HomeMy Public PortalAbout2006_07_11_r132
The Town of
Leesburg,
Virginia
PRESENTED:June 27. 2006
RESOLUTION NO. 2006-132
ADOPTED: June 27. 2006
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN THE TAVISTOCK
FARMS MULTI-FAMILY & COMMERCIAL AREA
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in the Tavistock Farms Multi-Family & Commercial Area and
certified that the value of work performed is $240,408; and
WHEREAS, a corporate surety bond from the Liberty Mutual Insurance Company in the
amount of $267,120 was provided by the developer and approved by the Council to guarantee
installation of public improvements for Tavistock Farms Multi-Family & Commercial Area; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Tavistock Farms Multi-Family &
Commercial Area.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The corporate surety bond from the Liberty Mutual Insurance Company
for the Tavistock Farms Multi-Family & Commercial Area in the amount of $267, 120 is reduced
to $26,712.
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
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A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN THE TAVISTOCK
FARMS MULTI-FAMILY & COMMERCIAL AREA
developer of responsibilities outlined in the contract for public improvements for Tavistock
Farms Multi-Family & Commercial Area.
PASSED this 11th day of July 2006.
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Town of Lees burg
ATTEST:
R06:TavistockMultiFamCommRed