HomeMy Public PortalAbout2003_09_23_r127The Town of
Leesburg,
rgtnta
RESOLUTION NO.
A RESOLUTION:
PRESENTED September 23, 2003
2003=127
ADOPTED September 23, 2003
AUTHORIZING A NEW AGREEMENT AND APPROVING A NEW
PERFORMANCE GUARANTI:rJ~. AND CANCELLING THE
CURRENT AGREEMENT AND RELEASING THE CURRENT
CORPORATE SURETY BOND FROM TRAVELERS CASUALTY
AND SURETY COMPANY OF AMERICA FOR STRATFORD
LANDBAY E
WHEREAS, On December 10, 2002 the Leesburg Town Council adopted Resolution
#2002-192 that authorized an agreement and water and sewer extension permits and approved a
performance guarantee in the amount of $207,753.15 to guarantee the installation of public
improvements in Stratford Landbay E; and
WHEREAS, Ameriton Properties, Inc., the developer of Stratford Landbay E submitted
an agreement dated December 11, 2002, along with a corporate surety bond from Travelers
Casualty and Surety Company of America in the amount of $207,753.15; and
WHEREAS, no construction work has started on this project and the developer, Ameriton
Properties, Inc., has submitted major revisions to the final construction drawings redesigning
portion to the site, which have been recommended for approval; and
WHEREAS, Ameriton PropertieS, Inc., has requested approval of a new corporate surety
bond from the Travelers Casualty and Surety Company of America in the amount of $245,308.25
to replace the corporate surety bond issued by Travelers Casualty and Surety Company of
America in the amount of $207,753.15; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
new contract and acceptance of the new corporate surety bond from the Travelers Casualty and
Surety Company of America.
A RESOLUTION:
-2-
AUTHORIZING A NEW AGREEMENT AND APPROVING A NEW
PERFORMANCE GUARANTEE AND CANCELLING THE CURRENT
AGREEMENT AND RELEASING THE CURRENT CORPORATE
SURETY BOND FROM TRAVELERS CASUALTY AND SURETY
COMPANY OF AMERICA FOR STRATFORD LANDBAY E
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The manager shall execute a new contract for public improvements with
Ameriton Properties, Inc., for the improvements shown on plans approved by the Director of
Engineering and Public Works for the Stratford Landhay E.
SECTION II. The new corporate surety bond from the Travelers Casualty and Surety
Company of America in the amount of $245,308.25 in a form approved by the Town Attorney is
approved.
SECTION IH. The corporate surety bond from the Travelers Casualty and Surety
Company of America in the amount of $207,753.15 is released contingent upon approval by the
Town Attorney of the substitute corporate surety bond from the Travelers Casualty and Surety
Company of America in the amount of $245,308.25.
SECTION IV. The current contract dated December 11, 2002 is cancelled upon the
execution of the new contract authorized in Section I above.
PASSED this 23~ day of September 2003.
ATTEST:
f Council
~n C. l~lmstatid,-Mayor ~
Town of Leesburg
R03:Slratford Landbay E ReplCn~Bnd