Agenda Item Wording:
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Developer Reimbursement Agreement - Authorize the City Manager to execute a development reimbursement agreement with TMT for arterial roadway improvements constructed with the Visalia Oaks Marketplace development located at the southeast corner of Visalia Parkway and Mooney Boulevard and authorize additional appropriation of $1.2 million from the Transportation Impact Fee Fund for Fiscal Year 2025/2026.
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Prepared by:
Adrian Rubalcaba, Sr Project Manager, (559)713-4507, Adrian.rubalcaba@visalia.city
Jason Huckleberry, Director of Eng & Bldg, (559) 713-4495, jason.huckleberry@visalia.city
Department Recommendation:
The Engineering and Building Department recommends that Council authorize the City Manager to execute the development reimbursement agreement with TMT, LLC for arterial roadway improvements constructed with the Visalia Oaks Marketplace commercial development totaling $2,301,664.07 and authorize an additional appropriation of $1.2 from the Transportation Impact Fee Fund for FY 25/26.
Summary:
The Visalia Oaks Marketplace is situated at the southeast corner of Mooney Blvd and Visalia Parkway and was developed by TMT, LLC In accordance with City requirements, the project constructed arterial and collector frontage improvements along Visalia Parkway, Mooney Blvd (State Route 63), and Mid Valley Avenue. All improvements associated with the Visalia Oaks Marketplace are complete and have been accepted by the City.
The developer seeks reimbursements totaling $2,301,664.07 for improvements constructed and right of dedications with the project in accordance with the City's Transportation Impact Fee program. The attached Exhibit 1 of this staff report details the reimbursable components of the project. All reimbursement costs have been reviewed and approved by the City's internal Developer Reimbursement Review Committee (DRRC) comprised of management staff from the Finance Department, Planning & Community Preservation Depar...
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