City of Menifee
Finance Committee
December 12, 2023
Menifee Valley Specific Plan
Development Agreement
Project
Location
2 Entitlement Applications
• General Plan Amendment
• Change of Zone
• Specific Plan Amendment
• Specific Plan
• Tentative Tract Map
• Development Agreement
3 Specific Plan Land Use Plan
• Residential – 1,718 Dwelling Units
• Public Facilities – 120,000 SF
• Business Park – 4.36M SF
• Commercial/Business Park – 1.15M SF
• Commercial – 560,000 SF
4 Land Use
Plan
5 “Concept”
Site Plan
Key Features
• Civic Node – fire station,
transit stop
• Public sports park – ball fields
and aquatic center
• Private clubhouse and pools
• Community farm/produce
stands/garden growing area
• Potential elementary school
• Pedestrian bridge
• Greenbelts
• Preserve Granite Hill
6 Sports Park
&
Private Rec
Center
7 Pedestrian Bridge
8 Circulation Improvements
• State Route 74
• Menifee Rd
• Briggs Rd
• Malaga Rd
• McLaughlin Rd
• Matthews/Case Rd
• McCall Blvd
Roadway
Improvements:
9 Phasing Plan
• Phase 1
o PAs 1 and 2 (Residential)
o PAs 7A, 7B, and 8A (Open Space‐Rec & ‐
Conservation and Greenbelts)
o PA 11 (Business Park)
o PA 12 (Commercial‐Business Park)
o Residential Spine St; Briggs Rd (along PAs 1, 7A and
7B); Menifee Rd (along PA 11); McLaughlin Rd; and
Malaga Rd (from Highway 74)
• Phase 2
o PAs 3, 4, 5 (Residential)
o PA 6 (School)
o PA 8B (Open Space‐Greenbelt)
o PA 10 (Business Park)
o Briggs Rd (along PAs 3 and 5) and Menifee Rd
(along PA 10)
• Phase 3
o PA 9 (Public Facility)
o PA 13 (Commercial Retail)
o Highway 74 and Menifee Rd (along PA 9)
o Pedestrian and bike‐only bridge
10 Development Agreement Deal Points
a) Term: 15 years with option for additional 5 years subject to completion of minimum 75,000 sf of commercial retail constructed along Highway 74. (this is approximately 65% of 115,000 square feet anticipated in PA13C east of Malaga). b) DIF credits for constructed facilities
c) Public Facility Site dedication of graded pad with utilities. d) Fire Station $10m cash contribution for City construction (paid in increments for design/construction with goal to have construction completed close to 1st bldg. occupancies)
e) Sports Park/Aquatics Center/Pedestrian Bridge Timing:
a. Brookfield to submit Plot Plan within 6 months of Tract Map approval creating the park lot. b. Brookfield to submit construction drawings and have approved prior to 1st production certificate of occupancy. c. Brookfield to complete construction and open to public prior to 250th residential occupancy. d. Park DIF credits but NO reimbursement available for above‐beyond facilities e. Pedestrian Bridge exception for outside agency approvals f) Paseo Timing: 8B complete prior to BP in PA 10 and 8A complete prior to 1st res occ. unless facilities in PA9 are completed then the paseos shall be completed prior to any occupancy for PA9 g) Private Rec Center/Clubhouse timing: complete prior to 1st production certificate of occupancy for the residential h) Retail Commercial timing:
a. Brookfield (or assignee) to construct and complete a minimum of 34,500 square feet (or approximately 30% of the anticipated retail commercial) prior to issuance of any building permits in Phase 2 (anticipated as Food Hall concept)
b. Allowance for further market conditions analysis should the developer/assignee not be able to perform. 11 Development Agreement Deal Points cont.
i.) Subsequent Approvals:
a. Administrative approvals by City Manager/Designee if proposals consistent with SP and all development/design standards. No variances/CUPs/additional CEQA. Authority to take to PC/CC at CM/CDD discretion. Appeal rights would still exist.
b. Allowances as follows consistent with SP Figure 2.1:
‐Residential Tract Maps
‐Commercial Plot Plans
‐Industrial Plot Plans as long as buildings do not exceed:
‐1,450,000 SF in PA 10
‐1,400,000 SF in PA 11
‐570,000 SF in PA 12
j.) Plan Check/Inspection:
a. City cannot commit to dedicated staff/consultants as this is dependent on available qualified staff
b. City to aim to process all plan checks with a 3‐2‐2 timeframe (ie 3 weeks 1st submittal/2 weeks all subsequent submittals) subject to:
a. Available staffing; and
b. Brookfield to construct/submit plans for a phased project and all submittals to include detailed memo identifying all design exceptions, responses to all comments, and presubmittal meetings with all relevant experts in attendance. 12 Development Agreement Deal Points cont.
k.) McCall Blvd. Offsite Improvements –c o n s t r u c t prior to any occupancy in Phase 2 with reimbursement for costs above Brookfield obligation to be paid back through collected fair shares, TUMF , CFD premiums, or BESS CBA funds within 3 years of completion. Project will be required to participate in future RBBD (with allowances for credits for improvements constructed)
Off‐site fair share contributions per TIA
Off‐site construction improvement timing per TIA. City to assist with eminent domain when necessary for General Plan designated roadways
13 Project Public Benefits:
Parks: $25M
a. Park DIF estimated at $1.7M to be credited
b. Construction Costs of Sports Park/Aquatic Center &
Pedestrian Bridge estimated at $20M
c. Other parks (linear, rec. ctr. Dog park) estimated at $5.5M Civic Parcel/Fire: $19.6M
a. Fire DIF estimated at $2.7M to be credited
b. Value of land estimated at $9.6M
c. Fire Station construction estimated at $10M
McCall Improvements Advance: $17M (40% Brookfield
obligation/60% to be reimbursed)
14 Other Project Economic Impacts:
• Net fiscal benefit estimated at over $1M per year to City of Menifee (general fund).
• Over 5,800 jobs
• Up to 1,700 homes
• Payment of DIF and TUMF fees estimated at over $65M.
• Development of a Community Farm valued at +/‐ $3M.
• Development of Incubator Space designed specifically for small business along Highway 74.
• Development of retail/commercial center at Highway 74 and Malaga.
15 Next Steps
• Draft EIR public review period
October 19 to December 4, 2023
• Te n t a t i v ePlanning Commission Meeting
January 10, 2024
• Te n t a t i v eCity Council Meeting
February 7, 2024
16 Questions?
Thank You.