HomeMy Public PortalAbout2009_01_27_R010 - Perf. Guar. E. Market @ Rivercreek Pkwy and Crosstrail
The Town of
Leesburg,
Virginia
PRESENTED: January 27.2009
RESOLUTION NO. 2009-010
ADOPTED:
January 27.2009
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK P ARKW A Y
AND CROSSTRAIL BOULEVARD
WHEREAS, four (4) corporate surety bonds issued by Lexon Insurance Company, in an initial amount
of$21,768,000 were provided by the developer and approved by the Council to guarantee installation of public
improvements in the interchange at the intersection of East Market Street (Rt. 7), Rivercreek Parkway and
Crosstrail Boulevard; and
WHEREAS, Resolution #2008-114 adopted on July 22, 2008 reduced the total bond amount for the
interchange at the intersection of East Market Street (Rt. 7.), Rivercreek Parkway and Crosstrail Boulevard from
$21,768,000 to $7,413,000; and
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date in
the interchange at the intersection of East Market Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard
and certified that the value of the work recently performed is $4,347,200 (total to date is $18,702,200); and
WHEREAS, the Director of Public Works recommends reducing three (3) ofthe four (4) performance
guarantees for public improvements installed in the interchange at the intersection of East Market Street (Rt. 7),
Rivercreek Parkway and Crosstrail Boulevard as follows:
Total Bond Amount Current Bond Bond Remaining
Amount Completed
Bond No. 1021843: $ 6,333,000.00 $ 5,699,700.00 $ 1,861,000.00 $ 633,300.00
Phase 1 - Drainage and Utilities
Bond No. 1021844: $ 3,575,000.00 $ 3,217,500.00 $ 541,000.00 $ 357,500.00
Phase II - Earthwork
Bond No. 1021845: $ 5,606,000.00 $ 4,653.000.00 $ 3,889,000.00 $ 953,000.00
Phase III - Streets
Bond No. 1021846: $ 6,254,000.00 $ 5,132,000.00 $ 1,122,000.00 $ 1,122,000.00
Phase IV - Bridges and Misc.
Total: $21,768,000.00 $ 18,702,200.00 I $ 7,413,000.00 $ 3,065,800.00
I I
-2-
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY
AND CROSSTRAIL BOULEVARD
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Corporate surety bond #1021843, with a current amount of$1,861,000 issued by Lexon
Insurance Company, for Phase I - Drainage and Utilities for the interchange at the intersection of East Market
Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is reduced to $633,300.
SECTION II. Corporate surety bond # 1 021844, with a current amount of $541 ,000 issued by Lexon
Insurance Company, for Phase II - Earthwork for the interchange at the intersection of East Market Street (Rt.
7), Rivercreek Parkway and Crosstrail Boulevard is reduced to $357,500.
SECTION III. Corporate surety bond #1021845, with a current amount of $3,889,000 issued by Lexon
Insurance Company, for Phase 111- Streets for the interchange at the intersection of East Market Street (Rt. 7),
Rivercreek Parkway and Crosstrail Boulevard is reduced to $953,000.
SECTION IV. The Town Manager shall notify the developers that liability for irrevocable letter of
credit 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 the interchange at the intersection of East Market Street (Rt. 7), Rivercreek
Parkway and Crosstrail Boulevard.
PASSED this 27th day of January 2009.
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