CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-4, Heritage Village, by Foremost Pacific Group
MEETING DATE: November 12, 2024
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G Villa, City Manager
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RECOMMENDED ACTION
1. Review the proposed Community Facilities District (“CFD”) No. 2025-4, Heritage Village, to finance certain costs of public improvements for the development of 162 townhomes located north of Rouse Road and west of Menifee Road and recommend submittal to the City Council for consideration.
DISCUSSION
The developer, Foremost Pacific Group, is proposing to develop 162 townhomes on land that sits north of Rouse Road and west of Menifee Road in the City of Menifee. Foremost Pacific Group has requested that the City form CFD No. 2025-4 in accordance with the Mello-Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements within the development would be financed by the levy of a special tax and the issuance of bonds, totaling in approximately $8.1 million.
ATTACHMENTS
1. CFD 2025-4 Proforma Summary
2. CFD 2025-4 Project Map
3. CFD 2025-4 Proforma
4. CFD 2025-4 Boundary Map
5. CFD 2017-1 Annexation 29 Maintenance Exhibit
6. CFD 2025-4 Facilities CFD Application