24-1403RESOLUTION NO. 24-1403
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA,
DESIGNATING A COMMITTED RESERVE FUND BALANCE FOR THE MCCALL
BOULEVARD IMPROVEMENT REIMBURSEMENT (MVSP)(PLN 21-0221)
WHEREAS, pursuant to the City adopted Fund Balance Policy for the General Fund (CC-
07) as most recently adopted on September 21, 2021, City Council, as the highest level of
decision -making authority, may commit fund balance for specific purposes pursuant to constrains
imposed by formal actions taken, such as an ordinance or resolution, and
WHEREAS, the McCall Blvd. Improvements, included as part of the Menifee Valley
Specific Plan Project provide high priority infrastructure improvements to the area and the project
developer, Minor Ranch, LLC has agreed to construction of the full McCall Blvd. Improvements,
provided the City will reimburse the Excess Contribution as defined in the Development
Agreement (PLN 21-0221) and within 3 years following the Notice of Completion, and
WHEREAS, the City of Menifee received a one-time payment of $5,540,317 as part of the
Nova Park Community Benefit Agreement (CBA) to be used for future benefits to the City overall;
and
WHEREAS, to identify funding towards the required Excess Contribution of the McCall
Blvd. Improvements, the City would like to designate the one-time payment of $5,540,317 towards
such use; and
WHEREAS, the Nova Park CBA funds will only be allocated to the McCall Boulevard
improvement project in the event funding is needed beyond the primary project reimbursement
sources stipulated under the terms of the Menifee Valley Specific Plan Development Agreement.
follows:
NOW, THEREFORE, the City Council of the City of Menifee resolves and orders as
1. Designation of a dedicated committed reserved fund balance account beset up for the
McCall Boulevard Improvements Reimbursement (MVSP)(PLN 21-0221) transferring
$5,540,317 from the Nova Park CBA.
PASSED, APPROVED AND ADOPTED this 6t" day of March, 2024.
Bill Zimm rma� ayor
Attes
�—S'arlafi A. Manwaring, City Clerk
Approved as to form:
Melching,
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF MENIFEE )
I, Sarah Manwaring, City Clerk of the City of Menifee, do hereby certify that the foregoing City
Council Resolution No. 24-1403 was duly adopted by the City Council of the City of Menifee at a
meeting thereof held on the 6th Day of March 2024 by the following vote:
Ayes:
Deines, Estrada, Karwin, Sobek, Zimmerman
Noes:
None
Absent:
None
Abstain:
None
'.S6raWManwaring,- City Clerk