The growing City of Folsom’s Folsom Plan Area (“FPA”) is a massive new development area, made up of approximately 3,500 acres. The FPA is envisioned to contain over 10,000 residential units and over 5 million square feet of non-residential buildings, including office and retail.
The City is using CFD financing to fund a portion of the estimated $877 million backbone infrastructure and public facilities necessary to serve the FPA at build-out, and needed support, experience and expertise to forge ahead.
Along those lines, we worked closely with city staff, legal counsel, and stakeholders to develop creative but solid solutions. NBS has assisted in the development of a financing structure that will allow for a consistent special tax per EDU for all FPA-wide improvements and services, increased flexibility in the debt service structure, and minimizes the number of line items on the future homeowner’s property tax bill.
The City staff, City Council, and other stakeholders continue to be able to move forward with this large project area.
For more information, please contact: Greg Davidson, Director, gdavidson@nbsgov.com.