HomeMy Public PortalAbout2006_09_26_r159
The Town of
Leesburg,
Virginia
PRESENTED: September 26. 2006
RESOLUTION NO. 2006-159
ADOPTED: September 26. 2006
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC RIVERSIDE P ARKW A Y PHASE 4 & 5
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Lansdowne on the Potomac Riverside Parkway Phase 4 & 5 and
certified that the value of work performed is $68,720.40; and
WHEREAS, a corporate surety bond from the GulfInsurance Company in the amount of$76,356
was provided by the developer and approved by the Council to guarantee installation of public
improvements for Lansdowne on the Potomac Riverside Parkway Phase 4 & 5; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Lansdowne on the Potomac Riverside
Parkway Phase 4 & 5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Gulf Insurance Company for Lansdowne on
the Potomac Riverside Parkway Phase 4 & 5 in the amount of$76,356 is reduced to $7,635.60.
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 developer of responsibilities
outlined in the contract for public improvements for Lansdowne on the Potomac Riverside Parkway Phase
4& 5.
PASSED this 26th day of September 2006.
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Town of Leesburg
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