HomeMy Public PortalAbout2016_07_26_R095 Making a Reduction of the Performance Guarantee for Public Improvements at Crescent Place The Town of
Leesburg,
Virginia PRESENTED: July 26. 2016
RESOLUTION NO. 2016-095 ADOPTED: July 26, 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 Director of Public Works and Capital Projects has reviewed the improvements
installed to date for Crescent Place—Phase 1, 2 & 3 and certified that the value of work performed is
$4,124,999; and
WHEREAS, a Corporate Surety Bond from Ironshore Indemnity Inc. in the current amount of
$1,607,532 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 Director of Public Works and Capital Projects 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 I,2 & 3 in the current amount of$1,607,532 is reduced to $875,000.
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 I,2 & 3.
PASSED the 26th day of July. 2016.
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David S. Butler, Mayor
Town of Leesburg
• P4TI
Clerk of Coun.J
P:\Resolutions\2016U 6 Crescent Place Phase I 2 3 July 2016-Bond Reduction.doc