HomeMy Public PortalAbout2016_04_26_R058 Perf Guar for Poets Walk at Oaklawn MUC-2 The Town of
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\Ta PRESENTED: April 26, 2016
RESOLUTION NO. 2016-058 ADOPTED: April 26, 2016
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND A WATER EXTENSION PERMIT FOR POET'S WALK AT
OAKLAWN MUC-2 (TLPF-2015-0012).
WHEREAS, Leesburg Senior Development Company, Inc.,the developer of Poet's Walk at
Oaklawn MUC-2 has requested approval of a Corporate Surety Bond from Atlantic Specialty Insurance
Company in the amount of$479,000 to guarantee the public improvements; and
WHEREAS, the Assistant Town Manager recommends approval of a contract for installation of
public improvements and acceptance of a performance guarantee for Poet's Walk at Oaklawn MUC-2.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for the
improvements shown on the plans to be approved by the Director of Plan Review for Poet's Walk at
Oaklawn MUC-2.
SECTION II. A Corporate Surety Bond from Atlantic Specialty Insurance Company in the amount
of$479,000 is approved as security to guarantee installation of the public improvements shown on plans to
be approved by the Director of Plan Review for of Poet's Walk at Oaklawn MUC-2.
SECTION III. The extension of municipal water for of Poet's Walk at Oaklawn MUC-2 is
approved in accordance with Section 34-25 of the Town Code.
PASSED this 26th day of April, 2016.
David S. Butler, Mayor
Town of Leesburg
A ilk,
lit
Clerk of C•
P:\Resolutions\2016\0426 Poets Walk at Oaklawn MUC2-New Perf Bond.doc