HomeMy Public PortalAbout2007_12_11_r173 Amending Reso 2007-133
The Town of
Leesburg,
Virginia
PRESENTED: December 11. 2007
RESOLUTION NO. 2007-173
ADOPTED: December 11.2007
A RESOLUTION: AMENDING RESOLUTION #2007-133 BY APPROVING A
REDUCTION OF THE PERFORMANCE GUARANTEE AMOUNT,
AND APPROVING SUBSTITUTE PERFORMANCE GUARANTEES
FOR COMPLETION OF THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (ROUTE 7),
RIVERCREEK P ARKW A Y, AND CROSST AIL BOULEVARD
WHEREAS, Council Resolution #2007-133 adopted on September 25, 2007, authorized
a Performance and Proffer Compliance Agreement and approved a performance guarantee from
the Federal Insurance Company in the amount of $31,846,000 as security to guarantee the
installation of public improvement proffers at the East Market Street (Route 7), River Creek
Parkway Interchange and Crosstrail Boulevard; and
WHEREAS, Carlyle/Cypress Leesburg I, LLC, and Springfield East, L.C., the
developers, have requested approval of corporate surety bonds form the Lexon Insurance
Company instead of the previously approved corporate surety bond issued by Federal Insurance
Company in the amount of$31,846,00 to guarantee the completion of the interchange; and
WHEREAS, the original bond estimate for the interchange has been revised by changing
the fill material from off-site borrow to on-site borrow from the approved and bonded Russell
Branch Parkway East site resulting in a lowering of the bond estimate by $8,263,538 to
$23,502,462; and
WHEREAS, the developers have requested a reduction of the revised bond amount based
on work completed on the bridge over East Market Street (Route 7) using the approved and
bonded Interim Grading and Utility Plan and this work has been reviewed and inspected and is
certified at $1,853,165; and
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A RESOLUTION:
AMENDING RESOLUTION #2007-133 APPROVING A REDUCTION
OF THE PERFORMANCE GUARANTEE AMOUNT, AND
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
COMPLETION OF THE INTERCHANGE AT THE INTERSECTION
OF EAST MARKET STREET (ROUTE 7), RIVERCREEK P ARKW A Y,
AND CROSST AIL BOULEVARD
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed at the East Market Street (Route 7),
River Creek Parkway and Crosstrail Boulevard Interchange; and
WHEREAS, Lexon Insurance Company will provide four (4) corporate surety bonds
totaling $21,768,000 to guarantee installation of the public improvements required by Proffer
I.E. 1 a of Ordinance No. 2005-0-16, shown on plans approved by the Director of Engineering and
Public Works, VDOT and Loudoun County for the East Market Street (Route 7), River Creek
Parkway and Crosstrail Boulevard Interchange; and
WHEREAS, the Director of Engineering and Public Works and Zoning Administrator
recommend acceptance of four (4) corporate surety bonds in the total amount of $21,768,000
issued by Lexon Insurance Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SCETION I The revised performance guarantee amount of $23,582,462 is approved
for the interchange at the intersection of East Market Street (Route 7), River Creek Parkway, and
Crosstrail Boulevard.
SECTION II The performance guarantee amount for the interchange at the intersection
of East Market Street (Route 7), River Creek Parkway, and Crosstrail Boulevard in the amount
of $23,582,462 is reduced to $21,729,297.
SECTION III The Town Manager shall notify the developers that liability for corporate
surety bond funds has been reduced as outlined in Section II of this resolution and that this
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A RESOLUTION:
AMENDING RESOLUTION #2007-133 APPROVING A REDUCTION
OF THE PERFORMANCE GUARANTEE AMOUNT, AND
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
COMPLETION OF THE INTERCHANGE AT THE INTERSECTION
OF EAST MARKET STREET (ROUTE 7), RIVERCREEK P ARKW A Y,
AND CROSST AIL BOULEVARD
reduction does not constitute acceptance of public improvements by the Town or relieve the
developer of responsibilities outlined in the Performance and Proffer Compliance Agreement for
the interchange at East Market Street (Route 7), River Creek Parkway, and Crosstrail Boulevard.
SECTION IV Four (4) corporate surety bonds from the Lexon Insurance Company in the
total amount of$21,768,000 are approved as security to guarantee the installation of the public
improvements required by Proffer I.E. 1 a of Ordinance No. 2005-0-16, shown on plans approved
by the Director of Engineering and Public Works, VDOT and Loudoun County for the East
Market Street (Route 7), River Creek Parkway, and Crosstrail Boulevard interchange instead of
the previously approved corporate surety bond from Federal Insurance Company in the amount
of $31 ,846,000.
PASSED this 11th day of December 2007.
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. n C. U stattd, Mayor
Town of Leesburg
ATTEST:
07: InterchangeMarket,R vrcrkPkwy,Crosstail81vd.8ondReduction