HomeMy Public PortalAbout2005_04_12_r064The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2005-64
PRESENTED: April 12, 2005
ADOPTED: April 12, 2005
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STOWERS PHASE 2, SECTION
3
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Town of L~sburg
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ATTEST:
r~ of Council
PASSED this 12~ day of April 2005.
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Stowers Phase 2, Section 3 and certified that the value of work
performed is $1,688,401.00; and
WHEREAS, a corporate surety bond from the American Home Assurance Company in the
amount of $1,876,001.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements for Stowers Phase 2, Section 3; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Stowers Phase 2, Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Home Assurance Company for
Stowers Phase 2, Section 3 in the amount of $1,876,001.00 is reduced to $187,600.00.
SECTION II. The Town Manager shall notify the developers that liability for corporate surety
bond funds has been reduced as outlined in Secti°n 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 2, Section 3.