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1979-055-Authorizing AgreementRESOLUTION NO. 1979 -55 RESOLUTION AUTHORIZING AGREEMENT. RESOLVED, by the Town Council of the Town of Los Gatos, County of Santa Clara, State of California, that the TOWN OF LOS GATOS enter into that agreement entitled, "AGREEMENT (LAND DEVELOPMENT- RELATED OBLIGATIONS) ", with MICHAEL J. and JO ANNE M. CAVALLARO, 51 University Avenue, Los Gatos, California, a General Partnership, a copy of which is attached hereto, and that the Mayor is authorized and he is hereby directed to execute said agreement in the name and in behalf of the TOWN OF LOS GATOS. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos held on the 2nd day of April , 1979, by the fol- lowing vote: AYES: COUNCIL MEMBERS Ruth Cannon, Thomas J. Ferrito, 'Mardi Gualti.eri, Joan B. Lochner NOES: COUNCIL MEMBERS None ABSTAIN: COUNCIL MEMBERS None ABSENT: COUNCIL MEMBERS Peter W. Siemens SIGNED: ATTES CLERK OF THE TOWN OF LOS GS F. AGREEMENT (Land Development- Belated Obligations) THIS AGREE:,SENT is made and entered into 4pe,1 _ , ¢ , 197f, between the TOWN OF LOS GATOS, hereinafter called "TOWN," a city, and a General Partnership, 51 University Avenue, hereinafter called "DEVELOPER," whose place of business is 16575 Camellia Terrace, Los Gatos, California, and is made with reference to the following facts: The DEVELOPER, in Proceeding No. S 77 -6, has sought permission from the TOWN under the provisions of the Town Zoning Ordinance to change the use of land in the TOWN. The land is located at 51 University Avenue. The TOWN Architecture and Site Committee has granted the per- mission, on finding that approval of the development proposal is proper if the obligations referred to in this agreement and as required in Proceeding No. S 77 -6 are met by the DEVELOPER. One of the conditions of approval of Proceeding No. S 77 -6 is that the DEVELOPER is required to repair the existing private storm drainage conduit crossing the land. The TOWN is planning to replace a portion of this conduit that crosses the adjacent Town -owned property (former S.P.R.R. property). This work is proposed to be done in conjunction with the proposed "CBD" Parking Assessment District project. It is in the best interest of the DEVELCPER and the TOWN to relocate this conduit into the street area and abandon the existing system. The advantage to the DEVELOPER will lie in removal of the conduit from its land; the advantage to the TOWN will be that the line will be more accessible for maintenance. THE PARTIES AGREE AS FOLLOWS: 1. The TCWN shall authorize the engineer of work for the CBD Parking District to prepare plans and specifications for the construction 4 1 of storm drain pipeline from the intersection of Santa Cruz Avenue and Bean Avenue, along Elm Street to University Avenue approximately 50 feet northerly of Elm Street in the manner shown on the attached Exhibit "A." 2. In conjunction with the "CBD" Assessment District proceedings, the Town shall advertise for sealed competitive bids for the work of installing the new storm drainage pipeline and shall award a contract to the lowest responsible bidder. 3. Within ten days after the award of the construction contract for the storm drainage improvements, the DEVELOPER shall either: (1) make a cash payment to the TOWN in the amount of twenty percent (20 /") of the bid amount for construction of the storm drainage improvements plus engineering costs, including cost of engineering work done before the project is bid, or, at the DEVELOPER'S election, (2) take whatever steps are necessary in cooperation with the TOWN to include the storm drainage cost as part of the assessment for the land if the land is included within the proposed "CBD" Assessment District. 4. The TOWN shall complete the construction of the storm drainage improvements by :larch 15, 1980. 5. With this agreement, the DEVELOPER is furnishing the TOWN security in the form of a cash deposit or performance bond in the amount of Six Thousand Dollars ($0,000.00) to secure the DEVELOPER'S performance of all its obligations under this agreement. After the cash payment, as outlined in Paragraph 3, is made to the TOWN or the cost is included as part of an assessment for the land, obligations of DEVELOPER pursuant to this agreement shall be considered complete and the security released by the TC'NiJ. 6. When the work is done the DEVELOPER agrees to terminate the -2- use of the existing private storm conduit. 7. If for any reason the storm drainage work cannot be included with the proposed "CBD" Assessment District, the TOWN shall have the authority to do the storm drainage construction work as a separate project, and the election provided in Part 3, subdivision (2) of this agreement shall be unavailable to the DEVELOPER. S. In the event of litigation to enforce the terms of this agreement, the prevailing party shall have its costs and reasonable attorney's fees and expenses. Interest on the total amount of any money damages, whether or not precisely ascertainable or ascertained at the time of filing of such action, will run from the date of such filing at the yearly rate of nine percent (9 %). The Six Thousand Dollar ($6,000) amount of the cash deposit or bond is an estimate of the cost of the work, but is not a limit on the principal amount of the DEVELOPER'S liability, which shall be the specified percentage of the cost of the storm drainage work. ATTEST:_ CLERJK OF THE TOWN OF LOS `ICS TOWN OF LOS GATOS by d TOWN -3- o T/ CC WPM by 14 k. D LV AY OPAIE 9. E.: 41CL "re I I A-I-E.