HomeMy Public PortalAbout2006_01_10_r004The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
2006-04
PRESENTED January l0,2006
ADOPTED January l0,2006
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC SECTION 42 & 43
WHEREAS, Council Resolution #2002-79 adopted on May 29, 2002, approved a
corporate surety bond from the American Motorists Insurance Company in the amount of
$441,067.00 as security to guarantee installation of public improvements as shown on plans
approved by the Director of Engineering and Public Works for Lansdowne on the Potomac
Sections 42 & 43; and
WHEREAS, Council Resolution #2003-113 adopted on October 15, 2003 approved a
reduction of the performance guarantee from the American Motorists Insurance Company in the
amount $441,067.00 to $44,107.00; and
WHEREAS, Council Resolution #2004-79 adopted on May 25, 2004 approved a time
extension to May 20, 2005, and Resolution #2005-124 adopted on August 9, 2005 approved a
time extension to May 30, 2006 for completion of the public improvements; and
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, West Goose Creek, LLC, the developer of Lansdowne on the Potomac
Sections 42 & 43, has requested that the Town Council accept a corporate surety bond from the
ARCH Insurance Company as a replacement for the corporate surety bond from the American
Motorists Insurance Company and is requesting approval of the same;
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC SECTION 42 & 43
WHEREAS, this subdivision is located in Loudoun County and the town's bonded
improvements are water and sanitary sewer only; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
substitute performance guarantee for Lansdowne on the Potomac Sections 42 & 43.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The substitute corporate surety bond from the ARCH Insurance Company
in the amount of $44,107.00 is approved as security to guarantee installation of the public
improvements for Lansdowne on the Potomac Sections 42 & 43 as shown on plans approved by
the Director of Engineering & Public Works.
SECTION II. The corporate surety bond from the American Motorists Insurance
Company in the amount of $44,107.00 for Lansdowne on the Potomac Sections 42 & 43 is
released contingent upon receipt of the substitute corporate surety bond from the ARCH
Insurance Company in the amount of $44,107.00.
PASSED this 10'~ day of January 2006.
ATTEST:
~C. ~Jmstatid,~l~Iayor "' ~
Town of Leesburg
R06:Lansdowne42&43 SubstBond