Agenda packet — Lake Elsinore City Council, December 9, 2025 (part 4 of 5)

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
U.S. Treasury Bond / Note
(234.33)(570.86) 996,671.33 102.22 HSBC 975,000.00 91282CMG3US TREASURY N/B DTD 01/31/2025 4.250% 01/31/2030

3.69 3.83
536,623.02 3.64 251,010.12 26,589,047.85 27,175,000.00 Security Type Sub-Total 3.04 Municipal Bond / Note

0.00 0.00 85,000.00 100.00 JPMorgan 85,000.00 13077DQD7CALIFORNIA ST UNIV-B DTD 07/29/2021 0.862% 11/01/2025

0.00 0.00
2,735.00 2,735.00 202,735.00 101.37 WellsFar 200,000.00 13063D3N6CA ST DTD 03/15/2023 4.846% 03/01/2027

3.79 1.27
2,735.00 2.67 2,735.00 287,735.00 285,000.00 Security Type Sub-Total 0.90 Federal Agency Commercial Mortgage-Backed Security
(237.41) 7,147.92 193,787.34 99.53 RobertBa 194,701.27 3137BNGT5FHMS K054 A2 DTD 04/01/2016 2.745% 01/01/2026

4.15 0.21
(700.57) 16,846.16 543,686.00 98.85 BREAN 550,000.00 3137BSP72FHMS K058 A2 DTD 11/01/2016 2.653% 08/01/2026

3.93 0.76
(92.18) 7,691.93 360,111.57 99.04 Citigrou 363,612.07 3137BTUM1FHMS K061 A2 DTD 01/01/2017 3.347% 11/01/2026

4.11 0.96
6,631.51 25,704.66 544,509.35 99.00 MorganSt 550,000.00 3137BXQY1FHMS K064 A2 DTD 05/01/2017 3.224% 03/01/2027

3.89 1.19
3,036.64 17,192.90 544,226.10 98.95 Citigrou 550,000.00 3137F1G44FHMS K065 A2 DTD 07/01/2017 3.243% 04/01/2027

3.87 1.34
6,183.10 6,185.23 386,788.22 101.62 JPMorgan 380,606.04 3137HBC69FHMS KJ48 A1 DTD 12/01/2023 4.858% 05/01/2028

3.99 2.11
3,281.06 3,286.00 434,457.16 100.76 JPMorgan 431,181.91 3137HAD45FHMS KJ46 A1 DTD 07/01/2023 4.777% 06/01/2028

4.12 1.56
8,115.14 5,574.25 561,067.65 102.01 JPMorgan 550,000.00 3137HACX2FHMS K505 A2 DTD 07/01/2023 4.819% 06/01/2028

3.89 2.36
5,988.22 10,007.64 526,216.31 100.21 JPMorgan 525,110.95 3136BQDE6FNA 2023-M6 A2 DTD 07/01/2023 4.181% 07/01/2028

4.03 2.49
16,124.91 20,371.00 509,403.00 101.88 BMO 500,000.00 3137HAQ74FHMS K508 A2 DTD 10/01/2023 4.740% 08/01/2028

3.93 2.53

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U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Federal Agency Commercial Mortgage-Backed Security
20,156.20 24,880.80 813,046.40 101.63 WellsFar 800,000.00 3137HAMH6FHMS K506 A2 DTD 09/01/2023 4.650% 08/01/2028

3.93 2.50
15,996.09 20,355.37 383,399.25 102.24 MorganSt 375,000.00 3137HAST4FHMS K509 A2 DTD 10/01/2023 4.850% 09/01/2028

3.93 2.61
14,043.73 16,302.50 510,326.00 102.07 BOFAML 500,000.00 3137HAMS2FHMS K507 A2 DTD 09/01/2023 4.800% 09/01/2028

3.93 2.56
5,467.63 5,656.86 185,136.48 102.85 JPMorgan 180,000.00 3137HB3D4FHMS K510 A2 DTD 11/01/2023 5.069% 10/01/2028

3.93 2.64
6,995.98 7,280.07 281,490.00 102.36 BOFAML 275,000.00 3137HB3G7FHMS K511 A2 DTD 12/01/2023 4.860% 10/01/2028

3.92 2.67
2,749.96 1,795.39 294,695.10 101.62 JPMorgan 290,000.00 3137HBLV4FHMS K514 A2 DTD 02/01/2024 4.572% 12/01/2028

3.93 2.76
7,667.04 7,051.00 449,753.04 102.22 PIER 440,000.00 3137HDV56FHMS K524 A2 DTD 07/01/2024 4.720% 05/01/2029

3.99 3.20
12,858.34 12,859.95 548,689.56 102.40 MorganSt 535,831.22 3137HDJJ0FHMS K522 A2 DTD 06/01/2024 4.803% 05/01/2029

3.98 3.07
4,857.95 3,817.94 503,448.17 101.71 BMO 495,000.00 3137HDXL9FHMS K526 A2 DTD 08/01/2024 4.543% 07/01/2029

4.00 3.35
2,722.69 2,723.46 192,716.81 101.43 JPMorgan 190,000.00 3137HKXJ8FHMS K539 A2 DTD 04/01/2025 4.410% 01/01/2030

4.00 3.78
222,731.03 3.96 141,846.03 8,766,953.51 8,676,043.44 Security Type Sub-Total 2.23 Federal Agency Bond / Note
(253.52) 2,065.70 649,738.70 99.96 Barclays 650,000.00 3135G06G3FANNIE MAE DTD 11/12/2020 0.500% 11/07/2025

4.38 0.02
2,065.70 4.38 (253.52) 649,738.70 650,000.00 Security Type Sub-Total 0.02 Corporate Note
(3,352.73)(3,003.52) 221,604.98 98.49 04/15/26Citigrou 225,000.00 91324PEC2UNITEDHEALTH GROUP INC (CALLABLE) DTD 05/19/2021 1.150% 05/15/2026

4.07 0.53
(3,832.69)(3,788.40) 171,159.10 97.81 07/12/26SUMITR 175,000.00 05565EBW4BMW US CAPITAL LLC (CALLABLE) DTD 08/12/2021 1.250% 08/12/2026

4.14 0.77

Page 17 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
(5,297.56)(4,431.60) 219,432.15 97.53 JPMorgan 225,000.00 14913R2U0CATERPILLAR FINL SERVICE DTD 01/10/2022 1.700% 01/08/2027

3.86 1.15
(862.72)(811.20) 39,120.80 97.80 12/15/26Citigrou 40,000.00 87612EBM7TARGET CORP (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027

3.83 1.17
(10,239.83)(9,446.32) 464,499.18 97.79 12/24/26Deutsche 475,000.00 06406RBA4BANK OF NY MELLON CORP (CALLABLE) DTD 01/26/2022 2.050% 01/26/2027

3.90 1.19
4,952.96 23,885.25 745,827.75 99.44 11/06/26GoldmanS 750,000.00 594918BY9MICROSOFT CORP (CALLABLE) DTD 02/06/2017 3.300% 02/06/2027

3.73 1.13
2,059.89 17,447.10 294,650.10 98.22 02/01/27RBS 300,000.00 025816CS6AMERICAN EXPRESS CO (CALLABLE) DTD 03/04/2022 2.550% 03/04/2027

3.93 1.29
(6,993.76)(531.05) 465,557.95 98.01 02/15/27SEEL 475,000.00 084664CZ2BERKSHIRE HATHAWAY FIN (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027

3.80 1.32
2,470.98 12,347.70 297,272.70 99.09 01/01/27Barclays 300,000.00 808513BW4CHARLES SCHWAB CORP (CALLABLE) DTD 09/24/2021 3.300% 04/01/2027

3.99 1.29
4,378.78 11,785.50 500,110.50 100.02 CAS 500,000.00 63254ABE7NATIONAL AUSTRALIA BK/NY DTD 06/09/2022 3.905% 06/09/2027

3.90 1.52
1,500.57 21,793.78 762,856.53 98.43 06/12/27TD Secur 775,000.00 037833DB3APPLE INC (CALLABLE) DTD 09/12/2017 2.900% 09/12/2027

3.77 1.73
4,845.14 4,135.13 380,417.63 101.44 WellsFar 375,000.00 89236TKQ7TOYOTA MOTOR CREDIT CORP DTD 01/12/2023 4.625% 01/12/2028

3.92 2.05
5,074.20 16,371.60 345,560.60 98.73 11/07/27MorganSt 350,000.00 637432NP6NATIONAL RURAL UTIL COOP (CALLABLE) DTD 02/07/2018 3.400% 02/07/2028

4.00 2.07
355.63 (720.29) 86,323.11 101.56 01/15/28JPMorgan 85,000.00 882508BV5TEXAS INSTRUMENTS INC (CALLABLE) DTD 11/18/2022 4.600% 02/15/2028

3.87 2.09
7,673.49 16,602.00 374,865.75 99.96 11/20/27MAXE 375,000.00 110122DE5BRISTOL-MYERS SQUIBB CO (CALLABLE) DTD 07/15/2020 3.900% 02/20/2028

3.89 2.06
710.47 763.32 60,655.32 101.09 04/15/28Barclays 60,000.00 539830BZ1LOCKHEED MARTIN CORP (CALLABLE) DTD 05/25/2023 4.450% 05/15/2028

4.00 2.29
8,487.67 7,180.88 385,045.88 102.68 Citigrou 375,000.00 24422EXB0JOHN DEERE CAPITAL CORP DTD 07/14/2023 4.950% 07/14/2028

3.90 2.48
38,545.15 39,964.50 786,244.50 104.83 08/29/28Barclays 750,000.00 17325FBB3CITIBANK NA (CALLABLE) DTD 09/29/2023 5.803% 09/29/2028

4.02 2.60
6,328.16 6,473.26 346,021.06 101.77 01/08/29Barclays 340,000.00 009158BH8AIR PRODUCTS & CHEMICALS (CALLABLE) DTD 02/08/2024 4.600% 02/08/2029

4.00 2.95

Page 18 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
10,544.70 10,591.14 430,444.14 102.49 01/26/29Citigrou 420,000.00 17275RBR2CISCO SYSTEMS INC (CALLABLE) DTD 02/26/2024 4.850% 02/26/2029

4.02 2.98
1,171.28 1,198.65 51,108.15 102.22 02/14/29Citigrou 50,000.00 09290DAA9BLACKROCK FUNDING INC (CALLABLE) DTD 03/14/2024 4.700% 03/14/2029

3.99 3.04
15,817.88 15,712.93 741,068.18 102.22 02/14/29BOFAML 725,000.00 09290DAA9BLACKROCK FUNDING INC (CALLABLE) DTD 03/14/2024 4.700% 03/14/2029

3.99 3.04
4,507.63 4,572.83 174,348.43 102.56 03/04/29SEEL 170,000.00 00724PAF6ADOBE INC (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

3.97 3.08
5,460.61 5,549.15 210,243.70 102.56 03/04/29BOFAML 205,000.00 00724PAF6ADOBE INC (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

3.97 3.08
1,927.88 1,913.67 112,001.67 101.82 04/23/28SEEL 110,000.00 95000U3T8WELLS FARGO & COMPANY (CALLABLE) DTD 04/23/2025 4.970% 04/23/2029

4.58 2.31
5,277.13 5,277.13 295,277.13 101.82 04/23/28WellsFar 290,000.00 95000U3T8WELLS FARGO & COMPANY (CALLABLE) DTD 04/23/2025 4.970% 04/23/2029

4.58 2.31
7,218.60 7,218.60 607,218.60 101.20 05/09/28BOFAML 600,000.00 06051GMT3BANK OF AMERICA CORP (CALLABLE) DTD 05/09/2025 4.623% 05/09/2029

4.46 2.31
3,600.21 3,799.25 127,993.00 102.39 05/25/29MorganSt 125,000.00 437076DC3HOME DEPOT INC (CALLABLE) DTD 06/25/2024 4.750% 06/25/2029

4.02 3.23
7,019.12 7,358.50 255,986.00 102.39 05/25/29PNCBank 250,000.00 437076DC3HOME DEPOT INC (CALLABLE) DTD 06/25/2024 4.750% 06/25/2029

4.02 3.23
3,307.86 3,410.00 402,930.00 100.73 Deutsche 400,000.00 02665WFQ9AMERICAN HONDA FINANCE DTD 09/05/2024 4.400% 09/05/2029

4.18 3.48
2,585.81 2,600.15 117,475.95 102.15 02/01/30BOFAML 115,000.00 571676AY1MARS INC (CALLABLE) DTD 03/12/2025 4.800% 03/01/2030

4.23 3.82
5,421.80 5,421.80 205,421.80 102.71 03/24/30MorganSt 200,000.00 857477DB6STATE STREET CORP (CALLABLE) DTD 04/24/2025 4.834% 04/24/2030

4.15 3.96
7,894.83 7,949.20 407,329.20 101.83 TD Secur 400,000.00 69371RT71PACCAR FINANCIAL CORP DTD 05/08/2025 4.550% 05/08/2030

4.11 3.97
6,271.79 6,296.80 405,944.80 101.49 05/15/30BOFAML 400,000.00 032654BE4ANALOG DEVICES INC (CALLABLE) DTD 06/16/2025 4.500% 06/15/2030

4.15 4.04
244,887.44 4.00 144,830.93 11,492,016.34 11,410,000.00 Security Type Sub-Total 2.30 Certificate of Deposit

Page 19 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Certificate of Deposit
(219.15)(219.15) 449,780.85 99.95 WellsFar 450,000.00 65558UYF3NORDEA BANK ABP NEW YORK DTD 11/03/2022 5.530% 11/03/2025

13.61 0.01
(219.15) 13.61 (219.15) 449,780.85 450,000.00 Security Type Sub-Total 0.01 Bank Note
6,995.26 6,779.33 532,304.33 101.39 07/14/27Citigrou 525,000.00 61690U8E3MORGAN STANLEY BANK NA (CALLABLE) DTD 07/19/2024 4.968% 07/14/2028

4.51 1.60
6,779.33 4.51 6,995.26 532,304.33 525,000.00 Security Type Sub-Total 1.60 Asset-Backed Security
(13.62)(13.07) 33,639.45 99.96 RBC Capi 33,653.32 14318MAD1CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027

4.12 0.17

38.16 43.63 39,626.01 100.09 WellsFar 39,590.58 65480JAC4NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027

4.13 0.29
110.79 117.20 62,121.19 100.17 RBC Capi 62,014.15 36265QAD8GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027

4.00 0.22
224.66 224.69 105,686.89 100.21 BOFAML 105,462.25 891940AC2TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027

4.08 0.41
178.60 182.26 65,277.37 100.27 JPMorgan 65,101.66 41285JAD0HDMOT 2023-A A3 DTD 02/23/2023 5.050% 12/15/2027

4.28 0.35
139.52 142.93 61,764.31 100.22 BNPPSA 61,627.81 344928AD8FORDO 2023-A A3 DTD 03/31/2023 4.650% 02/15/2028

4.17 0.46
1,512.11 1,532.40 203,090.52 100.74 BOFAML 201,599.69 43815QAC1HAROT 2023-3 A3 DTD 08/22/2023 5.410% 02/18/2028

4.15 0.58
188.78 198.40 320,179.84 100.06 RBC Capi 320,000.00 254683CY9DCENT 2023-A1 A DTD 04/11/2023 4.310% 03/15/2028

4.15 0.36
691.90 710.50 170,672.01 100.40 BOFAML 170,000.00 05522RDG0BACCT 2023-A1 A1 DTD 06/16/2023 4.790% 05/15/2028

4.04 0.52
827.03 835.18 190,818.33 100.43 RBC Capi 190,000.00 02582JJZ4AMXCA 2023-1 A DTD 06/14/2023 4.870% 05/15/2028

4.06 0.52
968.25 1,023.27 490,910.91 100.19 RBC Capi 490,000.00 14041NGD7COMET 2023-A1 A DTD 05/24/2023 4.420% 05/15/2028

4.06 0.52

Page 20 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Asset-Backed Security
1,924.43 1,946.73 351,899.45 100.54 BOFAML 350,000.00 254683CZ6DCENT 2023-A2 A DTD 06/28/2023 4.930% 06/15/2028

4.04 0.60
743.80 748.72 70,151.68 101.06 JPMorgan 69,415.18 438123AC5HAROT 2023-4 A3 DTD 11/08/2023 5.670% 06/21/2028

4.23 0.73
2,020.01 2,026.64 245,014.06 100.83 JPMorgan 243,002.49 31680EAD3FITAT 2023-1 A3 DTD 08/23/2023 5.530% 08/15/2028

4.26 0.64
4,164.55 4,208.85 409,096.58 101.01 JPMorgan 405,000.00 161571HT4CHAIT 2023-A1 A DTD 09/15/2023 5.160% 09/15/2028

4.01 0.84
4,404.06 4,411.48 414,393.15 101.07 Citigrou 410,000.00 02582JKD1AMXCA 2023-3 A DTD 09/19/2023 5.230% 09/15/2028

3.98 0.84
949.84 951.41 100,940.70 100.94 Barclays 100,000.00 73329KAD8PILOT 2025-1A A3 DTD 05/21/2025 4.610% 10/20/2028

