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HomeMy Public PortalAbout2003_11_25_r158The Town of 1 eesburg, lrglnla PRESENTED: November 25, 2003 RESOLUTION NO. 2003-158 ADOPTED: November25, 2003 A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING BATTLEFIELD PARKWAY PHASE H ROAD IMPROVEMENTS WHEREAS, the town's Director of Engineering and Public Works has reviewed the public improvements installed to date in Edwards Landing Battlefield Parkway Phase II Road Improvements and certified that the value of work performed is $594,321.00; and WHEREAS, a corporate surety bond from the Continental Insurance Company in the amount of $744,850.00 was provided by the developer and approved by the Council to guarantee installation of public improvements in Edwards Landing Battlefield Parkway Phase II Road Improvements; and WHEREAS, the Director of Engineering and Public Works recommends reducing the performance guarantee for public improvements in Edwards Landing Battlefield Parkway Phase II Road Improvements. 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 $744,850.00 is reduced to $150,529.00. 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 A RESOLUTION: -2- MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING BATTLEFIELD PARKWAY PHASE II ROAD IMPROVEMENTS developer of responsibilities outlined in the contract for public improvements for Edwards Landing Battlefield Parkway Phase II Road Improvements. PASSED this 25m day of November 2003. ATTEST: erk of Council Town of Leesburg R03:EdLandingBPkwIIRdImp