HomeMy Public PortalAbout2015_05_26_R061 Perf Guar Time Ext for PMW Farms Sec 1 and 2 The Town of
Leesburg,
Virginia PRESENTED: May 26,2015
RESOLUTION NO. 2015-061 ADOPTED: May 26,2015
A RESOLUTION: AUTHORIZING TIME EXTENSIONS FOR COMPLETION OF THE PUBLIC
IMPROVEMENTS FOR PMW FARMS—SECTION 1 (TLCD-2009-0002)AND
FOR PMW FARMS—SECTION 2 (TLCD-2010-0005)
WHEREAS, GTIS-HOV Festival Lakes, LLC, the developer of PMW Farms—Section 1 and
PMW Farms—Section 2 has not completed all the required public improvements in accordance with the
approved 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, a corporate surety bond from Lexon Insurance Company in the current amount of
$361,900 for PMW Farms—Section 1; and a corporate surety bond from Lexon Insurance Company in
the current amount of$352,400 for PMW Farms—Section 2 were provided by the developer to guarantee
the installation of public improvements; and
WHEREAS,the Town's Director of Public Works recommends a time extension to April 6,2016
for PMW Farms—Section 1; and recommends a time extension to May 24, 2016 for PMW Farms—
Section 2.
THEREFORE,RESOLVED by the Council of the Town of Leesburg in Virginia that a time
extension to April 6,2016 for PMW Farms—Section 1; and a time extension to May 24, 2016 for PMW
Farms—Section 2 are approved.
PASSED this 26th day of May, 2015.
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Kir en . Umstattd, Mayor
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Clerk of Coup 1
P:\Resolutions\2015\O 6 T'• e Extensions for PMW Farms Sec 1 and 2 Perf Guar.doc