HomeMy Public PortalAbout1997_03_11_R056The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED }{arch 1!, 1997
97-56 ADOPTED March 11, 1997
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR EXETER FIRST ADDITION
WHEREAS, Council Resolution //95-151 adopted July 11, 1995, authorized an agreement for
installation of public improvements and approved water and sewer extension permits for Exeter First Addition;
and
WHEREAS, the developer, Richmond American Homes, did not provide a performance guarantee
for the punic improvements; and
WHEREAS, the final subdivision plat for Exeter First Addition cannot be recorded until the public
improvements are completed and accepted by the Town Council or a performance guarantee acceptable to the
Town Council is provided; and
WHEREAS, the developer proposes to provide a corporate surety bond from American Motorist
Insurance Company in the amount of $467,995.99 to guarantee the installation of the public improvements
shown on the plans approved by the Director of Engineering and Public Works for Exeter First Addition.
RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Manager shall execute a new contract for installation of public improvements for
the improvements shown on the plans approved by the Director of Engineering and Public Works for Exeter
First Addition.
SECTION II. The corporate surety bond in a form approved by the Town Attorney from American
Motorist Insurance Company in the amount of $467,995.99 is approved as security to guarantee installation
of the public improvements shown on plans approved by the Director of Engineering and Public Works for
Exeter First Addition.
RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE FOR EXETER FIRST ADDITION
SECTION III. The contract for installation of public improvements authorized by Resolution//95-151
will be cancelled after the new contract and performance guarantee approved in Section I and II above are
executed and in effect.
PASSED this l!th day of March
ATTEST:
Clerk of Council
, 1997.
J~fi~es E. Clem, Mayor
Town of Leesburg
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