HomeMy Public PortalAbout2006_01_10_r001The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2006-01
PRESENTED: January 10, 2006
ADOPTED: January_ 10, 2006
AUTHORIZING TIME EXTENSIONS FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING SUBSTITUTE PERFORMANCE
GUARANTEES FOR POTOMAC STATION SECTIONS 3C AND 6EFG
WHEREAS, M/I Schottenstein Homes, Inc., the developer of Potomac Station Sections 3C
and 6EFG has not completed all the required public improvements in accordance with the approved
construction drawings and town standards within the two-year period agreed to in the contract for
public improvements and previously approved five (5) time extensions; and
WHEREAS, the developer has requested a time extension to complete the public
improvements; and
WHEREAS, this subdivision is in Loudoun County and the town's bonded improvements are
water and sanitary sewer only; and
WHEREAS, Council Resolution//97-227 adopted on September 23, 1997 for Section 3C, and
Council Resolution//98-9 adopted on January 13, 1998, approved corporate surety bonds from the
American Motorists Insurance Company in the amount of $102,249.40 for Section 3C; and in the
amount of $300,692.70 for Section 6EFG as security to guarantee installation of public improvements
as shown on plans approved by the Director of Engineering and Public Works; and
WHEREAS, Council Resolution//99-138 adopted on May 11, 1999 approved a reduction of
the performance guarantee from the American Motorists Insurance Company in the amount
$102,249.40 to $10,224.94 for Section 3C; and Council Resolution//99-139 adopted on May 11,
1999 in the amount of $300,692.70 to $30,069.27 for Section 6EFG; and
A RESOLUTION:
-2-
AUTHORIZING TIME EXTENSIONS FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING SUBSTITUTE PERFORMANCE
GUARANTEES FOR POTOMAC STATION SECTIONS 3C AND 6EFG
WHEREAS, according to the State Corporation Commission Bureau of Insurance listing dated
April 21, 2005, the American Motorists Insurance Company had their Virginia license suspended or
otherwise restricted; and
WHEREAS, the d~velop~r of Potoma~ Station Se~ions 3C and 6EFG, has r~quested that the
Town Council ac.~q~t a corporate surly bond from Th~ Contin~ In~arance Company as a
r~placement for the corporate surety bonds from the Americ~m Motorists Insurance Company and is
requesting approval of the same;
WHEREAS, the town's I)ire~tor of Engine~'ing and Public Works recommends time
extensions to Sept~nher 16, 2006 for Section 3C; and to November 22, 2006 for S~tion 6EFG and
approval of substitute pe~'formance gmu~tees.
THEREFORE, RESOL'vq~D by the Council of the Town of Leeshurg in Virginia as follows:
SECTION I. A time ~xt~-~ion to S~-~temher 16, 2006 for S~fion 3C; and to November 22,
2006 for Section 6EFG for ¢omple~Jon of the public improvements are approved.
SECTION H. The substitute corporate surety bonds from The Continental Insurance
Company in the amount of $10,224.94 for Section 3C; and in the amount of $30,069.27 for Section
6EFG are approved as security to guarantee installation of the public improvements for Potomac
Station Sections 3C and 6EFG as shown on plans approved by the Director of Engineering & Public
Works.
SECTION IH. The corporate surety bond from the American Motorists Insurance Company
in the amount of $10,224.94 for Section 3C; and in the amount of $30,069.27 for Section 6EFG are
A RESOLUTION:
-2-
AUTHORIZING TIME EXTENSIONS FOR COMPLETION OF PUBLIC
IMPROVEMENTS AND APPROVING SUBSTITUTE PERFORMANCE
GUARANTEES FOR POTOMAC STATION SECTIONS 3C AND 6EFG
released contingent upon receipt of the substitute corporate surety bond from The Continental
Insurance Company in the amount of $10,224.94 for Section 3C; and in the amount of $30,069.27 for
Section 6EFG.
PASSED this 10ta day of January 2006.
ATTEST:
~f_Ae~l~ of Council
~KiS~en C. I~mstattd, Mayor
Town of Leesburg
R05 :PotSta3C6EFGTimeExts