4.06 1.60
1,849.94 1,858.91 181,834.74 101.02 BOFAML 180,000.00 05522RDH8BACCT 2023-A2 A2 DTD 12/14/2023 4.980% 11/15/2028

3.98 0.99
9,282.23 9,282.23 504,180.76 101.85 Barclays 495,000.00 02582JKH2AMXCA 2024-1 A DTD 04/23/2024 5.230% 04/16/2029

3.93 1.38
402.54 404.08 115,391.23 100.34 JPMorgan 115,000.00 437921AD1HAROT 2025-2 A3 DTD 05/08/2025 4.150% 10/15/2029

3.99 1.77
372.27 373.04 80,367.52 100.46 BOFAML 80,000.00 05594BAD8BAAT 2025-1A A3 DTD 05/12/2025 4.350% 11/20/2029

3.97 1.53
2,804.90 2,407.52 556,081.35 101.11 WellsFar 550,000.00 58773DAD6MBART 2025-1 A3 DTD 01/23/2025 4.780% 12/17/2029

4.00 1.35
2,938.52 2,941.52 417,923.68 100.70 BOFAML 415,000.00 92348KDY6VZMT 2025-3 A1A DTD 03/31/2025 4.510% 03/20/2030

4.20 1.84
575.25 576.47 90,563.22 100.63 TD Secur 90,000.00 362549AD9GMCAR 2025-2 A3 DTD 05/14/2025 4.280% 04/16/2030

3.97 1.82
2,855.75 2,856.70 252,855.75 101.14 BOFAML 250,000.00 05522RDK1BACCT 2025-A1 A DTD 06/12/2025 4.310% 05/15/2030

3.87 2.36
5,521.89 5,523.96 490,515.91 101.14 WellsFar 485,000.00 92970QAJ4WFCIT 2025-A1 A DTD 06/10/2025 4.340% 05/15/2030

3.90 2.36
5,697.45 5,706.96 555,557.75 101.01 Citigrou 550,000.00 17305EHA6CCCIT 2025-A1 A DTD 06/26/2025 4.300% 06/21/2030

3.90 2.44
51,222.61 4.03 51,373.61 6,580,554.36 6,526,467.13 Security Type Sub-Total 1.23

Page 21 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
55,697,510.57 55,348,130.94 1,066,824.98 598,318.28 3.91 Managed Account Sub-Total 2.46 Joint Powers Authority

0.00 0.00 1,124,172.64 1.00 1,124,172.64 CAMP Pool 0.00 1,124,172.64 1,124,172.64 0.00 0.00 Liquid Sub-Total 0.00 Total Investments $56,901,854.46
$429,550.88
$56,472,303.58
Accrued Interest
Securities Sub-Total $56,821,683.21 $1,066,824.98 $598,318.28 3.91% 2.46

Page 22 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
10/06/25 US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 (997,242.19) (7,544.33) (1,004,786.52) 975,000.00 10/01/25 (7,544.33) (1,004,786.52)(997,242.19) 975,000.00 Transaction Type Sub-Total

INTEREST
10/01/25 CHARLES SCHWAB CORP (CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
808513BW4 0.00 4,950.00 4,950.00 10/01/25
10/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 0.00 1,104.90 1,104.90 10/01/25
10/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 0.00 1,975.00 1,975.00 10/01/25
10/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 0.00 1,515.63 1,515.63 10/01/25
10/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 0.00 1,113.75 1,113.75 10/01/25
10/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 0.00 1,718.70 1,718.70 10/01/25
10/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 0.00 1,873.99 1,873.99 10/01/25
10/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 0.00 1,477.67 1,477.67 10/01/25
10/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 0.00 3,100.00 3,100.00 10/01/25
10/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 0.00 1,829.99 1,829.99 10/01/25
10/25/25 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
3137HKXJ8 0.00 698.25 698.25 10/01/25
10/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 0.00 2,000.00 2,000.00 10/01/25
10/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 0.00 760.35 760.35 10/01/25
10/25/25 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 0.00 1,215.96 1,215.96 10/01/25

Page 23 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Security Transactions & Interest

INTEREST
10/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 0.00 1,730.67 1,730.67 10/01/25
10/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 0.00 2,208.71 2,208.71 10/01/25
10/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 0.00 2,144.92 2,144.92 10/01/25
10/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 0.00 536.57 536.57 10/01/25
10/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 0.00 1,015.29 1,015.29 10/01/25
10/25/25 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 0.00 1,545.96 1,545.96 10/01/25
10/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 0.00 1,486.38 1,486.38 10/01/25
10/04/25 ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 0.00 9,000.00 9,000.00 10/04/25
10/15/25 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
92970QAJ4 0.00 1,754.08 1,754.08 10/15/25
10/15/25 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 0.00 139.52 139.52 10/15/25
10/15/25 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 0.00 1,437.92 1,437.92 10/15/25
10/15/25 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 0.00 1,149.33 1,149.33 10/15/25
10/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 0.00 1,209.43 1,209.43 10/15/25
10/15/25 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 0.00 308.24 308.24 10/15/25
10/15/25 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 0.00 2,157.37 2,157.37 10/15/25
10/15/25 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 0.00 451.98 451.98 10/15/25
10/15/25 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 0.00 678.58 678.58 10/15/25

Page 24 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Security Transactions & Interest

INTEREST
10/15/25 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 0.00 771.08 771.08 10/15/25
10/15/25 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 0.00 1,804.83 1,804.83 10/15/25
10/15/25 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 0.00 2,190.83 2,190.83 10/15/25
10/15/25 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 0.00 1,010.63 1,010.63 10/15/25
10/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 0.00 747.00 747.00 10/15/25
10/15/25 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 0.00 263.76 263.76 10/15/25
10/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 0.00 1,786.92 1,786.92 10/15/25
10/15/25 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 0.00 169.44 169.44 10/15/25
10/15/25 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 0.00 897.92 897.92 10/15/25
10/15/25 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 0.00 397.71 397.71 10/15/25
10/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 0.00 1,741.50 1,741.50 10/15/25
10/16/25 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 0.00 321.00 321.00 10/16/25
10/16/25 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 0.00 298.94 298.94 10/16/25
10/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 0.00 989.31 989.31 10/18/25
10/20/25 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 0.00 1,559.71 1,559.71 10/20/25
10/20/25 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 0.00 290.00 290.00 10/20/25
10/20/25 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 0.00 384.17 384.17 10/20/25

Page 25 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Security Transactions & Interest

INTEREST
10/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 0.00 351.53 351.53 10/21/25
10/23/25 WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 0.00 9,940.00 9,940.00 10/23/25
10/24/25 STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.834% 04/24/2030
857477DB6 0.00 4,834.00 4,834.00 10/24/25
10/27/25 TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 0.00 25,690.00 25,690.00 10/27/25
110,729.42 110,729.42 0.00 Transaction Type Sub-Total

MATURITY
10/27/25 TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 0.00 450,000.00 0.00 0.00 450,000.00 10/27/25

0.00 0.00 0.00 450,000.00 450,000.00 450,000.00 Transaction Type Sub-Total

PAYDOWNS
10/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 59.76 0.00 59.76 1.01 0.57 59.76 10/01/25 10/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 39,863.63 0.00 39,863.63 1,650.61 187.99 39,863.63 10/01/25 10/25/25 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 1,268.54 0.00 1,268.54 0.01 0.01 1,268.54 10/01/25 10/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 562.86 0.00 562.86 0.01 0.00 562.86 10/01/25 10/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 63.65 0.00 63.65 0.00 0.00 63.65 10/01/25 10/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 400.08 0.00 400.08 12.32 4.05 400.07 10/01/25 10/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 19,441.89 0.00 19,441.89 1.20 0.69 19,441.89 10/15/25 10/15/25 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 8,144.62 0.00 8,144.62 0.82 0.37 8,144.62 10/15/25

Page 26 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Managed Account Security Transactions & Interest

PAYDOWNS
10/15/25 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 245,000.00 0.00 245,000.00 38.44 15.53 245,000.00 10/15/25 10/15/25 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 11,681.01 0.00 11,681.01 0.01 0.00 11,681.01 10/15/25 10/15/25 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 6,439.00 0.00 6,439.00 0.67 0.32 6,439.00 10/15/25 10/15/25 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 8,520.41 0.00 8,520.41 0.20 0.06 8,520.41 10/15/25 10/15/25 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 5,998.11 0.00 5,998.11 1.24 0.42 5,998.11 10/15/25 10/16/25 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 12,411.76 0.00 12,411.76 2.04 0.77 12,411.76 10/16/25 10/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 17,841.60 0.00 17,841.60 3.68 1.91 17,841.60 10/18/25 10/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 4,983.59 0.00 4,983.59 0.88 0.53 4,983.59 10/21/25

0.00 213.22 1,713.14 382,680.51 382,680.51 382,680.50 Transaction Type Sub-Total (164,561.68) 103,185.09 (61,376.59) 1,713.14 213.22 Managed Account Sub-Total Total Security Transactions $1,713.14 ($61,376.59)$103,185.09 ($164,561.68) $213.22

Page 27 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
1,187,493.79 Opening Balance
10/01/25 10/01/25 Purchase - Interest 808513BW4 1.00 4,950.00 1,192,443.79 10/06/25 10/06/25 Purchase - Interest 00724PAF6 1.00 9,000.00 1,201,443.79 10/06/25 10/06/25 Redemption - Principal 91282CMG3 1.00 (997,242.19) 204,201.60 10/06/25 10/06/25 Redemption - Interest 91282CMG3 1.00 (7,544.33) 196,657.27 10/15/25 10/15/25 Purchase - Interest 02582JJZ4 1.00 771.08 197,428.35 10/15/25 10/15/25 Purchase - Interest 02582JKD1 1.00 1,786.92 199,215.27 10/15/25 10/15/25 Purchase - Interest 02582JKH2 1.00 2,157.37 201,372.64 10/15/25 10/15/25 Purchase - Interest 05522RDG0 1.00 678.58 202,051.22 10/15/25 10/15/25 Purchase - Interest 05522RDH8 1.00 747.00 202,798.22 10/15/25 10/15/25 Purchase - Interest 05522RDK1 1.00 897.92 203,696.14 10/15/25 10/15/25 Purchase - Interest 14041NGB1 1.00 1,010.63 204,706.77 10/15/25 10/15/25 Purchase - Interest 14041NGD7 1.00 1,804.83 206,511.60 10/15/25 10/15/25 Purchase - Interest 14318MAD1 1.00 139.52 206,651.12 10/15/25 10/15/25 Purchase - Interest 161571HT4 1.00 1,741.50 208,392.62 10/15/25 10/15/25 Purchase - Interest 254683CY9 1.00 1,149.33 209,541.95 10/15/25 10/15/25 Purchase - Interest 254683CZ6 1.00 1,437.92 210,979.87 10/15/25 10/15/25 Purchase - Interest 31680EAD3 1.00 1,209.43 212,189.30 10/15/25 10/15/25 Purchase - Interest 344928AD8 1.00 263.76 212,453.06 10/15/25 10/15/25 Purchase - Interest 41285JAD0 1.00 308.24 212,761.30 10/15/25 10/15/25 Purchase - Interest 437921AD1 1.00 397.71 213,159.01 10/15/25 10/15/25 Purchase - Interest 58773DAD6 1.00 2,190.83 215,349.84

Page 28 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
10/15/25 10/15/25 Purchase - Interest 65480JAC4 1.00 169.44 215,519.28 10/15/25 10/15/25 Purchase - Interest 891940AC2 1.00 451.98 215,971.26 10/15/25 10/15/25 Purchase - Interest 92970QAJ4 1.00 1,754.08 217,725.34 10/15/25 10/15/25 Purchase - Principal 14318MAD1 1.00 8,520.41 226,245.75 10/15/25 10/15/25 Purchase - Principal 41285JAD0 1.00 8,144.62 234,390.37 10/15/25 10/15/25 Purchase - Principal 344928AD8 1.00 6,439.00 240,829.37 10/15/25 10/15/25 Purchase - Principal 65480JAC4 1.00 5,998.11 246,827.48 10/15/25 10/15/25 Purchase - Principal 31680EAD3 1.00 19,441.89 266,269.37 10/15/25 10/15/25 Purchase - Principal 891940AC2 1.00 11,681.01 277,950.38 10/15/25 10/15/25 Purchase - Principal 14041NGB1 1.00 245,000.00 522,950.38 10/16/25 10/16/25 Purchase - Interest 362549AD9 1.00 321.00 523,271.38 10/16/25 10/16/25 Purchase - Interest 36265QAD8 1.00 298.94 523,570.32 10/16/25 10/16/25 Purchase - Principal 36265QAD8 1.00 12,411.76 535,982.08 10/20/25 10/20/25 Purchase - Interest 05594BAD8 1.00 290.00 536,272.08 10/20/25 10/20/25 Purchase - Interest 43815QAC1 1.00 989.31 537,261.39 10/20/25 10/20/25 Purchase - Interest 73329KAD8 1.00 384.17 537,645.56 10/20/25 10/20/25 Purchase - Interest 92348KDY6 1.00 1,559.71 539,205.27 10/20/25 10/20/25 Purchase - Principal 43815QAC1 1.00 17,841.60 557,046.87 10/21/25 10/21/25 Purchase - Interest 438123AC5 1.00 351.53 557,398.40 10/21/25 10/21/25 Purchase - Principal 438123AC5 1.00 4,983.59 562,381.99 10/23/25 10/23/25 Purchase - Interest 95000U3T8 1.00 9,940.00 572,321.99 10/24/25 10/24/25 Purchase - Interest 857477DB6 1.00 4,834.00 577,155.99

Page 29 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
10/27/25 10/27/25 Purchase - Interest 3137BXQY1 1.00 1,477.67 578,633.66 10/27/25 10/27/25 Purchase - Interest 3137F1G44 1.00 1,486.38 580,120.04 10/27/25 10/27/25 Purchase - Interest 3137HACX2 1.00 2,208.71 582,328.75 10/27/25 10/27/25 Purchase - Interest 3137HAD45 1.00 1,718.70 584,047.45 10/27/25 10/27/25 Purchase - Interest 3137HAMH6 1.00 3,100.00 587,147.45 10/27/25 10/27/25 Purchase - Interest 3137HAMS2 1.00 2,000.00 589,147.45 10/27/25 10/27/25 Purchase - Interest 3137HAQ74 1.00 1,975.00 591,122.45 10/27/25 10/27/25 Purchase - Interest 3137HAST4 1.00 1,515.63 592,638.08 10/27/25 10/27/25 Purchase - Interest 3137HB3D4 1.00 760.35 593,398.43 10/27/25 10/27/25 Purchase - Interest 3137HB3G7 1.00 1,113.75 594,512.18 10/27/25 10/27/25 Purchase - Interest 3137HBC69 1.00 1,545.96 596,058.14 10/27/25 10/27/25 Purchase - Interest 3137HBLV4 1.00 1,104.90 597,163.04 10/27/25 10/27/25 Purchase - Interest 3137HDJJ0 1.00 2,144.92 599,307.96 10/27/25 10/27/25 Purchase - Interest 3137HDV56 1.00 1,730.67 601,038.63 10/27/25 10/27/25 Purchase - Interest 3137HDXL9 1.00 1,873.99 602,912.62 10/27/25 10/27/25 Purchase - Interest 3137HKXJ8 1.00 698.25 603,610.87 10/27/25 10/27/25 Purchase - Interest 89115B6K1 1.00 25,690.00 629,300.87 10/27/25 10/27/25 Purchase - Interest 3136BQDE6 1.00 1,829.99 631,130.86 10/27/25 10/27/25 Purchase - Interest 3137BNGT5 1.00 536.57 631,667.43 10/27/25 10/27/25 Purchase - Interest 3137BSP72 1.00 1,215.96 632,883.39 10/27/25 10/27/25 Purchase - Interest 3137BTUM1 1.00 1,015.29 633,898.68 10/27/25 10/27/25 Purchase - Principal 89115B6K1 1.00 450,000.00 1,083,898.68

Page 30 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
10/27/25 10/27/25 Purchase - Principal 3137BNGT5 1.00 39,863.63 1,123,762.31 10/27/25 10/27/25 Purchase - Principal 3136BQDE6 1.00 59.76 1,123,822.07 10/27/25 10/27/25 Purchase - Principal 3137HAD45 1.00 562.86 1,124,384.93 10/27/25 10/27/25 Purchase - Principal 3137HDJJ0 1.00 63.65 1,124,448.58 10/27/25 10/27/25 Purchase - Principal 3137HBC69 1.00 1,268.54 1,125,717.12 10/27/25 10/27/25 Purchase - Principal 3137BTUM1 1.00 400.07 1,126,117.19 10/28/25 10/28/25 Purchase-Principal 3137BTUM1 1.00 400.08 1,126,517.27 10/28/25 10/28/25 Redemption-Principal 3137BTUM1 1.00 (400.07) 1,126,117.20 10/30/25 10/30/25 IP Fees September 2025 1.00 (4,059.25) 1,122,057.95 10/30/25 10/30/25 U.S. Bank Fees August 2025 1.00 (223.29) 1,121,834.66 10/31/25 11/03/25 Accrual Income Div Reinvestment - Distributions 1.00 2,337.98 1,124,172.64

Page 31 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending October 31, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate 1,124,172.64
1,124,172.64
1,124,172.64
645,450.73
11,469.78

0.00 (20,256,986.22)
21,111,238.94
269,919.92
2,337.98
1,124,172.64

0.00 (1,009,469.13)
946,147.98
1,187,493.79
Monthly Distribution Yield
Average Monthly Balance
Closing Balance
Fiscal YTDMonth of
Cash Dividends and Income
Closing Balance
Check Disbursements
Redemptions (Excl. Checks)
Purchases
Opening Balance
Closing Balance
October January-October

4.26%

Page 32 ends

U.S. Bancorp Asset Management, Inc.

