HomeMy Public PortalAbout2014_04_22_R045 Reducing the Perf Guar for Paxton Memorial Campus The Town of
Leesburg,
Virginia
PRESENTED: April 22,2014
RESOLUTION NO. 2014-045 ADOPTED: April 22,2014
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT PAXTON MEMORIAL LEARING
&RESOURCE CAMPUS (TLPF-2009-0001)
WHEREAS,the Town's Director of Public Works has reviewed the improvements installed to date
for Paxton Memorial Learning&Resource Campus and certified that the value of work performed is
$334,800;and
WHEREAS, a Cash Bond in the amount of$372,000 was provided by the developer and approved
by the Council to guarantee installation of public improvements at Paxton Memorial Learning&Resource
Campus; and
WHEREAS,the Director of Public Works recommends reducing the performance guarantee for
public improvements installed at Paxton Memorial Learning&Resource Campus.
THEREFORE,RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Cash Bond for Paxton Memorial Learning&Resource Campus in the amount
of$372,000 is reduced to$37,200.
SECTION II. The Town Manager shall notify the developers that liability for the Cash 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 Paxton Memorial Learning &Resource Campus.
PASSED the 22nd day of April,2014.
QM,- ' R
Kristen C.Umstattd,Mayor
Town of Leesburg
1
Clerk of Co II
P:\Resolutions\2014\0422 Reducing the Perf Guar for Paxton Memorial Campus.doc