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Home My Public Portal About2002_01_08_r002The Town of I ,eesburg, ,rglnla PRESENTED January 8, 2002 2002-2 RESOLUTION NO. ADOPTED January_ 8, 2002 A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING SECTION i AND THE EDWARDS LANDING EDWARDS FERRY ROAD IMPROVEMENTS WHEREAS, the town's Director of Engineering and Public Works has reviewed the public improvements installed to date in Edwards Landing Section 1 and the Edwards Landing Edwards Ferry Road Improvements and certified that the value of work performed is $1,443,265.00 for Section 1; and $325,896.00 for the Edwards Ferry Road Improvements; and WHEREAS, corporate surety bonds from The Continental Insurance Company in the amounts of $1,941,000.00 and $366,725.70 were provided by the developer and approved by the Council to guarantee installation of public improvements in Edwards Landing Section 1 and the Edwards Landing Edwards Ferry Road Improvements; and WHEREAS, the Director of Engineering and Public Works recommends reducing the performance guarantees for public improvements in Edwards Landing Section 1 and the Edwards Landing Edwards Ferry Road Improvements. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. The corporate surety bonds from The Continental Insurance Company in the amount of $1,941,000.00 is reduced to $497,735.00 for Edwards Landing Section 1; and $366,725.70 is reduced to $40,829.00 for the Edwards Landing Edwards Ferry Road Improvements. 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 Edwards Landing Section 1 and the Edwards Landing Edwards Ferry Road Improvements.