HomeMy Public PortalAbout2007_01_09_r001
The Town of
Leesburg,
Virginia
PRESENTED: January 9. 2007
RESOLUTION NO. 2007-1
ADOPTED:
January 9. 2007
A RESOLUTION:
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS IN LEESBURG PLAZA OUTP ARCEL B
WHEREAS, Council Resolution #2006-211 adopted on December 12, 2006, approved a
corporate surety bond from the Travelers Casualty and Surety of America in the amount of $39,000 as
security to guarantee installation of public improvements as shown on plans approved by the Director of
Engineering and Public Works for Leesburg Plaza Outparcel B; and
WHEREAS, FR Leesburg Plaza, LP, the developer of Leesburg Plaza Outparcel B, has requested
to replace the previously approved corporate surety bond from the Travelers Casualty and Surety
Company of America in the amount of $39,000 with a corporate surety bond from the Hartford Fire
Insurance Company in the amount of $39,000 and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a substitute
performance guarantee from the Hartford Fire Insurance Company in the amount of $39,000.
THEREFORE, RESOLVED by the Council of the Town of Lees burg in Virginia as follows:
SECTION I. The substitute corporate surety bond from the Hartford Fire Insurance Company in
the amount of$39,000 is approved as security to guarantee installation ofthe public improvements shown
on plans approved by the Director of Engineering & Public Works.
SECTION II. The corporate surety bond from the Travelers Casualty and Surety of America in
the amount of $39,000 for Leesburg Plaza Outparcel B is released contingent upon receipt of the
substitute corporate surety bond from the Hartford Fire Insurance Company in the amount of $39,000.
PASSED this 9th day of January 2007.
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Town of Leesburg
ATTEST:
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CI k of CouncIl
R07:Leesburg Plaza Outparcel 8 SubstBond