HomeMy Public PortalAbout1998_03_24_R079The Town of
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED March 24, 1998
98-79
ADOPTED March 24, 1998
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING A SUBSTITUTE
PERFORMANCE GUARANTEE FOR POTOMAC STATION
SECTION 2GH
WHEREAS, Goose Creek Communities, L.L.C., the developer of Potomac Station
Section 2GH, 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 $11,791.12 from Mercantile-Safe Deposit
& Trust Company was provided by the developer to guarantee the installation of public
improvements for Potomac Station Section 2GH; 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 $11,791.12 is approved and the letter of credit
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION AND APPROVING A
SUBSTITUTE PERFORMANCE GUARANTEE FOR POTOMAC
STATION SECTION 2GH
from the Mercantile-Safe Deposit & Trust Company guaranteeing
improvements at Potomac Station Section 2GH is hereby released.
SECTION 1I. A time extension to March 29, 1999 for
improvements is hereby approved for Potomac Station Section 2GH.
PASSED this 24th day of March, 1998.
installation
installation
of public
of public
Ja,/d'es E. Clem,
Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:potst2GH