HomeMy Public PortalAbout2002_01_08_r003The Town of
l,eesburg,
trg ma
PRESENTED January_ 8, 2002
2002-3
RESOLUTION NO. ADOPTED January 8, 2002
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC CROSSING
SECTIONS 6 AND 7
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing Sections 6 and 7 and certified that the value of work
performed is $775,573.40 for Section 6; and $224,637.00 for Section 7; and
WHEREAS, corporate surety bonds from The Lumbermens Mutual Casualty Company in the
amounts of $861,748.22 and $314,943.59 were provided by the developer and approved by the Council to
guarantee installation of public improvements in Potomac Crossing Sections 6 and 7; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements in Potomac Crossing Section 6 and 7.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bonds from The Lumbermens Mutual Casualty Company in
the amount of $861,748.22 is reduced to $86,174.82 for Potomac Crossing Section 6; and $314,943.59 is
reduced to $90,306.59 for Potomac Crossing Section 7.
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 Crossing Sections 6 and 7.
PASSED this 8th day of January 2002.
ATTEST:
rk of Council
~1:' '~~ayor~~
Town of Leesburg
R:PotCrs67Reductions