HomeMy Public PortalAbout2008_02_26_R035
The Town of
Leesburg,
Virginia
PRESENTED: February 26.2008
RESOLUTION NO. 2008-35
ADOPTED: February 26. 2008
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN THE DULLES
GREENWAY - BATTLEFIELD PARKWAY INTERCHANGE, AND
THE INTERCHANGE GRADING PLAN
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in the Dulles Greenway - Battlefield Parkway Interchange, and
the Interim Grading Plan and certified that the value of work performed for the Dulles Greenway
- Battlefield Parkway Interchange is $2,368,800, and for the Interchange Grading Plan is
$319,469.40; and
WHEREAS, corporate surety bonds from the Federal Insurance Company and the
Fidelity and Deposit Company of Maryland in the amount of $2,632,000 for the Dulles
Greenway - Battlefield Parkway Interchange; and from the Travelers Casualty and Surety
Company of America in the amount of $354,966 for the Interchange Grading Plan were provided
by the developer and approved by the Council to guarantee installation of public improvements
for the Dulles Greenway - Battlefield Parkway Interchange, and the Interchange Grading Plan;
and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantees for public improvements installed in the Dulles Greenway - Battlefield
Parkway Interchange; and the Interchange Grading Plan.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
-2-
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN THE DULLES
GREENWAY - BATTLEFIELD P ARKW A Y INTERCHANGE, AND
THE INTERCHANGE GRADING PLAN
SECTION 1. The corporate surety bond from the Federal Insurance Company and the
Fidelity and Deposit Company of Maryland in the amount of $2,632,000 is reduced to $263,200;
and from the Travelers Casualty and Surety Company in the amount of $354,966 is reduced to
$35,496.60 for the Interchange Grading Plan.
SECTION II. The Town Manager shall notify the developers that liability for corporate
surety bond funds has been reduced as outlined in Section I of this resolution and that this
reduction does not constitute acceptance of public improvements by the Town or relieve the
developer of responsibilities outlined in the contract for public improvements for Dulles
Greenway - Battlefield Parkway Interchange; and the Interchange Grading Plan.
PASSED this 26th day of February 2008.
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IS en C. mstattd, Mayor
Town of Leesburg