HomeMy Public PortalAbout2003_02_25_r037The Town of
Leesburg,
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PRESENTED February_ 25, 2003
RESOLUTION NO. 2003-37 ADOPTED February_ 25, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN STRATFORD/
RYLAND LAKE FACILITY, SANITARY SEWER RELOCATION,
HOPE PARKWAY, AND LANDBAY D
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Stratford/Ryland Lake Facility, Sanitary Sewer Relocation,
Hope Parkway, and Landbay D and certified that the value of work performed in the Lake
Facility is $182,931.00; Sanitary Sewer Relocation is $173,150.00; Hope Parkway is
$738,599.00; and Landbay D is $451,901.00.
WHEREAS, corporate surety bonds from the Travelers Casualty and Surety Company of
America in the amount of $414,306.00 for the Lake Facility; $219,305.90 for the Sanitary Sewer
Relocation; $886,466.24 for Hope Parkway; and $617,500.00 for Landbay D, were provided by
the developer and approved by the Council to guarantee installation of public improvements for
Stratford/Ryland Lake Facility, Sanitary Sewer Relocation, Hope Parkway, and Landbay D; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Stratford/Ryland Lake Facility,
Sanitary Sewer Relocation, Hope Parkway, and Landbay D.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN STRATFORD/
RYLAND LAKE FACILITY, SANITARY SEWER RELOCATION,
HOPE PARKWAY, AND LANDBAY D
SECTION I. The corporate surety bonds from the Travelers Casualty and Surety
Company of America for Stratford/Ryland Lake Facility in the amount of $414,306.00 is
reduced to $231,375.00; Sanitary Sewer Relocation in the amount of $219,305.90 is reduced to
$46,155.00; Hope Parkway in the amount of $886,466.24 is reduced to $147,867.24; and
Landbay D in the amount of $617,500.00 is reduced to $165,599.00.
SECTION II. The Town Manager shall notify the developers that liability for letter of
credit 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 Stratford/Ryland Lake
Facility, Sanitary Sewer Relocation, Hope Parkway, and Landbay D.
PASSED this 25th day of February 2003.
Kristen~C. Ums~'~tttd, Mayor
Town of Leesburg
ATTEST:
~erkof Council ~"~~-
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