HomeMy Public PortalAbout2016_02_23_R020 Perf Guar for Crescent Place Harrison Street Roadway Improvements The Town of
Leesburg,
Virginia PRESENTED: February 23,2016
RESOLUTION NO. 2016-020 ADOPTED: February 23,2016
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT CRESCENT PLACE—HARRISON STREET
ROADWAY IMPROVEMENTS (TLPF-2014-0016)
WHEREAS,the Assistant Town Manager has reviewed the improvements installed to date for
Crescent Place—Harrison Street Roadway Improvements and certified that the value of work performed is
$1,241,000; and
WHEREAS,a Corporate Surety Bond from Lexon Insurance Company in the current amount of
$1,379,000 was provided by the developer and approved by the Council to guarantee installation of public
improvements Crescent Place—Harrison Street Roadway Improvements; and
WHEREAS,the Assistant Town Manager recommends reducing the performance guarantee for
public improvements installed at Crescent Place—Harrison Street Roadway Improvements.
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 Crescent Place—
Harrison Street Roadway Improvements in the current amount of$1,379,000 is reduced to $137,900.
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 Crescent Place—Harrison Street Roadway Improvements.
PASSED the 23`d day of February, 2016.
David S. Butler,Mayor
Town of Leesburg
ATTS :
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P:\Resolutions\2016\0223 Perf Guar for Crescent Place Harrison St Roadway Improvements.doc