HomeMy Public PortalAbout1997_02_11_R043The Town of
Leesburg,
.rg ma
RESOLUTION NO. 97-43
A RESOLUTION:
PRESENTED February 11, 1997
ADOPTED February 11, 1997
AUTHORIZING A FINAL TIME EXTENSION FOR COMPLETION OF
THE PUBLIC IMPROVEMENTS AND APPROVING A PERFORMANCE
GUARANTEE FOR KINCAID FOREST PHASE 1, SECTION 2
WHEREAS, First Potomac Development Company, the developer of Kincaid Forest Phase 1,
Section 2, has not completed all the required public improvements in accordance with the approved
construction drawings and town standards within the two year period agreed to in the contract for public
improvements and the previously approved extension thereto which expired December 21, 1996; and
WHEREAS, the developer has requested a time extension to March 21, 1997 to complete the
public improvements; and
WHEREAS, a corporate surety bond in the amount of $167,355.35 from the American Motorists
Insurance Company was provided by the developer to guarantee the installation of public improvements
in Kincaid Forest Phase 1, Section 2; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$167,355.35 to guarantee the installation of the remaining public improvements in Kincaid Forest Phase
1, Section 2; and
WHEREAS, the Director of Engineering and Public Works recommends that this be the final
time extension granted tbr Kincaid Forest Phase 1, Section 2.
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 $167,355.35 is approved to guarantee the installation of public improvements in Kincaid
Forest Phase 1, Section 2 for the completion of the public improvements.
SECTION II. A time extension to March 21, 1997 for completion of the public improvements
is approved with thc condition that this will be the final time extension granted for Kincaid Forest Phase
I, Section 2 for the completion of the public improvements.
SECTION III. Failure by the developer to meet the time extension deadline established in
Section II will constitute default under the contract.
SECTION IV. In the event the developer fails to meet the deadline established in Section II of
this resolution as determined by the Director of Engineering and Public Works, then the Town Manager
is hereby attthorized to declare the developer in default of its contract for public improvements for
Kincaid Forest Phase 1, Section 2 and to request payment pursuant to the corporate surety bond from
the American Motorists Insurance Company in the amount of $167,355.35 and to prepare and execute
all required documents and undertake all necessary actions to enforce all terms of said contract and any
extension thereto.
PASSED this 1 l th day of February, 1.997.
Clcrk of Council
jes E. Clem, Mayor
Town of Leesburg
R:kincd2.res