HomeMy Public PortalAbout1999_06_08_r176The Town of
Leesburg,
Virginia
PRESENTED June 8, 1999
RESOLUTION NO. 99-176 ADOPTED June 8, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LEESBURG CORNER
PREMIUM OUTLETS PHASE ONE
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Leesburg Comer Premium Outlets Phase One and certified that the
value of work performed is $540,000.00; and
WHEREAS, a corporate surety bond in the amount of $600,000.00 from Ulico Casualty
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Leesburg Comer Premium Outlets Phase One.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Ulico Casualty Company in the amount of
$600,000.00 is reduced to $60,000.00.
SECTION II. The Town Manager shall notify the developer that liability for corporate surety
bond 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 Leesburg Comer Premium Outlets Phase One.
PASSED this 8th day of June, 1999.
Clerk of Council
R:lescrnphs 1
J~nes E. Clem, Mayor
Town of Leesburg