HomeMy Public PortalAbout2008_04_22_r063 Reducing Perf Guar Oaklawn Townhouses, Section 1
The Town of
Leesburg,
Virginia
RESOLUTION NO. 2008-63
PRESENTED: April 22. 2008
ADOPTED: April 22. 2008
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN OAKLA WN
TOWNHOUSES - SECTION 1
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Oaklawn Townhouses - Section 1 and certified that the value
of work performed is $2,536,000; and
WHEREAS, a corporate surety bond from the Safeco Insurance Company of America in
the amount of $2,906,000 was provided by the developer and approved by the Council to
guarantee installation of public improvements in Oaklawn Townhouses - Section 1; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Oaklawn Townhouses - Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION 1. The corporate surety bond from the Safeco Insurance Company of
America for Oaklawn Townhouses - Section I in the amount of $2,906,000 is reduced to
$370,000.
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 in Oaklawn
Townhouses - Section 1.
-2-
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS INSTALLED IN OAKLA WN
TOWNHOUSES - SECTION 1
PASSED this 22nd day of April 2008.
ATTEST:
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R08:0aklawn Townhouses See 1
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IS en C. mstattd, Mayor
Town of Leesburg