City of Menifee Announces Local Stimulus Package
The City of Menifee has developed a "stimulus package" to help spur the development of new homes, and to provide financial incenti...
The City of Menifee has developed a "stimulus package" to help spur the development of new homes, and to provide financial incentives to get families to buy or lease into Menifee.
Here's the press release...
Here's the press release...
Menifee's City Council has decided to bring a stimulus package to the local level by directing City Staff to present recommendations for the City's own stimulus plan at the May 20th Council meeting.
The Plan: Menifee's City Manager, George Wentz created a dynamic Strike Force Team consisting of developers and builders in order to identify the most meaningful elements having positive impact on the housing industry. The areas that were specifically addressed as part of the plan include: Plan Processing, Cash Flow and Fees."Menifee's Stimulus Plan has both a supply side and demand side component. It improves cash flow for the builder and sets a fee structure to help them earn a profit and it gives the homeowner an incentive to not only buy the home but to buy a new refrigerator or a washer and dryer or even a ceiling fan or two in Menifee stores. In this regard, it also returns sales tax dollars to the City Treasury. So, our stimulus plan has something for the seller, the buyer, the City of Menifee and it puts local sub-contractors back to work in Menifee neighborhoods. No other city is getting this creative in stimulating their local marketplace." - Councilmember Scott MannOne of the initiatives noted in the plan includes timely handling of application and turnaround time on projects which has been a "sore spot" for developers. Also included is a temporary reduction of 20% in hourly rates and a 50% reduction of fees which would lower the current rates from those charged by the County of Riverside.
The City is also developing and implementing a Marketing/Advertising Plan; Retailer Workshop and "Menifee Money" program that will provide a retail benefit to home buyers or those who lease a minimum square footage for a given period of time. The program would include: A gift card to be used in Menifee along with a coupon to be used in Menifee that is the equivalent of 50% of the first year's property tax, as calculated by the City. Staff will continue to work with the development and retail community to develop the mechanism to fund and provide the cash flow needed for the programs.
In addition to this incentive, on May 11, 2009, John E. Husing released a recent study titled: "Economic Impact of Residential Construction Decline & Potential Impact of Fee Reductions Riverside County". In the study, it noted, that according to MetroStudy, a Riverside based company that tracks the status of new home markets throughout Southern California, "there was a 3.8 month supply of new homes in Riverside County in March 2009. That was the lowest level in Southern California".
This is great news for our community."Menifee is encouraging the community to take full advantage of the unique opportunities that this stimulus plan has to offer. It allows us to do our part to enhance the economy while helping our community get through these tough times." – City Manager, George WentzAs the program moves forward, additional information will be available on the City's website: www.cityofmenifee.us