HomeMy Public PortalAbout2007_04_10_r062
The Town of
Leesburg,
Virginia
PRESENTED: April 10. 2007
RESOLUTION NO. 2007-62
ADOPTED: April 10, 2007
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND WATER AND SEWER
EXTENSION PERMITS FOR THE COMMERCE BANK
WHEREAS, The Commerce Bank, the developer of the Commerce Bank, has requested
approval of a cash bond in the amount of $285,900 to guarantee the public improvements; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
contract for installation of public improvements and acceptance of a performance guarantee for
the Commerce Bank.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Town Manager shall execute the contract for public improvements for
the improvements shown on the plans approved by the Director of Engineering and Public Works
for the Commerce Bank.
SECTION II. The extension of municipal water and sewer for the Commerce Bank is
approved in accordance with Sections 15-9 and 19-18 of the Town Code.
SECTION III. A cash bond in the amount of $285,900 is approved as security to
guarantee installation of the public improvements shown on plans approved by the Director of
Engineering and Public Works for the Commerce Bank.
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A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND WATER AND SEWER
EXTENSION PERMITS FOR THE COMMERCE BANK
SECTION IV. Acceptance of a cash bond is conditioned upon an amendment to the
Contract for Installation of Public Improvements between the Town and the developer stating
that if a cash escrow is posted as the performance guarantee, the funds on deposit shall generate
market rate interest, as earned by the Town.
PASSED this 10th day of April 2007.
C. Umstattd, Mayor
Town of Leesburg
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ATTEST:
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R07: CommerceBank NCashBond