CITY OF MENIFEE
SUBJECT: Proposed amendment to the Development Agreement with Pulte Home Company LLC. for the Cimarron Ridge
development (Cimarron Ridge Specific Plan)
MEETING DATE: February 13, 2024
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 Amendment No. 2 for the existing Development Agreement between the City of Menifee and Pulte Home Company LLC. dated June 7, 2017, for the Cimarron Ridge development and recommend submittal to the City Council for approval.
DISCUSSION
The City of Menifee and Cimarron Ridge, LLC entered into a Development Agreement for the Cimarron Ridge project on June 7, 2017. Pulte Home Company LLC, subsequently is the successor-in-interest to the rights and obligations of Cimarron Ridge, LLC. related to the Development Agreement. Most recently, in May of 2023, a Minor Amendment to the Development Agreement was executed to adjust the timing of completion of specific travel way improvements.
On October 12, 2022, Pulte Home submitted applications for a Specific Plan Amendment and modifications to the approved Tentative Tract Maps (TTM) to allow for the following:
•Planning Areas 5 and 6 to be developed as a private, gated, age-restricted active adult communities with private recreation amenities.
•Relocation of the public community park from Planning Area 5 to Planning Area 4 As a result of the proposed Specific Plan Amendment and TTM revisions, an amendment to the Development Agreement was necessary to update provisions related to the community park. The approved Development Agreement included significant details regarding the community park as previously proposed in Planning Area 5. The DA amendment includes revisions to be consistent with the park relocation to Planning Area 4. There are no proposed changes to any material terms or public benefits previously negotiated in the approved Development Agreement.
City of Menifee Staff Report
Proposed amendment to the Development Agreement with Pulte Homes for the Cimarron Ridge development
February 13, 2024
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Upon review and recommendation by the Finance Committee, the proposed Amendment No. 2 will be presented for City Council consideration.
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
ATTACHMENTS
1. Proposed Amendment No. 2 to Development Agreement
2. Executed Amendment No. 1 to Development Agreement
3. Executed Development Agreement