HomeMy Public PortalAbout2011_06_28_R081 Perf Bond Rt 7@Rivercreek and CrosstrailThe Town of
Leesburg,
Virginia
PRESENTED: June 28, 2011
RESOLUTION NO. 2011 -081 ADOPTED: June 28, 2011
A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEES AND APPROVING MAINTENANCE
GUARANTEES FOR THE INTERCHANGE AT THE INTERSECTION OF
EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY AND
CROSSTRAIL BOULEVARD
WHEREAS, Carlyle /Cypress Leesburg I, LLC and Springfield East, L.C., the developers of the
interchange at the intersection of East Market Street (Rt. 7), Rivercreek Parkway and Crosstrail
Boulevard have completed the public improvements in accordance with approved plans and the
Town's and the Virginia Department of Transportation's (VDOT) standards and these have been
inspected and approved; and
WHEREAS, the Director of Public Works recommends accepting the public improvements and
approving maintenance guarantees for the interchange at the intersection of East Market Street (Rt. 7),
Rivercreek Parkway and Crosstrail Boulevard as follows:
Original
Bond
Amount
Maintenance
Bond
Amount
Bond No. 1021843:
Phase I Drainage
and Utilities
6,333,000.00
x 5%
316,650.00
Bond No. 1021844
Phase II Earthwork
3,575,000.00
x 5%
178,750.00
Bond No. 1021845:
Phase III Streets
5,606,000.00
x 5%
280,300.00
Bond No. 1021846:
Phase IV Bridges
and Misc.
6,254,000.00
x 5%
312,700.00
Total:
$21,768,000.00
1,088,400.00
The Town of
Leesburg,
Virginia
PRESENTED: June 28, 2011
RESOLUTION NO. 2011 -081 ADOPTED: June 28, 2011
A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEES AND APPROVING MAINTENANCE
GUARANTEES FOR THE INTERCHANGE AT THE INTERSECTION OF
EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY AND
CROSSTRAIL BOULEVARD
WHEREAS, Carlyle /Cypress Leesburg I, LLC and Springfield East, L.C., the developers of the
interchange at the intersection of East Market Street (Rt. 7), Rivercreek Parkway and Crosstrail
Boulevard have completed the public improvements in accordance with approved plans and the
Town's and the Virginia Department of Transportation's (VDOT) standards and these have been
inspected and approved; and
WHEREAS, the Director of Public Works recommends accepting the public improvements and
approving maintenance guarantees for the interchange at the intersection of East Market Street (Rt. 7),
Rivercreek Parkway and Crosstrail Boulevard as follows:
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A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEE AND APPROVING A MAINTENANCE
GUARANTEE FOR THE INTERCHANGE AT THE INTERSECTION OF
EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY AND
CROSSTRAIL BOULEVARD
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Corporate surety bond #1021843, with a current amount of $316,650 issued by
Lexon Insurance Company, for Phase I Drainage and Utilities for the interchange at the intersection
of East Market Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is released, and acceptance
of a corporate surety bond from Lexon Insurance Company for a maintenance guarantee in the amount
of $316,650 is approved and shall be in effect for a period of one year from this date.
SECTION II. Corporate surety bond #1021844, with a current amount of $178,750 issued by
Lexon Insurance Company, for Phase II Earthwork for the interchange at the intersection of East
Market Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is released, and acceptance of a
corporate surety bond from Lexon Insurance Company for a maintenance guarantee in the amount of
$178,750 is approved and shall be in effect for a period of one year from this date.
SECTION III. Corporate surety bond #1021845, with a current amount of $280,300 issued by
Lexon Insurance Company, for Phase III- Streets for the interchange at the intersection of East Market
Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is released, and acceptance of a corporate
surety bond from Lexon Insurance Company for a maintenance guarantee in the amount of $280,300 is
approved and shall be in effect for a period of one year from this date.
SECTION IV. Corporate surety bond #1021846, with a current amount of $312,700 issued by
Lexon Insurance Company, for Phase IV Bridges and Misc. for the interchange at the intersection of
East Market Street (Rt. 7), Rivercreek Parkway and Crosstrail Boulevard is released, and acceptance of
a corporate surety bond from Lexon Insurance Company for a maintenance guarantee in the amount of
$312,700 is approved and shall be in effect for a period of one year from this date.
A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEE AND APPROVING A MAINTENANCE
GUARANTEE FOR THE INTERCHANGE AT THE INTERSECTION OF
EAST MARKET STREET (RT. 7), RIVERCREEK PARKWAY AND
CROSSTRAIL BOULEVARD
SECTION V. This release is contingent upon delivery of a properly executed instrument
conveying unto the Town all such improvements and easements free of any liens or charges.
PASSED this 28 day of June, 2011.
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P:\Resolutions\Resolutions 2011 \0628 Rt.7 Rivercreek Pkwy Inter -Rel PB Accpt MB.doc
n C. mstattd, Mayor
Town of Leesburg