HomeMy Public PortalAbout2004_04_13_r047The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED: April 13, 2004
2004-47
ADOPTED: April 13, 2004
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STOWERS PHASE 1, SECTION
2
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Stowers Phase 1, Section 2 and certified that the value of work
performed is $1,903,568.00; and
WHEREAS, a corporate surety bond from the American Home Assurance Company in the
amoum of $2,115,076.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Stowers Phase 1, Section 2; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Stowers Phase 1, Section 2.
THEREFORE, RESOLVED by the Council of the Town of Lcesburg in Virgima as follows:
SECTION I. The corporate surety bond from the American Home Assurance Company in the
amount of $2,115,076.00 is reduced to $211,508.00.
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 developer of responsibilities
outlined in the contract for public improvements for Stowers Phase 1, Section 2.
PASSED this 13th day of April 2004.
EST:
l~rk of Council
~i2. Ulla'stattd, Mayor
Town of Leesburg
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