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The Town of
Leesburg,
Virginia
PRESENTED: June 27.2006
RESOLUTION NO.
2006-109
ADOPTED: June 27. 2006
A RESOLUTION:
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEES AND APPROVING MAINTENANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECfIONS 5 AND 7
WHEREAS, Arcadia Development Company, the developer of Potomac Crossing Sections 5 and 7
has completed the public improvements in accordance with approved plans and Town standards and these
have been inspected and approved; and
WHEREAS, the Director of Engineering and Public Works recommends accepting the public
improvements and approving maintenance guarantees for Potomac Crossing Sections 5 and 7.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bonds from the American Motorists Insurance Company in the
amount of $983,024.57 for Section 5; and from The Lumbennens Mutual Casualty Company in the amount
of $90,306.59 for Section 7 are released, and new securities in a form approved by the Town Attorney for a
maintenance guarantee in the amount of$49,151.23 from the Liberty Mutual Insurance Company for Section
5; and in the amount of $15,747.18 for Section 7 are approved, and shall be in effect for a period of one year
from this date.
SECTION II. These releases are contingent upon delivery of a properly executed instrument
conveying unto the Town all such improvements and easements free of any liens or charges.
PASSED this 2'"f'h day of June 2006.
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Town of Leesburg
ATTEST:
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rk of Council
R06:PotCrsS&7 PertRels