CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-1 by JPMB Investments, LLC
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. 2025-1, composed of 96 single-family homes within Tract 38128 to finance certain costs of public improvements within the development and recommend submittal to the City Council for consideration.
DISCUSSION
JPMB Investments, LLC (“Developer”) is proposing to develop 96 lots within a yet-to-be-named residential tract that sits west of Byers Road and north of Rouse Road in the City of Menifee. The Developer has requested the City of Menifee form CFD No. 2025-1 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 in the approximate amount of $6.6 million.
ATTACHMENTS
1. CFD 2025-1 Proforma Summary
2. CFD 2025-1 Project Map
3. CFD 2025-1 Proforma
4. CFD 2025-1 Boundary Map
5. CFD 2017-1 Annexation 26 Maintenance Exhibit
6. CFD 2025-1 Facilities CFD Application