Review of Investment Performance

CAMP Accounts

Investment Performance Review
For the Quarter Ended September 30, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF LAKE ELSINORE
PFM Asset Management | pfmam.com
Market Update
PFM Asset Management | pfmam.com 2
Current Market Themes
▸ U.S. economy has been resilient but a cooling labor market presents risk ▹ Net new job creation neared zero as employers follow a “no hire, no fire” approach ▹ Inflation accelerated but Fed expects further price pressures to be short-lived ▹ Uncertainty eased as tariff and fiscal announcements were digested Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of September 30, 2025. ▸ Fed cut rates for the first time in 2025
▹ Fed Chair Powell acknowledged the difficulty in balancing the risks affecting labor markets and inflation, but noted risks to the labor market were the Fed's focus ▹ The Fed’s September “dot plot” signals 50 bps in additional cuts for 2025, though views remain split, with 7 members favoring no additional cuts in 2025 ▸ Treasury yields moved lower across the curve in Q3
▹ Front end Treasury yields moved lower on Fed rate cut expectations ▹ Yields settled into a narrow trading range as market volatility eased ▹ Credit spreads continued to tighten and neared historically narrow levels For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
PFM Asset Management | pfmam.com 3
The Fed's Dual Mandate Remains Complicated
Fed Chair Powell: “[T]he increase in goods prices accounts for most … or perhaps all of the increase in inflation over the course of this year. ”
Factors Influencing Slower Than Expected
Pass-Through of Goods Inflation
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of August 2025 (left). Survey responses after Aug-25

2.9%
Dec-25

3.2%
Mar-26

3.0%
Sep-26

2.7%
1%
2%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Core PCE Inflation (YoY)
Mean Forecast Actual
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
September 26, 2025, included in mean and forecast range.

PFM Asset Management | pfmam.com 4
177k
34k
29k
14k
13k
11k 0k 0k
-4k
-10k
-13k
-15k
-31k
-32k
-34k
-51k
0 50
100
150
200
250
300
Healthcare
State and Local Govt
Leisure & Hospitality
Transp & Warehousing
Retail Trade
Other Services
Utilities
Financial Activies
Private Education
Construction
Mining & Logging
Information Technology
Manufacturing
Wholesale Trade
Federal Govt
Pro & Biz Services
Thousand
Cumulative Job Growth
Jun-25 through Aug-25
The Fed's Dual Mandate Remains Complicated
Fed Chair Powell: “Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant.” Aug-25

4.3%
Dec-25

4.4%
Mar-26

4.4%
Sep-26

4.4%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Unemployment Rate
Mean Forecast Actual
Month Payrolls
June ’25 -13k
July ’25 79k
August ’25 22k
Avg.
29k
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Labor Statistics, and Bloomberg Finance L.P., as of August 2025. Data is seasonally adjusted.

For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Survey responses after September 26, 2025, included in mean and forecast range.

PFM Asset Management | pfmam.com 5
▸ Slower tariff-based inflation
passthrough
▸ Stabilizing credit card
delinquencies
▸ Corporate fundamentals
▸ Easing Fed Policy
▸ Resilient consumer spending
▸ Positive real disposable
personal income growth
▸ Fiscal tailwinds to business
investment

0.4%

0.0%

1.6%

1.2%

0.8%

2.4%

2.0%

3.2%

2.8%
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3QTD '25
Personal Consumption
Quarter-Over-Quarter Change
0%
2%
4%
6%
8%
10%
12%
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
Credit Card Delinquencies
90+ Days
PositiveNeutralNegative
▸ Net new job creation nears zero
▸ Sticky services inflation
▸ Increasing retail credit card
balances
▸ Rising student loan
delinquencies
▸ Planned federal spending cuts
Nonfarm Payrolls
Cumulative Quarterly
0K
100K
200K
300K
400K
500K
600K
700K
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3QTD '25
Economic Uncertainty Challenges Outlook
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Sources: Bloomberg Finance L.P., Bureau of Labor Statistics as of August 2025, Federal Reserve Bank of New York as of June 2025, and Bureau of Economic Analysis as of August 2025.

PFM Asset Management | pfmam.com 6

3.6% 3.4% 3.1% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 2028 Longer
Run
Jun Projections Sep Projections

3.0%

2.6%

2.1% 2.0% 2.0%
4%
3%
3%
2%
2%
1%
1%
0%
4%
2025 2026 2027 2028 Longer
Run
Sep Projections
2026 2027
PCE Inflation
Jun Projections

4.5% 4.4% 4.3% 4.2% 4.2%
2026 2027
Federal Funds Rate
0%
1%
2%
3%
4%
5%
6%
2025 2028 Longer
Run
Unemployment Rate
Jun Projections Sep Projections

1.6%

1.8% 1.9% 1.8% 1.8%
0%
1%
2%
3%
2025 2028 Longer
Run
Change in Real GDP
Jun Projections Sep Projections
Fed’s Updated Summary of Economic Projections
Fed Chair Powell: “[I]t's a difficult situation because we have risks that are both affecting the labor market and inflation, our two goals … When they're both at risk, we have to balance them” For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Source: FOMC Chair Jerome Powell Press Conference as of September 17, 2025. September 2025 was the first projection period for calendar year 2028.

PFM Asset Management | pfmam.com 7
0%
1%
2%
The Latest Fed “Dot Plot”
Fed Chair Powell: “[T]here are no risk-free paths now. It's not incredibly obvious what to do… [A]nd you'll see that there are just a range of views on what to do.”
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy 5%
No additional
cuts in ’25
4%
2 additional
cuts in ’25
3%
Sep-25 FOMC Projections
Jun-25 Median
Sep-25 Median
Longer Term

3.0%
2025
2 additional
cuts
2026
1 cut
2027
1 cut
2028
0 cuts
Source: Federal Reserve and FOMC Chair Jerome Powell Press Conference, as of September 17, 2025. Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
the midpoint of the appropriate target range for the federal funds rate at each year-end.

PFM Asset Management | pfmam.com 8
Front End Treasury Yields Move Lower
U.S. Treasury Yield Curve

3.93%

3.61%

3.74%

3.93%

4.15%

4.73%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%Yield
Maturity
1 Year Range
September 30, 2025
June 30, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Source: Bloomberg Finance L.P., as of September 30, 2025.

PFM Asset Management | pfmam.com 9

3.61%
0%
1%
2% 1.91%
3%
4%
5%
6%
2005 2010 2015 2020 2025
2-Year Treasury
2-Year Treasury Yield
5-Year Avg 10-Year Avg 20-Year Avg

3.04%

2.25%
Treasury Yields Remain Above Historical Averages
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Source: Bloomberg Finance L.P., as of September 30, 2025.

PFM Asset Management | pfmam.com 10
-0.1%
Jun-25

0.0%

0.1%

0.2%
Jul-25 Aug-25 Sep-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average
2 bps 50 bps
42 bps

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
Sector Yield Spreads
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of September 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.

PFM Asset Management | pfmam.com 11
Fixed-Income Index Total Returns in 3Q 2025
1-5 Year Indices

1.14% 1.20%

1.56%

1.37%

1.76%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Third Quarter 2025 Returns

3.77%

4.11%

4.78% 4.85%

5.45%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
For the Quarter Ended September 30, 2025
Market UpdateCITY OF LAKE ELSINORE
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of September 30, 2025.

PFM Asset Management | pfmam.com 12
Portfolio Review
PFM Asset Management | pfmam.com 13

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Snapshot

1. Total market value includes accrued interest and balances invested in CAMP, as of September 30, 2025.

Yield and duration calculations exclude balances invested in CAMP.

The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

Portfolio Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹
Credit Quality - S&P
12%
41%
1%5%
34%
30% 27%
23%
11%
10%
0%
20% 15%
50%
40%
30%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 45%
Corporate | 21%
Agency CMBS | 16%
ABS | 12%
Joint Powers Authority | 2%
Negotiable CD | 2%
Federal Agency | 1%
Municipal | 1%
Sector Allocation
AAA | 10%
AAAm | 2%
AA+ | 63%
AA | 1%
AA- | 4%
A-1+ | 1%
A+ | 5%
A | 5%
A- | 5%
BBB+ | 1%
Not Rated | 3%
Portfolio Statistics
Total Market Value
Managed Account Sub-Total
Accrued Interest
Pool
Portfolio Effective Duration
Benchmark Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
PFM Asset Management | pfmam.com
$56,695,940.44
$55,141,743.51
$366,703.14
$1,187,493.79

2.47 years

2.48 years

4.25%

3.87%
AA
14 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Account Summary

2.1%

12.3%

21.4%

1.6%

0.5%

15.6%

1.1%

45.4%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
CAMP - $1,187,494
ABS - $6,947,527
Corporate - $12,118,987
Negotiable CD - $934,827
Municipal - $288,636
Agency CMBS - $8,837,141
Federal Agency - $648,887
U.S. Treasury - $25,732,441
Portfolio Allocation Sector Limit for Analysis*
PFM Asset Management | pfmam.com
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 15 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").

PFM Asset Management | pfmam.com
Certificate of Compliance
During the reporting period for the quarter ended September 30, 2025, the account(s) managed by PFM Asset Management ("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 16 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Activity
Portfolio Activity - CAMP-LAKE ELSINORE CITY FUNDS
Net Activity by Sector
($ millions)
Federal Agency
Corporate
Municipal
ABS
Agency CMBS
U.S. Treasury
($4.0) $4.0 $6.0($2.0) $0.0
Sales/Maturities
$2.0
Purchases
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
U.S. Treasury $2,255,755
Agency CMBS ($33,036)
ABS ($297,931)
Municipal ($540,000)
Corporate ($675,000)
Federal Agency ($1,200,000)
Total Net Activity ($490,211)
PFM Asset Management | pfmam.com 17

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Characteristics
Historical Sector Allocation - CAMP-LAKE ELSINORE CITY FUNDS 42%
3%
16%
2%
23%
13%
1%
Jun-25
45%
2%
16%
21%
12%
2%
Sep-25
Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM.

PFM Asset Management | pfmam.com
2% 1%
1%
18 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

4. The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
Return
Portfolio Performance
Portfolio Benchmark
PFM Asset Management | pfmam.com
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned² $497,407 $1,886,457 $4,315,875 $5,212,956 $8,398,262 Change in Market Value $218,358 $438,880 $2,890,258 ($178,217) $1,086,385 Total Dollar Return $715,765 $2,325,337 $7,206,133 $5,034,739 $9,484,647 Total Return³
Portfolio 1.27% 4.27% 4.86% 1.47% 2.01%
Benchmark⁴ 1.14% 3.77% 4.42% 1.12% 1.65%
3 Months 1 Year 3 Years 5 Years 10 Years
Difference 0.13% 0.50% 0.44% 0.35% 0.36%
19 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings - CAMP-LAKE ELSINORE CITY FUNDS
Accrual Basis Earnings 3 Months 1 Year 3 Years 5 Year 10 Year¹ Interest Earned² $497,407 $1,886,457 $4,315,875 $5,212,956 $8,398,262 Realized Gains / (Losses)³ $77,106 $61,687 ($1,006,747) ($926,739) ($428,641) Change in Amortized Cost $87,261 $343,345 $1,094,924 $959,033 $939,373 Total Earnings $661,773 $2,291,489 $4,404,052 $5,245,250 $8,908,994 PFM Asset Management | pfmam.com 20
Issuer Distribution
PFM Asset Management | pfmam.com 21

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Summary
Issuer Diversification
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

PFM Asset Management | pfmam.com
Federal National Mortgage Association 1.2% AA / Aa / AA Agency CMBS 15.9%
Federal Home Loan Mortgage Corp
Federal National Mortgage Association

15.0%

1.0%
AA / Aa / AA
AA / Aa / AA
Municipal 0.5%
California State University 0.2% AA / Aa / NR
State of California 0.4% AA / Aa / AA
Negotiable CD 1.7%
Nordea Bank Abp 0.8% AA / Aa / AA
Toronto-Dominion Bank 0.9% A / A / NR
Security Type / Issuer Market Value (%) S&P / Moody's / Fitch Security Type / Issuer Market Value (%) S&P / Moody's / Fitch U.S. Treasury 46.4% Corporate 21.8%
United States Treasury 46.4% AA / Aa / AA Charles Schwab Corp 0.5% A / A / A Federal Agency 1.2% Cisco Systems Inc 0.8% AA / A / NR
Bank of New York Mellon Corp 0.8% A / Aa / AA
Bayerische Motoren Werke AG 0.3% A / A / NR
Berkshire Hathaway Inc 0.8% AA / Aa / A
BlackRock Inc 1.4% AA / Aa / NR
Bristol-Myers Squibb Co 0.7% A / A / NR
Caterpillar Inc 0.4% A / A / A
Citigroup Inc
Deere & Co
Home Depot Inc
Honda Motor Co Ltd
Lockheed Martin Corp
Mars Inc
Microsoft Corp
Morgan Stanley
National Australia Bank Ltd
National Rural Utilities Cooperative Fi
PACCAR Inc

1.4%

0.7%

0.1%

0.2%

1.3%

1.0%

0.9%

0.6%

0.7%
A / Aa / A

A / A / A

A / A / NR

A / A / A

A / A / NR
AAA / Aaa / NR
A / Aa / AA
AA / Aa / NR

A / A / A

A / A / NR
Corporate 21.8% State Street Corp 0.4% A / Aa / AA
Adobe Inc 0.7% A / A / NR Target Corp 0.1% A / A / A
Air Products and Chemicals Inc 0.6% A / A / NR Texas Instruments Inc 0.2% A / Aa / NR American Express Co 0.5% A / A / A Toyota Motor Corp 0.7% A / A / A Analog Devices Inc 0.7% A / A / A UnitedHealth Group Inc 0.4% A / A / A Apple Inc 1.4% AA / Aaa / NR Wells Fargo & Co 0.8% BBB / A / A Bank of America Corp 1.1% A / A / AA ABS 12.5%
American Express Co 2.0% AAA / NR / AAA
BA Credit Card Trust 1.1% AAA / Aaa / AAA
Bank of America Corp 0.1% NR / Aaa / AAA
Capital One Financial Corp 1.3% AAA / NR / AAA
CarMax Inc 0.1% AAA / NR / AAA
Citigroup Inc 1.0% AAA / Aaa / NR
22 CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Summary
Issuer Diversification
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

PFM Asset Management | pfmam.com
Security Type / Issuer Market Value (%) S&P / Moody's / Fitch ABS 12.5%
Discover Card Execution Note Trust 1.2% AAA / Aaa / AAA Fifth Third Auto Trust 0.5% AAA / Aaa / NR
Ford Credit Auto Owner Trust 0.1% AAA / NR / AAA
GM Financial Consumer Automobile Receiv 0.3% AAA / Aaa / AAA Harley-Davidson Inc 0.1% NR / Aaa / AAA
Honda Auto Receivables Owner Trust 0.7% AAA / Aaa / AAA JPMorgan Chase & Co 0.7% AAA / NR / AAA
Mercedes-Benz Auto Receivables Trust 1.0% NR / Aaa / AAA Nissan Auto Receivables Owner Trust 0.1% AAA / Aaa / NR Porsche Innovative Lease Owner 0.2% AAA / NR / AAA
Toyota Auto Receivables Owner Trust 0.2% AAA / NR / AAA Verizon Master Trust 0.8% NR / Aaa / AAA
WF Card Issuance Trust 0.9% AAA / NR / AAA
Total 100.0%
23 Portfolio Transactions
PFM Asset Management | pfmam.com 24
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV) BUY
7/1/2025 7/3/2025 600,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 589,213.66 3.75% 8/1/2025 8/5/2025 925,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 905,177.23 3.94% 9/2/2025 9/5/2025 3,900,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 3,864,729.11 3.67% Total BUY 5,425,000.00 5,359,120.00 0.00

