ADOPTED October 8, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLICIMPROVEMENTSINSTALLEDIN RIVER CREEK PARKWAY SOUTH
contract for public improvements for River Creek Parkway South.
PASSED this 8th day of October
ATTEST:
Clerk of Council
,1996.
J~ cedE. Clem, Mayor
,'Town of Leesburg
R: rivsouth, res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in River Creek Parkway South and certified that the value of work performed
is $915,414.30; and
WHEREAS, the corporate surety bond in the amount of $1,017,127.00 from Fidelity and Deposit
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for River Creek Parkway South.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Fidelity and Deposit Company in the amount of
$1,017,127.00 is reduced to $101,712.70.
SECTION II. The Town Manager shall notify the developer that liability for the corporate surety
bond 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