HomeMy Public PortalAbout2010_03_09_R024 - Wegmans Performance Guarantee ReductionThe Town of
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RESOLUTION NO. 2010-024
PRESENTED: March 9, 2010
ADOPTED: March 9, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN VILLAGE AT LEESBURG-WEGMAN'S
FOOD MARKET
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date in
Village at Leesburg-Wegman's Food Market and certified that the value of work performed since the previous
reduction is $1,604,015; and
WHEREAS, a corporate surety bond from Farmington Casualty Company in the amount of $4,800,000
was provided by the developer and approved by the Council to guarantee installation of public improvements in
Village at Leesburg-Wegman's Food Market and was reduced to $2,084,015 by Resolution #2009-002; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for public
improvements installed in Village at Leesburg-Wegman's Food Market.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Farmington Casualty Company in the current amount
of $2,084,015 is reduced to $480,000.
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-Wegman's Food Market.
PASSED this 9`h day of March, 2010.
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Clerk of Counci
P:\Resolutions\Resolutions 2010\0309 Wegmans Bond Reduction.doc
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C. U stattd, Mayor
Town of Leesburg