City of Fullerton, CAAugust 18, 2026
Community Facilities District No. 3(The Pines at Sunrise Village) 1 CFD No. 3 (The Pines at Sunrise Village) - Background Formation (August 2023): City Council formed CFD No. 3 (The Pines at Sunrise Village) (the “District”) to finance public improvements benefitting the District Resolution of Formation authorized a special tax and issuance of bonds up to $9.5 million The property owner approved the special tax and bond authorization through a landowner election Bond Issuance (Tonight’s Item): City Council considers Resolution authorizing the issuance of CFD Bonds to finance eligible public improvements 2 The Pines at Sunrise Village – Project Update
The District contains approximately 12.5 acres located at the intersection of Euclid Street and Rosecrans Avenue Property in the District is being developed by Lennar Homes of California LLC Planned for 113 residential homes
49 single-family detached homes
64 attached townhomes
Development and ownership status as of June 25, 2026:
59 completed and conveyed to individual homeowners
25 completed and not yet closed homes owned by Lennar
29 homes under construction owned by Lennar
3 Special Tax Bond (“2026 Bonds”) Financing
Not to exceed par amount of $9,500,000 approved at formation Estimated par amount for 2026 Bonds of $8,250,000*
2026 Bonds secured by special taxes levied in the District Bond proceeds will finance public facilities benefitting the District including:
Street improvements, undergrounding of utilities, park improvements, and sewer improvements Estimated special taxes of $3,799 to $5,495 in FY 2026-27 (depending on square footage of home) Annual assigned special tax will increase at approximately 2% per year *Preliminary and Subject to Change. Statistics Above are Based on Market Conditions as of July 30, 2026. 4 2026 Bonds Good Faith Estimates
Par Amount: $8,250,000*
True Interest Cost: 5.26%*
Final maturity: 2056 (30 years)
Special taxes net of administrative expenses provides 1.10x coverage *Preliminary and Subject to Change. Statistics Above are Based on Market Conditions as of July 30, 2026. 5 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL TAX BONDS AND APPROVING RELATED DOCUMENTS AND ACTIONS Authorize Issuance of 2026 Bonds; Appoint and Retain the Financing Team; Approve Financing Documents in Substantial Form; and Authorize Certain Other Actions in Connection Therewith Financing Documents:
Fiscal Agent Agreement
Bond Purchase Agreement
Preliminary Official Statement, including Continuing Disclosure Certificate 6 Recommendation
Adopt Resolution No. 2026-XXX.
RESOLUTION NO. 2026-XXX – RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL TAX BONDS (“2026 BONDS”) FOR COMMUNITY FACILITIES DISTRICT NO. 3 THE PINES AT SUNRISE VILLAGE AND APPROVING RELATED DOCUMENTS AND ACTIONS 7