HomeMy Public PortalAbout1998_03_24_R076 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
98-76
PRESENTED March 24, 1998
ADOPTED March 24, 1998
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING A SUBSTITUTE
PERFORMANCE GUARANTEE FOR POTOMAC STATION
SECTION 1D
WHEREAS, Goose Creek Communities, L.L.C., the developer of Potomac Station
Section ID, 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 letter of credit in the amount of $3,186.92 from Mercantile-Safe Deposit &
Trust Company was provided by the developer to guarantee the installation of public
improvements for Potomac Station Section ID; and
WHEREAS, the developer has requested to replace the letters of credit with corporate
surety bonds from the Frontier Insurance Company; and
WHEREAS, the Frontier Insurance Company meets the town's requirement for a surety
company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. A corporate surety bond in a form approved by the town attorney from the
Frontier Insurance Company in the amount of $3,186.92 is approved and the letter of credit from
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION AND APPROVING A
SUBSTITUTE PERFORMANCE GUARANTEE FOR POTOMAC
STATION SECTION 1D
the Mercantile-Safe Deposit & Trust Company guaranteeing installation of public improvements
at Potomac Station Section 1D is hereby released.
SECTION II. A time extension to March 29, 1999 for installation of public
improvements is hereby approved for Potomac Station Section 1D.
PASSED this 24th day of March, 1998.
Jam/es E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:potst 1 D