HomeMy Public PortalAbout2011_08_30_R105 Perf. Guar. PMW Farms, Sections 3-5The Town of
Leesburg,
Virginia
RESOLUTION NO. 2011 -105 ADOPTED: August 30, 2011
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
PMW FARMS SECTIONS 3 5
WHEREAS, GTIS -HOV Festival Lakes, LLC, the developer of PMW Farms Sections 3 5 has
requested approval of a corporate surety bond from Lexon Insurance Company in the amount of $1,948,000 to
guarantee the public improvements; and
WHEREAS, the Deputy Director of Public Works recommends approval of a contract for installation of
public improvements and acceptance of a performance guarantee for PMW Farms Sections 3 5.
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 Sections
3 &5.
SECTION II. A corporate surety bond from Lexon Insurance Company in the amount of $1,948,000 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 Sections 3 5.
SECTION III. The extension of municipal water and sewer for PMW Farms Sections 3 5 is
approved in accordance with Section 34 -123 and Section 35 -25 of the Town Code.
PASSED this 30 day of August, 2011.
ATTEST.
Clerk of Counc
P:\Resolutions \Resolutions 2011 \0830 PMW Farms- Sections 3 AND 5 -New Perf Bond.doc
C. mstattd, Mayor
Town of Leesburg
PRESENTED: August 30, 2011