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2015-003 - Approve Final Map for 100 Prospect Ave Tract No. 10275RESOLUTION 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). 3. 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 setting and relocation of all monuments shown and noted on said Tract Map, and within the time herein specified, the amount of cash or said bond to be Ten Thousand and 00 /100 Dollars ($10,000.00). 4. 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 certificates or policies of public liability and property damage insurance in form satisfactory to the Town Attorney, providing public liability insurance in the amount of Five Hundred Thousand ($500,000.00) Dollars for each person, and One Million ($1,000,000.00) Dollars for each accident or occurrence, and property damage coverage of Two Hundred Thousand ($200,000.00) Dollars whereby the Town of Los Gatos, and in their capacity as such, its Council members, officers, boards, commissions, and its employees will be insured, indemnified, and held harmless from any and all claims of any kind or nature arising or resulting from the construction of said improvements or other work of subdividing within or outside the said subdivision, and /or arising or resulting from or concerning the doing or failing to do so by said Owner or Subdivider of all things required to be done in the Agreement between said Owner or Subdivider and the Town of Los Gatos. WHEREAS, on October 4, 1982, the Town Council of the Town of Los Gatos adopted a resolution (No. 1982 -175) approving the list of historic names to be used for naming new streets; and WHEREAS, the developer requests to add "Sisters Court" to the Town official street name list; and WHEREAS, the street that is proposed to be named "Sisters Court" will be a new public street that will be constructed with the project; and WHEREAS, the Owner or Subdivider has complied with the conditions of Tentative Map Application M -13 -003. NOW, THEREFORE, BE IT RESOLVED as follows: 1. That the certain Final Map of Tract No. 10275 — 100 Prospect Avenue in the Town of Los Gatos, dated December 2014, and prepared by Carlson, Barbee & Gibson, Inc. for approval by the Town Engineer of the Town of Los Gatos, is hereby approved; the Town Manager is hereby authorized to execute the Agreement with the subdivider and all offers of land for public use therein made on said map are hereby accepted. 2. The Town Council hereby designates the name "Sisters Court" for the new public street for Tract No. 10275. PASSED AND ADOPTED at a regular meeting of the Town Council held on the 20'h day of January, 2015 by the following vote: COUNCIL MEMBERS: AYES: Steve Leonardis, Rob Rennie, Marico Sayoc, Barbara Spector, Mayor Marcia Jensen NAYS: ABSENT: ABSTAIN: SIGNED: MAYOR OF THE TOWN OF LOS GATOS LOS GATOS, CA ATTEST: CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA