HomeMy Public PortalAbout2002_09_24_r159 Reducing Perf Guar for Potomac StationThe Town of
Leesburg,
PRESENTED September 24, 2002
RESOLUTION NO. 2 0 0 2- ]. 5 9 ADOPTED September 24, 2002
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
STATION 31+62.29 TO STATION 42+96.03
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Drive Station 31+62.29 to Station 42+96.03 and
certified that the value of work performed is $795,635.00; and
WHEREAS, a corporate surety bond from the RLI Insurance Company in the amount of
$884,038.49 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Potomac Station Drive Station 31+62.29 to Station 42+96.03; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Drive Station 31+62.29 to Station
42+96.03.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the RLI Insurance Company in the amount of
$884,038.49 is reduced to $88,403.49.
SECTION II. The town manager shall notify the devel°per 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 Drive Station 31+62.29 to Station
42+96.03.
PASSED this 24th day of September 2002.
ATTEST:
~4~l-erk of Counci~_~
~ &. Ur~tattd, Mayor
Town of Leesburg
R02:PotStaDrStaRed