HomeMy Public PortalAbout2000_10_17_r200The Town of
Leesburg,
. trg ma
RESOLUTION NO.
2000-200
PRESENTED October 17, 2000
ADOPTED October 17, 2000
A RESOLUTION:
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEES AND ACCEPTING WARRANTY
GUARANTEES FOR PUBLIC IMPROVEMENTS AT KINCAID
FOREST SECTIONS 6A, 8A&SB, 9A, 9B, 9C, 9D AND 10A IN
ACCORDANCE WITH THE SURETY SETTLEMENT AGREEMENT
WHEREAS, Leegate Corporation, the developer of Kincaid Forest Sections 1, 4A, 6A,
6B, 8A, 8B, 9A, 9B, 9C, 9D, 10A, Public Park and Ultimate Stormwater Management Pond was
declared in default of its public improvements contracts for all sections in 1997 and 1998 and
claims for payment to the town of the proceeds of the performance guarantees were issued; and
WHEREAS, the performance guarantees for all sections are corporate surety bond issued
by American Motorists Insurance Company (AMICO) in the following amounts:
Section 1 $247,424.38
Section 4A $216,000.00
Section 6A $155,853.56
Section 6B $661,097.03
Section 8A & 8B $162,235.00
Section 9A $65,070.82
Section 9B $58,414.79
Section 9C $55,351.84
Section 9D $48,929.87
Section 10A $87,538.64
Public Park $288,000.00
Ultimate Stormwater $32,700.14
Management Pond
TOTAL $2,078,616.07
WHEREAS, a Surety Settlement Agreement was negotiated with AMICO for
completion of the public improvements with a cap of $1,889,000 to be expended by AMICO and
said agreement was authorized by the adoption of Resolution #98-179 adopted on August 11,
1998 by the Leesburg Town Council; and
A RESOLUTION:
-2-
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEES AND ACCEPTING WARRANTY
GUARANTEES FOR PUBLIC IMPROVEMENTS AT KINCAID
FOREST SECTIONS 6A, 8A/B, 9A, 9B, 9C, 9D AND 10A IN
ACCORDANCE WITH THE SURETY SETTLEMENT AGREEMENT
WHEREAS, the contractor hired by AMICO has completed the public
improvements in sections 6A, 8A&8B, 9A, 9B, 9C, 9D and 10A of Kincaid Forest in accordance
with approved plans and town standards and these have been inspected and approved; and
WHEREAS, the Director of Engineering and Public Works recommends
accepting the public improvements and accepting warranty guarantees in accordance with the
Surety Settlement Agreement for sections 6A, 8A&SB, 9A, 9B, 9C, 9D and 10A of Kincaid
Forest.
as follows:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
SECTION I. The public improvements installed in sections 6A, 8A&8B, 9A,
9B, 9C, 9D and 10A are accepted by the town.
SECTION II. The corporate surety bonds issued by AMICO as the performance
guararitees for Kincaid Forest Sections 6A, 8A&8B, 9A, 9B, 9C, 9D and 10A are hereby reduced
to 5 percent of the respective amounts and accepted as warranty guarantees for all work
performed by AMICO's contractor' as listed below and shall be in effect for a period of one year
from this date.
Section Warranty Bond Amount
6A $7,792.68
8A&8B $8,111.75
9A $3,253.54
9B $2,920.74
9C $2,767.59
9D $2,446.49
10A $4,376.93
A RESOLUTION:
-3-
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEES AND ACCEPTING WARRANTY
GUARANTEES FOR PUBLIC IMPROVEMENTS AT KINCAID
FOREST SECTIONS 6A, 8A/B, 9A, 9B, 9C, 9D AND 10A IN
ACCORDANCE WITH THE SURETY SETTLEMENT AGREEMENT
PASSED this 17TM day of October, 2000.
Crk of Council
Mayor
Town of Leesburg
R:\Oct 17KincaidFrstSections