Agenda Item Wording:
title
Notice of Completion - Request authorization to file a notice of completion for the Victory Oaks Phase 2 subdivision located on the north side of Ferguson Avenue approximately 800 feet west of Demaree Street; containing 44 residential lots.
body
Prepared by:
Edelma Gonzalez, Associate Engineer, edelma.gonzalez@visalia.city, (559)713-4364; Jason Huckleberry, Engineering & Building Department Director, Jason.huckleberry@visalia.city , (559) 713-4495
Department Recommendation: Staff recommends that Council authorize the filing of a Notice of Completion for the Victory Oaks Phase 2 subdivision.
Summary:
All of the improvements required for this subdivision have been completed and are ready for acceptance by the City Engineer. The Victory Oaks Phase 2 subdivision was developed by VOV Capital LP, A California Limited Partnership, and contains 44 single family residential lots.
The developer has submitted a maintenance bond in the amount of $160,145.12 to guarantee the improvements against defects for one year. Staff recommends that authorization be given to file the Notice of Completion.
Background Discussion:
The City Council authorized the recording of the final map for the Victory Oaks Phase 2 subdivision on November 4, 2024. All bonds and cash payments, as identified in the subdivision agreement, were received by the City at that time. As required by the subdivision agreement, a maintenance bond valued at 10% of the cost of the public improvements has been submitted prior to recording of the Notice of Completion. The Maintenance Bond is held for one year after the recording and acts as a warranty for the public improvements installed in accordance with the subdivision agreement.
Fiscal Impact: : By authorizing this Notice of Completion, the City of Visalia will incorporate the identified public improvements into normal routine maintenance plans and procedures following the one-year maintenance period. This will have a nomin...
Click here for full text