INTEREST
7/1/2025 7/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 7/1/2025 7/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,558.85 7/1/2025 7/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,020.53 7/1/2025 7/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 7/1/2025 7/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 7/1/2025 7/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,724.23 7/1/2025 7/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 7/1/2025 7/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 7/1/2025 7/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 564.76 7/1/2025 7/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 7/1/2025 7/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 7/1/2025 7/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 25
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
7/1/2025 7/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 7/1/2025 7/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 7/1/2025 7/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 7/1/2025 7/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 7/1/2025 7/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 7/1/2025 7/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 7/1/2025 7/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,830.54 7/1/2025 7/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 7/1/2025 7/1/2025 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 1,949.90 7/8/2025 7/8/2025 14913R2U0 CATERPILLAR FINL SERVICE 1.70% 1/8/2027 1,912.50 7/12/2025 7/12/2025 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.62% 1/12/2028 8,671.88 7/14/2025 7/14/2025 61690U8E3 MORGAN STANLEY BANK NA (CALLABLE) 4.96% 7/14/2028 13,041.00 7/14/2025 7/14/2025 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 9,281.25 7/15/2025 7/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 7/15/2025 7/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 236.92 7/15/2025 7/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 7/15/2025 7/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 26
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
7/15/2025 7/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 7/15/2025 7/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 7/15/2025 7/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 987.71 7/15/2025 7/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 7/15/2025 7/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 7/15/2025 7/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 7/15/2025 7/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 7/15/2025 7/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 2,046.43 7/15/2025 7/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 343.98 7/15/2025 7/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 593.06 7/15/2025 7/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 7/15/2025 7/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 7/15/2025 7/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,485.96 7/15/2025 7/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 7/15/2025 7/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 228.87 7/15/2025 7/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 421.97 7/15/2025 7/15/2025 87612EBM7 TARGET CORP (CALLABLE) 1.95% 1/15/2027 390.00 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 27
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
7/16/2025 7/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 456.68 7/16/2025 7/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 0.12 7/16/2025 7/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 7/18/2025 7/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,252.53 7/20/2025 7/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 7/20/2025 7/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 7/20/2025 7/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 7/21/2025 7/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 7/26/2025 7/26/2025 06406RBA4 BANK OF NY MELLON CORP (CALLABLE) 2.05% 1/26/2027 4,868.75 7/27/2025 7/27/2025 459200KS9 IBM CORP 4.00% 7/27/2025 4,500.00 8/1/2025 8/1/2025 60412AK85 MINNESOTA ST-F-UNREF 0.63% 8/1/2025 315.00 8/1/2025 8/1/2025 798306WP7 SAN JUAN CA UNIF SCH 0.85% 8/1/2025 553.80 8/1/2025 8/1/2025 06051GFS3 BANK OF AMERICA CORP 3.87% 8/1/2025 4,359.38 8/1/2025 8/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 552.08 8/1/2025 8/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 8/1/2025 8/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,018.32 8/1/2025 8/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,722.21 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 28
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
8/1/2025 8/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 8/1/2025 8/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 8/1/2025 8/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 8/1/2025 8/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 8/1/2025 8/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 8/1/2025 8/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,145.34 8/1/2025 8/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,553.79 8/1/2025 8/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,834.07 8/1/2025 8/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 8/1/2025 8/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 8/1/2025 8/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 8/1/2025 8/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 8/1/2025 8/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 8/1/2025 8/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 8/1/2025 8/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 8/1/2025 8/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 8/6/2025 8/6/2025 594918BY9 MICROSOFT CORP (CALLABLE) 3.30% 2/6/2027 12,375.00 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 29
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
8/7/2025 8/7/2025 637432NP6 NATIONAL RURAL UTIL COOP (CALLABLE) 3.40% 2/7/2028 5,950.00 8/8/2025 8/8/2025 009158BH8 AIR PRODUCTS & CHEMICALS (CALLABLE) 4.60% 2/8/2029 7,820.00 8/12/2025 8/12/2025 05565EBW4 BMW US CAPITAL LLC (CALLABLE) 1.25% 8/12/2026 1,093.75 8/15/2025 8/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 8/15/2025 8/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 8/15/2025 8/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 384.66 8/15/2025 8/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 199.39 8/15/2025 8/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 1,754.08 8/15/2025 8/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 8/15/2025 8/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 8/15/2025 8/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 215.99 8/15/2025 8/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 8/15/2025 8/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 897.92 8/15/2025 8/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 8/15/2025 8/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 8/15/2025 8/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 8/15/2025 8/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 30
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
8/15/2025 8/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 8/15/2025 8/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 316.81 8/15/2025 8/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 8/15/2025 8/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 8/15/2025 8/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 545.36 8/15/2025 8/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,391.46 8/15/2025 8/15/2025 882508BV5 TEXAS INSTRUMENTS INC (CALLABLE) 4.60% 2/15/2028 1,955.00 8/16/2025 8/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 8/16/2025 8/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 405.01 8/18/2025 8/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,163.21 8/20/2025 8/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 8/20/2025 8/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 8/20/2025 8/20/2025 110122DE5 BRISTOL-MYERS SQUIBB CO (CALLABLE) 3.90% 2/20/2028 7,312.50 8/20/2025 8/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 8/21/2025 8/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 8/25/2025 8/25/2025 3135G05X7 FANNIE MAE 0.37% 8/25/2025 656.25 8/26/2025 8/26/2025 17275RBR2 CISCO SYSTEMS INC (CALLABLE) 4.85% 2/26/2029 10,185.00 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 31
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
8/28/2025 8/28/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 356.73 8/31/2025 8/31/2025 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 61,500.00 9/1/2025 9/1/2025 571676AY1 MARS INC (CALLABLE) 4.80% 3/1/2030 2,591.33 9/1/2025 9/1/2025 13063D3N6 CA ST 4.84% 3/1/2027 4,846.00 9/1/2025 9/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 9/1/2025 9/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,549.88 9/1/2025 9/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,016.22 9/1/2025 9/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 9/1/2025 9/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 9/1/2025 9/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 9/1/2025 9/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 9/1/2025 9/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 9/1/2025 9/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,833.89 9/1/2025 9/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 9/1/2025 9/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 9/1/2025 9/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 9/1/2025 9/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,145.13 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 32
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
9/1/2025 9/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 9/1/2025 9/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,720.51 9/1/2025 9/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 9/1/2025 9/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 9/1/2025 9/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 550.99 9/1/2025 9/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 9/1/2025 9/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 9/4/2025 9/4/2025 3130AK5E2 FEDERAL HOME LOAN BANK 0.37% 9/4/2025 281.25 9/4/2025 9/4/2025 025816CS6 AMERICAN EXPRESS CO (CALLABLE) 2.55% 3/4/2027 3,825.00 9/5/2025 9/5/2025 02665WFQ9 AMERICAN HONDA FINANCE 4.40% 9/5/2029 8,800.00 9/12/2025 9/12/2025 037833DB3 APPLE INC (CALLABLE) 2.90% 9/12/2027 11,237.50 9/14/2025 9/14/2025 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 18,212.50 9/15/2025 9/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 9/15/2025 9/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 9/15/2025 9/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 9/15/2025 9/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 397.71 9/15/2025 9/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,297.23 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 33
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
9/15/2025 9/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 9/15/2025 9/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 9/15/2025 9/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 168.75 9/15/2025 9/15/2025 084664CZ2 BERKSHIRE HATHAWAY FIN (CALLABLE) 2.30% 3/15/2027 5,462.50 9/15/2025 9/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 497.25 9/15/2025 9/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 9/15/2025 9/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 346.64 9/15/2025 9/15/2025 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 897.92 9/15/2025 9/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 9/15/2025 9/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 9/15/2025 9/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 191.25 9/15/2025 9/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 288.97 9/15/2025 9/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 9/15/2025 9/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 9/15/2025 9/15/2025 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 1,754.08 9/15/2025 9/15/2025 002824BM1 ABBOTT LABORATORIES (CALLABLE) 3.87% 9/15/2025 4,359.38 9/15/2025 9/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 34
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

INTEREST
9/16/2025 9/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 350.73 9/16/2025 9/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 321.00 9/18/2025 9/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,074.24 9/20/2025 9/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 384.17 9/20/2025 9/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 9/20/2025 9/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 9/21/2025 9/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 376.39 9/23/2025 9/23/2025 3137EAEX3 FREDDIE MAC 0.37% 9/23/2025 1,312.50 9/29/2025 9/29/2025 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 21,761.25 Total INTEREST 0.00 413,723.97 0.00

MATURITY
7/1/2025 7/1/2025 65,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 65,000.00 7/1/2025 7/1/2025 85,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 85,000.00 7/1/2025 7/1/2025 160,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 160,000.00 7/27/2025 7/27/2025 225,000.00 459200KS9 IBM CORP 4.00% 7/27/2025 225,000.00 8/1/2025 8/1/2025 130,000.00 798306WP7 SAN JUAN CA UNIF SCH 0.85% 8/1/2025 130,000.00 8/1/2025 8/1/2025 225,000.00 06051GFS3 BANK OF AMERICA CORP 3.87% 8/1/2025 225,000.00 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 35
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

MATURITY
8/1/2025 8/1/2025 100,000.00 60412AK85 MINNESOTA ST-F-UNREF 0.63% 8/1/2025 100,000.00 8/25/2025 8/25/2025 350,000.00 3135G05X7 FANNIE MAE 0.37% 8/25/2025 350,000.00 9/4/2025 9/4/2025 150,000.00 3130AK5E2 FEDERAL HOME LOAN BANK 0.37% 9/4/2025 150,000.00 9/15/2025 9/15/2025 225,000.00 002824BM1 ABBOTT LABORATORIES (CALLABLE) 3.87% 9/15/2025 225,000.00 9/23/2025 9/23/2025 700,000.00 3137EAEX3 FREDDIE MAC 0.37% 9/23/2025 700,000.00 Total MATURITY 2,415,000.00 2,415,000.00 0.00

PAYDOWNS
7/1/2025 7/25/2025 793.42 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 793.42 9.76 7/1/2025 7/25/2025 507.71 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 507.71 0.01 7/1/2025 7/25/2025 1,249.42 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,249.42 7/1/2025 7/25/2025 14,001.22 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 14,001.22 7/1/2025 7/25/2025 5,543.97 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 5,543.97 46.78 7/1/2025 7/25/2025 55.18 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 55.18 0.57 7/15/2025 7/15/2025 20,504.39 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 20,504.39 0.79 7/15/2025 7/15/2025 8,867.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 8,867.00 0.44 7/15/2025 7/15/2025 12,363.13 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,363.13 7/15/2025 7/15/2025 8,912.15 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 8,912.15 0.08 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 36
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
7/15/2025 7/15/2025 7,011.46 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,011.46 0.38 7/15/2025 7/15/2025 5,632.62 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 5,632.62 0.47 7/16/2025 7/16/2025 214.23 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 214.25 0.02 7/16/2025 7/16/2025 12,863.37 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 12,863.37 0.90 7/18/2025 7/18/2025 19,812.18 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 19,812.18 2.35 8/1/2025 8/25/2025 476.79 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 476.79 3.43 8/1/2025 8/25/2025 964.53 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 964.53 8/1/2025 8/25/2025 51.82 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 51.82 8/1/2025 8/25/2025 426.54 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 426.54 0.01 8/1/2025 8/25/2025 49.30 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 49.30 0.50 8/1/2025 8/25/2025 752.21 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 752.21 8.70 8/15/2025 8/15/2025 7,184.37 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,184.37 0.38 8/15/2025 8/15/2025 20,449.29 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 20,449.29 0.77 8/15/2025 8/15/2025 9,032.45 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,032.45 0.44 8/15/2025 8/15/2025 6,655.34 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,655.34 0.52 8/15/2025 8/15/2025 9,260.62 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 9,260.62 0.08 8/15/2025 8/15/2025 12,468.32 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,468.32 0.01 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 37
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
8/16/2025 8/16/2025 13,514.88 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 13,514.88 0.91 8/18/2025 8/18/2025 19,734.78 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 19,734.78 2.27 8/21/2025 8/21/2025 5,340.60 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 5,340.60 0.60 9/1/2025 9/25/2025 52.09 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 52.09 9/1/2025 9/25/2025 49.53 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 49.53 0.49 9/1/2025 9/25/2025 333.49 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 333.49 3.62 9/1/2025 9/25/2025 6,305.01 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 6,305.01 37.56 9/1/2025 9/25/2025 453.09 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 453.09 0.01 9/1/2025 9/25/2025 970.51 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 970.51 9/15/2025 9/15/2025 19,051.49 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 19,051.49 0.69 9/15/2025 9/15/2025 9,124.44 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,124.44 0.43 9/15/2025 9/15/2025 6,505.96 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 6,505.96 0.34 9/15/2025 9/15/2025 11,734.03 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 11,734.03 9/15/2025 9/15/2025 8,833.58 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 8,833.58 0.07 9/15/2025 9/15/2025 5,868.90 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 5,868.90 0.44 9/16/2025 9/16/2025 12,892.62 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 12,892.62 0.84 9/18/2025 9/18/2025 18,837.81 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 18,837.81 2.09 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 38
CITY OF LAKE ELSINORE Portfolio Activity
Quarterly Portfolio Transactions
Trade Settle Maturity Transact Yield Realized
Date Date Par ($) CUSIP Security Description Coupon Date Amount ($) at Market G/L (BV)

PAYDOWNS
9/21/2025 9/21/2025 5,260.63 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 5,260.63 0.58 Total PAYDOWNS 330,966.47 330,966.49 128.33
SELL
9/2/2025 9/5/2025 225,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 227,075.48 3,479.76 9/2/2025 9/5/2025 400,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 403,689.75 7,516.43 9/2/2025 9/5/2025 2,450,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 2,472,599.69 65,981.32 Total SELL 3,075,000.00 3,103,364.92 76,977.51
For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 39
Portfolio Holdings
PFM Asset Management | pfmam.com 40
CITY OF LAKE ELSINORE Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 75,000.00 AA+ Aa1 1/13/2023 1/17/2023 70,441.41 3.72 566.58 73,663.07 73,587.90

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,275,000.00 AA+ Aa1 9/4/2024 9/6/2024 1,169,364.26 3.59 4,027.68 1,197,511.78 1,196,358.00

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,900,000.00 AA+ Aa1 6/6/2024 6/11/2024 2,565,253.91 4.39 9,161.01 2,666,774.75 2,721,128.00

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,300,000.00 AA+ Aa1 8/1/2024 8/5/2024 1,173,960.94 3.96 4,106.66 1,209,301.20 1,219,816.00

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,400,000.00 AA+ Aa1 10/1/2024 10/7/2024 2,211,468.75 3.51 7,581.52 2,258,837.40 2,251,968.00

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 225,000.00 AA+ Aa1 7/1/2024 7/3/2024 198,641.60 4.49 710.77 206,372.90 211,122.00

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,375,000.00 AA+ Aa1 1/2/2025 1/7/2025 1,344,653.32 4.36 13,030.74 1,349,871.64 1,379,350.50

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 2,600,000.00 AA+ Aa1 12/3/2024 12/6/2024 2,565,773.44 4.10 24,639.95 2,572,238.63 2,608,226.40

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,200,000.00 AA+ Aa1 10/31/2024 11/5/2024 1,182,093.75 4.14 11,372.28 1,185,745.27 1,203,796.80

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,475,000.00 AA+ Aa1 2/3/2025 2/6/2025 1,444,693.36 4.33 13,978.43 1,449,413.04 1,479,666.90

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 4/1/2025 4/4/2025 878,414.06 3.87 7,391.98 880,751.10 886,535.10

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 1,500,000.00 AA+ Aa1 5/1/2025 5/6/2025 1,476,796.88 3.65 12,319.97 1,478,910.69 1,477,558.50

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 6/2/2025 6/5/2025 875,566.41 3.98 7,391.98 877,365.03 886,535.10

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 2,650,000.00 AA+ Aa1 3/3/2025 3/6/2025 2,565,117.19 4.06 21,765.29 2,575,552.52 2,610,353.35

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 925,000.00 AA+ Aa1 8/1/2025 8/5/2025 902,236.33 3.94 7,597.32 903,079.22 911,161.08 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 41

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 3,900,000.00 AA+ Aa1 9/2/2025 9/5/2025 3,841,652.34 3.67 32,031.93 3,842,671.45 3,841,652.10

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 600,000.00 AA+ Aa1 7/1/2025 7/3/2025 589,054.69 3.75 4,927.99 589,683.99 591,023.40 Security Type Sub-Total 26,200,000.00 25,055,182.64 3.96 182,602.08 25,317,743.68 25,549,839.13 Negotiable CD

TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 A- A2 10/27/2022 10/31/2022 450,000.00 5.60 23,870.00 450,000.00 450,442.80

NORDEA BANK ABP NEW YORK
DTD 11/03/2022 5.530% 11/03/2025
65558UYF3 450,000.00 A-1+ P-1 11/2/2022 11/3/2022 450,000.00 5.53 10,230.50 450,000.00 450,283.50 Security Type Sub-Total 900,000.00 900,000.00 5.57 34,100.50 900,000.00 900,726.30 Municipal

CALIFORNIA ST UNIV-B
DTD 07/29/2021 0.862% 11/01/2025
13077DQD7 85,000.00 AA- Aa2 7/9/2021 7/29/2021 85,000.00 0.86 305.29 85,000.00 84,774.75 CA ST
DTD 03/15/2023 4.846% 03/01/2027
13063D3N6 200,000.00 AA- Aa2 3/9/2023 3/15/2023 200,000.00 4.85 807.67 200,000.00 202,748.60 Security Type Sub-Total 285,000.00 285,000.00 3.67 1,112.96 285,000.00 287,523.35 Joint Powers Authority
CAMP Pool 1,187,493.79 AAAm NR 1,187,493.79 0.00 1,187,493.79 1,187,493.79 Security Type Sub-Total 1,187,493.79 1,187,493.79 0.00 1,187,493.79 1,187,493.79 Federal Agency

