2731/031858-3008
23097900.1 a05/19/26
CITY OF MENIFEE
NAUTICAL COVE
TR 31229
CASH IN-LIEU AGREEMENT
THIS CASH IN-LIEU AGREEMENT (“Agreement”) is made and entered into this __ day of _________, 2026, by and between the City of Menifee (“City”) and KB Home Cal Management Services, a Delaware Limited Liability Company (“Developer”).
RECITALS
WHEREAS, on or about April 17, 2023, Developer submitted to City, and City thereafter approved, a Unit Phasing Map with conditions of approval for Tract 31229 (the “Map”), which is attached hereto as Exhibit A for reference only; and WHEREAS, the conditions of approval for the Map contain condition number 174 (“COA 174”) which states, “A curbed landscaped median shall be constructed on Briggs Road along the project frontage consistent with City Standard Plan No. 110. As determined through engineering documentation by applicant, the Engineering Department may consider payment of cash-in-lieu for construction of raised medians that may not be feasible until buildout of roadway occurs”; and
WHEREAS, based upon information currently available, the parties acknowledge that said curbed landscaped median cannot be constructed as indicated on the Map at this time due to the need for the County of Riverside to complete full roadway buildout on one side of Briggs Road; and
WHEREAS, the parties desire this Agreement to set forth their agreement regarding a cash in-lieu payment instead of construction of the curbed landscaped median as required in COA 174 and indicated on the Map.
AGREEMENT
Based on the foregoing Recitals, which are fully incorporated herein by reference, and for mutual consideration, which is hereby acknowledged, the parties agree as follows:
1. Developer shall pay to City Four Hundred Twenty-One Thousand Dollars ($421,000) as a cash in-lieu payment (“In-Lieu Payment”).
2. The In-Lieu Payment shall be in the form of a check, cashier’s check, or an electronic funds transfer.
3. The In-lieu Payment shall be made on the date of execution of this Agreement.