HomeMy Public PortalAbout2003_01_14_r001The Town of
1 eesburg,
PRESENTED January 14, 2003
RESOLUTION NO. 2 0 0 3-1 ADOPTED January 14, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE DRY MILL TOWNHOUSE
SUBDIVISION PHASE 2B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Dry Mill Townhouse Subdivision and certified that the value of
work performed is $38,747.00; and
WHEREAS, a corporate surety bond from the Lumbermens Mutual Casualty Company in the
amount of $64,737.75 was provided by the developer and approved by the Council to guarantee
installation of public improvements in the Dry Mill Townhouse Subdivision Phase 2B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in the Dry Mill Townhouse Subdivision Phase 2B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Lumbermens Mutual Casualty Company in
the amount of $64,737.75 is reduced to $25,990.75.
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 the Dry Mill Townhouse Subdivision Phase 2B.'
PASSED this 14t~ day of January 2003.
EST:
/~erk of Council
~ C. Urn~'attd, Mayor Town of Leesburg
R:DryMill2BRed