HomeMy Public PortalAbout2001_01_23_r010The Town of
l ,eesburg,
trg ma
PRESENTED January 23, 2001
RESOLUTION NO. 2001-10 ADOPTED January 23, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN POTOMAC STATION SECTIONS 9A & 9B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Sections 9A & 9B and certified that the value of work
performed in Section 9A is $645,120.00 and Section 9B is $626,179.00; and
WHEREAS, corporate surety bonds from the Reliance Insurance Company in the amount of
$933,774.22 for Section 9A and $859,412.13 for Section 9B was provided by the developer and approved by the
Council to guarantee installation of public improvements in Potomac Station Sections Section 9A & 9B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the performance
guarantee for public improvements in Potomac Station Sections 9A & 9B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bonds from the Reliance Insurance Company in the amount of
$933,744.22 for Section 9A is reduced to $288,624.22; and $859,412.13 for Section 9B is reduced to
$233,233.13.
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 Sections 9A & 9B.
PASSED this 23rd day of January_ 2001.
ATTEST;
J;z
Cl~r~ o~ CoUncil- -
B.~j. W~. MaYor~(~~'
Town of Leesburg
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