Finance Committee reviews Legado funding items
At a glance
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The committee unanimously recommended City Council action on a development agreement amendment and a bond premium reimbursement related to the Legado project, and received an annual update on Community Facilities District bond premiums.
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What this means
The committee backed changes connected to the Legado development that would send the item to City Council for final consideration. It also supported a bond premium reimbursement tied to Community Facilities District No. 2022 3, which is funding associated with the project and must follow the rules for bond proceeds. Members also received an annual update on Community Facilities District bond premiums. The discussion included questions about parks, restrooms, and other amenities near the project area, but no new project timeline was approved in the minutes.
Key decisions
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- Approved the September 9, 2025 Finance Committee meeting minutes unanimously (2-0).
- Reviewed Amendment No. 1 to the Development Agreement for the Legado project and recommended submittal to City Council for approval.
- Discussed bond premium reimbursement for Community Facilities District No. 2022 3, Improvement Area 1, and recommended presenting it to City Council for consideration.
- Received the annual report with updated details on Community Facility District bond premiums.
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Meeting information
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Special Finance Committee Meeting
Agenda
- September 9, 2025 Finance Committee Meeting Minutes4.1Decision: 4. APPROVAL OF MINUTES
- Proposed Amendment No. 1 to the Development Agreement with BLC Fleming and Lennar, LLC for the Legado project (Legado Specific Plan) RECOMMENDED ACTION Review the proposed Amendment No. 1 for the existing Development Agreement (2018-277) between the City of Menifee and BLC Fleming, LLC and Lennar, LLC dated June 3, 2020 for the Legado development and recommend submittal to the City Council for approval.5.1Decision: 5. DISCUSSION ITEMS
- Bond Premium Reimbursement with Lennar Homes for Community Facilities District No. 2022-3, Legado, IA1 RECOMMENDED ACTION Discuss the proposed bond premium reimbursement for Community Facilities District No. 2022-3, Improvement Area 1, and recommend presenting it to the City Council for consideration.5.2Decision: 5. DISCUSSION ITEMS
- Annual Update on Community Facilities District Bond Premiums RECOMMENDED ACTION Receive annual report with updated details on Community Facility District (CFD) bond premiums.5.3Decision: 5. DISCUSSION ITEMS
Documents from this meeting
- Packethttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12427&compileOutputType=1
- Agendahttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12425&compileOutputType=1
- Minuteshttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12426&compileOutputType=1
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