Agenda packet — Finance Committee, December 10, 2024

City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4
AGENDA
Finance Committee
Regular Meeting Agenda
Tuesday, December 10, 2024
1:30 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna A. Aguilar, Meeting Clerk
REGULAR MEETING (1:30 PM)

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

4. PUBLIC COMMENTS (NONAGENDA ITEMS)
This is the time for members of the public to address the Committee Members about items which are NOT listed on the agenda. The Ralph M. Brown Act limits the Committee’s ability to respon d to comments on nonagendized matters at the time such comments are made. Each speaker will be limited to three minutes on any single item.

5. APPROVAL OF MINUTES

5.1 November 12, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Proposed amendment to the Development Agreement with Pulte Home Company, LLC. for the Cimarron Ridge Development (Cimarron Ridge Specific Plan) RECOMMENDED ACTION

1. Review the proposed Amendment No. 3 for the existing Development Agreement between the City of Menifee and Pulte Home Company, LLC. dated June 7, 2017, for the Cimarron Ridge Development and recommend submittal to the City Council for approval.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

10. ADJOURNMENT
Decorum Policy Notes
The Committee anticipates and encourages public participation at its meetings, both on agenda items and during the public comments period. Please turn your cell phones off, refrain from talking in the audience or outbursts that may be disruptive. We encourage participation and ask for a mutual respect for the proceedings.

Staff Reports
Materials related to an item on this agenda, including those submitted to the Committee after distribution of the agenda packet, are available for public inspection by contacting the City Clerk Department, at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours.

Compliance with the Americans with Disabilities Act
If you need special assistance to participate in this meeting, you should contact the City Clerk Department at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours. Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting.

Menifee Finance Committee
December 10, 2024

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1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

5. APPROVAL OF MINUTES

5.1 November 12, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Proposed amendment to the Development Agreement with Pulte Home Company, LLC. for the Cimarron Ridge Development (Cimarron Ridge Specific Plan) RECOMMENDED ACTION

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

Menifee Finance Committee
December 10, 2024

Page 2 of 96 ends

City Council Chambers
29844 Haun Road
Menifee, CA 92586

Lesa Sobek, District 3
Dean Deines, District 4

MINUTES
Finance Committee
Regular Meeting Minutes

Tuesday, November 12, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna A. Aguilar, Meeting Clerk

REGULAR MEETING (2:00 PM)

1. CALL TO ORDER

Mayor Pro Tem Deines called the meeting to order at 2:00 PM.

2. ROLL CALL

3. PRESENTATIONS NONE

4. PUBLIC COMMENTS (NONAGENDA ITEMS)

None.

5. APPROVAL OF MINUTES

5.1 September 10, 2024, Minutes

The minutes were approved unanimously (20).

6. DISCUSSION ITEMS

6.1 Fiscal Year 2023/24 Annual Financial Audit Update
ACTION

1. Received and filed the City of Menifee Annual Financial Audit Process Overview Presentation for Fiscal Year 2023/24; and

2. Provided feedback on future year(s) financial audit updates.

Chief Financial Officer Travis Hickey introduced the item. Malody & Scott, LLP Manager Evelyn MorentinBarcena and Scott Manno provided a brief overview on the Fiscal Year 2023/24 Annual Financial Audit Update. The Finance Committee requested to see the audit only if there are any changes or findings.

Item: 5.1
Item Page Number: 1
Menifee Finance Committee December 10, 2024 Page 3 of 96

6.2 Proposed Formation of Community Facilities District No. 20251 by JPMB Investments, LLC
ACTION

1. Reviewed the proposed Community Facilities District (“CFD”) No. 20251, composed of 96 singlefamily homes within Tract 38128 to finance certain costs of public improvements within the development and recommend submittal to the City Council for consideration.

Chief Financial Officer Travis Hickey introduced the item and consultant Shane Spicer.

Mr. Spicer provided a presentation.

6.3 Proposed Formation of Community Facilities District No. 20252, Quartz Trail, by Lennar Homes
ACTION

1. Reviewed the proposed Community Facilities District (“CFD”) No. 20252, Quartz Trail, by Lennar Homes to finance certain costs of public improvements for the development of a residential tract containing 80 lots located north of Corson Avenue and east of Evans Road and recommend submittal to the City Council for consideration.

Chief Financial Officer Travis Hickey introduced the item and consultant Shane Spicer provided a presentation.

