HomeMy Public PortalAbout1999_02_23_r046The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 23, 1999
99-46 ADOPTED February 23, 1999
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC. IMPROVEMENTS INSTALLED IN THE POTOMAC STATION
COMMUNITY CENTER
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Potomac Station Community Center and certified that the value of
work performed is $34,594.00; and
WHEREAS, a corporate surety bond in the amount of $164,632.00 from the Frontier Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for the Potomac Station Community Center.
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 $164,632.00 is reduced to $130,038.00.
SECTION II. The Town Manager shall notify the developer that liability for letter of credit
funds 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 the Potomac Station Community Center.
PASSED this 23rd day of February, 1999.
es E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:potstacc