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 650,000.00 AA+ Aa1 11/9/2020 11/12/2020 647,673.00 0.57 1,300.00 649,953.33 647,587.20 Security Type Sub-Total 650,000.00 647,673.00 0.57 1,300.00 649,953.33 647,587.20 PFM Asset Management | pfmam.com 42
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate

UNITEDHEALTH GROUP INC
(CALLABLE)
91324PEC2 225,000.00 A+ A2 5/17/2021 5/19/2021 224,608.50 1.19 977.50 224,951.17 220,951.13 DTD 05/19/2021 1.150% 05/15/2026

BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
05565EBW4 175,000.00 A A2 8/12/2021 8/16/2021 174,947.50 1.26 297.74 174,990.91 170,927.23

CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
14913R2U0 225,000.00 A A2 1/11/2022 1/13/2022 223,863.75 1.81 881.88 224,710.72 219,058.88

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 164.67 39,982.38 39,050.64

BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
06406RBA4 475,000.00 A Aa3 1/26/2022 1/28/2022 473,945.50 2.10 1,758.16 474,721.42 463,820.88

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 750,000.00 AAA Aaa 3/14/2023 3/17/2023 721,942.50 4.36 3,781.25 740,273.13 745,553.25

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
025816CS6 300,000.00 A- A2 1/13/2023 1/18/2023 277,203.00 4.59 573.75 292,129.97 294,136.80

BERKSHIRE HATHAWAY FIN
(CALLABLE)
084664CZ2 475,000.00 AA Aa2 3/15/2022 3/17/2022 466,089.00 2.70 485.56 472,403.02 465,113.83 DTD 03/15/2022 2.300% 03/15/2027

CHARLES SCHWAB CORP
(CALLABLE)
808513BW4 300,000.00 A- A2 2/17/2023 2/22/2023 284,925.00 4.66 4,950.00 294,495.94 296,969.40 DTD 09/24/2021 3.300% 04/01/2027

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.905% 06/09/2027
63254ABE7 500,000.00 AA- Aa2 1/13/2023 1/18/2023 488,325.00 4.50 6,074.44 495,510.18 499,919.00

APPLE INC (CALLABLE)
DTD 09/12/2017 2.900% 09/12/2027
037833DB3 775,000.00 AA+ Aaa 1/19/2023 1/23/2023 741,062.75 3.94 1,186.18 760,745.95 763,201.40

TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
89236TKQ7 375,000.00 A+ A1 2/8/2023 2/10/2023 376,282.50 4.55 3,805.99 375,594.21 380,413.88

NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
637432NP6 350,000.00 A- A1 2/17/2023 2/22/2023 329,189.00 4.76 1,785.00 340,136.63 344,902.25

TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
882508BV5 85,000.00 A+ Aa3 5/11/2023 5/18/2023 87,043.40 4.04 499.61 86,004.03 86,463.79 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 43
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate

BRISTOL-MYERS SQUIBB CO
(CALLABLE)
110122DE5 375,000.00 A A2 3/9/2023 3/13/2023 358,263.75 4.93 1,665.63 366,909.71 375,031.13 DTD 07/15/2020 3.900% 02/20/2028

LOCKHEED MARTIN CORP
(CALLABLE)
539830BZ1 60,000.00 A- A2 5/23/2023 5/25/2023 59,892.00 4.49 1,008.67 59,943.04 60,673.08 DTD 05/25/2023 4.450% 05/15/2028

MORGAN STANLEY BANK NA
(CALLABLE)
61690U8E3 525,000.00 A+ Aa3 7/18/2024 7/19/2024 525,525.00 4.94 5,578.65 525,323.56 532,761.08 DTD 07/19/2024 4.968% 07/14/2028

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 375,000.00 A A1 7/21/2023 7/25/2023 377,865.00 4.78 3,970.31 376,606.26 385,092.00

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 750,000.00 A+ Aa3 10/2/2023 10/4/2023 746,280.00 5.92 241.79 747,638.33 786,679.50

AIR PRODUCTS & CHEMICALS
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
009158BH8 340,000.00 A A2 2/6/2024 2/8/2024 339,547.80 4.63 2,302.56 339,685.64 346,121.70

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 420,000.00 AA- A1 2/21/2024 2/26/2024 419,853.00 4.86 1,980.42 419,897.11 430,975.86

BLACKROCK FUNDING INC
(CALLABLE)
09290DAA9 50,000.00 AA- Aa3 3/5/2024 3/14/2024 49,909.50 4.74 110.97 49,935.42 51,144.35 DTD 03/14/2024 4.700% 03/14/2029

BLACKROCK FUNDING INC
(CALLABLE)
09290DAA9 725,000.00 AA- Aa3 3/6/2024 3/14/2024 725,355.25 4.69 1,609.10 725,256.06 741,593.08 DTD 03/14/2024 4.700% 03/14/2029

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 170,000.00 A+ A1 4/2/2024 4/4/2024 169,775.60 4.83 4,012.00 169,837.21 174,583.88

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 205,000.00 A+ A1 4/1/2024 4/4/2024 204,694.55 4.83 4,838.00 204,778.20 210,527.62

WELLS FARGO & COMPANY
(CALLABLE)
95000U3T8 290,000.00 BBB+ A1 4/15/2025 4/23/2025 290,000.00 4.97 6,325.71 290,000.00 295,522.18 DTD 04/23/2025 4.970% 04/23/2029

WELLS FARGO & COMPANY
(CALLABLE)
95000U3T8 110,000.00 BBB+ A1 4/16/2025 4/23/2025 110,088.00 4.95 2,399.41 110,076.11 112,094.62 DTD 04/23/2025 4.970% 04/23/2029
For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 44

BANK OF AMERICA CORP
(CALLABLE)
06051GMT3 600,000.00 A- A1 5/6/2025 5/9/2025 600,000.00 4.62 10,941.10 600,000.00 607,433.40 DTD 05/09/2025 4.623% 05/09/2029

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 125,000.00 A A2 6/17/2024 6/25/2024 124,193.75 4.90 1,583.33 124,380.17 128,008.00

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 250,000.00 A A2 6/18/2024 6/25/2024 248,627.50 4.88 3,166.67 248,945.40 256,016.00

AMERICAN HONDA FINANCE
DTD 09/05/2024 4.400% 09/05/2029
02665WFQ9 400,000.00 A- A3 9/3/2024 9/5/2024 399,520.00 4.43 1,271.11 399,614.59 402,098.80

MARS INC (CALLABLE)
DTD 03/12/2025 4.800% 03/01/2030
571676AY1 115,000.00 A A2 3/5/2025 3/12/2025 114,875.80 4.83 460.00 114,888.23 117,159.36

STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.834% 04/24/2030
857477DB6 200,000.00 A Aa3 4/22/2025 4/24/2025 200,000.00 4.83 4,216.32 200,000.00 205,322.60

PACCAR FINANCIAL CORP
DTD 05/08/2025 4.550% 05/08/2030
69371RT71 400,000.00 A+ A1 5/5/2025 5/8/2025 399,380.00 4.59 7,229.44 399,425.07 407,184.40

ANALOG DEVICES INC (CALLABLE)
DTD 06/16/2025 4.500% 06/15/2030
032654BE4 400,000.00 A- A2 6/12/2025 6/16/2025 399,648.00 4.52 5,250.00 399,667.73 405,098.80 Security Type Sub-Total 11,935,000.00 11,772,653.90 4.36 97,382.92 11,869,457.50 12,021,603.80 Agency CMBS
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 234,564.89 AA+ Aa1 4/11/2023 4/14/2023 224,852.44 4.32 536.57 233,458.78 233,242.88 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 550,000.00 AA+ Aa1 4/6/2023 4/12/2023 526,839.84 3.98 1,215.96 543,813.77 543,518.80 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 364,012.14 AA+ Aa1 5/19/2023 5/24/2023 352,807.40 4.29 1,015.29 360,333.50 360,388.40 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 550,000.00 AA+ Aa1 8/16/2023 8/18/2023 518,804.69 4.94 1,477.67 537,156.29 544,518.70 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 550,000.00 AA+ Aa1 6/8/2023 6/13/2023 527,033.20 4.42 1,486.38 540,694.49 544,171.10 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 381,874.57 AA+ Aa1 12/6/2023 12/14/2023 381,871.52 4.86 1,545.96 381,873.62 388,230.49 PFM Asset Management | pfmam.com 45
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Agency CMBS
FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 431,744.77 AA+ Aa1 7/19/2023 7/27/2023 431,734.01 4.78 1,718.70 431,738.78 435,431.87 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 550,000.00 AA+ Aa1 7/13/2023 7/20/2023 555,493.40 4.59 2,208.71 553,045.35 560,338.35 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 525,170.71 AA+ Aa1 7/18/2023 7/31/2023 516,267.43 4.58 1,829.78 520,138.42 526,161.71 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 800,000.00 AA+ Aa1 9/7/2023 9/14/2023 788,165.60 4.99 3,100.00 792,695.89 812,569.60 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 500,000.00 AA+ Aa1 10/11/2023 10/19/2023 489,032.00 5.25 1,975.00 493,095.10 509,658.50 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 375,000.00 AA+ Aa1 10/25/2023 10/31/2023 363,043.88 5.60 1,515.63 367,203.79 383,611.50 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 500,000.00 AA+ Aa1 9/20/2023 9/28/2023 494,023.50 5.07 2,000.00 496,183.90 509,926.00 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 180,000.00 AA+ Aa1 11/14/2023 11/21/2023 179,479.62 5.14 760.35 179,660.36 184,865.40 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 275,000.00 AA+ Aa1 11/28/2023 12/7/2023 274,209.93 4.93 1,113.75 274,481.00 281,257.08 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 290,000.00 AA+ Aa1 2/1/2024 2/8/2024 292,899.71 4.34 1,104.90 291,992.81 294,246.18 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 440,000.00 AA+ Aa1 7/16/2024 7/25/2024 442,702.04 4.58 1,730.67 442,130.56 449,638.64 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 535,894.87 AA+ Aa1 6/5/2024 6/13/2024 535,893.26 4.80 2,144.92 535,894.87 548,510.91 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 495,000.00 AA+ Aa1 8/7/2024 8/15/2024 499,630.23 4.33 1,873.99 498,663.57 503,386.79 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
3137HKXJ8 190,000.00 AA+ Aa1 4/15/2025 4/24/2025 189,993.35 4.41 698.25 189,994.01 192,415.85 Security Type Sub-Total 8,718,261.96 8,584,777.05 4.72 31,052.48 8,664,248.86 8,806,088.75 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 46
CITY OF LAKE ELSINORE Portfolio Holdings
Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value ABS
CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 42,173.73 AAA NR 7/12/2022 7/20/2022 42,172.73 3.97 74.41 42,173.40 42,148.89 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 45,588.69 AAA Aaa 9/20/2022 9/28/2022 45,579.26 4.46 90.37 45,585.38 45,632.59 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 74,425.91 AAA NR 10/4/2022 10/12/2022 74,413.71 4.82 149.47 74,421.19 74,559.65 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 117,143.26 AAA NR 1/24/2023 1/30/2023 117,143.20 4.63 241.05 117,143.24 117,389.96 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 245,000.00 AAA NR 10/27/2022 11/3/2022 244,961.56 4.95 539.00 244,984.17 245,083.06 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 73,246.28 NR Aaa 2/13/2023 2/23/2023 73,238.91 5.05 164.40 73,242.90 73,489.90 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 68,066.81 AAA NR 3/28/2023 3/31/2023 68,059.71 4.65 140.67 68,063.35 68,250.45 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 219,441.28 AAA NR 8/15/2023 8/22/2023 219,396.04 5.42 428.70 219,417.29 221,071.95 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 320,000.00 NR Aaa 4/4/2023 4/11/2023 319,981.44 4.31 612.98 319,990.75 320,349.44 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 190,000.00 AAA NR 6/7/2023 6/14/2023 189,983.15 4.87 411.24 189,991.02 191,032.46 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 490,000.00 AAA NR 5/17/2023 5/24/2023 489,887.64 4.42 962.58 489,940.78 491,206.38 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 170,000.00 AAA NR 6/8/2023 6/16/2023 169,961.51 4.79 361.91 169,979.46 170,847.28 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 350,000.00 AAA Aaa 6/21/2023 6/28/2023 349,952.72 4.93 766.89 349,974.23 352,238.25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 74,398.77 NR Aaa 11/1/2023 11/8/2023 74,385.67 5.67 117.18 74,390.72 75,279.06 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 262,444.38 AAA Aaa 8/15/2023 8/23/2023 262,428.11 5.53 645.03 262,434.99 264,860.44 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 405,000.00 AAA NR 9/7/2023 9/15/2023 404,887.73 5.17 928.80 404,930.20 409,881.87 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 410,000.00 AAA NR 9/12/2023 9/19/2023 409,981.67 5.23 953.02 409,988.80 415,338.20 For the Quarter Ended September 30, 2025
PFM Asset Management | pfmam.com 47

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Trade
Date
Settle
Date
Original
Cost
YTM
at Cost
Accrued
Interest
Amortized
Cost
Market
Value
ABS
PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 100,000.00 AAA NR 5/14/2025 5/21/2025 99,989.29 4.61 140.86 99,990.62 101,146.10 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 180,000.00 NR Aaa 12/7/2023 12/14/2023 179,975.83 4.98 398.40 179,984.42 182,208.78 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 495,000.00 AAA NR 4/16/2024 4/23/2024 494,898.53 5.23 1,150.60 494,898.53 505,229.67 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 115,000.00 NR Aaa 4/29/2025 5/8/2025 114,987.15 4.15 212.11 114,988.47 115,396.18 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 80,000.00 NR Aaa 5/6/2025 5/12/2025 79,994.48 4.35 106.33 79,995.16 80,511.36 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 550,000.00 NR Aaa 4/8/2025 4/9/2025 553,673.83 4.62 1,168.44 553,336.38 557,323.80 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 415,000.00 NR Aaa 3/25/2025 3/31/2025 414,982.16 4.51 571.89 414,984.91 418,447.40 GMCAR 2025-2 A3
DTD 05/14/2025 4.280% 04/16/2030
362549AD9 90,000.00 AAA Aaa 5/6/2025 5/14/2025 89,986.75 4.28 160.50 89,987.76 90,685.71 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 250,000.00 AAA NR 6/5/2025 6/12/2025 249,999.05 4.31 478.89 250,000.00 252,860.75 WFCIT 2025-A1 A
DTD 06/10/2025 4.340% 05/15/2030
92970QAJ4 485,000.00 AAA NR 6/3/2025 6/10/2025 484,991.95 4.34 935.51 484,993.92 490,183.20 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 550,000.00 AAA Aaa 6/18/2025 6/26/2025 549,850.79 4.31 6,240.97 549,858.04 555,722.20 Security Type Sub-Total 6,866,929.11 6,869,744.57 4.75 19,152.20 6,869,670.08 6,928,374.98 Managed Account Sub Total 55,555,191.07 54,115,031.16 4.25 366,703.14 54,556,073.45 55,141,743.51 Securities Sub Total $56,742,684.86 $55,302,524.95 4.25% $366,703.14 $55,743,567.24 $56,329,237.30 Accrued Interest $366,703.14
Total Investments $56,695,940.44
PFM Asset Management | pfmam.com 48

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.

While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.

Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com.

Further distribution is not permitted without prior written consent.

PFM Asset Management | pfmam.com 49

CITY OF LAKE ELSINORE
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Trust’s investment objectives, risks, charges and expenses before investing in the Trust. This and other information about the Trust is available in the Trust’s current Information Statement, which should be read carefully before investing. A copy of the Trust’s Information Statement may be obtained by calling 1-800-729-7665 or is available on the Trust’s website at www.camponline.com. While the Cash Reserve Portfolio seeks to maintain a stable net asset value of $1.00 per share and the CAMP Term Portfolio seeks to achieve a net asset value of $1.00 per share at the stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Trust. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.

Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

ICE Bank of America Indices provided by Bloomberg Financial Markets.

Money market fund/cash balances are included in performance and duration computations.

Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

MBS maturities are represented by expected average life.

PFM Asset Management | pfmam.com 50
25)
SA Warrant Report Dated November 10, 2025 to November 16, 2025 Receive and file.

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY OF THE

REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
To:Honorable Agency Chair and Members of the Successor Agency From:Jason Simpson, Executive Director
Prepared by:Shannon Buckley, Assistant Executive Director Date:December 9, 2025
Subject:SA Warrant Report Dated November 10, 2025 to November 16, 2025 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the above-mentioned period.

