Agenda Item Wording:
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Developer Reimbursement Agreement - Authorize the City Manager to execute the reimbursement agreement for improvements to Caldwell Avenue associated with the Diamond Oaks Unit No. 1 subdivision located at the southeast corner of Caldwell Avenue and Burke Street and authorize the appropriation of $2,500,000 from the Transportation Impact Fee fund.
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Deadline for Action: 10/7/2024
Submitting Department: Community Development
Contact Name and Phone Number: Jason Huckleberry, Director of Eng & Building, (559)713-4495, jason.huckleberry@visalia.city
Department Recommendation:
Staff recommends authorizing the City Manager to execute the reimbursement agreement in the amount of $1,042,494.51 for improvements constructed along Caldwell Avenue associated with the Diamond Oaks Unit No. 1 subdivision and authorize the appropriation of $2,500,000 from the Transportation Impact Fee fund to provide for recent development reimbursements.
Background Discussion:
The Diamond Oaks Unit No. 1 residential subdivision, developed by Diamond Oaks Holdings, LLC, involved the subdivision of 19.5 acres into 54 residential lots. The project constructed improvements to Caldwell Avenue, including the installation of a new traffic signal at Caldwell Avenue and Burke Street. All improvements associated with the Diamond Oaks Unit No. 1 subdivision are complete and have been accepted by the City.
Diamond Oaks Holdings LLC entered into a Subdivision Improvement Agreement with the City for the Diamond Oaks Unit No. 1 subdivision on June 20, 2019. On June 23, 2023 Diamond Oaks Holdings LLC assigned all interest and ownership rights to D.R. Horton CA3, Inc. Prior to executing the reimbursement agreement, Diamond Oaks Holdings LLC shall provide sufficient proof to the City that D.R. Horton CA3, LLC has agreed to transfer all rights to reimbursements for the project.
Caldwell Avenue is an arterial roadway...
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