6.4 Proposed Formation of Community Facilities District No. 20254, Heritage Village, by Foremost Pacific Group
ACTION

1. Reviewed the proposed Community Facilities District (“CFD”) No. 20254, 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.

Chief Financial Officer Travis Hickey introduced the item and consultant Shane Spicer provided a presentation.

6.5 Proposed Bond Issuance for Community Facilities District No. 20232 Improvement Area 1, Cimarron Ridge
ACTION

1. Reviewed the proposed bond issuance request for Community Facilities District (“CFD”) No. 20232 Improvement Area 1, Cimarron Ridge by Pulte Homes, to finance the costs of certain public improvements in connection with the development of 424 homes in a community located south of Rouse Road and west of Byers Road within the City of Menifee; and

2. Recommended that the Finance Department proceed with the preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council at a future City Council meeting.

Chief Financial Officer Travis Hickey introduced the item and consultant Shane Spicer.

Mr. Spicer provided a presentation.

Item: 5.1
Item Page Number: 2
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7. STAFF COMMENTS

The Committee set the next meeting date for January 21, 2025, at 2:00 PM.

8. COMMITTEE MEMBER UPDATES AND COMMENTS
None.

9. FUTURE AGENDA ITEMS

None.

10. ADJOURNMENT
Mayor Pro Tem Deines adjourned the meeting at 2:56 PM.

Item: 5.1
Item Page Number: 3
Menifee Finance Committee December 10, 2024 Page 5 of 96

CITY OF MENIFEE
SUBJECT: Proposed amendment to the Development Agreement with Pulte Home Company, LLC. for the Cimarron Ridge
Development (Cimarron Ridge Specific Plan)
MEETING DATE: December 10, 2024
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Finance Director REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed Amendment No. 3 for the existing Development Agreement (“DA”) between the City of Menifee and Pulte Home Company, LLC. dated June 7, 2017, for the Cimarron Ridge Development and recommend submittal to the City Council for approval.

DISCUSSION
The City of Menifee and Cimarron Ridge, LLC entered into a DA for the Cimarron Ridge project on June 7, 2017. Pulte Home Company, LLC., subsequently is the successor-in-interest to the rights and obligations of Cimarron Ridge, LLC. related to the DA. In May of 2023, a Minor Amendment to the DA was executed to adjust the timing of completion of specific travel way improvements. Most recently, on April 3, 2024, the City Council approved Amendment No. 2 to update provisions related to the community park relocation to Planning Area 4.

On October 28, 2024, Pulte Home Company, LLC. submitted an application for Amendment No. 3 to the DA to allow for the following:
•Adjust timing of the completion/construction of the Community Park from the issuance of 485 building permits to the issuance of 635 building permits •Allow for 20 occupancies (home closings) within Planning Area 6 prior to completion of McLaughlin Road improvements
•Additional community benefit to construct an interim connection of the Valley Boulevard missing link from just south of Chambers Avenue to connect to McCall Boulevard (anticipated $300,000 fiscal impact/benefit)
Item: 6.1
Item Page Number: 1
Menifee Finance Committee December 10, 2024 Page 6 of 96

City of Menifee Staff Report
Proposed amendment to the Development Agreement with Pulte Home Company LLC. for the Cimarron Ridge development (Cimarron Ridge Specific Plan) December 10, 2024

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2 4
8 3
Pulte Home Company, LLC. is requesting a deferral of the park construction timing based on the timing of the previously approved DA amendment #2 to relocate the park from Planning Area 5 to Planning Area 4. The construction plans could not be completed and processed for review by City staff until after the Council approval of the new park location. Plans have been reviewed and are anticipated to be approved early next year (approximately March 1, 2025). The developer anticipates a 12-month construction period and has committed to begin construction immediately following plan approval. Allowing for unforeseen issues, staff recommends requiring the park be completed no later than June 1, 2026 and open to the public. No changes or removal of previously agreed upon park amenities are proposed. While the change from the 485th building permit (64% of total project) to 635th building permit (84% of total project) is higher/later in the development process than what has been standard for master planned communities in Menifee, the developer has provided the necessary bonding for the park and has committed to move forward expeditiously. Should the amendment not be approved, the project would be subject to delays in production. Currently, approximately 376 building permits have already been issued. As it relates to occupancies, in general we estimate that 635 building permits equates to 535 occupied homes.

