HomeMy Public PortalAbout2002_09_10_r154The Town of
I eesburg,
trgtma
PRESENTED September 10, 2002
RESOLUTION NO. 2002-154 ADOPTED September 10, 2002
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING
SECTION 2A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Edwards Landing Section 2A and certified that the value of work
performed is $799,933.00; and
WHEREAS, a corporate surety bond from the Continental Insurance Company in the amount of
$983,361.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Edwards Landing Section 2A; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Edwards Landing Section 2A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Continental Insurance Company in the
amount of $983,361.00 is reduced to $183,428.00.
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 Edwards Landing Section 2A.
PASSED this l0th day of September 2002.
C~k of Council
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Town of Leesburg
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