HomeMy Public PortalAbout2011_04_26_R046 Perf Guar PMW Farms, Section 2The Town of
Leesburg,
Virginia
RESOLUTION NO. 2011 -046 ADOPTED: April 26, 2011
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
PMW FARMS SECTION 2
WHEREAS, GTIS -HOV Festival Lakes, LLC, the developer of PMW Farms Section 2 has requested
approval of a corporate surety bond from Lexon Insurance Company in the amount of $3,524,000 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 performance guarantee for PMW Farms Section 2.
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 PMW Farms Section 2.
SECTION II. A corporate surety bond from Lexon Insurance Company in the amount of $3,524,000 is
approved as security to guarantee installation of the public improvements shown on plans to be approved by the
Director of Plan Review for PMW Farms Section 2.
SECTION III. The extension of municipal water and sewer for PMW Farms Section 2 is approved in
accordance with Section 34 -123 and Section 35 -25 of the Town Code.
PASSED this 26 day of April, 2011.
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P:\Resolutions\Resolutions 2011 \0426 Reso -PMW Farms- Section 2 -New Perf Bond.doc
C. mstattd, Mayor
Town of Leesburg
PRESENTED: April 26, 2011