2015-003 - Approve Final Map for 100 Prospect Ave Tract No. 10275

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RESOLUTION 2015 -003 RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS APPROVING FINAL MAP OF TRACT NO. 10275 —100 PROSPECT AVENUE ACCEPTING THE DEDICATIONS, AND AUTHORIZING THE TOWN MANAGER TO EXECUTE THE SUBDIVISION IMPROVEMENT AGREEMENT FOR THE CONSTRUCTION OF PUBLIC IMPROVEMENTS AND APPROVING THE REQUEST TO ADD THE NAME "SISTERS COURT" TO THE TOWN'S OFFICIAL STREET NAME LIST TO BE USED AT THE PROPOSED DEVELOPMENT. WHEREAS, on March 24, 2014, the Town Council of the Town of Los Gatos approved the Tentative Map Application M -13 -003, with conditions; and WHEREAS, those conditions required the Owner or Subdivider to do the following: 1. That prior to the delivery of said Map to the Owner of said subdivision, and prior to its recordation, the Owner or Subdivider of said subdivision shall enter into and execute an agreement between the Town of Los Gatos and the said Owner or Subdivider on that certain proposed subdivision agreement ( "Agreement ") on file in the Office of the Town Clerk, entitled, "Contract for the Improvement of Tract No. 10275 — 100 Prospect Avenue ", wherein the Owner or Subdivider in consideration of the approval of said Map by the Town and acceptance by the Town of the dedication of lands for public use therein contained, shall agree to construct and complete, within the time specified in said agreement, all street and other improvements required of Owner or Subdivider under the provisions in Chapter 27 of the Code of the Town of Los Gatos, and such other street, sewer, or other improvements designated or mentioned in the Agreement and /or and as specified in the Plans and Specifications for Tract No. 10275 — 100 Prospect Avenue. 2. That said Owner or Subdivider shall, before the release of said Final Map to Owner of Record, and as a condition precedent to the recordation thereof, furnish to the Town and file with the Town Clerk cash, or a good and sufficient bond in form to be approved by the Town Attorney, securing the faithful performance by said Owner or Subdivider of all work, and the construction of all improvements herein in the Agreement, and within the time herein specified, the amount of cash or said bond to be Seven Hundred Eighty Nine Thousand and 00 /100 Dollars ($789,000.00).