HomeMy Public PortalAbout2010_06_22_R065 Oaklawn Landbay CThe Town o f
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PRESENTED: June 22, 2010
RESOLUTION NO. 2010-065 ADOPTED: June 22, 2010
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND WATER AND SEWER
EXTENSION PERMITS FOR OAKLAWN AT STRATFORD -
LANDBAY "C"
WHEREAS, Keane Enterprises, Inc., the developer of the Oaklawn at Stratford -Landbay
"C", has requested approval of a cash performance guarantee in the amount of $233,000 to
guarantee the public improvements; and
WHEREAS, the Director of Public Works recommends approval of a contract for
installation of public improvements and acceptance of a cash performance guarantee for Oaklawn
at Stratford -Landbay "C".
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for
the improvements shown on the plans to be approved by the Director of Plan Review for Oaklawn
at Stratford -Landbay "C".
SECTION II. A cash performance guarantee in the amount of $233,000 is approved as
security to guarantee installation of the public improvements shown on plans to be approved by the
Director of Plan Review for Oaklawn at Stratford -Landbay "C".
SECTION III. Acceptance of a cash performance guarantee is conditioned upon an
amendment to the Contract for Installation of Public Improvements between the Town and
developer stating that if a cash escrow is posted as the performance guarantee, the funds on deposit
shall. generate market rate interest as earned by the Town.
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A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
PERFORMANCE GUARANTEE AND WATER AND SEWER
EXTENSION PERMITS FOR OAKLAWN AT STRATFORD -
LANDBAY "C"
SECTION IV. The extension of municipal water and sewer for Oaklawn at Stratford -
Landbay "C" is approved in accordance with Section 34-123 and Section 35-25 of the Town Code.
PASSED this 22"d day of June, 2010.
. U tattd, ayor
Town of Leesburg
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Clerk of Ca>~n
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