CITY OF MENIFEE
SUBJECT: Security Improvement Bonds and Agreements for Tract Map 29835, Underwood by KB Home Coastal, Inc.
MEETING DATE: April 3, 2024
TO: Mayor and City Council
PREPARED BY: Chet Robinson, Principal Engineer
REVIEWED BY: Nick Fidler, Public Works Director
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------
RECOMMENDED ACTION
1. Approve and authorize the City Manager to execute an Offsite Public Improvement Agreement and Landscape Improvement Agreements to guarantee the completion of required public improvements associated with Tract Map 29835, Underwood, by KB Home Coastal, Inc., located west of Palomar Road on both the north and south sides of Rouse Road.
DISCUSSION
The Underwood project (also known as Shadow Mountain) (“Project”) is a subdivision of 514 single-family residential homes on 235.1 acres. The Project is divided into five Tract Maps (“TM”) including TM29835-1, TM29835-2, TM29835-3, TM29835-4, and TM2983-F. The Project is generally located west of Palomar Road and on both the north and south sides of Rouse Road.
KB Home Coastal, Inc., a California Corporation (“Developer”), is now requesting the approval of a Public Improvement Agreement (“PIA”) for offsite streets and drainage and two Landscape Improvement Agreements (“LIA”) for in-tract streetscapes as required by the Project’s conditions of approval. Multiple LIAs are being proposed as each landscape area Point of Connection (“POC”) has a separate plan set and may be completed at separate times. The PIA and LIAs require that improvement securities are posted to guarantee the completion of the required improvements within 24 months from the City Council approval date of the agreements.
Staff has reviewed the Developer’s request and determined that the PIA and LIAs meet the requirements of the Project’s conditions. Summaries of the bonds being posted to guarantee the required improvements are shown in the tables on the following page.
City of Menifee Staff Report
PIA and LIAs for TM29835 - Underwood
March 20, 2024
2 0
3 2
Table 1- Underwood, IP21-067, Offsite Improvements – Menifee Rd & HWY 74 Improvement Security Faithful Performance Material & Labor Streets and Drainage 30152649 $ 249,500 $ 124,750
Total $ 249,500 $ 124,750
Table 2- Underwood, IP22-071L, Public Landscape Improvements – POC8 Improvement Security Faithful Performance Material & Labor Landscape 30178060 $ 767,000 $ 383,500
Total $ 767,000 $ 383,500
Table 3- Underwood, IP22-072L, Public Landscape Improvements – POC13 Improvement Security Faithful Performance Material & Labor Landscape 30178080 $ 179,000 $ 89,500
Total $ 179,000 $ 89,500
STRATEGIC PLAN OBJECTIVE
Safe and Vibrant Community
FISCAL IMPACT
There is no fiscal impact associated with the recommended action.
ATTACHMENTS
1. Project Map
2. Agreement – Offsite Streets & Drainage
3. Bond – Offsite Streets & Drainage
4. Agreement – Landscape POC8
5. Bond – Landscape POC8
6. Agreement – Landscape POC13
7. Bond – Landscape POC13