HomeMy Public PortalAbout2007_10_23_r145
The Town of
Leesburg,
Virginia
PRESENTED: October 23. 2007
RESOLUTION NO. 2007-145
ADOPTED October 23. 2007
A RESOLUTION:
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS IN FORT EVANS PLAZA II BATTLEFIELD
PARKWAY EXTENSION
WHEREAS, Council Resolution #2007-114 adopted on August 14, 2007, approved a letter of
credit from the Wachovia Bank in the amount of $7,666,000 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 Battlefield Parkway Extension; and
WHEREAS, UNIWEST Group, LLC, the developer of Fort Evans Plaza II Battlefield Parkway
Extension, has requested to provide a corporate surety bond from the Western Surety Company in the
amount of $7,666,000 instead of the previously approved letter of credit from the Wachovia Bank in the
amount of $7,666,000 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 Western Surety Company in the amount of $7,666,000.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
A corporate surety bond from the Western Surety Company in the amount of $7,666,000
is approved as security to guarantee installation of the public improvements shown on plans
approved by the Director of Engineering & Public Works instead of the previously letter of
credit from the Wachovia Bank: in the amount of $7,666,000.
PASSED this 23rd day of October 2007.
. U stattd, Mayor
Town of Leesburg
ATTEST:
~Jdl kJ,
erk of Council
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R07:FtEvansPlzIIBPkwyExt SubstBond