HomeMy Public PortalAbout2003_09_09_r124The Town of
l eesburg,
lrglnla
PRESENTED September 9, 2003
RESOLUTION NO. 2 0 0 3 - 1 2 4 ADOPTED September 9, 2003
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LEESBURG AIRPARK LOT D
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Leesburg Airpark Lot D and certified that the value of work performed
is $209,230.00; and
WHEREAS, a corporate surety bond from the Great American Insurance Company in the
amount of $232,478.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Leesburg Airpark Lot D; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Leesburg Airpark Lot D.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Great American Insurance Company in the
amount of $232,478.00 is reduced to $23.248.00.
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 Leesburg Airpark Lot D.
PASSED this 9today of September 2003.
A~ST:
C~of Council
Town of Leesburg
R03 :LeesAirparkLotDRed