HomeMy Public PortalAbout2006_09_12_r153
The Town of
Leesburg,
Virginia
PRESENTED: SqJtember 12. 2006
RESOLUTION NO.
2006-153
ADOPTED: September 12.2006
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE TURNER WILSON
PROPERTY
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in the Turner Wilson Property and certified that the value of work
performed is $508,590; and
WHEREAS, a corporate surety bond from the Great American Insurance Company in the amount
of $565,100 was provided by the developer and approved by the Council to guarantee installation of
public improvements for the Turner Wilson Property; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in the Turner Wdson Property.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Great American Insurance Company for the
Turner Wilson Property in the amount of $565, 100 is reduced to $56,510.
SECTION n, 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 the Turner Wilson Property,
'PASSED this 12lh day ofSq>tember 2006.
c~~.~[). ~
~ten C. Umstattd, Mayor
Town of Leesburg
It/. dM
R06:Tumer Wilson Reduction