HomeMy Public PortalAbout1997_11_25_R271 The Town of
Leesburg,
Virginia
RE SOLUTION NO.
A RESOLUTION:
PRESENTED November 25, 1997
97-271 ADOPTED November 25, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC
CROSSING SECTION 3A-1
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date Potomac Crossing Section 3A-1 and certified that the value
of work performed is $401,151.30; and
WHEREAS, a corporate surety bond in the amount of $523,795.00 from The American
Insurance Company was provided by the developer and approved by the Council to guarantee
installation of public improvements for Potomac Crossing Section 3A-1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the
amount of $523,795.00 is reduced to $122,643.70.
SECTION II. The Town Manager shall notify the developer that liability for corporate
surety bond funds 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 contract for public improvements for Potomac
Crossing Section 3A- 1.
PASSED this 25t~ day of November, 1997.
. Clem, Mayor
Leesburg
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A RESOLUTION: MAKING A REDUCTION - POTOMAC CROSSING SECTION 3A-1
ATTEST:
Clerk of Council
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