In addition, Pulte is requesting an allowance of 20 home closings/occupancies within Planning Area 6 prior to the completion of the improvements on McLaughlin Road. The applicant has experienced construction delays and anticipates completion by March 2025 with homes to be completed and ready for sale in February 2025.

Associated with the above requests, Pulte has included an additional community benefit to construct a 730-foot section of Valley Boulevard from just south of Chambers Avenue to connect to McCall Boulevard (‘missing link’). The roadway would be constructed in an interim configuration and is proposed to include a 32-foot roadway section to match the current roadway south of McCall Blvd., with 8” AC berms on each side of the roadway. No sidewalks would be constructed as there are no sidewalks to connect to south of McCall. In order to facilitate this improvement, the City would need to acquire the necessary right of way from one property owner.

Staff recommends the construction of the missing link to be completed by December 2025, with allowable reasonable extension should the City experience delays in acquiring the right of way Upon review and recommendation by the Finance Committee, the proposed Amendment No. 3 would be presented for City Council consideration.

FISCAL IMPACT
Should the proposed amendment be approved, the right-of-way acquisition to facilitate the interim Valley Boulevard missing link roadway connection would be the City’s responsibility.

This project is included in the City’s Capital Improvement Program as CIP 22-02: Valley Boulevard Widening and Missing Links and funds for ROW acquisition have been allocated within accounts 2526-55-PWD-CIPS-760000 and 2415-55-PWD-CIPS-760000.

Item: 6.1
Item Page Number: 2
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City of Menifee Staff Report
Proposed amendment to the Development Agreement with Pulte Home Company LLC. for the Cimarron Ridge development (Cimarron Ridge Specific Plan) December 10, 2024

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2 4
8 3

ATTACHMENTS

1. Proposed Amendment No. 3 to Development Agreement

2. Executed Amendment No. 2 to Development Agreement

3. Executed Amendment No. 1 to Development Agreement

4. Executed Cimarron Ridge Development Agreement
Item: 6.1
Item Page Number: 3
Menifee Finance Committee December 10, 2024 Page 8 of 96

1 RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:

City of Menifee
29714 Haun Road
Menifee, California 92586
Attn: City Clerk
Exempt from Fees Per Gov. Code § 6103
_____________________________________________________________________________ Space above this line for Recorder’s Use Only
AMENDMENT NO. 3 TO THE DEVELOPMENT AGREEMENT

BY AND BETWEEN

CITY OF MENIFEE
AND

CIMARRON RIDGE, LLC

REGARDING THE CIMARRON RIDGE SPECIFIC PLAN PROJECT
This Amendment No. 3 to the Development Agreement by and between City of Menifee and Cimarron Ridge, LLC (the “Third Amendment”) is entered into as of the _____ day of _____, 2025 (“Effective Date”) by and between the CITY OF MENIFEE, a California municipal corporation (“City”), and PULTE HOME COMPANY, LLC, a Michigan limited liability company, who is the successor-in-interest to Cimarron Ridge, LLC (“Developer”), and is made with reference to the following facts and objectives:

R E C I T A L S
A. On or about June 7, 2017, the City and Cimarron Ridge, LLC entered into that certain Development Agreement By and Between City of Menifee and Cimarron Ridge, LLC Regarding the Cimarron Ridge Specific Plan Project (“Original DA”).

B. On or about May 11, 2023, the City and Cimarron Ridge, LLC entered into that certain “Minor Amendment to the Development Agreement By and Between City of Menifee and Cimarron Ridge, LLC Regarding the Cimarron Ridge Specific Plan Project” (“First Amendment”) to adjust the timing for completion of travel way improvements to Goetz Road from Thorton to White Quartz, and to White Quartz from Thorton to Goetz Road; C. On or about July 16, 2021, Developer became the successor in interest to the rights and obligations of Cimarron Ridge, LLC under the Original DA, as revised by the First Amendment. The Parties contemplate that an assignment and assumption agreement in the form Item: 6.1
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Menifee Finance Committee December 10, 2024 Page 9 of 96

2 attached as Exhibit C to the Original DA will be reviewed and acted upon concurrent with the City’s review and action on this Third Amendment.

