HomeMy Public PortalAbout2016_02_23_R021 Perf Guar for Crescent Place Ph 1 2 and 3 The Town of
Leesburg,
Virginia PRESENTED: February 23, 2016
RESOLUTION NO. 2016-021 ADOPTED: February 23,2016
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE
FOR PUBLIC IMPROVEMENTS AT CRESCENT PLACE—PHASE 1, 2 &3
(TLPF-2014-0025)
WHEREAS,the Assistant Town Manager has reviewed the improvements installed to date for
Crescent Place—Phase 1,2&3 and certified that the value of work performed is $3,391,468; and
WHEREAS,a Corporate Surety Bond from Ironshore Indemnity Inc. in the current amount of
$4,999,000 was provided by the developer and approved by the Council to guarantee installation of public
improvements Crescent Place—Phase 1,2 &3; and
WHEREAS,the Assistant Town Manager recommends reducing the performance guarantee for
public improvements installed at Crescent Place—Phase 1,2&3.
THEREFORE,RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Corporate Surety Bond from Ironshore Indemnity Inc. for Crescent Place—
Phase 1,2&3 in the current amount of$4,999,000 is reduced to $1,607.532.
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—Phase 1,2&3.
PASSED this 23`d day of February, 2016.
David S. Butler,Mayor
Town of Leesburg
ATT\E.T:
A A.
Clerk of Counc'
P:\Resolutions\2016\0223 'erf .•ar for Crescent Place Ph 1 2 and 3.doc