HomeMy Public PortalAbout2000_01_11_r004The Town of
Leesburg,
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PRESENTED January 11, 2000
RESOLUTION NO. 2000-4 ADOPTED January 11, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC
STATION/XEROX SEWER OUTFALL, POTOMAC STATION DRIVE
(PHASE 1) AND POTOMAC STATION SECTION 6H
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Potomac Station/Xerox Sewer Outfall, Potomac Station Drive
(Phase 1) and Potomac Station Section 6H and certified that the value of work performed is as
follows:
Potomac Station/Xerox Sewer Outfall -
Potomac Station Drive (Phase 1) -
Potomac Station Section 6H -
$170,837.37
$561,018.60
$464,891.60
WHEREAS, corporate surety bonds from the Frontier Insurance Company in the amount
of $189,819.30 for Potomac Station/Xerox Sewer Outfall and $623,354.00 for Potomac Station
Drive (Phase 1) was provided by the developer and approved by the Council to guarantee
installation of public improvements for Potomac Station/Xerox Sewer Outfall and Potomac
Station Drive (Phase 1); and
WHEREAS, a corporate surety bond from the Reliance Insurance Company in the
amount of $514,324.00 for Potomac Station Section 6H was provided by the developer and
approved by the Council to guarantee installation of public improvements for Potomac Station
Section 6H; and
A RESOLUTION:
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MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION/XEROX
SEWER OUTFALL, POTOMAC STATION DRIVE (PHASE 1) AND
POTOMAC STATION SECTION 6H
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Potomac Station/Xerox Sewer
Outfall, Potomac Station Drive (Phase 1) and Potomac Station Section 6H.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The corporate surety bonds from the Frontier Insurance Company for
Potomac Station/Xerox Sewer Outfall in the amount of $189,819.30 is reduced to $18,981.93
and for Potomac Station Drive (Phase 1) in the amount of $623,354.00 is reduced to $62,335.40.
The corporate surety bond from the Reliance Insurance Company for Potomac Station Section
6H in the amount of $514,324.00 is reduced to $51,432.40.
SECTION II. The Town Manager shall notify the developers 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 Potomac
Station/Xerox Sewer Outfall, Potomac Station Drive (Phase 1) and Potomac Station Section 6H.
PASSED this 11th day of January, 2000.
Clerk of Council
Ja~es E. Clem, Mayor
Town of Leesburg
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