HomeMy Public PortalAbout1998_07_28_R171The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
98-171
AUTHORIZING
PERFORMANCE
SECTION 4
AN AGREEMENT
GUARANTEE FOR
PRESENTED July 28, 1998
ADOPTED July 28, 1998
AND APPROVING A
POTOMAC CROSSING
WHEREAS, Council Resolution #98-54 adopted on February 24, 1998, authorized an
agreement for installation of public improvements and approved water and sewer extension
permits for Potomac Crossing Section 4; and
WHEREAS, the developer, Arcadia Building Company, did not provide a performance
guarantee for the public improvements; and
WHEREAS, the final subdivision plat for Potomac Crossing Section 4 cannot be
recorded until the public improvements are completed and accepted by the Town Council or a
performance guarantee acceptable to the Town Council is provided; and
WHEREAS, the estimated cost to install the public improvements shown on the approved
construction drawings for Potomac Crossing Section 4 has been reduced by the Director of
Engineering and Public Works from $93,970.91 to $18,794.18 based on improvements installed
as of July 15, 1998; and
WHEREAS, the developer proposes to provide a corporate surety bond from The
American Insurance Company in the amount of $18,794.18 to guarantee the installation of the
public improvements shown on the plans approved by the Director of Engineering and Public
Works for Potomac Crossing Section 4.
RESOLVED, by the Council of the Town of Leesburg in Virginia as follows:
A RESOLUTION:
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AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE FOR POTOMAC CROSSING
SECTION 4
SECTION I. The Manager shall execute a new contract for installation of public
improvements for the improvements shown on the plans approved by the Director of Engineering
and Public Works for Potomac Crossing Section 4.
SECTION II. The corporate surety bond in a form approved by the Town Attorney from
The American Insurance Company in the amount of $18,794.18 is approved as security to
guarantee installation of the public improvements shown on plans approved by the Director of
Engineering and Public Works for Potomac Crossing Section 4.
SECTION III. The contract for installation of public improvements authorized by
Resolution #98-54 will be canceled after the new contract and performance guarantee approved
in Sections I and II above are executed and in effect.
PASSED this 28th day of July, 1998.
ATTEST:
Clerk of Council
-~daines E. Clem, Mayor
Town of Leesburg
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