HomeMy Public PortalAbout2000_06_27_r118The Town of
Leesburg,
7irginia
PRESENTED June 27, 2000
RESOLUTION NO. 2000-1 I$ ADOPTED June 27, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN NORTHLAKE
SECTIONS 1, 2, 4, 5 AND NORTHLAKE LAKE
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Northlake Sections 1, 2, 4, 5 and Northlake Lake and certified
that the'value of work performed is as follows:
Section 1- $141,784.47
Section 2 - $240,364.08
Section 4 - $161,212.92
Section 5 - $131,348.56
Northlake Lake - $87,116.14
WHEREAS, corporate surety bonds from The American Home Assurance Company in
the amount of $157,538.20 for Section 1 and $267,071.20 for Section 2, $179,125.47 for Section
4, $145,942.85 for Section 5 and $96,795.71 for Northlake Lake were provided by the developer
and approved by the Council to guarantee installation of public improvements in these sections;
and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in'Northlake Sections 1, 2, 4, 5 and
Northlake Lake.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN NORTHLAKE SECTIONS 1, 2,
4, 5 AND NORTHLAKE LAKE
SECTION I. The corporate surety bonds from The American Home Assurance
Company for Northlake Sections 1, 2, 4, 5 and Northlake Lake are reduced as follows:
Section 1 - $157,538.30 is reduced to $15,753.83
Section 2 - $267,071.20 is reduced to $26,707.12
Section 4 - $179,125.47 is reduced to $17,912.55
Section 5 - $145,942.85 is reduced to $14,594.29
Northlake Lake - $96,795.71 is reduced to $9,679.57
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 Northlake
Sections 1, 2, 4, 5 and Northlake Lake.
PASSED this 27th day of June 2000.
J~fnes E. Clem, Mayor
Town of Leesburg
ATTEST:
~erk of Council
R:Northlake Reductions