HomeMy Public PortalAbout2001_11_27_r197The Town of
I eesburg,
PRESENTED November 27, 2001
RESOLUTION NO. 2001-197 ADOPTED November 27, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 8F
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 8F and certified that the value of work
'performed is $376,129.00; and
WHEREAS, a corporate surety bond from The Hanover Insurance Company in the amount of
$557,837.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Potomac Station Section 8F; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Section 8F.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. ~he corporate surety bond from The Hanover Insurance Company in the amount
of $557,837.00 is reduced to $181,708.00.
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 8F.
PASSED this 27th day of November 2001.
ATTEST:
C~(rk of Council
B.J. Webl~, Mayor
Town of Leesburg
R:PotStaSec8FRed