HomeMy Public PortalAbout2010_03_09_R025 - Village @Leesburg Performance Guarantee ReductionThe Town of
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PRESENTED: March 9, 2010
RESOLUTION NO. 2010-025 ADOPTED: March 9, 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN VILLAGE AT LEESBURG VILLAGE CENTER
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date in
Village at Leesburg Village Center and certified that the value of work performed since the previous reduction
is $294,248; and
WHEREAS, a corporate surety bond from Farmington Casualty Company in the amount of $1,493,000
was provided by the developer and approved by the Council to guarantee installation of public improvements in
Village at Leesburg Village Center and was reduced to $443,548 by Resolution #2009-003; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for public
improvements installed in Village at Leesburg Village Center.
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 $443,548 is reduced to $149,300.
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 Village Center.
PASSED this 9t1i day of March, 2010.
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n C. U stattd, Mayor
Town of Leesburg
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Clerk of Co c'1
P:\ResolutionslResolutions 2010\0309 Reso Village at Leesburg.doc