HomeMy Public PortalAbout1998_10_27_R240The Town of
Leesburg,
lrg nla
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 27, 1998
98-240
ADOPTED October 27, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
AND AUTHORIZING A TIME EXTENSION FOR INSTALLATION
OF PUBLIC IMPROVEMENTS AND APPROVING A
PERFORMANCE GUARANTEE FOR RIVER CREEK PHASE 1,
SECTION lA; PHASES II & III, SECTION 1
WHEREAS, River Creek, L.L.C., the developer of River Creek Phase 1, Section IA;
Phases II & III, Section 1, 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 time extension to April 16, 1999 to complete
the public improvements; and
WHERES, a corporate surety bond in the amount of $282,941.00 from Fidelity &
Deposit Company of Maryland was provided by the developer and approved by the Council to
guarantee installation of public improvements for River Creek Phase 1, Section lA; Phases II &
III, Section 1; and
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
public improvements installed to date in River Creek Phase 1, Section lA; Phases II & III,
Section 1 and certified that the value of the work performed is $254,646.90; and
WHEREAS, the Director of Engineering and Public Works has approved the amount of
$28,294.10 to guarantee installation of the remaining public improvements in River Creek Phase
1, Section lA; Phases II & III, Section 1.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GURANTEE &
AUTHORIZING A TIME EXTENSION FOR INSTALLATION OF
PUBLIC IMPROVEMENTS FOR RIVER CREEK PHASE 1, SECTION
lA; PHASES II & III, SECTION 1
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The corporate surety bond from Fidelity & Deposit Company of Maryland
in the amount of $282,941.00 is reduced to $28,294.10 and is approved to guarantee the
installation of public improvements for River Creek Phase 1, Section 1 A; Phases II & III, Section
SECTION Il. The Town Manager shall notify the developer that liability for the
corporate surety 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 River Creek
Phase 1, Section 1 A; Phases II & III, Section 1.
SECTION III. A time extension to April 16, 1999 for the installation of the remaining
public improvements is hereby approved for River Creek Phase 1, Section lA; Phases II & III,
Section 1.
PASSED this 27th day of October, 1998.
Clerk of Council
Jj~es E. Clem, Mayor
Town of Leesburg
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