CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-1, Menifee Vista
MEETING DATE: April 2, 2025
TO: Mayor and City Council
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. Continue the public hearing for the establishment of Community Facilities District No. 2025-1 (Menifee Vista) of the City of Menifee (“CFD No. 2025-1” or “CFD”) to May 7, 2025.
DISCUSSION
On February 19, 2025, the City Council adopted Resolution No. 25-1537 (the “Resolution of Intention”), declaring its intent to commence the formation of CFD No. 2025-1. The next step in the proceedings was to hold a public hearing on April 2, 2025, to formally consider the approval of the formation of CFD No. 2025-1 and the approval of the levy of the special taxes within CFD No. 2025-1. Notice of the public hearing was published in the Press-Enterprise and mailed to the property owner in accordance with the Mello-Roos Act.
The City has been notified that the ownership of the property in the CFD is in the process of being transferred to Richmond American Homes. The date of transfer has not been finalized; however, it is expected to occur before the end of April 2025. The owner of the property in the CFD is the qualified landowner voter in the election to approve the special taxes and the bonded indebtedness of the CFD. To properly determine the qualified voter in such election, the public hearing called for April 2, 2025, is recommended to be continued to May 7, 2025. If the public hearing is continued, the City Council will formerly consider approval of the formation of the CFD, the special taxes and the bonded indebtedness of the CFD on May 7, 2025.
STRATEGIC PLAN OBJECTIVE
Regular City Business
City of Menifee Staff Report
Proposed Formation of CFD 2025-1, Menifee Vista
April 2, 2025
2 6
2 1
FISCAL IMPACT
The CFD will be required to annually levy special taxes on all the taxable property within the CFD in order to pay for the costs of facilities, debt service on bonds and administration of the CFD.
Any bonds issued by the CFD are not obligations of the City and will be secured solely by the special taxes levied in the CFD. The Developer has made a deposit to pay for the costs of forming the CFD. The Funding Agreement includes a provision for reimbursement of most of these costs to the Developer if and when bonds are issued for CFD.
ATTACHMENTS
None.