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