CITY OF MENIFEE
SUBJECT: Tract Map, Agreements, and Bonds for Tract Map 38303, Menifee Valley, by Minor Ranch LLC
MEETING DATE: November 6, 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
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RECOMMENDED ACTION
1. Approve and authorize the filing of Tract Map 38303, Menifee Valley, by Minor Ranch LLC, located east of Menifee Road, west of Briggs Road, south of Highway 74, and north of Matthews Road; and
2. Approve and authorize the City Manager to execute a Subdivision Improvement Agreement to guarantee completion of required backbone public improvements associated with Tract Map 38303; and
3. Approve and authorize the City Manager to execute a Lien Agreement to provide a guarantee for the backbone public improvements for the frontage along Highway 74 and Briggs Road.
DISCUSSION
Tract Map 38303 (TM38303), also known as Menifee Valley (“Project”), is a proposed subdivision of 594.6 gross acres of land into 11 lots for industrial, commercial, and residential purposes. The Project is located east of Menifee Road, west of Briggs Road, south of Highway 74 and north of Matthews Road.
Minor Ranch LLC, a Delaware limited liability company, (“Developer”) is now requesting approval and filing of TM38303 and approval of the associated Subdivision Improvement Agreement (SIA) as required by the Project’s conditions of approval. The SIA requires that improvement securities are posted to guarantee the completion of the required onsite and offsite improvements. The SIA requires that backbone public improvements be completed within 24 months from the date of City Council approval.
City of Menifee Staff Report
Tract Map 38303 Menifee Valley
November 6, 2024
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The Developer has provided bonds as a security for the backbone public improvements that have plans with quantities for bonding. For public improvements on the Project frontage along Briggs Road and Highway 74, a lien agreement is being proposed as a guarantee for the public improvements. The Developer intends to replace the lien agreement with bonds once the Project plans have sufficient details to prepare bond forms.
Staff has reviewed the Developer’s request and determined that the SIA, bonds and lien agreement meet the requirements of the Project’s conditions of approval. A summary of the securities being posted to guarantee the required improvements are shown in the tables below.
TABLE 1 – MONUMENT BOND
Improvement Security Monument Bond
Monuments TM38303 30225078 $ 43,200
Total $ 43,200
TABLE 2 – BACKBONE PUBLIC IMPROVEMENTS BONDS
Improvement Security Faithful
Performance
Labor &
Materials
Streets and Drainage
Menifee Road TCS0172691 $ 1,726,000 $ 863,000
Streets and Drainage
Interior Backbone TCS0172693 $ 6,358,000 $ 3,179,000 Drainage – Riverside County Flood
Control TCS0172690 $ 10,599,000 $ 5,299,500
Domestic Water System BDTO500218024 $ 1,299,000 $ 649,500 Recycled Water System –
Menifee Road & McLaughlin Road TCS0172692 $ 3,041,000 $ 1,520,500 Recycled Water System –
Malaga Road BDTO500220024 $ 880,000 $ 440,000 Sewer System BDTO500219024 $ 542,000 $ 271,000 Total $ 24,445,000 $ 12,222,500
TABLE 3 – LIEN AGREEMENT FOR BACKBONE PUBLIC IMPROVEMENTS ON BRIGGS ROAD AND HWY 74
Improvement Security Lien Amount
Streets and Drainage – HWY 74 Lien Agreement $ 6,630,000 Streets and Drainage – Briggs Road Lien Agreement $ 3,998,000 Total $ 10,628,000
The total securities required for all improvements have been provided by the Developer in the total amount of $35,116,200.
STRATEGIC PLAN OBJECTIVE
Safe and Vibrant Community
City of Menifee Staff Report
Tract Map 38303 Menifee Valley
November 6, 2024
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FISCAL IMPACT
There is no fiscal impact associated with the recommended action. The Developer has paid all necessary fees associated with review of TM38303. The Developer would be required to annex into the City’s Community Facilities District (CFD) for maintenance services as the Project parcels develop. Upon completion of the improvements, and subsequent acceptance by the City, ongoing maintenance costs for the improvements would be supported through future fiscal year property assessments levies via the future CFD annexation.
ATTACHMENTS
1. Project Map
2. Tract Map
3. Subdivision Improvement Agreement
4. Bond – Monuments
5. Bond – Streets/Drainage - Menifee Road
6. Bond – Streets/Drainage – Interior Streets
7. Bond – Drainage – Flood Control
8. Bond – Water
9. Bond – Recycled Water – Menifee Road/McLaughlin Road
10. Bond – Recycled Water – Malaga Road
11. Bond - Sewer
12. Lien Agreement