HomeMy Public PortalAbout2008_11_12_R162 Reducing Perf Guar Village @ Leesburg Russell Branch Pkwy
The Town of
Leesburg,
Virginia
PRESENTED: November 12,2008
RESOLUTION NO. 2008-162
ADOPTED:
November 12,2008
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN VILLAGE AT LEESBURG -
RUSSELL BRANCH PARKWAY EAST
WHEREAS, the Town's Director of Works has reviewed the improvements installed to date in
Village at Leesburg - Russell Branch Parkway East and certified that the value of work performed is
$3,821,000; and
WHEREAS, a performance guarantee from the Lexon Insurance Company in the amount of
$5,278,000 was provided by the developer and approved by the Council to guarantee installation of public
improvements in Village at Leesburg - Russell Branch Parkway East; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed in Village at Leesburg - Russell Branch Parkway East.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The performance guarantee from the Lexon Insurance Company in the amount of
$5,278,000 is reduced to $1,457,000.
SECTION II.
The Town Manager shall notify the developers that liability for the performance
guarantee 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 Village at Leesburg - Russell Branch Parkway East.
PASSED this 12th day of November, 2008.
~C:~~
. n C. U tattd, Mayor
Town of Lees burg