HomeMy Public PortalAbout2007_01_09_r002
The Town of
Leesburg,
Virginia
PRESENTED: January 9. 2007
RESOLUTION NO. 2007-2
ADOPTED:
January 9. 2007
A RESOLUTION:
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS IN FORT EVANS PLAZA II
WHEREAS, Council Resolution #2006-187 adopted on November 14, 2006, approved a
corporate surety bond from the Hartford Fire Insurance Company in the amount of $4,992,000 as security
to guarantee installation of public improvements as shown on plans approved by the Director of
Engineering and Public Works for Fort Evans Plaza II; and
WHEREAS, UNIWEST Group, LLC, the developer of Fort Evans Plaza II, has requested to
replace the previously approved corporate surety bond from the Hartford Fire Insurance Company in the
amount of $4,992,000 with a letter of credit from the Wachovia Bank in the amount of $4,992,000 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 Wachovia Bank in the amount of $4,992,000.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute letter of credit from the Wachovia Bank in the amount of
$4,992,000 is approved as security to guarantee installation of the public improvements shown on plans
approved by the Director of Engineering & Public Works.
SECTION II. The corporate surety bond from the Hartford Fire Insurance Company in the
amount of $4,992,000 for Fort Evans Plaza II is released contingent upon receipt of the substitute letter of
credit from the Wachovia Bank in the amount of $4,992,000.
PASSED this 9th day of January 2007.
. U tattd, Mayor
Town of Leesburg
ATTEST:
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