HomeMy Public PortalAbout2012_05_22_R056 Perf Guar for Public Imprv for PMW Farms Ft Evans Rd Ph IThe Town of
Leesburg,
Virginia
PRESENTED: May 22, 2012
RESOLUTION NO. 2012 -056 ADOPTED: May 22, 2012
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT PMW FARMS, FORT EVANS ROAD,
PHASE 1 (TLPF- 2009 -0014)
WHEREAS, the Town's Director of Public Works has reviewed the improvements installed to date
for PMW Farms — Fort Evans Road, Phase 1 and certified that the value of work performed is $618,272;
and
WHEREAS, a Corporate Surety Bond issued by Lexon Insurance Company in the amount of
$719,000 was provided by the developer and approved by the Council to guarantee installation of public
improvements at PMW Farms — Fort Evans Road, Phase 1; and
WHEREAS, the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at PMW Farms — Fort Evans Road, Phase 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Corporate Surety Bond issued by Lexon Insurance Company for PMW Farms —
Fort Evans Road, Phase 1 in the amount of $719,000 is reduced to $100,728.
SECTION II. The Town Manager shall notify the developers that liability for Corporate Surety
Bond 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 PMW Farms — Fort Evans Road, Phase 1.
PASSED this 22 °d day of May, 2012.
J
1
U stattd, Mayor
Town of Leesburg
Clerk of Co. nc 1
PAResolution9\2 522 PMW Farms -Ft Evans Rd- PH 1 - Bond Reduction.doc