HomeMy Public PortalAbout2003_04_22_r059The Town of
Leesburg,
rgtnta
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 22, 2003
9003-59 ADOPTED April 22, 2003
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC
CROSSING SECTIONS 8 AND 9
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Potomac Crossing Sections 8 and 9 and certified that the value
of work performed in Potomac Crossing Section 8 is $968,345.00; and Potomac Crossing
Section 9 is $537,219.00; and
WHEREAS, corporate surety bonds from the Lumbermens Mutual Casualty Company in
the amount of $1,158,018.94 for Potomac Crossing Section 8; and $652,765.77 for Potomac
Crossing Section 9, were provided by the developer and approved by the Council to guarantee
installation of public improvements for Potomac Crossing Sections 8 and 9; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Potomac Crossing Sections 8 and
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I.
The corporate surety bonds from the Lumbermens Mutual Casualty
Company in the amount of $1,158,018.94 for Potomac Crossing Section 8 is reduced to
$189,673.94; and $652,765.77 for Potomac Crossing Section 9 is reduced to $115,546.77.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC
CROSSING SECTIONS 8 AND 9
SECTION II. The Town Manager shall notify the developers 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
Crossing Sections 8 and 9.
PASSED this 22nd day of April 2003.
ATTEST:
.~e~ of Council
Town of Leesburg
Mayor
R03:PotCrs8and9Reds