HomeMy Public PortalAbout2003_05_28_r086The Town of
1 .eesburg,
lrglnla
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 28, 2003
2 0 0 3 - 8 6 ADOPTED May 28, 2003
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING PHASE
4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Edwards Landing Phase 4 and certified that the value of work
performed is $520,003.00; and
WHEREAS, a corporate surety bond from the Continental Insurance Company in the amount of
$670,143,00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Edwards Landing Phase 4; and
WHEREAS,' the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Edwards Landing Phase 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Continental Insurance Company in the
amount of $670,143.00 is reduced to $150,140.00.
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 relie~,e the developer of responsibilities
outlined in the contract for public improvements for Edwards Landing Phase 4.
PASSED this 28th day of May 2003.
AT,fiST:
erk of Council
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