HomeMy Public PortalAbout2003_04_08_r054The Town of
Leesburg,
irglnla
PRESENTED April 8, 2003
RESOLUTION NO. 2003-5/, ADOPTED April 8, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES
FOR PUBLIC IMPROVEMENTS INSTALLED IN RIVER CREEK
PHASE 1, SECTIONS 3 & 4; PHASE III, SECTIONS 2, 4, & 5; PHASE
IV, SECTION lB; PHASE V, SECTION 1 SHOAL CREEK DRIVE;
PHASE V, SECTIONS 2, 3, & 4; AND PHASE VII, SECTIONS 2 & 3
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Town Council approve a reduction of the performance
guarantees for public improvements installed in River Creek Phase 1, Sections 3 & 4; Phase III,
Sections 2, 4, & 5; Phase IV, Section lB; Phase V, Section 1 Shoal Creek Drive; Phase V,
Sections 2, 3, & 4; and Phase VII, Sections 2 & 3 and certified that the value of work performed
in the River Creek Phase 1, Sections 3 & 4 is'$279,712.80; Phase III, Section 2 is $51,039.00;
Phase III, Section 4 is $48,941.10; Phase III, Section 5 is $192,552.03; Phase IV, Section lB is
$173,743.20; Phase V 1 Shoal Creek Drive is $193,259.70; Phase V, Section 2 is $68,248.62;
Phase V, Section 3 is $32,271.03; Phase V, Section 4 is $239,396.85; Phase VII, Section 2 is
$112,590.00 and Phase VII, Section 3 is $151,213.59,
WHEREAS,'corporate surety bonds from the Fidelity & Deposit Company of Maryland
in the amount of $310,792.00 for River Creek phase 1; Sections 3 & 4; $56,710.00 for Phase III,
Sections 2; $54,379.00 for Phase III, Section 4; $213,946.70 for Phase III, Section 5;
$193,048.00 for Phase IV, Section lB; $214,733.00 for Phase V, Section 1 Shoal Creek Drive;
$75,831.80 for Phase V, Sections 2; $35,856.70 for Phase V, Section 3; $265,996.50 for Phase
V, Section 4; $125,100.00 for Phase VII, Sections 2; and $168,015.10 for Phase VII, Section 3
were provided by the developer and approved by the Council to guarantee installation of public
improvements for River Creek Phase 1, Sections 3 & 4; Phase III, Sections 2, 4, & 5; Phase IV,
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES
FOR PUBLIC IMPROVEMENTS INSTALLED IN RIVER CREEK
PHASE 1, SECTIONS 3 & 4; PHASE III, SECTIONS 2, 4, & 5; PHASE
IV, SECTION lB; PHASE V, SECTION 1 SHOAL CREEK DRIVE;
PHASE V, SECTIONS 2, 3, & 4; AND PHASE VII, SECTIONS 2 & 3
Section lB; Phase V, Section 1 Shoal Creek Drive; Phase V, Sections 2, 3, & 4; and Phase VII,
Sections 2 & 3; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in River Creek Phase 1, Sections 3 &
4; Phase IIi, Sections 2, 4, & 5; Phase IV, Section lB; Phase V, Section 1 Shoal Creek Drive;
Phase V, Sections 2, 3, & 4; and Phase VII, Sections 2 & 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The corporate surety bonds from the Fidelity & Deposit Company of
Maryland for in the amount of $310,792.00 for River Creek Phase 1 Sections 3 & 4 is reduced
to $31,079.00; $56,710.00 for Phase III, Sections 2 is reduced to $5;671.00; $54,379.00 for
Phase III, Section 4 is reduced to $5,437.90; $213,946.70 for Phase III, Section 5 is reduced to
$21,394.67; $193,048.00 for Phase IV, Section lB is reduced to $19,304.80; $214,733.00 for
Phase V, Section 1 Shoal Creek Drive is reduced to $21,473.30; $75,831.80 for Phase V,
Sections 2 is reduced to $7,583.18; $35,856.70 for Phase V, Section 3 is reduced to $3,585.67;
$265,996.50 for Phase V, Section 4 is reduced to $26,599.65; $125,100.00 for Phase VII,
Sections 2 is reduced to $12,510.00; $168,015.10 for Phase VII, Section 3 is reduced to
$16,801.51.
A RESOLUTION:
-3-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES
FOR PUBLIC IMPROVEMENTS INSTALLED IN RIVER CREEK
PHASE 1, SECTIONS 3 & 4; PHASE III, SECTIONS 2, 4, & 5; PHASE
IV, SECTION lB; PHASE V, SECTION 1 SHOAL CREEK DRIVE;
PHASE V, SECTIONS 2, 3, & 4; AND PHASE VII, SECTIONS 2 & 3
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 River Creek Phase 1,
Sections 3 & 4; Phase III, Sections 2, 4, & 5; Phase IV, Section lB; Phase V, Section 1 Shoal
Creek Drive; Phase V, Sections 2, 3, & 4; and Phase VII, Sections 2 & 3..
PASSED this 8t2 day of April 2003.
~ST:
of CoUncil
~'C. U~stattd, Mayor
Town of Leesburg
R:RiverCreekReds