D. On or about _________, 2024, the City and Developer entered into that certain Amendment No. 2 to the Development Agreement by and between City of Menifee and Cimarron Ridge, LLC (the “Second Amendment”), which accompanied a Specific Plan Amendment, which together revised the Project Approvals (as that term is defined in the Original DA) to develop Planning Areas 5 and 6 (as defined in the Cimarron Ridge Specific Plan No. 2013-247) as a private and gated age-restricted, active adult community with certain private recreational amenities, and to relocate the public neighborhood park from Planning Area 5 to Planning Area 4 (each as defined in the Cimarron Ridge Specific Plan No. 2013-247), and to revise the phasing plan for the timing and sequencing of developing the remaining Planning Areas as defined in the Cimarron Ridge Specific Plan No. 2013-247 so that they can proceed concurrently (collectively, the “2024 Specific Plan Amendment”).

E. Prior to and continuing after City approval of the 2024 Specific Plan Amendment, Developer has encountered substantial delays outside of its control, and as a result, Developer has requested that the City agree to (1) allow up to twenty (20) home occupancies in Planning Area 6 prior to completion of the McLaughlin Road improvements, and (2) increase the number of building permits in the Project that may be issued prior to completion of the Sports Park 4 from four hundred eighty-five (485) permits to six hundred thirty-five (635) permits. The City desires to acoomodate Developer’s request to facilitate the continued successful development of the Project and provision of additional housing in the City, and therefore, the parties now desire to amend the Original DA (as already amended by the First Amendment and Second Amendment) as set forth in this Third Amendment;
In consideration of the foregoing and pursuant to Section 6.1 of the Development Agreement, the Development Agreement is hereby further amended as follows:

AGREEMENT

1.Use of Capitalized Terms. Unless otherwise defined herein, capitalized terms used in this Third Amendment shall have the meaning assigned to such terms in the Original DA.

2.“Agreement” References. Unless the context requires otherwise, references to the “Agreement” or the “Development Agreement” in this Third Amendment shall mean and refer to the Original DA as amended by the First Amendment, Second Amendment, and this Third Amendment.

3.McLaughlin Road Improvements. Developer may obtain from City up to twenty (20) certificates of occupancy in Planning Area 6 prior to completion of the McLaughlin Road improvements so long as, in the reasonable judgment of the City Engineer or their designee, Developer is continuing to use commercially reasonable efforts to complete said improvements as soon as reasonably feasible.

Item: 6.1
Item Page Number: 5
Menifee Finance Committee December 10, 2024 Page 10 of 96

3 4.Revisions to Section 4.15.1(b). Section 4.15.1(b) of the Development Agreement is amended to read in its entirety as follows:
(b) Construction of Sports Park. Prior to issuance of building permits for the first residential unit in Planning Areas 4, 5, 6 or 7, Developer shall submit park improvement plans for the Sports Park, consistent with the conceptual Sports Park plans approved by the City Council on or about April 3, 2024. Within 60 days following final City approval of all required plans and permits for the Sports Park, Developer shall commence construction of the Sports Park and shall thereafter diligently pursue completion thereof, with substantial completion and opening of for public use occurring no later than the earlier of (i) twelve months following commencement of construction (ii) June 1, 2026, and (iii) issuance of the six hundred thirty-fifth (635 th) building permit within the Project overall. As a condition precedent to this Third Amendment taking effect, Developer shall provide City with a completion bond in a form acceptable to the City and in the full amount of the estimated cost of constructing the Sports Park, as well as a construction schedule for the Sports Park, The bond shall be callable if, among other reasons, Developer fails to meet the construction schedule deadlines; provided, however, that (i) the parties shall reasonably and in good faith consider modifications to the construction schedule where required due to factors beyond Developer’s reasonable control; and (ii) the Sports Park shall in no event be completed later than the issuance of the six hundred thirty-fifth (635 th) building permit within the Project overall. Notwithstanding the foregoing, the City Manager or designee is authorized to approve delays in the Sports Park construction schedule and issue additional builing permits beyond the six hundred thirty-fifth (635 th) permit threshold specified herein in the event the City has not given final approval of the Park Plans by February 1, 2025, or in the event Developer encounters substantial delays in the procurement of required materials or other Excused Delays. Upon completion of the Sports Park in substantial conformance with the approved park improvement plans, City shall promptly accept the Sports Park and release the security described herein.

5. Supplemental Public Benefit. Prior to December 31, 2025, Developer shall complete or cause the completion of the construction of a seven hundred thirty (730) foot long section of Valley Boulevard from just south of Chambers Avenue to connect to McCall Boulevard (referred to as the “Missing Link” in Sectiion 3.1 of the Original DA) (“Valley Blvd.

