City Council approves agreement with Toll Brothers in Folsom Ranch

The Folsom City Council on Tuesday approved an infrastructure payment agreement with Folsom Ranch developer Toll Brothers for Phase 3 of the project. The Toll Brothers Phase 3 subdivision is generally located on the west side of East Bidwell Street, north of White Rock Road and adjacent to Oak Avenue Parkway south of Highway 50. The 2014 Folsom Plan Area Specific Plan includes an $877 million Public Facilities Financing Plan that includes the necessary backbone infrastructure and public facility requirements. The plan includes a comprehensive financing strategy that sets forth the estimated time horizon for development in Folsom Ranch, staff said. The Toll Brothers Phase 3A and 3B subdivision is included in the Folsom Plan Area Specific Plan and is set for 260 residential units in two villages, including 218 single-family, high-density lots and 42 multi-family, low-density lots, according to the report. The area includes elementary and middle school sites, a future park site and various open space parcels. The Toll Brothers Phase 3A and 3B subdivision is required to construct various on-site and off-site roadway and utility infrastructure and other necessary public improvements. Special tax revenues generated will fund a portion, or in some cases all, of the Phase 3 share of backbone infrastructure, public facilities, environmental mitigation and engineering cost, staff said. The roadway and utility infrastructure for the subdivision includes portions of Oak Avenue Parkway, Mangini Parkway, Manzarita Way and Gateway Drive. The City Council approved an acquisition and shortfall agreement with Toll Brothers as part of the non-controversial, consent agenda.