HomeMy Public PortalAbout2010_07_27_R098 - East Market Street @ Rivercreek PkwyThe Town of
Leesburg,
Virginia
RESOLUTION NO. 2010-098
PRESENTED: July 27, 2010
ADOPTED: Julv 27. 2010
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK
PARKWAY AND CROSSTRAIL BOULEVARD
WHEREAS, four (4) corporate surety bonds issued by Lexon Insurance Company, in an initial
amount of $21,768,000 were provided by the developer and approved by the Council to guarantee
installation of public improvements in [he interchange at the intersection of Eas[ Market Street (Rt. 7),
Rivercreek Parkway and Crosstrail Boulevazd; and
WHEREAS, Resolution #2008-114 adopted on July 22, 2008 reduced the total bond amount
for the interchange at [he intersection of Easl Market Street (R[. 7.), Rivercreek Parkway and Crosstrail
`- Boulevazd from $21,768,000 to $7,413,000; and
WHEREAS, Resolution #2009-010 adopted on January 27, 2009 reduced the total bond
amount for the interchange at the intersection of East Market Street (Rt. 7), Rivercreek Parkway and
Crosstrail Boulevazd from $7,413,000 to $3,065,800; and
WHEREAS, Resolution #2009-120 adopted on October 27, 2009 reduced the total bond
amount for the interchange a[ the intersection of East Market Street (Rt. 7), Rivercreek Pazkway and
Crosstrail Boulevazd from $3,065,800 to $1,523,760; and
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to
date in the interchange at the intersection of Eas[ Market Street (R[. 7), Rivercreek Pazkway and
Crosstrail Boulevard and certified that the value of the work recently performed is $435,360 (total to
date is $20,679,600); and
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A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
_ INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK
PARKWAY AND CROSSTRAiL BOULEVARD
WHEREAS, the Director of Public Works recommends reducing the performance guarantees
for public improvements installed in the interchange at the intersection of East Market Street (Rt. 7),
Rivercreek Pazkway and Crosstrail Boulevard as follows:
Total Boud Amouut Current Boud Boud
Amouut Com leted Remainin
Bond No . 1021843:
Phasel- Drainage and $ 6,333,000.00 $ 6,016,350.00 $ 443,310.00 $ 316,650.00
Utilities
Bond No . 1021844: $ 3,575,000.00 $ 3,396,250.00 $ 250,250.00 $ 178,750.00
Phase II - Earthwork
Bond No . 1021845: $ 5,606,000.00 $ 5,325,700.00 $ 392,420.00 $ 280,300.00
Phase III -Sheets
Bond No . 1021846: $ 6,254,000.00 $ 5,941,300.00 $ 437,780.00 $ 312,700.00
Phase I V -Bridges and Misc.
Total: $21,768,000.00 $ 20,679,600.00 $ 1,523,760.00 $ 1,088,400.00
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Corporate surety bond # 1021843, with a cuaent amount of $443,310 issued by
Lexon Insurance Company, for Phase [ -Drainage and Utilities for the interchange at the intersection
of East Mazke[ Street (R[. 7), Rivercreek Parkway and Crosstrail Boulevard is reduced to $316,650.
SECTION IL Corporate surety bond #1021844, with a current amount of $250,250 issued by
Lexon Insurance Company, for Phase II -Earthwork for the interchange at [he intersection of East
Market Street (Rt. 7), Rivercreek Pazkway and Crosstrail Boulevard is reduced to $178,750.
SECTION III. Corporate surety bond #1021845, with a current amount of $392,420 issued by
Lexon Insurance Company, for Phase ^1- Streets for the interchange a[ the intersection of East Market
Street (R[. 7), Rivercreek Parkway and Crosstrail Boulevard is reduced to $280,300.
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A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE INTERCHANGE AT THE
INTERSECTION OF EAST MARKET STREET (RT. 7), RIVERCREEK
PARKWAY AND CROSSTRAIL BOULEVARD
SECTION IV. Corporate surety bond #1021846, with a current amount of $437,780 issued by
Lexon Insurance Company, for Phase IV -Bridges and Misc. for the interchange al the intersection of
East Mazket Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is reduced [o $312,700.
SECTION V. The Town Manager shall notify the developers that liability for 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 [he contract for public improvements in the interchange at the
intersection of Easl Market Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard.
PASSED this 27'" day of Julv, 2010.
f~lall~il \ \~k- ~'r~~
Kn~C U tattd, Mayor \
Town of Leesburg
A~TTE/S~T:
V ~lJ
Clerk of o cil
P.VtesoWtions\ResoWtions 2010\0"R'/ Rt7 Rivamrak Pkxy Inter-Bond Reduaion.doc