HomeMy Public PortalAbout1997_02_11_R031 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February il, 1997
97-31 ADOPTED February 11~ 1997
AUTHORIZING A NEW AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR POTOMAC STATION lB WATER AND SANITARY SEWER
LINES AND RELEASING A LETTER OF CREDIT FROM GOOSE CREEK
COMMUNITIES, L.L.C.
WHEREAS, Council Resolution//96-100 adopted on May 28, 1996 approved a letter of credit from
Mercantile-Safe Deposit & Trust Company in the amount of $52,811.00 as security to guarantee installation
of public improvements by Goose Creek Communities, L.L.C., as shown on plans approved by the Director
of Engineering and Public Works for Potomac Station lB Water and Sanitary Sewer Lines; and
WHEREAS, Goose Creek Communities, L.L.C. on October 3, 1996 sold Potomac Station Section
lB to M/I Schottenstein Homes, Inc.; and
WHEREAS, M/I Schottenstein Homes, Inc. has proposed to replace the previously approved letter
of credit with a corporate surety bond in the amount of $52,811.00 issued by the Liberty Mutual Insurance
Company and is requesting approval of same.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The manager shall execute a new contract for public improvements with M/I
Schottenstein for the improvements shown on the plans approved by the Director of Engineering and Public
Works for Potomac Station lB Water and Sanitary Sewer Lines.
SECTION II. The corporate surety bond from the Liberty Mutual Insurance Company in the amount
of $52,811.00 in a form approved by the Town Attorney is approved.
SECTION III. The letter of credit from Mercantile Safe Deposit & Trust Company provided by
Goose Creek Communities, L.L.C. in the amount of $52,811.00 is released contingent upon approval by the
Town Attorney of the substitute corporate surety bond from the Liberty Mutual Insurance Company provided
by M/I Schottenstein Homes, Inc.
A RESOLUTION:
-2-
AUTHORIZING A NEW AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR POTOMAC STATION 1B WATER AND SANITARY SEWER
LINES AND RELEASING A LETTER OF CREDIT FROM GOOSE CREEK
COMMUNITIES, L.L.C.
SECTION IV. When the new contract and performance guarantee from M/I Schottenstein Homes,
Inc. are received and in effect, the contract for public improvements with Goose Creek Communities, L.L.C.
shall be cancelled.
PASSED this
llth day of February
Clerk of Council
, 1997.
· Clem, Mayor
Leesburg
R:potlbsub.res