HomeMy Public PortalAbout2000_10_17_r193The Town of
Leesburg,
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PRESENTED October 17, 2000
2000-193
RESOLUTION NO. ADOPTED October 17, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 6BCD
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 6BCD and certified that the value of work
performed is $159,446.43; and
WHEREAS, a corporate surety bond from the Frontier Insurance Company in the amount of
$177,162.70 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Potomac Station Section 6BCD; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Section SA.
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 $177,162.70 is reduced to $17,162.27.
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 Potomac Station Section 6BCD.
PASSED this 17th day of October 2000.
ATTEST:
lerk of Council
B.J.~We ' ,~ayO~~'~
Town of Leesburg
R:PotSta6BCDReduction