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Council approves $2.856 million reimbursement agreement for F‑Street infrastructure
Summary
The council approved a reimbursement agreement with Tesoro Homes Inc. to repay $2,856,246.60 for infrastructure installed in the F Street Corridor specific-plan area, with costs split between the city’s capital facilities fee and the plan-area fee; vote passed 4-1.
The Oakdale City Council on Feb. 18 approved a reimbursement agreement with Tesoro Homes Inc. that will repay the developer $2,856,246.60 for infrastructure improvements installed in the F Street Corridor specific-plan area.
Staff said the financed elements included streets ($2,200,000 approx.), water ($265,000), sewer ($131,000) and storm drainage ($211,000). The repayment is structured through a split of capital facilities fees (CFF) and plan-area fees (PAF): about 35%…
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