Attachments
Attachment 1 – SA Warrant Summary
Attachment 2 – SA Warrant Listing
Administrative Services
NOVEMBER 10, 2025
TO NOVEMBER 16, 2025 CITY OF LAKE ELSINORE SA WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III 3,660.00 $
540 SARDA DIAMOND STADIUM 45,289.00
GRAND TOTAL 48,949.00 $
Attachment 1 1 OF 1
NOVEMBER 10, 2025
TO NOVEMBER 16, 2025 CITY OF LAKE ELSINORE SA WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26000945 HEMET FENCE CORP 45,000.00 $
APA26000955 RP LANDSCAPE & IRRIGATION 1,660.00
10398 AK SECURITY ALARM LLC 289.00
10423 WILMINGTON TRUST, NATIONAL ASSOCIATION 2,000.00
GRAND TOTAL 48,949.00 $
Attachment 2 1 OF 1
26)
SA Warrant Report Dated November 17, 2025 to November 23, 2025 Receive and file.

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY OF THE

REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
To:Honorable Agency Chair and Members of the Successor Agency From:Jason Simpson, Executive Director
Prepared by:Shannon Buckley, Assistant Executive Director Date:December 9, 2025
Subject:SA Warrant Report Dated November 17, 2025 to November 23, 2025 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the above-mentioned period.

Attachments
Attachment 1 – SA Warrant Summary
Attachment 2 – SA Warrant Listing
Administrative Services
NOVEMBER 17, 2025
TO NOVEMBER 23, 2025 CITY OF LAKE ELSINORE SA WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III 2,265.00 $
540 SARDA DIAMOND STADIUM 12,225.00
GRAND TOTAL 14,490.00 $
Attachment 1 1 OF 1
NOVEMBER 17, 2025
TO NOVEMBER 23, 2025 CITY OF LAKE ELSINORE SA WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26000989 HEMET FENCE CORP 2,600.00 $
APA26001006 RP LANDSCAPE & IRRIGATION 1,660.00
10437 KPA SERVICES, LLC 605.00
10442 PROSTAFF, LLC 9,625.00
GRAND TOTAL 14,490.00 $
Attachment 2 1 OF 1
27)
SA Warrant Report Dated November 24, 2025 to November 30, 2025 Receive and file.

Page 1 of 1 ends

REPORT TO SUCCESSOR AGENCY OF THE

REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
To:Honorable Agency Chair and Members of the Successor Agency From:Jason Simpson, Executive Director
Prepared by:Shannon Buckley, Assistant Excutive Director Date:December 9, 2025
Subject:SA Warrant Report Dated November 24, 2025 to November 30, 2025 Recommendation
Receive and file.

Discussion
The Warrant Report lists all general checks issued for the Successors Agency of the Redevelopment Agency of the City of Lake Elsinore for the above-mentioned period.

Attachments
Attachment 1 – SA Warrant Summary
Attachment 2 – SA Warrant Listing
Administrative Services
NOVEMBER 24, 2025
TO NOVEMBER 30, 2025 CITY OF LAKE ELSINORE SA WARRANT SUMMARY FUND NO. FUND DESCRIPTION TOTAL
510 SARDA AREA I, II, & III 101,626.25 $
540 SARDA DIAMOND STADIUM 6,340.95
GRAND TOTAL 107,967.20 $
Attachment 1 1 OF 1
NOVEMBER 24, 2025
TO NOVEMBER 30, 2025 CITY OF LAKE ELSINORE SA WARRANT LIST WARRANT NO. VENDOR NAME AMOUNT
APA26001028 LAKE ELSINORE STORM, LP 101,626.25 $
APA26001029 SOUTHERN CALIFORNIA EDISON CO. 90.95
10510 AK SECURITY ALARM LLC 6,250.00
GRAND TOTAL 107,967.20 $
Attachment 2 1 OF 1
28)
Public Hearing and Election for Annexation Proceedings for Annexation No. 27 Into Community Facilities District No. 2015-2 (Maintenance Services) for APN 377-200-045 (Ortega BESS)

1. Adopt

RESOLUTION

THE

CITY

COUNCIL

THE

CITY

LAKE

ELSINORE,

CALIFORNIA,

CALLING

ELECTION

SUBMIT

THE

QUALIFIED

ELECTORS
THE

QUESTION

LEVYING

SPECIAL

TAX

WITHIN

THE

AREA

PROPOSED

TO
BE

ANNEXED

COMMUNITY

FACILITIES

DISTRICT

NO.

2015-2

(MAINTENANCE
SERVICES) (ANNEXATION NO. 27);

2. Adopt

RESOLUTION

THE

CITY

COUNCIL

THE

CITY

LAKE

ELSINORE,

CALIFORNIA,

DECLARING

ELECTION

RESULTS

FOR

COMMUNITY

FACILITIES
DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 27); and

3. Introduced

title

only

and

waive

further

reading

ORDINANCE

AMENDING

ORDINANCE

NO.

2016-1359

THE

CITY

COUNCIL

THE

CITY

LAKE

ELSINORE,

CALIFORNIA,

ACTING

ITS

CAPACITY

THE

LEGISLATIVE

BODY
OF

COMMUNITY

FACILITIES

DISTRICT

NO.

2015-2

THE

CITY

LAKE

ELSINORE

(MAINTENANCE

SERVICES)

AUTHORIZING

THE

LEVY

SPECIAL
TAXES.

Page 1 of 3 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Shannon Buckley, Assistant City Manager
Date:December 9, 2025
Subject: Public Hearing and Election for Annexation Proceedings for Annexation No. 27 Into Community Facilities District No. 2015-2 (Maintenance Services) for APN 377-200-045 (Ortega BESS)
Recommendation

1. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE QUALIFIED ELECTORS THE

QUESTION OF LEVYING A SPECIAL TAX WITHIN THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 27);

2. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, DECLARING ELECTION RESULTS FOR COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 27); and

3. Introduced by title only and waive further reading of AN ORDINANCE AMENDING ORDINANCE NO. 2016-1359 OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 OF THE CITY OF LAKE ELSINORE (MAINTENANCE SERVICES) AUTHORIZING THE LEVY OF SPECIAL TAXES.

Background
On October 14, 2025, the City Council adopted Resolution No. 2025-71, declaring its intention to annex territory to Community Facilities District No. 2015-2 (Maintenance Services) and commence the annexation proceedings for the territory to be annexed, also known as Annexation No. 27. A public hearing was set for December 9, 2025. Following such a public hearing, if there is no majority protest against the annexation and the levy of the special tax, the City Clerk will conduct an election for the landowners and declare the results of that election.

CFD No. 2015-2 Ortega BESS Annexation No. 27

Page 2 of 3 ends

As required by the Resolution of Intention, an annexation map was recorded on October 22, 2025, at 9:49 a.m. in Book 97, Page 68, Document No. 2025-0324159 of Maps of Assessment and Community Facilities Districts with the Riverside County Recorder.

Discussion
The City Council adopted the Resolution of Intention in response to a request by Parviz Oshideri (the “Owner”) for the City to assist them in annexing territory into CFD No. 2015-2 (Maintenance Services) to cover the costs associated with the maintenance of public improvements. The improvements proposed to be maintained include items such as landscaping, lighting, and street maintenance. The Applicants have agreed to the annexation into the CFD and submitted a "Consent and Waiver" form on file in the City Clerk's Office, to initiate and conduct proceedings pursuant to the Mello-Roos Act of 1982, requesting the annexation of property to CFD No. 2015- 2 (Maintenance Services) and consenting to the shortening of election time requirements, waiving analysis and arguments, and waiving all notice requirements relating to the conduct of the election.

The original area proposed under Annexation No. 27 encompasses a 20-megawatt battery energy storage system (BESS), which will be incorporated into Tax Zone 31 of CFD No. 2015-2.

Resolution No. 2025-71, adopted on October 14, 2025, originally proposed a maximum special tax rate of $2,178 per acre. The maximum annual tax rates are proposed to escalate each year at the greater of Consumer Price Index (CPI) or 2%.

To annex property to CFD No. 2015-2 under the provisions of California Government Code Section 53311 et seq., the City must adopt a series of three statutorily required Resolutions and an Ordinance, which are summarized below.
Resolution declaring City's intent to annex territory to Community Facilities District No. 2015-2, including the boundary of the area to be annexed and the rate and method of apportionment of special taxes within the annexation area (the special tax applies only to properties within the annexation area), adopted October 14, 2025. Resolution calling an election to submit to the qualified electors the question of levying a special tax within the area proposed to be annexed to the District.

Resolution declaring the results of the election and directing the recording of the notice of special tax lien.
Amend the Ordinance and order the levy and collection of special taxes in the District.

With the adoption of the Resolutions and the first reading of the amended Ordinance, the second reading of the amended Ordinance would be scheduled for December 23, 2025.

Fiscal Impact
On March 1 of each year, every taxable property for which a building permit has been issued will be subject to the special taxes in the ensuing Fiscal Year. If the anticipated costs of maintaining CFD No. 2015-2 Ortega BESS Annexation No. 27

Page 4 of 3 ends

the facilities in any given Fiscal Year, before buildout of the project, exceed the special tax revenues available from parcels for which building permits have been issued, then the special tax may also be on undeveloped property within the Tax Zone.

Once developed, the Special Tax A for Tax Zone 31 will generate $3,899 annually, plus the annual escalator for maintenance services.

Attachments
Attachment 1 - Project Map
Attachment 2 - Resolution Calling an Election
Exhibit A - Rate and Method of Apportionment
Exhibit B - Ballot
Attachment 3 - Resolution Declaring Election Results
Exhibit A - Certificate of Election Results
Attachment 4 - Certificate of Registrar of Voters
Attachment 5 - Ordinance
Attachment 6 – Proof of Publication
Administrative Services

MINTHORN
ST

COLLIER
AVE
CAMINO
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CANYON DR
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DR MAINST

NICHOLS RD

FLINT ST
EL
TORO
RD

THIRD ST

MILL ST

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MINTHORN ST
10TH ST
GREEN
WALD
AVE

CANYON DR

WEBER WAY

DOWLINGRD

WASSONCANYONRD

SMITH RD

COLLIERAVE
COMMUNITY FACILITIES DISTRICT NO. 2015-2
ANNEXATION NO. 27

PROJECT MAP

RESOLUTION NO. 2025-_________

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, CALLING AN ELECTION TO SUBMIT TO THE QUALIFIED

ELECTORS THE QUESTION OF LEVYING A SPECIAL TAX WITHIN THE AREA PROPOSED TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) (ANNEXATION NO. 27)
Whereas, on September 22, 2015 the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) approved Resolution No. 2015-078 declaring the City’s intention to establish Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, County of Riverside, State of California (the "CFD No. 2015-2") for the purpose of levying special taxes on parcels of taxable property therein for the purpose of providing certain services which are necessary to meet increased demands placed upon the City as a result of the development of said real property; and
Whereas, the City Council set a public hearing for September 22, 2015, after which the Council adopted Resolution No. 2015-078 forming the CFD No. 2015-2 and calling a special election at which the questions of levying a special tax and establishing an appropriations limit with respect to the CFD No. 2015-2 were submitted to the qualified electors within the CFD No. 2015-2; and
Whereas, on September 22, 2015, the City Council adopted Resolution No. 2015-079 declaring the results of the special election and finding that more than two-thirds (2/3) of all votes cast at the special election were cast in favor of the proposition presented, and such proposition passed; and
Whereas, the City Council is authorized by Article 3.5 (commencing with Section 53339) of Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code as amended (the "Act"), to annex territory into an existing community facilities district by complying with the procedures set forth in said Article 3.5; and
Whereas, the City Council on October 14, 2025, duly adopted Resolution No. 2025-71 (the “Resolution of Intention”) declaring its intention to annex certain territory to CFD No. 2015-2 (Maintenance Services) and to levy a special tax within that territory to pay for certain services and setting a time and place for the public hearing on the proposed annexation for December 9, 2025; and
Whereas, the territory proposed to be annexed is identified in a map entitled "Annexation Map No. 27 Community Facilities District No. 2015-2 (Maintenance Services)" a copy of which was recorded, on October 22, 2025, in Book 97 of Maps of Assessment and Community Facilities Districts at Page 68, in the office of the Riverside County Recorder; and Whereas, pursuant to the Act and the Resolution of Intention, a noticed public hearing was convened by the City Council on December 9, 2025, not earlier than the hour of 7:00 p.m. at the City Hall located at 183 N Main Street, Lake Elsinore, California 92530, relative to the proposed annexation of said territory to CFD No. 2015-2; and Whereas, written protests have not been filed by fifty percent (50%) or more of the registered voters residing within the CFD No 2015-2, or by fifty percent (50%) or more of the registered voters residing within the territory to be annexed, or by the owners of one-half (1/2) or CC Res. No. 2025-_____

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7 more of the area within the CFD No. 2015-2, or by the owners of one-half (1/2) or more of the territory to be annexed; and
Whereas, the City Council has determined that there are fewer than twelve registered voters residing in the territory proposed to be annexed to the CFD No. 2015-2 and that the qualified electors in such territory are the landowners; and Whereas, on the basis of all of the foregoing, the City Council has determined at this time to call an election to authorize the annexation of territory to the CFD No. 2015-2 and the levying of a special tax as described in Exhibit A hereto; and
Whereas, the City Council has received a written instrument from each landowner in the territory proposed to be annexed to the CFD No. 2015-2 consenting to the shortening of election time requirements, waiving analysis and arguments, and waiving all notice requirements relating to the conduct of the election; and
Whereas, the City Clerk has concurred in the election date set forth herein.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

ACTING EX OFFICIO AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT 2015-2 (MAINTENANCE SERVICES) OF THE CITY OF LAKE ELSINORE, HERE BY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

Section 1. Recitals. The foregoing recitals are true and correct.

Section 2.Conformation of Finding in Resolution of Intention. The City Council reconfirms all of its findings and determinations as set forth in the Resolution of Intention.

Section 3.Findings Regarding Protests. The City Council finds and determines that written protests to the proposed annexation of territory to the CFD No. 2015-2 and the levy of the special tax within such territory are insufficient in number and in amount under the Act, and the City Council hereby further orders and determines that all such protests are hereby overruled.

Section 4.Findings Regarding Prior Proceedings. The City Council finds and determines that all prior proceedings had and taken by the City Council with respect to the annexation of territory to CFD No. 2015-2 are valid and in conformity with the requirements of the Act.

Section 5. Levy of Special Tax. As stated in the Resolution of Intention, except where funds are otherwise available, subject to the approval of the qualified electors of territory proposed to be annexed to CFD No. 2015-2, a special tax sufficient to pay the costs of the Services (including incidental expenses as described in the Resolution of Intention), secured by recordation of a continuing lien against all nonexempt real property in CFD No. 2015-2, will be levied annually in CFD No. 2015-2. The rate and method of apportionment, and manner of collection of the special tax are specified in Exhibit A hereto.

Section 6. Apportionment of Tax. The special tax as apportioned to each parcel is based on the cost of making the Services available to each parcel, or other reasonable basis, and is not based on or upon the ownership of real property.

CC Res. No. 2025-_____

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7 Section 7.Tax Roll Preparation. The office of the Assistant City Manager, 130 South Main Street, City of Lake Elsinore, is hereby designated as the office that will be responsible for annually preparing a current roll of special tax levy obligations by assessor’s parcel number and that will be responsible for estimating future special tax levies pursuant to Government Code section 53340.2. The Assistant City Manager may cause these functions to be performed by his or her deputies, assistants, or other designated agents.

Section 8. Accountability Measures. Pursuant to Section 50075.1 of the California Government Code, the City shall create a separate account into which tax proceeds will be deposited; and the Assistant City Manager annually shall file a report with the City Council that will state (a) the amount of funds collected and expended and (b) the status of the Services financed in CFD No. 2015-2.

Section 9. Special Election; Voting Procedures. The City Council hereby submits the questions of levying the special tax within the territory proposed to be annexed to the qualified electors, in accordance with and subject to the Act. The special election shall be held on December 9, 2025, and shall be conducted as follows:
(a) Qualified Electors. The City Council hereby determines that the Services are necessary to meet increased demands placed upon the City as a result of development occurring within the boundaries of CFD No. 2015-2. Because fewer than twelve registered voters resided within the territory proposed to be annexed to CFD No. 2015-2 on June 27, 2025 (a date within the 90 days preceding the close of the public hearing on the territory proposed to be annexed to CFD No. 2015-2), the qualified electors shall be the landowners within territory proposed to be annexed, and each landowner who was the owner of record at the close of the hearing shall have one vote for each acre or portion of an acre of land that such landowner owns within the territory proposed to be annexed to CFD No. 2015-2.
(b) Consolidation of Elections; Combination of Propositions on Ballot. The election on the question of levying the special tax and establishing an appropriations limit for CFD No. 2015-2 shall be consolidated, and the two proportions shall be combined into a single ballot proposition for submission to the voters, as authorized by Government Code Section 53353.5. (c) Mail Ballot Election. Pursuant to Government Code section 53327.5, the election shall be conducted as a mail ballot election. The City Council hereby ratifies the City Clerk’s delivery of a ballot to each landowner within the territory proposed to be annexed to CFD No. 2015-2. The City Council hereby ratifies the form of the ballot, which is attached hereto as Exhibit B.
(d) Return of Ballots. The City Clerk shall accept the ballots of the landowners up to 7:00 p.m. on December 9, 2025. The City Clerk shall have available ballots that may be marked at the City Clerk’s office on the election day by voters. Once all qualified electors have voted, the City Clerk may close the election.
(e) Canvass of Election. The City Clerk shall commence the canvass of the returns of the special election as soon as the election is closed (on December 9, 2025, or when all qualified electors have voted) at the City Clerk’s office. At the conclusion of the canvass, the City Clerk shall declare the results of the election.
(f) Declaration of Results. The City Council shall declare the results of the special election following the completion of the canvass of the returns and shall cause to be inserted into CC Res. No. 2025-_____

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7 its minutes a statement of the results of the special election as ascertained by the canvass of the returns.

