HomeMy Public PortalAbout2009_01_13_R004 - Perf. Guar. for Russell Branch Parkway
The Town of
Leesburg,
Virginia
PRESENTED: January 13. 2009
RESOLUTION NO. 2009-004
ADOPTED:
January 13. 2009
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN RUSSELL BRANCH P ARKW A Y
WEST
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
in Russell Branch Parkway West and certified that the value of work performed is $5,597,576; and
WHEREAS, a corporate surety bond from Lexon Insurance Company in the amount of $6,799,000
was provided by the developer and approved by the Council to guarantee installation of public improvements
in Russell Branch Parkway West; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed in Russell Branch Parkway West.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Lexon Insurance Company in the amount of
$6,799,000 is reduced to $1,201,424.
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 Russell Branch Parkway West.
. PASSED this 13th day of January, 2009.
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\ I .. .J I' I
· .. . ~ttd. Mayor
Town of Leesburg
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