1. Tesoro Highlands agreements approved — funding agreement creates no Agency financial obligation
The Board approved two resolutions concerning Tesoro Highlands, a development of 696 single-family and nine multifamily units. An Acquisition Funding Agreement allows BLC Tesoro LLC to seek reimbursement for eligible water infrastructure, including a pump station, domestic water lines and two 1.2-million-gallon reservoirs, from available Community Facilities District (CFD) funding. A separate mitigation agreement secures a one-time $3.3 million developer contribution to address broader impacts on the Agency’s water system.
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