Section 10. Filing of Resolution and Map with City Clerk. The City Council hereby directs the City Clerk to file a copy of this resolution and the annexation map of the boundaries of CFD No. 2015-2 in her office.

Section 11. The City Clerk shall certify to the adoption of the Resolution and enter into the book of original Resolutions.

Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore, California, this 9th day of December 2025.

Brian Tisdale
Mayor
Attest:

Candice Alvarez, MMC
City Clerk
CC Res. No. 2025-_____

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7 CC Res. No. 2025-_____

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7 STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2025-____ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of December 9th, 2025, and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk

City of Lake Elsinore 1
Community Facilities District No. 2015-2 (Maintenance Services)

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

OF THE CITY OF LAKE ELSINORE

A Special Tax (the “Special Tax”) shall be levied on and collected from each Assessor’s Parcel (defined below) in Community Facilities District No. 2015-2 (Maintenance Services) (the “CFD No. 2015 -2” or “CFD”; defined below), in each Fiscal Year, (defined below), commencing in the Fiscal Year beginning July 1, 2015, in an amount determined by the City Council of the City of Lake Elsinore, acting ex officio as the legislative body of CFD No. 2015- 2, by applying the rate and method of apportionment set forth below.

All of the real property in CFD No. 2015-2, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

A. DEFINITIONS

“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on any Assessor’s Parcel Map, or if the land area is not shown on the Assessor’s Parcel Map, the land area as shown on the applicable Final Map, or if the area is not shown on the applicable Final Map, t he land area shall be calculated by the Administrator.

“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation, annexation, and administration of CFD No. 2015-2 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2015-2, or any designee thereof associated with fulfilling the CFD No. 2015-2 disclosure requirements; the costs associated with responding to public inqui ries regarding the Special Tax es; the costs of the City, CFD No. 2015-2 or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees including payment of a proportional share of salaries and benefits of any City employees and City overhead whose duties are related to the administration and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015 -2 for any other administrative purposes of CFD No. 2015-2, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.

“Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee.

“Approved Property” means all Assessor’s Parcels of Taxable Property that are included in a Final Map that was recorded prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied, and that have not been issued a building permit on or prior to the March 1 preceding the Fiscal year in which the special tax is being levied.

“Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.

“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.

“Assessor’s Parcel Number” means that identification number assigned to a parcel by the County Assessor of the County.

City of Lake Elsinore 2
Community Facilities District No. 2015-2 (Maintenance Services) “Building Square Footage” or “BSF” means the floor area square footage reflected on the original construction building permit issued for construction of a building of Non-Residential Property and any Building Square Footage subsequently added to a building of such Taxable Property after issuance of a building permit for expansion or renovation of such building.

“Calendar Year” means the period commencing January 1 of any year and ending the following December 31.

“CFD” or “CFD No. 2015-2” means the City of Lake Elsinore Community Facilities District No. 2015-2 (Maintenance Services).

“City” has the meaning set forth in the preamble.

“Contingent Special Tax B Requirement” means that amount required in any Fiscal Year, if the P OA is unable to maintain the Service(s) to: (i) pay the costs of Services incurred or otherwise payable in the Calendar Year commencing in such Fiscal Year; (ii) fund an operating reserve for the costs of Services as determined by the Administrator; less a credit for funds available to reduce the annual Special Tax B (Contingent) levy as determined by the Administrator.

“County” means the County of Riverside.

“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.

“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section G.

“Final Map” means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which building permits may be issued without further subdivision.

“Fiscal Year” means the period from and including July 1 st of any year to and including the following
June 30th.

“Land Use Category” or “LUC” means any of the categories contained in Section B hereof to which an Assessor’s Parcel is assigned consistent with the land use approvals that have been received or proposed for the Assessor’s Parcel as of March 1 preceding the Fiscal Year in which the Special Tax is being levied.

“Maximum Special Tax ” means either Maximum Special Tax A and/ or Maximum Special Tax B (Contingent), as applicable.

“Maximum Special Tax A” means the Maximum Special Tax A, as determin ed in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.

City of Lake Elsinore 3
Community Facilities District No. 2015-2 (Maintenance Services) “Maximum Special Tax B (Contingent) ” means the Maximum Special Tax B (Contingent) , as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.

“Multi-Family Residential Property” means any Assessor’s Parcel of residential property that consists of a building or buildings comprised of attached Residential Units sharing at least one common wall with another unit.

“Non-Residential Property” or “NR” means all Assessor's Parcels of Taxable Property for which a building permit(s) was issued for a non -residential use. The Administrator shall make the determination if an Assessor’s Parcel is Non-Residential Property.

“Property Owner’s Association” or “POA” means the property owner’s association or homeowner’s association established to maintain certain landscaping within a Tax Zone.

“Proportionately” means for Taxable Property that is: (i) Developed Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Developed Property with the same Tax Zone, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Approved Property with the same Tax Zone , and (iii) Undeveloped Property that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre is the same for all Parcels of Undeveloped Property with the same Tax Zone.

“Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator.

“Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units.

“Service(s)” means services permitted under the Mello -Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2015- 2 as set forth in the documents adopted by the City Council at the time the CFD was formed.

“Single Family Residential Property” means any residential property other than Multi-Family Residential Property on an Assessor’s Parcel.

“Special Tax(es)” means the Special Tax A and/or Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.

“Special Tax A” means the annual special tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Special Tax A Requirement.

"Special Tax A Requirement" means for each Tax Zone, that amount to be collected in any Fiscal Year to pay for certain costs as required to meet the needs for such Tax Zone of CFD No. 2015 -2 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for maintenance services including but not limited to (i) maintenance and lighting of parks, parkways, streets, roads and open space, (ii) maintenance and operation of water quality improvements, (iii) public street sweeping, (iv) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses. Under no circu mstances shall the Special Tax A Requirement include funds for Bonds.

City of Lake Elsinore 4
Community Facilities District No. 2015-2 (Maintenance Services) “Special Tax B (Contingent)” means the Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Contingent Special Tax B Requirement, if required.

"Taxable Property" means all Assessor’s Parcels within CFD No. 2015-2, which are not Exempt Property.

“Taxable Unit” means a Residential Unit, Building Square Footage, or an Acre. "Tax Zone" means a mutually exclusive geographic area, within which particular Special Tax rates may be levied pursuant to this Rate and Method of Apportionment of Special Tax. Appendix C identifies the Tax Zone in CFD No. 2015-2 at formation; additional Tax Zones may be created when property is annexed into the CFD.

"Tax Zone 1" means the specific geographic area identified on the CFD Boundary Map as Tax Zone 1.

"Tract(s)" means an area of land within a subdivision identified by a particular tract number on a Final Map approved for the subdivision.

“Undeveloped Property” means, for each Fiscal Year, all Taxable Property not classified as Developed Property or Approved Property.

B. ASSIGNMENT TO LAND USE CATEGORIES
For each Fiscal Year, all Assessor’s Parcels of Taxable Property within CFD No. 2015-2 shall be classified as Developed Property, Approved Property, or Undeveloped Property, and shall be subject to the levy of Special Taxes as determined pursuant to Sections C and D below. Assessor’s Parcels of Developed Property and Approved Property shall be classified as either Residential Property or Non-Residential Property. Residential Property shall be further classified as Single Family Residential Property or Multi-Family Residential Property and the number of Residential Units shall be determined by the Administrator.

C. MAXIMUM SPECIAL TAX RATES
For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Residential Property, all such Assessor’s Parcels shall be assigned the number of Residential Unit(s) constructed or to be constructed thereon as specified in or sh own on the building permit(s) issued or Final Map as determined by the Administrator. For Parcels of undeveloped property zoned for development of single family attached or multi- family units, the number of Residential Units shall be determined by referencing the condominium plan, apartment plan, site plan or other development plan, or by assigning the maximum allowable units permitted based on the underlying zoning for the Parcel. Once a single family attached or multi- family building or buildings have been built on an Assessor's Parcel, the Administrator shall determine the actual number of Residential Units contained within the building or buildings, and the Special Tax A levied against the Parcel in the next Fiscal Year shall be calculated by multiplying the actual number of Residential Un its by the Maximum Special Tax per Residential Unit identified for the Tract below or as included in Appendix A as each Annexation occurs.

City of Lake Elsinore 5
Community Facilities District No. 2015-2 (Maintenance Services) Parcels shall be assigned the number of Building Square Footage or Acres as shown on the Final Map as determined by the Administrator. Once the Administrator determines the actual number of Building Square Footage or Acres for the Assessor’s Parcels, the Special Tax A levied against the Assessor’s Parcel in the next Fiscal Year shall be calculated by multiplying the number of Building Square Footage or Acres by the Maximum Special Tax per Taxable Unit identified for the Tax Zone below or as included in Appendix A as each Annexation occurs.

1. Special Tax A
a. Developed Property
(i) Maximum Special Tax A
The Maximum Special Tax A for each Assessor’s Parcel of Developed Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zones annexed and included in Appendix A. The Maximum Special Tax A for Developed Property for Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 1 below:

TABLE 1

MAXIMUM SPECIAL TAX A RATES

DEVELOPED PROPERTY

Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121

(ii) Increase in the Maximum Special Tax A
On each July 1, commencing on July 1, 201 6 the Maximum Special Tax A for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982 -84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

(iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Cate gory. The Maximum Special Tax A that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax A that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acrea ge designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final.

b. Approved Property
The Maximum Special Tax A for each Assessor’s Parcel of Approved Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Approved property Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 2 below:

City of Lake Elsinore 6
Community Facilities District No. 2015-2 (Maintenance Services) TABLE 2

MAXIMUM SPECIAL TAX A RATES

APPROVED PROPERTY

Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121

On each July 1, commencing on July 1, 201 6 the Maximum Special Tax A for Approved Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

c. Undeveloped Property
The Maximum Special Tax A for each Assessor’s Parcel of Undeveloped Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Undeveloped Property for Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 3 below:

TABLE 3

MAXIMUM SPECIAL TAX A RATES

UNDEVELOPED PROPERTY

Tax Zone Tracts Taxable Unit Maximum Special Tax A
1 LLA-2014-2743 Acre $121

On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

2. Special Tax B (Contingent)

(i) Maximum Special Tax B (Contingent)
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 1 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for each Tax Zones annexed and included in Appendix A. The Maximum Special Tax B (Contingent) for Fiscal Year 2015 - 2016 within Tax Zone 1 is identified in Table 4 below:

TABLE 4

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

DEVELOPED PROPERTY

Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0

City of Lake Elsinore 7
Community Facilities District No. 2015-2 (Maintenance Services) (ii) Increase in the Maximum Special Tax B (Contingent) On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

(iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Cate gory. The Maximum Special Tax B (Contingent) that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax B (Contingent) that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acrea ge designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final.

b. Approved Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 5 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015 -2016 within the Tax Zone is identified in Table 5 below:

TABLE 5

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

APPROVED PROPERTY

Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0

On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Approved Property shall increase by i ) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982 -84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

c. Undeveloped Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 6 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015 -2016 within the Tax Zone is identified in Table 6 below:

City of Lake Elsinore 8
Community Facilities District No. 2015-2 (Maintenance Services) TABLE 6

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

UNDEVELOPED PROPERTY

Tax Zone
Tracts Taxable Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Acre $0

On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

D. METHOD OF APPORTIONMENT OF ANNUAL SPECIAL TAX

1. Special Tax A
Commencing with Fiscal Year 2015 -2016 and for each following Fiscal Year, the Council s hall determine the Special Tax A Requirement and shall levy the Special Tax A on all Assessor’s Parcels of Taxable Property until the a ggregate amount of Special Tax A equals the Special Tax A Requirement for each Tax Zone. The Special Tax A shall be levied for each Fiscal Year as follows:

Second: If additional moneys are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first step has been completed, the Special Tax A shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax A for Approved Property;

Third: If additional monies are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first two steps has b een completed, the Special Tax A shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax A for Undeveloped Property.

2. Special Tax B (Contingent)
Commencing with Fiscal Year 2015 -2016 and for each following Fiscal Year, the Council s hall determine the Contingent Special Tax B Requirement and shall levy the Special Tax on all Assessor’s Parcels of Taxable Property until the aggregate amount of Special Tax B (Contingent) equals the Contingent Special Tax B Requirement. The Special Tax B (Contingent) shall be levied for each Fiscal Year as follows:

Second: If additional moneys are needed to satisfy the Contingent Special Tax B Requirement after the first step has been completed, the Special Tax B (Contingent) shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Approved Property;

City of Lake Elsinore 9
Community Facilities District No. 2015-2 (Maintenance Services)

Third: If additional monies are needed to satisfy the Contingent Special Tax B Requirement after the first two steps has been completed, the Special Tax B (Contingent) shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Undeveloped Property.

E. FUTURE ANNEXATIONS
It is anticipated that additional properties will be annexed to CFD No. 2015-2 from time to time. As each annexation is proposed, an analysis will be prepared to determine the annual cost for providing Services. Based on this analysis, the property to be annexed, pursuant to California Government Code section 53339 et seq. will be assigned to the appropriate Maximum Special Tax rate for the Tax Zone when annexed and included in Appendix A.

F. TERM OF SPECIAL TAX
For each Fiscal Year, the Special Taxes shall be levied as long as the Services are being provided.

G. EXEMPTIONS
The City shall classify as Exempt Property within CFD No. 2015 -2, any Assessor’s Parcel in any of the following categories; (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by any public entity; (ii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement; (iii) Assessor’s Parcels which are privately owned but are encumbered by or restricted solely for public uses; or (iv) any Assessor’s Parcel which is in use in the performance of a public function as determined by the Administrator.

H. APPEALS
Any property owner claiming that the amount or application of the Special Taxes are not correct may file a written notice of appeal with the City not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representative(s) of CFD No. 2015 -2 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative’s decision requires that the Special Tax for an Assessor’s Parcel be modified or changed in favor of the property owner, a cash refund shall not be made, but an adjustment shall be made to the Special Tax on that Assessor’s Parcel in the subsequent Fiscal Year(s).

I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2015-2 may collect the Special Tax at a different time or in a different manner if necessary to meet its financial obligations.

City of Lake Elsinore 10
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX A

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

COST ESTIMATE
Special Tax A Services - The estimate breaks down the costs of providing one year's maintenance services for Fiscal Year 2025 -26. These services are being funded by the levy of Special Tax A for Community Facilities District No. 2015-2.

TAX ZONE 31
APNs 377-200-045

Special Tax B Contingent Services – There are no anticipated costs for Special Tax B for Tax 31.

