HomeMy Public PortalAbout2013_11_12_R129 Authorizing a Reduction in the Perf Guar for PMW Farms Sec 4 and Ext for PMW Farms Sec 3 and 5 The Town of
Leesburg,
Virginia
PRESENTED: November 12, 2013
RESOLUTION NO. 2013-129 ADOPTED: November 12, 2013
A RESOLUTION: AUTHORIZING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED AT
PMW FARMS-SECTION 4 (TLCD-2010-0004) AND AUTHORIZING A
REDUCTION OF THE PERFORMANCE GUARANTEE AND A TIME
EXTENSION FOR PUBLIC IMPROVEMENTS INSTALLED AT PMW
FARMS-SECTION 3 AND 5 (TLCD-2010-0006)
WHEREAS, the Town's Director of Public Works has reviewed the improvements
installed to date for PMW Farms-Section 4 and certified that the value of work performed is
$941,240; and
WHEREAS, a Corporate Surety Bond issued by Lexon Insurance Company in the amount
of$1,230,000 was provided by the developer and approved by the Council to guarantee
installation of public improvements at PMW Farms-Section 4; and
WHEREAS, the Director of Public works recommends reducing the performance
guarantee for public improvements installed at PMW Farms-Section 4; and
WHEREAS, the Town's Director of Public Works has reviewed the improvements
installed to date for PMW Farms-Sections 3 and 5 and certified that the value of work performed
is $1,753,200; and
WHEREAS, a Corporate Surety Bond issued by Lexon Insurance Company in the amount
of$1,948,000 was provided by the developer and approved by the Council to guarantee
installation of public improvements at PMW Farms-Sections 3 and 5; and
WHEREAS, GTIS-HOV Festival Lakes, LLC,the developer of PMW Farms—Section 3
and 5 has not completed all the required public improvements in accordance with the approved
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A RESOLUTION: AUTHORIZING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED AT
PMW FARMS-SECTION 4 (TLCD-2010-0004) AND AUTHORIZING A
REDUCTION OF THE PERFORMANCE GUARANTEE AND A TIME
EXTENSION FOR PUBLIC IMPROVEMENTS INSTALLED PMW
FARMS-SECTION 3 AND 5 (TLCD-2010-0006)
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 reducing the
performance guarantee for public improvements installed at PMW Farms-Sections 3 and 5, and
recommends a time extension to August 30, 2014 for PMW Farms— Section 3 and 5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Corporate Surety Bond issued Lexon Insurance Company for PMW
Farms-Section 4 in the amount of$1,230,000 is reduced to $288,660.
SECTION II. The Corporate Surety Bond issued Lexon Insurance Company for PMW
Farms-Sections 3 and 5 in the amount of$1,948,000 is reduced to $194,800.
SECTION III. The Town Manager shall notify the developers that liability for the
Corporate Surety Bond has been reduced as outlined in Section I and Section II of this resolution
and that this reduction does not constitute acceptance for public improvements by the Town or
relieve the developer of responsibilities outlined in the contract for public improvements at PMW
Farms-Section 4 and PMW Farms-Sections 3 and 5.
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A RESOLUTION: AUTHORIZING A REDUCTION OF THE PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS INSTALLED AT
PMW FARMS-SECTION 4 (TLCD-2010-0004) AND AUTHORIZING A
REDUCTION OF THE PERFORMANCE GUARANTEE AND A TIME
EXTENSION FOR PUBLIC IMPROVEMENTS INSTALLED PMW
FARMS-SECTION 3 AND 5 (TLCD-2010-0006)
SECTION IV. A time extension to August 30, 2014 for PMW Farms— Section 3 and 5 is
approved.
PASSED this 12th day of November, 2013.
C. Umstattd, Mayor
Town of Leesburg
ATTEST:
•
Clerk of Counc'p
P:\Resolutions\2013\1112 PMW Farms SEC 4 Reduction and SEC 3 and 5 Time Ext and Reduction.doc