Finance Committee approves housing financing steps
At a glance
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The committee unanimously advanced financing actions for three housing developments and recommended City Council review for two bond issuances plus a community facilities district change. It also approved the 2026 meeting schedule and backed moving ahead with a Section 115 trust proposal.
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What this means
The committee approved steps that could help fund public improvements tied to three residential developments in Menifee: Heritage Village, Banner Park II, and Legado. It also recommended that the City Council review two bond-related items and consider a professional services agreement for a Section 115 trust, which is a public-sector investment and administration arrangement. For residents, these actions are part of how infrastructure for new homes may be paid for and managed.
Key decisions
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- Approved the October 14, 2025 Finance Committee meeting minutes by a 2-0 vote.
- Reviewed changes to Community Facilities District No. 2025-4, Heritage Village, and recommended submittal to the City Council for consideration.
- Reviewed the proposed bond issuance for Community Facilities District No. 2024-1, Banner Park II, and recommended preparation of the Official Statement and related legal documents for City Council presentation.
- Reviewed the proposed bond issuance for Community Facilities District No. 2022-3, Improvement Area 1, Legado, and recommended preparation of the Official Statement and related legal documents for City Council presentation.
- Approved the 2026 Finance Committee meeting dates.
- Recommended City Council consider engaging Public Agency Retirement Services for Section 115 Trusts Establishment, Administration and Investment Management Services.
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Meeting information
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Finance Committee Meeting
Agenda
- October 14, 2025 Finance Committee Meeting Minutes5.1Decision: 5. APPROVAL OF MINUTES
- Proposed Change to Community Facilities District No. 2025-4, Heritage Village, by Lennar Homes RECOMMENDED ACTION Review the changes proposed for Community Facilities District No. 2025-4, Heritage Village, to amend the financing plan for certain public improvements within the proposed 162-unit town home development and recommend submittal to the City Council for consideration.6.1Decision: 6. DISCUSSION ITEMS
- Proposed Bond Issuance for Community Facilities District No. 2024-1, Banner Park II RECOMMENDED ACTION Review the proposed bond issuance request for Community Facilities District (“CFD”) No. 2024-1, Banner Park II by Pulte Home Co., LLC, to finance the costs of certain public improvements in connection with the development of 182 homes in a community located southeast of Domenigoni Parkway at Lindenberger Road within the City of Menifee (the “City”); and Recommend 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.6.2Decision: 6. DISCUSSION ITEMS
- Proposed Bond Issuance for Community Facilities District No. 2022-3, Improvement Area 1, Legado RECOMMENDED ACTION Review the proposed bond issuance request for Community Facilities District (“CFD”) No. 2022-3, Improvement Area 1, Legado by Lennar Homes of California, LLC, to finance the costs of certain public improvements in connection with the development of 1,022 homes in a community located northwest of Antelope Road and Chambers Avenue and south of Rouse Road within the City of Menifee (the “City”); and Recommend 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.6.3Decision: 6. DISCUSSION ITEMS
- Finance Committee 2026 Meeting Schedule RECOMMENDED ACTION Approve the 2026 Finance Committee Meeting dates.6.4Decision: 6. DISCUSSION ITEMS
- Establishment of Section 115 Trust RECOMMENDED ACTION Recommend City Council consider engaging Public Agency Retirement Services (“PARS”) in a Professional Services Agreement for Section 115 Trusts Establishment, Administration and Investment Management Services.6.5Decision: 6. DISCUSSION ITEMS
Documents from this meeting
- Agendahttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12682&compileOutputType=1
- Packethttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12684&compileOutputType=1
- Minuteshttps://cityofmenifee.primegov.com/Public/CompiledDocument?meetingTemplateId=12683&compileOutputType=1
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