HomeMy Public PortalAbout2001_08_14_r139The Town of
l .eesburg,
lrglma
PRESENTED August 14, 2001
2001-139
RESOLUTION NO. ADOPTED August 14, 2001
A RESOLUTION: AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING A SUBSTITUTE
PERFORMANCE GUARANTEE FOR POTOMAC STATION
SECTION 6BCD
WHEREAS, Council Resolution #99-301 adopted on September 28, 1999 approved a
corporate surety bond from the Frontier Insurance Company as security to guarantee installation
of public improvements as shown on plans approved by the Director of Engineering and Public
Works for Potomac Station Section 6BCD; and
WHEREAS, according to the State Corporation Commission Bureau of Insurance listing
dated April 17, 2001, the Frontier Insurance Company has had their license suspended or
impaired; and
WHEREAS, Van Metre at Potomac Station, L.L.C., the developer of Potomac Station
Section 6BCD has requested that the Town Council accept a corporate surety bond from the Gulf
Insurance Company as a replacement for the corporate surety bond from the Frontier Insurance
Company and is requesting approval of the same; and
WHEREAS, the developer has not completed all the required public improvements in
accordance with the approved construction drawings and town standards within the two-year
period agreed to in the Contract for public improvements; and
WHEREAS, the developer has requested a time extension to complete the public
improvements; and
WHEREAS, the subdivision is in Loudoun County and the town's bonded improvements
are water and sanitary sewer only; and
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF THE
PUBLIC IMPROVEMENTS AND APPROVING A SUBSTITUTE
PERFORMANCE GUARANTEE FOR POTOMAC STATION
SECTION 6BCD
WHEREAS, the town's Director of Engineering and Public Works recommends approval
of a substitute performance guarantee and a one (1) year time extension for completion of the
public improvements for Potomac Station Section 6BCD.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The substitute corporate surety bond from the Gulf Insurance Company in
the amount of $17,162.27 for Potomac Station Section 6BCD in a form approved by the town
attorney are approved.
SECTION II. The corporate surety bond from the Frontier Insurance Company in the
amount of $17,162.27 for Potomac Station Section 6BCD is released contingent upon approval
by the town attorney of the substitute corporate surety bond from the Gulf Insurance Company.
SECTION III. A time extension to September 9, 2002 for installation of public
improvements is hereby approved for Potomac Station Section 6BCD.
PASSED this 14th day of August 2001.
ATTEST:
of Council
B.J. Webb, Mayor
Town of Leesburg
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