HomeMy Public PortalAbout2003_08_12_r120The Town of
l eesburg,
rgtma
PRESENTED August 12, 2003
RESOLUTION NO. 2 0 0 3 - 1 2 0 ADOPTED August 12, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING PHASE
2B
WHEREAS, the town's Direct°r of Engineering and Public Works has reviewed the public
improvements installed to date in Edwards Landing Phase 2B and certified that the value of work
performed is $1,107,384.00; and
WHEREAS, a corporate surety bond from the Continental Insurance Company in the amount of
$1,282,134.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Edwards Landing Phase 2B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Edwards Landing Phase 2B.
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 $1,282,134.00 is reduced to $174,750.00.
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 relieve the developer of responsibilities
outlined in the contract for public improvements for Edwards Landing Phase 2B.
PASSED this 12th day of August 2003. ~~
Town of Leesburg
ATTEST:
e,,,~rk of Council
R03:EdLanding2BRed