HomeMy Public PortalAbout2005_06_14_r097 - Perf Guar Public Improvements Lansdowne on the Potomac 40-41The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2005-97
PRESENTED: June 14, 2005
ADOPTED: June 14, 2005
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC SECTIONS 40 & 41
Town of Leesburg
R05 :Lansdowne40&41 Red
ATTEST:
f Council
PASSED this 14th day of June 2005.
WHEREAS, the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Lansdowne on the Potomac Sections 40 & 41 and certified that the
value of work performed is $327,960.00; and
WHEREAS, a corporate surety bond from the Gulf Insurance Company in the amount of
$364,400.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements for Lansdowne on the Potomac Sections 40 & 41; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Lansdowne on the Potomac Sections 40 &
41.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Gulf Insurance Company for Lansdowne on
the Potomac Sections 40 & 41 in the amount of $364,400.00 is reduced to $36,440.00.
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 Lansdowne on the Potomac Sections 40 & 41.