HomeMy Public PortalAbout2012_07_10_R079 Perf Guar for Oaklawn Townhouses, Section IIThe Town of
Leesburg,
Virginia
PRESENTED: July 10, 2012
RESOLUTION NO. 2012 -079 ADOPTED: July 10, 2012
A RESOLUTION: ACCEPTING THE PUBLIC IMPROVEMENTS, RELEASING THE
PERFORMANCE GUARANTEE AND APPROVING A MAINTENANCE
GUARANTEE FOR OAKLAWN TOWNHOUSES — SECTION II (TLCD-
2005 -0002)
WHEREAS, Pulte Home Corporation, the developer of Oaklawn Townhouses — Section II has
completed the public improvements in accordance with approved plans and Town standards and these
have been inspected and approved; and
WHEREAS, the Director of Public Works recommends accepting the public improvements and
approving a maintenance guarantee for Oaklawn Townhouses — Section II.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond in the current amount of $5,490,000 from Safeco
Insurance Company of America is released, and acceptance of a corporate surety bond from Liberty
Mutual Insurance Company for a maintenance guarantee in the amount of $274,500 is approved and
shall be in effect for a period of one year from this date.
SECTION II. 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 10th day of Jam, 2012.
PAResolutions\2012 \0710 Oaklawn TH SEC II -Rel PB Apt MB.doc