HomeMy Public PortalAbout2002_02_12_r018The Town of
Leesburg,
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PRESENTED February 12, 2002
RESOLUTION NO. 2 0 0 2 - 1 8 ADOPTED February 12, 2002
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE AIRPORT COMMERCE
PARK
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Airport Commerce Park and certified that the value of work
performed is $535,790.00; and
WHEREAS, a cash bond in the amount of $595,323.00 was provided by the developer and
approved by the Council to guarantee installation of public improvements in the Airport Commerce Park;
and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in the Airport Commerce Park.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The cash bond in the amount of $595,323.00 is reduced to $59,533.00.
SECTION II. The town manager shall notify the developer that liability for cash 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 the Airport Commerce Park.
PASSED this 12th day of February 2002.
ATTEST:
erk of Council
B.J. W'e~,
Mayor
Town of Leesburg
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