RESOLUTION

A RESOLUTION AUTHORIZING THE CHAIRMAN OF THE

 BOARD OF SUPERVISORS TO EXECUTE A MEMORANDUM OF 

 UNDERSTANDING WITH THE VINT HILL ECONOMIC DEVELOPMENT

AUTHORITY FOR A SURETY BOND

            WHEREAS, the Vint Hill Economic Development Authority (VHEDA) is a political subdivision of the Commonwealth of Virginia created to redevelop the closed military base formally known as Vint Hill Farms Station; and

            WHEREAS, as part of the development of Vint Hill, the VHEDA will be undertaking major construction projects including the building of roads, installing utilities such as water and sewer lines, building storm water ponds, installing erosion and sediment controls, building storm drain systems and landscaping; and

            WHEREAS, the Board recognizes the VHEDA as a body politic and further recognizes the benefits of the redevelopment of Vint Hill; and

            WHEREAS, the VHEDA desires to provide the Board with certain protections if construction projects are delayed or abandoned; now, therefore, be it

            RESOLVED by the Fauquier County Board of Supervisors this 16^th day of August 2004, That the Chairman of the Board of Supervisors be, and is hereby, authorized to execute a Memorandum of Understanding with the Vint Hill Economic Development Authority authorizing the Authority to post a blanket surety bond in an amount of $1,000,000 for the purpose of ensuring that major construction projects, including the building of roads, installing utilities such as water and sewer lines, building storm water ponds, installing erosion and sediment controls, building storm drain systems and landscaping, are properly bonded to ensure that, should the VHEDA fail to install the required improvements, sufficient funds are available to the County to ensure the construction and completion of these public improvements.