HomeMy Public PortalAbout2005_01_25_r010The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED: January_ 25, 2005
2005-.10 ADOPTED: Janua _rv 25, 2005
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EDWARDS LANDING
SECTION 3
the town's Director of Enginccring and Public Works has reviewed the
PASSED this 25~ day of January 2005.
ATTEST:
erk of Council
Town of Leesburg
R05:EdLandinggec3Red
WHEREAS,
improvemems installed to date in Edwards Landing Section 3 and certified that the value of work
performed is $1,143,713.00; and
WHEREAS, a corporate surety bond from the St. Paul Fire and Marine Insurance Company in the
amoum of $1,429,641.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements for Edwards Landing Section 3; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performancc guarantce for public improvements installed in Edwards Landing Section 3.
THEREFORE, RESOLVED by thc Council of thc Town of Lecsburg in Virginia as follows:
SECTION I. Thc corporate surcty bond from the St. Paul Fire and Marine Insurance Company
for Edwards Landing Section 3 in thc amount of $1,429,641.00 is reduced to $285,928.00.
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 Edwards Landing Section 3.