HomeMy Public PortalAbout2004_02_10_r012The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 10, 2004
2 0 0/, - 1 2 ADOPTED February 10, 2004
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTIONS 5, 8A, 8C, 8H, 9A AND 9B
the town's Director of Engineering and Public Works has reviewed the
WHEREAS,
improvements installed to date in Potonme Station Sections 5, 8A, 8C, 8H, 9A and 9B and certified that
the value of work performed in SeCtion 5 is $73,161.50; Section 8A is $35,668.50; Section 8C is
$313,238.70; Section 8H is $666,626.40; Section 9A is $195,246.80; and Section 9B is $147,291.92; and
WHEREAS, corporate surety bonds from the Travelers Casualty and Surety Company of
America in the mount of $93,238.20 for Section 5; $154,565.00 for Section 8A; $348,043.00 for Section
8C; $740,696.00 for Section 8H; $288,624.22 for Section 9A; and $233,233.13 for Section 9B were
provided by the developer and approved by the Council to guarantee installation of public improvements
for Potomac Station Sections 5, 8A, 8C, 8H, 9A, and 9B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in Potomac Station Sections 5, 8A, 8C, 8H, 9A
and 9B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Travelers Casualty and Surety Company of
America in the mount of $93,238.20 for Potomac Station Section 5 is reduced to $20,076.70; in the
amount of $154,565.00 for Potomac Station Section 8A is reduced to $118,896.50; in the amount of
$348,043.00 for Potomac Station Section 8C is reduced to $34,804.30; in the amount of $740,696.00 for
Potomac Station Section 8H is reduced by $74,069.60; in the amount of $288,624.22 for Potomac Station
Section 9A is reduced to $93,377.42; and in the amount of $233,233.13 for Potomac Station Section 9B is
reduced to $85,941.21 and are approved.
A RESOLUTION:
-2-
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTIONS 5, SA, 8C, SI-I, 9A AND 9B
SECTION II. The Town Manager shall notify the developers that liability for corporate surety
bond fimds 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 Potomac Station Sections 5, 8A, 8C, 8H, 9A and 9B.
PASSED this 10t~ day of February 2004.
rk of Council
TK~o'wn~fC.~sb~g' Mayor-'-'
R:PotStaReds