HomeMy Public PortalAbout2007_01_09_r003
The Town of
Leesburg,
Virginia
PRESENTED: January 9. 2007
RESOLUTION NO. 2007-3
ADOPTED: January 9. 2007
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS IN FORT EVANS ROAD
IMPROVEMENTS AT FORT EVANS PLAZA II
WHEREAS, Council Resolution #2006-188 adopted on November 14,2006, approved a
corporate surety bond from the Hartford Fire Insurance Company in the amount of $3,249,000 as
security to guarantee installation of public improvements as shown on plans approved by the
Director of Engineering and Public Works for Fort Evans Road Improvements at Fort Evans
Plaza II; and
WHEREAS, UNIWEST Group, LLC, the developer of the Fort Evans Road
Improvements at Fort Evans Plaza II, has requested to replace the previously approved corporate
surety bond from the Hartford Fire Insurance Company in the amount of $3,249,000 with a letter
of credit from the Wachovia Bank in the amount of $3,249,000 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 $3,249,000.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION 1. The substitute letter of credit from the Wachovia Bank in the amount of
$3,249,000 is approved as security to guarantee installation of the public improvements shown
on plans approved by the Director of Engineering & Public Works.
-2-
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN FORT EV ANS ROAD
IMPROVEMENTS AT FORT EVANS PLAZA II
SECTION II. The corporate surety bond from the Hartford Fire Insurance Company in
the amount of $3,249,000 for the Fort Evans Road Improvements at Fort Evans Plaza II is
released contingent upon receipt of the substitute letter of credit from the Wachovia Bank in the
amount of$3,249,000.
PASSED this 9th day of January 2007.
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Town of Leesburg
ATTEST:
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lerk of Councll
R07:FtEvansRdlmp@FtEvansPlzII SubstBond