The buyers of 18 future custom homes along Woodward Avenue expected to be built sometime in the next three years will ultimately pay $100,530 in a public safety endowment fees.
It will be added to an existing endowment fund that was proposed and funded by developers of new homes. One of Manteca’s existing police officers has their salary paid from interest from the endowment. As new home starts add money to the fund, interest is expected to allow the city to add another police officer using interest from the endowment fund.
The subdivision known as Lundbom Estates will consist of five acres divided into 18 lots for custom homes on the south side of Woodward Avenue about midway between Pillsbury Road and Adora Drive at the entrance to the Tesoro neighborhood.
The endowment fee is $5,585 per house. Another $103,446 in unrestricted bonus bucks that are paid for sewer allocation certainty will be available for the city to use for amenities. The rate is $5,747 per house.
Altogether more than $330,000 in development fees above and beyond connection fees and such will be paid when the development is completed.
The City Council on Tuesday approved the development agreement for the project.
Project consultant Ron Cheek of RLC Associates said the expectation is to start building custom homes within two to three years.
It will be added to an existing endowment fund that was proposed and funded by developers of new homes. One of Manteca’s existing police officers has their salary paid from interest from the endowment. As new home starts add money to the fund, interest is expected to allow the city to add another police officer using interest from the endowment fund.
The subdivision known as Lundbom Estates will consist of five acres divided into 18 lots for custom homes on the south side of Woodward Avenue about midway between Pillsbury Road and Adora Drive at the entrance to the Tesoro neighborhood.
The endowment fee is $5,585 per house. Another $103,446 in unrestricted bonus bucks that are paid for sewer allocation certainty will be available for the city to use for amenities. The rate is $5,747 per house.
Altogether more than $330,000 in development fees above and beyond connection fees and such will be paid when the development is completed.
The City Council on Tuesday approved the development agreement for the project.
Project consultant Ron Cheek of RLC Associates said the expectation is to start building custom homes within two to three years.
