CITY OF MENIFEE
SUBJECT: Proposed Development Agreement with Brookfield for the Menifee Valley Specific Plan Project
MEETING DATE: December 12, 2023
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Finance Director REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Rebekah Kramer, Acting City Manager
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RECOMMENDED ACTION
1. Review the proposed Development Agreement deal points between the City of Menifee and Brookfield for the Menifee Valley Specific Plan Project for the development of approximately 578 acres of land and recommend submittal to Planning Commission and City Council for approval.
DISCUSSION
The Menifee Valley Specific Plan is generally located in the northeast area of the City bound by Highway 74 on the north, Menifee Road on the west, Matthews/Case Road on the south and Briggs Road on the east. Brookfield desires to develop the property with an array of housing types and neighborhood amenities, including greenbelts, trails, a public sports park, open space, and an elementary school within the southerly and easterly portions of the Property and civic node public facilities, business park, commercial business park, and commercial areas within the northerly and westerly portions of the Property. The Specific Plan establishes a land use plan, designation of planning areas, development standards, architectural design guidelines and landscape design guidelines for development of a maximum of 1,718 dwelling units, 120,000 square feet of public facilities, 4.36 million square feet for a business park, 1.15 million square feet of commercial/business park, 560,000 square feet (SF) of commercial/incubator, and additional features and amenities on the Property. In addition to a Specific Plan, the project also includes a Specific Plan amendment to remove the property from the Heritage Lake Specific Plan, Tentative Tract Map to subdivide the property into larger planning areas, Development Agreement, and an Environmental Impact Report.
The proposed Development Agreement with Brookfield provides for the following key points:
•15-year agreement with option for an additional 5 years subject to completion of minimum 75,000 SF of commercial retail.
City of Menifee Staff Report
Proposed Development Agreement with Brookfield for the Menifee Valley Specific Plan Project December 12, 2023
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•Development Impact Fees (DIF) credits based on facility construction. •Public facility site dedication of graded pad with utilities. •Fire Station cash contribution for City construction of station. •Pre-established timelines for completion of sports park, aquatics center, pedestrian bridge, paseos, private recreation center/clubhouse, and retail commercial spaces. •Administrative approvals and allowances for subsequent approvals with specific conditions.
•Plan Check/inspection effort to maintain 3-2-2 timeframe. •Transportation improvements constructed pursuant to specific development milestones.
Following the review of the proposed deal points of the development agreement with Brookfield, and recommendation of the Finance Committee, the next steps would include submittal of the agreement to the Planning Commission (anticipated January 2024) and City Council (anticipated February 2024).
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
ATTACHMENTS
1. Project Site Map
2. Presentation Slides