HomeMy Public PortalAbout2009_06_23_R074 - Reducing the Performance Guarantee Oaklawn TH Section 1
The Town of
Leesburg,
Virginia
PRESENTED: June 23.2009
RESOLUTION NO. 2009-074
ADOPTED:
June 23.2009
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OAKLA WN TOWNHOUSES -
SECTION I
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
in Oaklawn Townhouses-Section 1 and certified that the value of work performed is $79,400; and
WHEREAS, a corporate surety bond from the Safeco Insurance Company of America in the
current amount of $370,000 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 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 I. The corporate surety bond from Safeco Insurance Company of America for
Oaklawn Townhouses-Section 1 in the amount of $370,000 is reduced to $290,600.
SECTION II.
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 Oaklawn Townhouses-Section 1.
PASSED this 23rd day of June. 2009.
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. /. . stattd, Mayor .
Town of Leesburg