HomeMy Public PortalAbout2015_02_24_R030 Reduction in Perf Guar for PMW Farms Sec 6 The Town of
Leesburg,
Virginia
PRESENTED: February 24, 2015
RESOLUTION NO. 2015-030 ADOPTED: February 24, 2015
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT PMW FARMS SECTION 6
(TLCD-2011-0001)
WHEREAS,the Town's Director of Public Works has reviewed the improvements installed
to date for PMW Farms Section 6 and certified that the value of work performed is $1,385,100; and
WHEREAS, a Corporate Surety Bond from Lexon Insurance Company in the amount of
$1,539,000 was provided by the developer and approved by the Council to guarantee installation of
public improvements at PMW Farms Section 6; and
WHEREAS,the Director of Public Works recommends reducing the performance guarantee
for public improvements installed at PMW Farms Section 6.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Corporate Surety Bond from Lexon Insurance Company for PMW Farms
Section 6 in the current amount of$1,539,000 is reduced to $153,900.
SECTION II. The Town Manager shall notify the developers that liability for the 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 Section 6.
PASSED the 24th day of February, 2015.
Kristen ' . U stattd, Mayor
Town of Leesburg
AT `T 0
■V
Clerk of Co
P:\Resolutions\2015\bond Reduction PMW Farms SECTION 6.doc