HomeMy Public PortalAbout1998_03_24_R081 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED March 24, 1998
98-81 ADOPTED March 24, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 2CD
PASSED this 24th day of March, 1998.
ATTEST:
Clerk of Council
R:potst2CD
J0~/es E. Clem, Mayor
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 2CD and certified that the value of work
performed is $119,426.56; and
WHEREAS, a corporate surety bond in the amount of $149,283.20 from the Frontier Insurance
Company was provided by the developer and approved by the Council to guarantee of public
improvements for Potomac Station Section 2CD.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Frontier Insurance Company in the amount of
$149,283.20 is reduced to $29,856.64.
SECTION II. The Town Manager shall notify the developer that liability for the corporate surety
bond funds has been reduced as outlined in Section ! 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 Station Section 2CD.