HomeMy Public PortalAbout2001_02_27_r021
The Town of
ll..Jeesburg,
"-Virginia
PRESENTED February 27, 200 1
RESOLUTION NO.
2001-21
ADOPTED
February 27, 2001
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTIONS 8D & 8E
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Sections 8D & 8E and certified that the value of work
performed in Section 8D is $147,614.00 and Section 8E is $168,181.00; and
WHEREAS, corporate surety bonds from The Hanover Insurance Company in the amount of
$213,835.00 for Section 8D and $231,854.00 for Section 8E were provided by the developer and
approved by the Council to guarantee installation of public improvements in Potomac Station Sections
Section 8D & 8E; and
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WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Sections 8D & 8E.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bonds from The Hanover Insurance Company in the amount
of $213,835.00 for Section 8D is reduced to $66,221.00; and $231,854.00 for Section 8E is reduced to
$63,673.00.
SECTION I1. 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 8D & 8E.
PASSED this 27th day of February 2001.
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Town of Leesburg
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