Council approves development agreement for Folsom Fields 3rd Addition with escrow requirement
Council approved a development agreement for Folsom Fields 3rd Addition (two‑phase project) that requires the developer to post a letter of credit or cash escrow before work begins; staff also noted escrow already submitted to cover initial engineering and administrative costs.
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Staff presented a development agreement for Folsom Fields 3rd Addition, explaining the developer must submit a letter of credit or cash escrow before any construction begins and the exact amount will be set following city engineer review of the developer's opinion of cost. Phase one will be 31 lots and phase two an additional 21 lots; staff recommended a reduced parkland fee for phase one because of proximity to a recently updated 6.41‑acre park.
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