HomeMy Public PortalAbout2004_02_10_r014The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED: February_ 10, 2004
2 0 0 4 - 1 4 ADOPTED: February_ 10, 2004
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION PARCEL
B FINAL DEVELOPMENT PLAN
the town's Director of Engineering and Public Works has reviewed the
Plan.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Gulf Insurance Company for Potomac
Station Parcel B Final Development Plan in the mount of $673,000.00 is reduced to $156,223.00.
SECTION II. The Town Manager shall notify the developers 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 Potomac Station Parcel B Final Development Plan.
PASSED this lOth day of February 2004.
C~rk of Council
~ Un~ttd, Mayor'
Town of Leesburg
R04:PotStaParBRed
WHEREAS,
improvements installed to date in Potomac Station Parcel B Final Development Plan and certified that the
value of work performed is $516,777.00; and
WHEREAS, a corporate surety bond from the Gulf Insurance Company in the amount of
$673,000.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements for Potomac Station Parcel B Final Development Plan; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Potomac Station Parcel B Final Development