HomeMy Public PortalAbout2004_04_13_r046The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2OO4-46
PRESENTED April 13, 2004
ADOPTED April 13, 2004
AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE GUARANTEE FOR BEAUREGARD ESTATES PHASE
V AND RELEASING THE CORPORATE SURETY BOND FROM
FIRST PROPERTY ASSOCIATES, LTD.
WHEREAS, Council Resolution #2003-22 approved a corporate surety bond from Erie
Insurance Company in the amount of $280,000.00 as security to guarantee installation of public
improvements by First Property Associates, LTD, as shown on plans approved by the Director of
Engineering and Public Works for Beauregard Estates Phase V; and
WHEREAS, Beauregard Associates, LLC, the new owner of Beauregard Estates Phase
V, has requested to replace the previously approved corporate surety bond with its corporate
surety bond from The Great American Insurance Company and is requesting approval of same;
and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
contract and acceptance of the corporate surety bond fi.om The Great American Insurance
Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The manager shall execute a contract for public improvements with
Beauregard Associates, LLC, for the improvements shown on plans approved by the Director of
Engineering and Public Works for the Beauregard Estates Phase V.
A RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE GUARANTEE FOR BEAUREGARD ESTATES PHASE
V AND RELEASING THE CORPORATE SURETY BOND FROM
FIRST PROPERTY ASSOCIATES, LTD
SECTION m The corporate surety bond fi.om the Erie Insurance Company provided by
First Property Associates, LTD in the amount of $280,000.00 is released contingent upon
approval by the Town Attorney of the substitute corporate surety bond fi.om The Great American
Insurance Company provided by Beauregard Associates, LLC.
PASSED this 13t~ day of April 2004.
~g~n'C. U[stattd, May'o-r
Town of Leesburg
ATTEST:
i~ [e~'k ofl~ouncil
R04:BeauregardPhsV ReplCnlBnd