HomeMy Public PortalAbout2013_05_14_R059 Perf Guar for PMW Farms Sec 1 and Time Extension The Town of
Leesburg,
Virginia
PRESENTED: May 14, 2013
RESOLUTION NO. 2013-059 ADOPTED: May 14, 2013
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT PMW FARMS SECTION 1
(TLCD-2009-0002) AND PMW FARMS SECTION 2 (TLCD-2010-
0005); AND AUTHORIZING A TIME EXTENSION FOR
COMPLETION OF THE PUBLIC IMPROVEMENTS FOR PMW
FARMS—SECTION 2 (TLCD-2010-0005)
WHEREAS, the Town's Director of Public Works has reviewed the improvements
installed to date for PMW Farms Section 1 and certified that the value of work performed is
$3,132,100; and
WHEREAS,the Town's Director of Public Works has reviewed the improvements
installed to date for PMW Farms Section 2 and certified that the value of work performed is
$3,171,600; and
WHEREAS, a Corporate Surety Bond issued by Lexon Insurance Company in the
amount of$3,494,000 was provided by the developer and approved by the Council to guarantee
installation of public improvements at PMW Farms Section 1; and
WHEREAS, a Corporate Surety Bond issued by Lexon Insurance Company in the
amount of$3,524,000 was provided by the developer and approved by the Council to guarantee
installation of public improvements at PMW Farms Section 2; and
WHEREAS,the Director of Public Works recommends reducing the performance
guarantees for public improvements installed at PMW Farms Section 1 and at PMW Farms
Section 2; and
WHEREAS, GTIS-HOV Festival Lakes, LLC, the developer of PMW Farms—Section 2
has not completed all the required public improvements in accordance with the approved
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A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT PMW FARMS SECTION 1
(TLCD-2009-0002)AND PMW FARMS SECTION 2(TLCD-2010-0005);
AND AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
THE PUBLIC IMPROVEMENTS FOR PMW FARMS—SECTION 2
(TLCD-2010-0005)
construction drawings and Town standards within the two-year period agreed to in the contract
for public improvements; and
WHEREAS, the developer has requested a time extension to complete the public
improvements; and
WHEREAS, the Town's Director of Public Works recommends a time extension to May
14, 2013 for PMW Farms— Section 2.
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 Section 1 in the amount of$3,494,000 is reduced to $361,900.
SECTION IL The Corporate Surety Bond issued by Lexon Insurance Company for
PMW Farms Section 2 in the amount of$3,524,000 is reduced to $352,400.
SECTION III. A time extension to May 14, 2014 for PMW Farms— Section 2 is
approved.
SECTION IV. The Town Manager shall notify the developers that liability for the
Corporate Surety Bonds has been reduced as outlined in Section I and Section II 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 Section 1 or PMW Farms Section 2.
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A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT PMW FARMS SECTION 1
(TLCD-2009-0002)AND PMW FARMS SECTION 2 (TLCD-2010-0005);
AND AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
THE PUBLIC IMPROVEMENTS FOR PMW FARMS—SECTION 2
(TLCD-2010-0005)
PASSED this 14th day of May, 2013.
Kris C. Umstattd, Mayor
Town of Leesburg
ATT. .T:
Clerk of Co
P:\Resolutions\2013\0514 PMW Farms Section 1 and 2 Bond Reduct.doc