Improvement”). The Valley Blvd. Improvement shall be constructed in an interim configuration and is shall include a thirty-two (32) foot wide roadway section to match the current roadway south of McCall Blvd., with eight inch (8”) asphalt concrete berms on each side of the roadway. No sidewalks shall be constructed in connection with he Valley Blvd. Improvement. To facilitate the improvement, the City will acquire the necessary right of way. City shall extend the December 31, 2025 deadline for completion of the Valley Blvd. Improvement for a reasonable period of time (as determined by the City in its reasonable discretion) if the City encounters unreasonable delays in acquiring the necessary right of way to facilitate the construction of the Valley Blvd.

Improvement. As a condition precedent to this Third Amendment taking effect, Developer shall provide City with a completion bond in a form acceptable to the City and in the full amount of the Item: 6.1
Item Page Number: 6
Menifee Finance Committee December 10, 2024 Page 11 of 96

4 estimated cost of constructing the Valley Blvd. Improvement, as well as a construction schedule for the Valley Blvd. Improvement. The bond shall be callable if, among other reasons, Developer fails to meet the construction schedule deadlines; provided, however, that the parties shall reasonably and in good faith consider modifications to the construction schedule where required due to factors beyond Developer’s reasonable control (including, without limitation, the City’s acquisition of necessary right of way to facilitate the construction of the Valley Blvd.

Improvement). Upon completion of the Valley Blvd. Improvement in substantial conformance with the approved plans, City shall promptly accept the Valley Blvd. Improvement and release the security described herein.

6.Cooperation; Further Acts. Each party agrees to provide reasonable assistance to the other and cooperate to carry out the intent and fulfill the provisions of this Third Amendment.

Each of the parties shall promptly execute and deliver all documents and perform all acts as necessary to carry out the matters contemplated by this Third Amendment.

7.Integration; Interpretation; Recordation. The Original DA, the First Amendment, the Second Amendment, and this Third Amendment reflect the complete understanding of the parties with respect to the subject matter thereof. To the extent this Third Amendment conflicts with the Original DA, the First Amendment, the Second Amendment or any prior interpretation thereof, this Third Amendment supersedes the Original DA, the First Amendment, the Second Amendment, and any prior interpretations thereof. In all other respects, the parties hereto re-affirm and ratify all other provisions of the Original DA, the First Amendment, and the Second Amendment. This Third Amendment shall be duly recorded following its full execution.

8.Counterparts. This Third Amendment may be executed in counterparts, each of which shall be deemed an original, and all such counterparts, when taken together, shall constitute one agreement.

9.Authority. The person or persons executing this Third Amendment on behalf of the City and Developer warrant and represent that they have the authority to execute this Third Amendment and the authority to bind the City and Developer, as applicable, to the performance of their respective obligations hereunder.

IN WITNESS WHEREOF, the City and the Developer have signed this Third Amendment, by and through the signatures of their authorized representatives as of the day and year first hereinabove written.

CITY OF MENIFEE,
a California municipal corporation
By:____________________________
Mayor

PULTE HOME COMPANY, LLC,
a Michigan Limited Liability Company
By:_______________________________________

Item: 6.1
Item Page Number: 7
Menifee Finance Committee December 10, 2024 Page 12 of 96

5 ATTEST:

City Clerk
APPROVED AS TO FORM:

Jeffrey Melching, Esq.

Rutan & Tucker, LLP,
City Attorney

Item: 6.1
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Menifee Finance Committee December 10, 2024 Page 22 of 96

WHON R"ECORDED MAIL TO:
ra,!: clw oF MENIFEE
298MH N ROAD
MENIFEE cA 92586
(TX'CUME}'I WLL ONLY DE I!II,.RI{ED TO NAME & ADDi!5S IDENTITIED (SPACE ABOVE FOR RECORDER'S USE)Reclded tor the benefft of the City ol Menifee and exempt fom recording fees
DuBUanl to Govemmenl Seclion 27383
(DOCUMENTTITLE)

MINOR DEVELOPMENT AGREEMENT AMENDMENT
by and between

CITY OF MENIFEE
and

CIMARRON RIDGE, LLC

REGARDING THE CIMARRON RIDGE SPECIFIC PLAN PROJECT
Effective Date:
' May 11,2023
SIiPARATE PAGE, PURSUANT TO CA, GOV'T, CODE 2736I,6

RECORDING RSOUESTED BY
**". COMMUNIry DEVELOPMENT DEPT.

