HomeMy Public PortalAbout2011_01_25_R008 Making a Reduction of the Perf Guar for Oaklawn at StratfordThe Town of
Leesburg,
Virginia
PRESENTED: January 25, 2011
RESOLUTION NO. 2011 -008 ADOPTED: January 25, 2011
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OAKLAWN AT STRATFORD
LANDBAY "C"
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for Oaklawn at Stratford Landbay "C" and certified that the value of work performed is $209,700; and
WHEREAS, a cash performance guarantee in the amount of $233,000 was provided by the
developer and approved by the Council to guarantee installation of public improvements in Oaklawn at
Stratford Landbay "C and
WHEREAS, the Deputy Director of Public Works recommends reducing the performance guarantee
for public improvements installed in Oaklawn at Stratford Landbay "C
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The cash performance guarantee for Oaklawn at Stratford Landbay "C" in the
amount of $233,000 is reduced to $23,300.
SECTION II. The Town Manager shall notify the developers that liability for the cash
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 at Oaklawn at Stratford Landbay "C
PASSED this 25 day of January, 2011.
ATTEST:
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Clerk of Colin
P:\Resolutions\Resolutions 2011 \0125 Oaklawn at Stratford Landbay C CASH Perf Bond Reduct.doc
'U tattd, Mayor
Town of Leesburg