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HomeMy Public PortalAbout2000_03_28_r063The Town of Leesburg, lrglnla PRESENTED March 28, 2000 RESOLUTION NO. 2000-63 ADOPTED March 28, 2000 A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED IN GREENWAY FARM SECTION 8 WHEREAS, the town's Director of Engineering and Public Works has reviewed the public improvements installed to date in Greenway Farm Section 8 and certified that the value of work performed is $362,743.00; and WHEREAS, a corporate surety bond from the American Home Assurance Company in the amount of $408,000.00 was provided by the developer and approved by the Council to guarantee installation of public improvements in Greenway Farm Section 8; and WHEREAS, the Director of Engineering and Public Works recommends reducing the performance guarantee for public improvements in Greenway Farm Section 8. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. The corporate surety bond from the American Home Assurance Company in the amount of $408,000.00 is reduced to $45,257.00. 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 Greenway Farm Section 8. PASSED this 282 day of March 2000. ATTEST: 'Cleric ol~uncil J)fmes E. Clem, Mayor Town of Leesburg R:GreenwaySecSReduction