HomeMy Public PortalAbout1997_06_10_R132The Town of
Leesburg,
.rg ma
RESOLUTION NO. 97-132
A RESOLUTION:
WHEREAS,
PRESENTED June 10, 1997
ADOPTED June 10, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR BEAUREGARD ESTATES, PHASE 2 & 3
Beauregard L.L.C., the developer of Beauregard Estates, Phase 2 & 3, 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
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
WHEREAS, a corporate surety bond in the amount of $879,165.00 from International Fidelity
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Beauregard Estates, Phase 2 & 3; and
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Beauregard Estates, Phase 2 & 3 and certified that the value of work
performed is $706,505.00; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$172,660.00 to guarantee installation of the remaining public improvements in Beauregard Estates, Phase 2
&3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from International Fidelity Insurance Company in the
amount of $879,165.00 is reduced to $172,660.00 and is approved to guarantee the installation of public
improvements for Beauregard Estates, Phase 2 & 3.
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
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE AND
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF PUBLIC
IMPROVEMENTS AND APPROVING A PERFORMANCE GUARANTEE
FOR BEAUREGARD ESTATES, PHASE 2 & 3
constitute acceptance of public improvements by the town or relieve the developer of responsibilities
outlined in the contract for public improvements for Beauregard Estates, Phase 2 & 3.
SECTION II/. A time extension to August 24, 1998 for the installation of the remaining public
improvements is hereby approved for Beauregard Estates, Phase 2 & 3.
PASSED this 10l:h day of June ., 1997.
· Clem, Mayor
/Town of Leesburg
Clerk of Council
R:beau2&3