DOC # 2023-0135885
0511212023 08.00 AlVl Fees: $0.00
Page '1 of I
Recorded in Off c al Records
County of Riverside
Peter A dana
Assessor-County Clerk-Recorder
"This document was eleclronrcally submitted
to lhe County of Riverside for recordinq"
Receipled by CRISTINA #7700
Item: 6.1
Item Page Number: 18
Menifee Finance Committee December 10, 2024 Page 23 of 96

DOC #2023-0135885 Page 2 of 8

MENIFEE
Nevv. Better. Best.
29444 Hnun Fld. Mcnllco CA. 92546
(9511 672-677-1 I Fdx (9s1) 679-3843
cityorrtlenifee.us
DATE: May 11,2023
Stephanie Roseen, Acling City Clerk
Cheryl Kitzerow, Community Development Director
Desiree McGriff, Associate Planner
Mlnor Amendment to th6 Development Agreement (2014-002) for Road lmprovement - Cimarron Ridge TR 36658
D*crlotlon of Road lmotovement Aoreement-
The Minor Agreement is to amend the Development Agreement (2014-002) TR36658 (Cimanon Ridge) and is attachod for the City Manager, City Clerk, and City Attomey's signatures, and is required to be recorded electronically to the Riverside County Assessor Clerk Recorde/s offlce.

The Agreement stipulates lhal the developer seeks transfer of timing for completion of travel way improvements of Goetz Road, from Thomton Avenue to White Quartz. Please see the attached Minor Amendment Agreement signed by Cimanon Ridge, LLC.

Please return a PDF copy of the Fully Executod Agreomcnts to D8iree Mccrlff at dmcqriff@citvof menifee.us.

Thank you,
Desiree McGriff, Associate Planner
Enc:

Minor Amendment Agreement
Pulte Memorandum
Copy of Exhibit A
FROM:

RE
TO:

CG:

Item: 6.1
Item Page Number: 19
Menifee Finance Committee December 10, 2024 Page 24 of 96

THIS MINOR AMENDMENT TO THE DEVELOPMENT AGREEMENT BY AND BETWEEN CITY OF MENIFEE AND CIMARRON RIDCE. LLC RECARDING THE CIMARRON RIDGE SPECIFIC PLAN PROJECT ("Minor Amendment") is made and effective as of S./tt./ 23 ("Effective Date") by the City of Menifee, a municipal corporation of the State of Califomia ("City") and Cimarron Ridge, LLC, a Califomia limited liability company ("Developer"). City and Developer are collectively referred to herein as the "Parties" and individually as a "Party."

RECITALS
A. City and Developer entered into a Development Agreement By And Between City Of Menifee and Cimarron Ridge, LLC Regarding the Cimarron Ridge Specific Plan Project on June 7, 201 7, ("Agreement").

B. On February 26,2023, Developer submitted a letter ("Request"). Attached as Exhibit A herein, to the City to formally request a change to the plan schedule in the Agreement. The Request includes a map adjusting the timing ofthe development ofthe above-mentioned roads.

C. Section 6.2.3. Administrative Adjustments of the Agreement authorizes the City Manager to, in his discretion. enter into Administrative Adjustments, including Minor Amendments.

Minor Amendments include "variations to the location of structures that do not substantially alter the design concepts of the Specific Plan," "variations in the location of utilities or other infrastructure connections or facilities not materially affecting design concepts," or "similar modifi cations."
NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and other valuable consideration, the Parties hereby agree as follows:

Section l. Developer seeks to transfer the timing for completion of travel way improvements of Coetz Road from Thomton to White Quartz. In lieu of improving this segment of Goetz Road with the Tract 36658-2. White Quartz would be completed from Thomton to Coetz Road as an alternative north/south connection. Developer indicates that this would allow for the safe transition of public improvements to be completed. The map shown in Exhibit A and the schedule of building are incorporated herein.

Section 2. The City Manager is authorized to approve this Minor Amendment and does so in accordance with Section 6.2.3 ofthe Agreement.

