HomeMy Public PortalAbout2009_10_27_R120 - Reducing the Performance Guarantee for Rt. 7 Rivercreek and Crosstrail Intersectiontry
RFSOI.I~T'I(7it1 NC}• 2609-124
PRFSLNTF.D; C9ctahei• 27 2001
ADtOP`I'FL7: C?etflber 27, 2009.
A 1t~;SOLU fI(7t~': ,VlAKI1tiG ItEI}IJCTIt~ItS t}I~ "i'IlF I'I;RFC)RMAtvCL GI1A[tAN l"EEiS F'L1R
Pil}3LIC' IitiIPi~DVFJMF{1TS INS"['ALLF;D TN THL: IN•I'F1tCI IA:~IGE A"I` `I'IIE
iN'CFRSF{:7'IC)N t7F FAST NIt11tKF"I" STIPE'sLT (R'1. 7}, It1VLRCIZFFI
PARKWAY AN][~ CI~t)SSTRAII. BC7tJLi;VAKD
G;,'I IEREAS, font' (4} corpazate stn•ety bonds issued by Leson Jnstirance ~otia}~an)t, in an initiaE
amount of $21:;268,00{7 were provided by thede~~alaper and aPPt'uvec3 bra the Catuzcil to guarantee
installation tlfpuhliciinpravetnettts in tl7einterchpnge at the intei•sectionaf Fastli~arket S#reet (Rt~ Z},
Ri~~ercrcek T'arkway attd Crossti•aiI Boitlevai'd, and
«~HEItEAS, Rescilu#ioti#2408-11~} adopted an July 22,:2008 reduced the fatal boncl'ainount
fai flee interchange at the ttterseetiott of East IvlarkeCS#raet {I~t, 7.}, Rig=ercreek Parkway and Crasstr~il
Boulevard fi•aiti $21,768,004 ta~7,~113,040; and
1~'I~SI2E;AS, T~esc?lution#2649-014 adopted oii Januai~r 27, 24QrI tedueel# the totaa bond
at~ottnt forthe interchange ai the Intersectiati of Fast iV€arket 3tieet {Itf. ?:), Rivtrref~eek Park~~'ay artd
{;rasstrail 13aitlevard from $7,413,404 to ~~,4G5,8041 and
WI IFItFAS, the Tat~m's i7iiecior of Public Warks has reviewed tl~e impt'ttlfetnents installetf to
elate iii the interchange at the interjection ofEast AJarket Sll•tre# {Rt. Z}, Rivercrcel~ 1?arkway' anti
t;rosstraii Bariievard and eertiiied ihai the ~talue of the work aeeently perfarmed is S 1,542;044 {total to
date is $20,244;244}; <nd
W I~ItL'AS, tie Director of Public ~,~`orks recontnlenils i'et3ucing the perfoiitjance guarantees
for ptibliciniprovements insfalled in the interchange at the intersection ofEast Mnrkct Street{Rt•'I},
RiSrereteek Pat•kway and t/rasstraxl i3ouleti{ard as fellows;
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A RESOLUTION: MAKING REDUCTIONS OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY
AND CROSSTRAIL BOULEVARD
Total Bond Amount
Current Bond Bond
Amount Com leted Remainin
Bond No. 1021843:
Phase I -Drainage and $ 6,333,000.00 $ 5,889,690.00 $ 633,300.00 $ 443,310.00
Utilities
Bond No. 1021844: $ 3,575,000.00 $ 3,324,750.00 $ 357,500.00 $ 250,250.00
Phase II -Earthwork
Bond No. 1021845: $ 5,606,000.00 $ 5,213,580.00 $ 953,000.00 $ 392,420.00
Phase III -Streets
Bond No. 1021846: $ 6,254,000.00 $ 5,816,220.00 $ 1,122,000.00 $ 437,780.00
Phase IV -Bridges and Misc.
Total: $21,768,000.00 $ 20,244,240.00 $ 3,065,800.00 $ 1,523,760.00
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 $633,300 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 Crosshail Boulevard is reduced to $443,310.
SECTION II. Corporate surety bond # 1021844, with a current amount of $357,500 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 $250,250.
SECTION III. Corporate surety bond #1021845, with a current amount of $953,000 issued by
Lexon Insurance Company, for Phase III- Streets for the interchange at the intersection of East Market
Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is reduced to $392,420.
Y:U2esolutionsUtesolnlions 2009\1027 bond Reduction Rl. 7 Rivercreek and Crosshuil.dne 10/28/09
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A RESOLUTION: MAKING REDUCTIONS OF THE PERFORMANCE GUARANTEES FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECT[ON OF EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY
AND CROSSTRAIL BOULEVARD
SECTION IV. Corporate surety bond #1021846, with a current amount of $1,122,000 issued
by Lexon Insurance Company, for Phase IV -Bridges and Misc. for the interchange at the intersection
of East Market Street (Rt. 7), Rivercreek Parkway and Crosshail Boulevard is reduced to $437,780.
SECTION V. The Town Manager shall notify the developers that liability for the corporate
surety bonds has been reduced as outlined in Section I through Section IV 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 2Th day of October, 2009.
__,
t
~ T~ris e C. mstattd, ayor
Town of Leesburg
ATTEST:
G~U'~~~ .
Clerk of Counc 1 j
tonaio9
P:\Rcsolntions\Resolutions 2009\1027 Braid Reduction Rt. 7 Rivercreek and Crosstrail.doc