HomeMy Public PortalAbout2001_01_09_r001The Town of
1 .eesburg,
trglma
PRESENTED January 9, 2001
RESOLUTION NO. 2001-1. ADOPTED January 9, 2001
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE PERFORMANCE GUARANTEE FOR POTOMAC
STATION SECTION 8A AND RELEASING THE CORPORATE
SURETY BOND FROM GOOSE CREEK COMMUNITIES, L.L.C.
WHEREAS, Council Resolution #99-248 approved a corporate surety bond from the
Frontier Insurance Company in the amount of $1,188,965.00 as security to guarantee installation
of public improvements by Goose Creek Communities, L.L.C., as shown on plans approved by
the Director of Engineering and Public Works for Potomac Station Section 8A; and
WHEREAS, the corporate surety bond from the Frontier Insurance Company in the
amount of $1,188,965.00 was reduced to $154,565.00 by Council Resolution #2000--159 on
August 8, 2000.
WHEREAS, Engle Homes/Virginia, Inc., the new owner of Potomac Station Section 8A
has requested to replace the previously approved corporate surety bond with a corporate surety
bond from the Reliance Insurance Company and is requesting approval of same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
contract and acceptance of the corporate surety bond from the Reliance Insurance Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The manager shall execute the contract for public improvements with
Engle Homes/Virginia, Inc. for the improvements shown on plans approved by the Director of
Engineering and Public Works for Potomac Station Section 8A.
A RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE PERFORMANCE GUARANTEE FOR POTOMAC
STATION SECTION 8A AND RELEASING THE CORPORATE
SURETY BOND FROM GOOSE CREEK COMMUNITIES, L.L.C.
SECTION II. The substitute corporate surety bond from the Reliance Insurance
Company provided by Engle Homes/Virginia, Inc. in the amount of $154,565.00 for Potomac
Station Section 8A in a form approved by the Town Attorney is approved.
SECTION III. The corporate surety bond from the Frontier Insurance Company provided
by Goose Creek Communities, L.L.C., in the amount of $154,565.00 is released contingent upon
approval by the Town Attorney of the substitute corporate
Insurance Company provided by Engle Homes/Virginia, Inc.
PASSED this 9th day of January 2001.
ATTEST:
~lerk of Council
surety bond from the Reliance
Town of Leesburg
R:PotSta8A