Menifee Finance Committee
July 9, 2024
City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4 MINUTES
Finance Committee
Regular Meeting
Minutes
Tuesday, July 9, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna Aguilar, Management Analyst
REGULAR MEETING (2:00 PM)
1. CALL TO ORDER
Councilmember Sobek called the meeting to order at 2:03 PM.
2. ROLL CALL
Present: Dean Deines and Lesa Sobek
3. PRESENTATIONS – NONE
4. PUBLIC COMMENTS (NONAGENDA ITEMS)
None.
5. APPROVAL OF MINUTES
The Committee approved the following sets of minutes unanimously.
5.1 November 7, 2023 Minutes
5.2 December 12, 2023 Minutes
5.3 February 13, 2024 Minutes
5.4 March 26, 2024 Minutes
5.5 May 7, 2024 Minutes
6. DISCUSSION ITEMS
6.1 Creation of an Underwriters Pool for LandSecured Community Facility District Bond Issuance
Chief Financial Officer Travis Hickey introduced the item and Consultant Branden Kfoury with Urban Futures was available for any questions. Staff pr ovided a PowerPoint presentation to the Finance Committee to review the CFD Underwriter’s RFP and selection.
Mayor ProTem Deines requested the item be brought back in three years for future assessment.
Menifee Finance Committee
July 9, 2024
Mover: Dean Deines
Seconder: Lesa Sobek
ACTION
1. Received report on CFD Underwriters Pool and intended selection for two upcoming bond issuances and;
2. Recommended using established CFD Underwriter’s Pool on a rotating basis.
6.2 Proposed Bond Issuance for Community Facilities District No. 20231, Rockport Ranch
Chief Financial Officer Travis Hickey introduced the item and Consultant Shane Spicer with Spicer Consulting was available for any questions.
Mover: Lesa Sobek
Seconder: Dean Deines
ACTION
1. Reviewed the proposed bond issuance request for Community Facilities District No. 20231, Rockport Ranch, by Lennar Homes, located at the southwest corner of Newport Road and Briggs Road to finance the costs of certain public improvements.
6.3 Proposed Change to Community Facilities District No. 20223, Legado, by BLC Fleming
Chief Financial Officer Travis Hickey introduced the item to the Committee.
Councilmembers Deines and Sobek had questions on who would be responsible for the construction of community parks and community facilities. Consultants Shane Spicer from Spicer Consulting and Jim Zimmerman of Zimmerman Group were able to address these questions.
Mover: Dean Deines
Seconder: Lesa Sobek
ACTION
1. Reviewed the changes for Community Facilities District 20223, located northwest of Antelope Road and Chambers Avenue and south of Rouse Road, proposed by BLC Fleming, to amend the financing plan and for certain public improvements within the residential development and recommended submittal to the City Council for consideration.
6.4 Annual Update on Community Facility District Related Bond Premiums Deputy Finance Director Margarita Cornejo introduced the item to the Committee.
Committee members requested that staff consult with Councilmembers prior to allocating funds to a project within a specific district.
Deputy Finance Director Margarita Cornejo suggested that CFD funds should be highlighted at future budget workshops for the public, staff and City Council to review.
Mover: Lesa Sobek
Seconder: Dean Deines
ACTION
1. Received annual report with updated details on Community Facility District and bond premiums.
7. STAFF COMMENTS
None.
8. COMMITTEE MEMBER UPDATES AND COMMENTS
None.
9. FUTURE AGENDA ITEMS
None.
10. ADOURNMENT
The meeting was called to adjournment by Committee Member Sobek at 2:57 PM.
Meeting Clerk
Menifee Finance Committee
July 9, 2024