HomeMy Public PortalAbout2016_02_09_R011 Perf Guar for Oaklawn at Stratford Landbay D The Town of
Leesburg,
Virginia PRESENTED: February 9, 2016
RESOLUTION NO. 2016-011 ADOPTED: February 9, 2016
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT OAKLAWN AT STRATFORD-
LANDBAY D (TLPF-2006-0018)
WHEREAS,the Town's Assistant Town Manager has reviewed the improvements installed
to date for Oaklawn at Stratford-Landbay D and certified that the value of work performed is
$291,478; and
WHEREAS, a Cash Bond from PNC Bank in the current amount of$502,000 was provided
by the developer and approved by the Council to guarantee installation of public improvements
Oaklawn at Stratford-Landbay D; and
WHEREAS,the Assistant Town Manager recommends reducing the performance guarantee
for public improvements installed at Oaklawn at Stratford-Landbay D.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Cash Bond from PNC Bank for Oaklawn at Stratford-Landbay D in the
current amount of$502,000 is reduced to $210,522.
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 Oaklawn at Stratford-Landbay D.
PASSED this 9th day of February, 2016.
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David S. Butler, Mayor
Town of Leesburg
A TES
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Clerk of Co lip
P:\Resolutions\2016\0209 Oaklawn at Stratford-Landbay D-Bond Reduction.doc