CITY OF MENIFEE AND CIMARRON RIDCE. LLC MINOR

AMENDMENT TO CIMARRON RIDCE DEVELOPMENT
AGREEMENT ENTERED INTO JUNE 7,2017. TO CHANGE

PLAN SCHEDULE FOR CERTAIN STREET SEGMENT

IMPROVEMENTS
Item: 6.1
Item Page Number: 20
Menifee Finance Committee December 10, 2024 Page 25 of 96

*City"
City of Menifee. a municipal corporation
City Manager
ATTEST
City Clerk

APPROVED AS TO FORM
RI]]'AN & TIJCKER, LLP
"Developer"
Cimarron Ridge, LLC. a California limited
I iab ili mpan.v
Ilv
Its:

By:

Its:

DARREN WARREN----------VTEEI'6sft,6m8ftf-
Acquisitions & Devolopmont
City Attorney
Section 3. No other provisions, sections, or terms of the Agreement are altered, amended, or changed other than that described above involving the timing complete of travel way improvements of Coetz Road from Thornton to White Quartz/Valley.

Section 4. The individuals executing this Minor Amendment represent and warrant that they have the right, power, legal capacity. and authority to enter into and execute this Minor Amendment on behalf ofthe respective legal entity of Developer and the City.

Section 5. This Minor Amendment may be executed in one or more counterparts, each of which shall be deemed an original. but all of which together shall constitute the same instrument.

IN WITNESS WHEREOF, City and Developer have executed this Agreement as of the date first written above.

Item: 6.1
Item Page Number: 21
Menifee Finance Committee December 10, 2024 Page 26 of 96

ACKNOWLEDGMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.

State of California
County of ORANGE
on MAY 10,2023 before me. TAYLOR COLLEEN BLOCK, NOTARY PUBLIC (insert name and title of the office0
personally appeared DARREN WARREN
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(€) islar€ subscribed to the within instrument and acknowledged to me that helshelthey executed the same in hisA€#the+r authorized capacity(ies), and that by his/h€#thei+ signature(sfon the instrument the person{€), or the entity upon behalf of which the persone acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
1 ldR\ T^yLoR cotLtEx OCr
w;rtilii:i*til*
,
Signature (Seal)
\
WITNESS my hand and official seal.

Item: 6.1
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Menifee Finance Committee December 10, 2024 Page 27 of 96

Item: 6.1
Item Page Number: 23
Menifee Finance Committee December 10, 2024 Page 28 of 96

Section 3. No other provisions, sections. or terms of the Agreement are altered. amended. or changed other than that described above involving the timing complete of travel way improvements of Goetz Road from Thomton to White Quart/Valley.

Section 4. The individuals executing this MinorAmendment represent and warrant that they have the right, power, legal capacity. and authority to enter into and execute this Minor Amendment on behalfofthe respective legal entity of Developer and the City.

Section 5. This Minor Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.

IN WITNESS WHEREOF, City and Developer have executed this Agreement as of the date first written above.
"Cify"
City of Menifee, a municipal corporation
City Manager
ATTEST
City Cl

APPROVED AS TO FORM
RtITAN &'l'LlCKt1R. LLP
"Developer"
Cimarron Ridge, LLC, a California limited
liability company
By:

Its:

By:
lts:
&eY* P
P Ld--.o vrd lrY Levetqu*'*:;f'
A /|,,t.'L
C it) Attornev
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Menifee Finance Committee December 10, 2024 Page 29 of 96

Gulte
City of Menifee
29844 Haun Rd
Menifee, CA
Attention: Cheryl Kitzerow
Re: Cimmaron Ridge Minor Mod/amendment
2126/23
Please Iind this letter as the formal request to memorialize the ctrange to the cimmaronRidge Improvement plan schedure, pei th" sp"cifi" ptun-u,,a tne aei"lop-"ni - -----" agreement.

This change is to transfer the timing compretion of traver way impmvements of Goetz .ll,TlT-:"n to White euartz/Valley. The transfer ttrenlacknowtedg"s tt " o"*umrng ro complete the ravel way improvements from Thomton and thei up White Quartz to the new Valley/Goetz Rd.

This allows for the safe transition of public improvements to be completed.

Please see the attached colored improvement schedule of improvements.

Also please no& that the invoice attached herein is also paid.

Thank or vour help
'7?^,!
J Ford
Pulte Home Co. LLC
27401 Los Altos, Suite 400 , Mission Viejo, CA 92691
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Menifee Finance Committee December 10, 2024 Page 30 of 96

TRACT 36658

CIMARRON RIDGE

IMPLEMENTING FACILITIES EXHIBITA
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Finance CommitteeDecember 10, 2024

Finance Committee
December 10, 2024