HomeMy Public PortalAbout2005_07_12_r109 - Reducing Perf Guar Pot Crossing 10The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED: July 12, 2005
2005-109 ADOPTED: July 12, 2005
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC CROSSING
SECTION 10
the town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Potomac Crossing Section 10 and certified that the value of work
performed is $1,253,163.00; and
WHEREAS, a corporate surety bond from the Lumbermens Mutual Casualty Company in the
amount of $1,646,282.66 was provided by the developer and approved by the Council to guarantee
installation of public improvements for Potomac Crossing Section 10; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Potomac Crossing Section 10.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Lumbermens Mutual Casualty Company for
Potomac Crossing Section 10 in the amount of $1,646,282.66 is reduced to $393,120.00.
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 Potomac Crossing Section 10.
PASSED this 12th day of July 2005.
ATTEST:
~ C. U~stattd, Mayor Town of Lecsburg
R05:PotCrsSec 10Red