HomeMy Public PortalAbout2004_08_10_r132The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2004-132
PRESENTED August 10, 2004
ADOPTED August 10, 2004
AUTHORIZING AGREEMENT AND APPROVING PERFORMANCE
GUARANTEES AND WATER AND SEWER EXTENSION PERMITS
FOR RIVER CREEK PHASE VII, SECTIONS 4A AND 4C TO
REPLACE THE AGREEMENT AND CORPORATE SURETY BOND
FROM FIDELITY AND DEPOSIT COMPANY OF MARYLAND FOR
RIVER CREEK PHASE VII, SECTION 4
WHEREAS, River Creek L.L.C., the developer of River Creek Phase VII, Sections 4A
and 4C has requested approval of corporate surety bonds from the Fidelity and Insurance
Company of Maryland in the amount of $176,458.30 for Section 4A, and $54,045.20 for Section
4C to guarantee the public improvements; and
WHEREAS, Council Resolution #2001-47 approved a corporate surety bond from the
Fidelity and Deposit Company in the amount of $222,494.80 as security to guarantee installation
of public improvements by River Creek, L.L.C., as shown on plans approved by the Director of
Engineering and Public Works for River Creek Phase VII, Section 4; and
WHEREAS, the developer has revised the limits of Phase VII, Section 4 and has
requested to replace the agreement and previously approved corporate surety bond from Fidelity
and Deposit Company of Maryland for River Creek, VII Section 4 with new agreements and
corporate surety bonds from the Fidelity and Deposit Company of Maryland in the amount of
$176,458.30 for Phase VII, Section 4A, and in the amount of $54,045.20 for Phase VII, Section
4C to guarantee the public improvements; and
WHEREAS, the Director of Engineering and Public Works recommends approval of
contracts for installation of public improvements and acceptance of a performance guarantees for
River Creek Phase VII, Sections 4A and 4C to replace the agreement and corporate surety bond
fi.om Fidelity and Deposit Company of Maryland for River Creek Phase VII, Section 4.
A RESOLUTION:
-2-
AUTHORIZING AGREEMENT AND APPROVING PERFORMANCE
GUARANTEES AND WATER AND SEWER EXTENSION PERMITS
FOR RIVER CREEK PHASE VII, SECTIONS 4A AND 4C TO
REPLACE THE AGREEMENT AND CORPORATE SURETY BOND
FROM FIDELITY AND DEPOSIT COMPANY OF MARYLAND FOR
RIVER CREEK PHASE VII, SECTION 4
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The manager shall execute contracts for public improvements with River
Creek, L.L.C., for the improvements shown on plans approved by the Director of Engineering
and Public Works for the River Creek Phase VII, Sections 4A and 4C.
SECTION II. The corporate surety bonds from the Fidelity and Deposit Company of
Maryland in the amount of $176,458.30 for Phase VII, Section 4A, and in the amount of
$54,045.20 for Phase VII, Section 4C in a form approved by the Town Attorney are approved.
SECTION llI. The agreement and corporate surety bond from the Fidelity and Insurance
Company of Maryland provided by River Creek, L.L.C., in the amount of $222,494.80 for River
Creek Phase VII, Section 4 are released contingent upon approval by the Town Attorney of the
new agreements and corporate surety bonds from the Fidelity and Deposit Company of Maryland
provided by River Creek, L.L.C. for River Creek Phase VII, Sections 4A and 4C.
PASSED this 10ta day of August 2004.
A~T)EST:
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Town of Leesburg
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