HomeMy Public PortalAbout2000_12_12_r238The Town of
Leesburg,
x/trgtma
PRESENTED December 12, 2000
RESOEUTION NO. 2000-238 ADOPTED December 12, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 7A/7B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improYements installed to date in Potomac Station Section 7A/7B and certified that the value of work
performed is $570,168.00; and
WHEREAS, a corporate surety bond from the Reliance Insurance Company in the amount of
$633,520.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Potomac Station Section 7A/7B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Section 7A/7B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Reliance Insurance Company in the amount
of $633,520.00 is reduced to $63,352.00.
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 Potomac Station Section 7A/7B.
PASSED this 12th day of December 2000.
AEST:
k of Couhcil
B.J. Webb, Mayor
Town of Leesburg
R:PotStaSec7A7B