TAX ZONE 31
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Non-Residential Property Acre $2,178 $0

TAX ZONE 31
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $2,178 $0
Item Description Estimated Cost
1 Landscaping $392
2 Lighting $363
3 Streets $1,635
4 Reserves $359
5 Admin $1,150
Total $3,899
City of Lake Elsinore 11
Community Facilities District No. 2015-2 (Maintenance Services)

TAX ZONE SUMMARY
Annexation
Tax
Zone
Tract
APN
Fiscal
Year
Maximum
Special Tax A
Maximum
Special Tax B Subdivider
Original 1 LLA-2014-2743 2015-16 $121 / Acre $0 / Acre Tractor Supply 1 2 36682 2016-17 $354 / RU $102 / RU Pardee Homes
2 3 PM 29996 2017-18 $951 / Acre $165 / Acre Pasadena Industrial Park, LLC 3 4 PM 36551 2017-18 $2,671 / Acre $201 / Acre ARI Chaney Street, LLC 4 5 TR 32996 2017-18 $378 / RU $321 / RU LE Cottage Lane, LLC 5 6 365-030-001 2018-19 $1,004/ Acre $0 / Acre Lake Elsinore CCR, LLC 6 7 TR 33267 2019-20 $350 / RU $56 / RU Pardee Homes
7 8 PM 37284 2019-20 $1,953 / Acre $0 / Acre Central Plaza 8 9 TR 37305 2019-20 $951 / RU $384 / RU Nichols Rd Partners, LLC 8 10 TR 37305; Lot 169 2019-20 $2,600 / Acre $0 / Acre Nichols Rd Partners, LLC 9 11 TR 32129 & 30698 2020-21 $541 / RU $69 / RU
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
10 12 TR 33370 2021-22 $294 / RU $30 / RU JLJ. LLC
11 13 PM 37534 2021-22 $1,113 / Acre $0 / Acre SRZ Yuma, LLC 12 14 TR 33725 2021-22 $749 / RU $87 / RU KB Home California Management Services
12 15 TR 25475 2021-22 $594 / RU $62 / RU KB Home California Management Services
13 16 LLA 2019-007 2021-22 $407 / Acre $0 / Acre Wal-Mart Real Estate Business Trust
14 17 TR 38008 2021-22 $366 / RU $123 / RU Tri Pointe Homes IE-SD, Inc. 15 18 TPM 37751 2021-22 $2,188 / Acre $2,540 / Acre Boos-Up Lake Elsinore 16 19 PM 37710 2021-22 $1,034 / Acre $0 / Acre Pennington Industrial, LLC 17 20 TR 37280 2022-23 $323 / RU $5 / RU Lake Elsinore Lakeshore, LLC and Erin Crowder
18 21 TR 38116 2022-23 $387 / RU $82 / RU Tri Pointe Homes IE-SD, Inc. 19 22 TR 38378 2023-24 $358 / RU $7 / RU Vista Emerald, LLC 20 23 TR 28214-9 2023-24 $647 / RU $19 / RU Pulte Home Co. 21 24 BLD-2023-0026B 2023-24 $739 / Acre $288 / Acre Lake Street Properties, LP 22 25 TPM 37710 2024-25 $5,569 / Acre $755 / Acre RA & B Development, LLC 23 26 TR 34249 2025-26 $1,027 / RU $216 / RU Tri-Pointe Homes 24 27 PM 38195 & PM
38281 2025-26 $1,594 / Acre $0 / Acre
Cambern and Central North, LLC,
& Evergreen-Cambern and
Central South Land, LLC
25 28 TTM 33725 2025-26 $821 / RU $221 / RU KB Home California Management Services 29 TTM 25475 2025-26 $604 / RU $157 / RU 26 30 377-100-003,
377-380-003 2025-26 $5,449 / Acre $2,227 / Acre Cambern Avenue Development Holding Company, LLC
27 31 377-200-045 2025-26 $2,178 / Acre $0 / Acre Parviz Oshideri

City of Lake Elsinore 12
Community Facilities District No. 2015-2 (Maintenance Services)

ESCALATION OF MAXIMUM SPECIAL TAXES
On each July 1, commencing on July 1, 2016 the Maximum Special Tax shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

City of Lake Elsinore 13
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

DESCRIPTION OF AUTHORIZED SERVICES

The services which may be funded with proceeds of the special tax of CFD No. 2015- 2, as provided by Section 53313 of the Act, will include all costs attributable to maintaining, servicing, cleaning, repairing and/or replacing landscaped areas (may include reserves for replacement) in public street right-of-ways, public landscaping, public open spaces and other similar landscaped areas officially dedicated for public use. These services including the following:
(a) maintenance and lighting of parks, parkways, streets, roads and open space, which maintenance and lighting services may include, without limitation, furnishing of electrical power to street lights and traffic signals ; repair and replacement of damaged or inoperative light bulbs, fixtures and standards; maintenance (including irrigation and replacement) of landscaping vegetation situated on or adjacent to parks, parkways, streets, roads and open space; maintenance and repair of irrigation facilities; maintenance of public signage; graffiti removal from and maintenance and repair of public structures situated on parks, parkways, streets, roads and open space; maintenance and repair of playground or recreation program equipment or facilities situated on any park; and

(b) maintenance and operation of water quality improvements which include storm drainage and flood protection facilities, including, without limitation, drainage inlets, catch basin inserts, infiltration basins, flood control channels, fossil fuel filters, an d similar facilities. Maintenance services may include but is not limited to the repair, removal or replacement of all or part of any of the water quality improvements, fossil fuel filters within the public right -of-way including the removal of petroleum hydrocarbons and other pollutants from water runoff, or appurtenant facilities, clearing of inlets and outlets; erosion repairs; and cleanup to improvements, and other items necessary for the maintenance, servicing; or both of the water quality basin i mprovements within flood control channel improvements; and

(c) public street sweeping, on the segments of the arterials within the boundaries of CFD No. 2015-2; as well as local roads within residential subdivisions located within CFD No. 2015-2; and any portions adjacent to the properties within CFD No. 2015-2; and

In addition to payment of the cost and expense of the forgoing services, proceeds of the special tax may be expended to pay “Administrative Expenses,” as said term is defined in the Rate and Method of Apportionment.

The above services shall be limited to those provided within the boundaries of CFD No. 2015-2 or for the benefit of the properties within the boundaries of CFD No. 2015-2, as the boundary is expanded from time to time by anticipated annexations, and said services may be financed by proceeds of the special tax of CFD No. 2015-2 only to the extent that they are in addition to those provided in the territory of CFD No. 2015-2 before CFD No. 2015-2 was created.

City of Lake Elsinore 14
Community Facilities District No. 2015-2 (Maintenance Services)

APPENDIX C

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

PROPOSED BOUNDARIES AND POTENTIAL ANNEXATION AREA BOUNDARIES

SPECIAL TAX ELECTION

CITY OF LAKE ELSINORE

ANNEXAT

ION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) ANNEXATION NO. 27
(December 9,
2025)
This ballot is for the use of the authorized representative of the following owner of land within Annexation No. 27 of the Community Facilities District No. 2015-2 (Maintenance Services) (“CFD No. 2015-2”) of the City of Lake Elsinore:

Number of Acres
Owned Total Votes Name of Landowner
Parviz Oshideri 1.79 2
According to the provisions of the Mello-Roos Community Facilities Act of 1982, and resolutions of the City Council (the “Council”) of the City of Lake Elsinore (the “City”), the above- named landowner is entitled to cast the number of votes shown above under the heading “Total Votes,” representing the total votes for the property owned by said landowner. The City has sent the enclosed ballot to you so that you may vote on whether or not to approve the special tax.

This special tax ballot is for the use of the property owner of the parcels identified below, which parcels are located within the territory proposed to be annexed to the CFD No. 2015-2 , City of Lake Elsinore, County of Riverside, State of California. Please advise the City Clerk, at (951) 848-4115 if the name set forth below is incorrect or if you are no longer one of the owners of these parcels. This special tax ballot may be used to express either support for or opposition to the proposed special tax. To be counted, this special tax ballot must be signed below by the owner or, if the owner is not an individual, by an authorized representative of the owner. The ballot must then be delivered to the City Clerk, either by mail or in person, as follows:

Mail
Delivery: If by mail, place ballot in the return envelope provided, and mail no later than November 25, 2025, two calendar weeks prior to the date set for the election.

Mailing later than this deadline creates the risk that the special tax ballot may not be received in time to be counted.

Personal
Delivery: If in person, deliver to the City Clerk at any time up to 7:00 p.m. on December 9, 2025, at the Clerk’s office at 130 N Main St. Lake Elsinore, CA 92530.

However delivered, this ballot must be received by the Clerk prior to the close of the public meeting on December 9, 2025.

Very truly yours,
Candice Alvarez, MMC,
City Clerk
TO CAST THIS BALLOT, PLEASE RETURN THIS ENTIRE PAGE.

OFFICIAL SPECIAL TAX BALLOT
Name & Address of Property Owner: Assessor’s Parcel Number(s):

Parviz Oshideri
PO Box 192
Cabazon, CA 92230 377-200-045

ANNEXATION OF TERRITORY TO
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) ANNEXATION NO. 27
AN “X” OR OTHER MARK WILL CAST ALL VOTES ASSIGNED TO THIS BALLOT SPECIAL TAX BALLOT MEASURE MARK “YES” OR
“NO” WITH AN “X”:

Shall the City Council of the City of Lake Elsinore be authorized to levy a special tax on an annual basis at the rates set forth in the following table:

Land Use Category Maximum Special Tax A
Non-Residential $2,178
plus an annual increase on each July 1, commencing on July 1, 2026 the Maximum Special Tax A for Developed Property, Approved Property and Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index for the Riverside- San Bernardino- Ontario California Standard Metropolitan Statistical Area since the beginning of the preceding Fiscal Year or ii) by two percent (2.0%), whichever is greater, to finance certain services within the territory identified on the map entitled “Annexation Map No. 27 of Community Facilities District No. 2015 -2 (Maint enance Services) City of Lake Elsinore” including landscaping, lighting, and streets, as provided in the Rate and Method of Apportionment which is attached as Exhibit C to Resolution No. 2025-71 adopted by the City Council of the City of Lake Elsinore on October 14, 2025 (including incidental expenses) and shall an appropriation limit be established for Community Facilities District No. 2015-2 (Maintenance Services) in the amount of special taxes collected?
YES _________
N
O _________
Certification for Special Election Ballot
The undersigned is an authorized representative of the above- named landowner and is the person legally authorized and entitled to cast this ballot on behalf of the above-named landowner.

I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on ____________, 20__.

Parviz Oshideri
Owner
Signature
Print Name
Title
RESOLUTION NO. 2025-_________

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,

CALIFORNIA, DECLARING ELECTION RESULTS FOR COMMUNITY
FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)
(ANNEXATION NO. 27)
Whereas, the City Council (the "City Council") of the City of Lake Elsinore (the "City") has heretofore conducted proceedings for the area proposed to be annexed to Community Facilities District No. 2015-2 (Maintenance Services) (the "CFD No. 2015-2") of the City of Lake Elsinore, including conducting a public hearing pursuant to Section 53339.5 of the Government Code; and Whereas, at the conclusion of said public hearing, the City Council adopted a resolution calling a special election for December 9, 2025, and submitting to the qualified electors of the territory to be annexed to the CFD No. 2015-2 the question of levying special taxes on parcels of taxable property therein for the purpose of providing certain services which are necessary to meet increased demands placed upon the City as a result of the development of said real property as provided in the form of special election ballot; and
Whereas, a Certificate of Election Results, attached thereto as Exhibit A, dated December 9, 2025, executed by the City Clerk (or, in the absence of the City Clerk, the Acting City Clerk – in either case, the “Clerk”), has been filed with this Council, certifying that a completed ballot has been returned to the Clerk for each landowner-voter(s) eligible to cast a ballot in said special election, with all votes cast as “Yes” votes in favor of the ballot measure, and further certifying on said basis that the special mailed-ballot election was closed; and Whereas, this Council has received, reviewed and hereby accepts the Clerk’s Certificate of Election Results and wishes by this resolution to declare the results of the special mailed-ballot election;

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

Section 1.Recitals. This Council finds and determines that the foregoing recitals are true and correct.

Section 2.Ballot Measure. This Council hereby finds, determines and declares that the ballot measure submitted to the qualified electors of the territory to be annexed to CFD No. 2015-2 has been passed and approved by those qualified electors in accordance with Sections 53328 and 53329 of the Government Code.

Section 3.Annexation. This Council hereby finds, determines and declares that pursuant to Section 53339.8 of the Government Code, the City Council is authorized to determine that the territory to be annexed has been added to and become a part of the CFD No. 2015-2 with full legal effect, and the City Council is also authorized, pursuant to said Section 53339.8, to annually levy special taxes within the territory to be annexed to pay the costs of the services to be provided by the CFD No. 2015-2 as specified in Resolution No. 2025-71 adopted by the City Council on October 14, 2025. The boundaries of the territory annexed are shown on the map entitled, "Annexation Map No. 27 Community Facilities District No. 2015-2 (Maintenance CC Res. No. 2025-____

Page 2 of 3 ends

Services)" a copy of which was recorded, on October 22, 2025, in Book 97 of Maps of Assessment and Community Facilities Districts Page 68, in the office of the Riverside County Recorder.

Section 4.Notice of Special Tax Lien. Pursuant to Section 53339.8 of the Government Code and Section 3117.5 of the Streets and Highways Code, the City Clerk shall cause to be filed with the County Recorder of the County of Riverside an amendment of the notice of special tax lien and a map of the amended boundaries of the CFD No. 2015-2 including the annexed territory.

Section 5.Effect. This Resolution shall take effect immediately upon its adoption.

Section 6.The City Clerk shall certify to the adoption of this Resolution and enter it into the book of original Resolutions.

PASSED and ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 9th day of December 2025.

Brian Tisdale, Mayor
ATTEST:

Candice Alvarez, MMC
City Clerk
CC Res. No. 2025-____

Page 2 of 3 ends

CC Res. No. 2025-____

Page 3 of 3 ends

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2025-____ was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of December 9, 2025, and that the same was adopted by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) ANNEXATION NO. 27

CERTIFICATE OF ELECTION RESULTS
I, the undersigned, being the Deputy City Clerk or the Acting City Clerk, as the case may be, hereby certify:

In connection with the special mailed-ballot election called by the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) on this same date in the proceedings of the City Council for the annexation of territory to the above-entitled community facilities district, I personally received (a) a signed and dated waiver and consent form and (b) a signed, dated and marked election ballot(s) on behalf of the owner(s) listed below, the entity named as the sole landowner of the land within the boundary of the above-entitled community facilities district in the Certificate Regarding Registered Voters and Landowners, dated October 20, 2025, and on file in the office of the City Clerk of the City in connection with the City Council actions on that date.

Copies of the completed waiver and consent form and the completed ballot received by me and on file in my office are attached hereto.

Following such receipt, I have personally, and in the presence of all persons present, reviewed the ballot to confirm that it is properly marked and signed, and I hereby certify the result of that count to be that the ballot was cast in favor of the measure.

Based upon the foregoing, all votes that were cast having been cast “Yes”, in favor of the ballot measure, the measure has therefore passed.

Landowner
Qualified
Landowner Votes Votes Cast YES NO
Parviz Oshideri 1.79 2
Total 1.79 2
I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct and that this declaration is executed on December 9, 2025.

Candice Alvarez, MMC
City Clerk
City of Lake Elsinore
By:

(Attach completed copies of Waiver/Consent and Ballots)

ORDINANCE NO. 2025-___
AN ORDINANCE AMENDING ORDINANCE NO. 2016-1359 OF THE

CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA,

ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF
COMMUNITY FACILITIES DISTRICT NO. 2015-2 OF THE CITY OF

LAKE ELSINORE (MAINTENANCE SERVICES) AUTHORIZING THE

LEVY OF SPECIAL TAXES
WHEREAS, pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”), on July 28, 2015, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) adopted Resolution No. 15-078 establishing Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, County of Riverside, State of California (the "CFD No. 2015-2") for the purpose of levying special taxes on parcels of taxable property therein for the purpose of providing certain services (the “Services”), which are necessary to meet increased demands placed upon the City and are described in Exhibit A attached hereto; and
WHEREAS, on May 10, 2016, the City Council adopted Ordinance No. 2016-1359 entitled, “An Ordinance of the City of Council of the City of Lake Elsinore, California, acting in its capacity as the legislative body of Community Facilities District No. 2015-2 of the City of Lake Elsinore (Maintenance Services) authorizing the levy of special tax” (“Ordinance No. 2015-1359”), pursuant to which the City Council levied special taxes with the CFD No. 2015-2; and WHEREAS, on October 14, 2025, the City Council adopted Resolution No. 2025-71 entitled “A Resolution of the City Council of the City of Lake Elsinore Declaring its Intention to Annex Territory into Community Facilities District No. 2015-2 (Maintenance Services) of the City of Lake Elsinore, Adopting a Map of the Area to be Proposed (Annexation No. 27) and Authorizing the Levy of a Special Taxes Therein” (the “Resolution of Intention”) declaring its intention to annex certain territory to the CFD No. 2015-2 and to levy special taxes within that territory to provide the Services as described in the Resolution of Intention and setting a special public hearing on the proposed annexation for December 9, 2025; and WHEREAS, notice was published as required by the Act relative to the intention of the City Council to annex certain territory to the CFD No. 2015-2, to levy special taxes therein to provide the Services, and to set the time and place of said public hearing; and
WHEREAS, on December 9, 2025, at the time and place specified in said published notice, the City Council opened and held a public hearing as required by the Act relative to the annexation of territory in to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services by the CFD No. 2015-2; and
WHEREAS, at said public hearing all persons desiring to be heard on all matters pertaining to the annexation of territory to the CFD No. 2015-2, the levy of the special taxes therein, and the provision of Services therein were heard, and a full and fair hearing was held; and WHEREAS, subsequent to said public hearing, the City Council adopted Resolution No. 2025-___ entitled “A Resolution of the City Council of the City of Lake Elsinore, California, Calling an Election to Submit to the Qualified Electors the Question of Levying a Special Tax Within the Area Proposed to be Annexed to Community Facilities District No. 2015-2 (Maintenance Services) (Annexation No. 27)” (the “Resolution Calling the Election”) on December 9, 2025 wherein the City Council submitted the question of levying a special tax in territory proposed to be annexed to the CFD No. 2015-2 at the rate and according to the method of apportionment described therein; and
WHEREAS, at said special election on December 9, 2025, the qualified electors of the territory proposed to be annexed to the CFD No. 2015-2 approved said propositions as described in the Resolution Calling the Special Election by more than the two-thirds vote required by the Act; and Ordinance No. 2025-____

Page 2 of 23 ends

WHEREAS, subsequent to said special election, the City Council adopted Resolution No. 2025- ___ entitled “A Resolution of the City Council of the City of Lake Elsinore, California, Declaring the Election Results for Community Facilities District No. 2015-2 (Maintenance Services) (Annexation No. 27)” wherein the City Council determined that the territory proposed to be annexed was added to the CFD No. 2015-2 (such territory being referred to herein as “Annexation No. 27”).

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) OF THE CITY OF LAKE ELSINORE, DOES ORDAIN AS FOLLOWS:

Section 1.Recitals. The foregoing recitals are true and correct.

Section 2.Amendment to Exhibit B of Ordinance No. 2016-1359. Ordinance No. 2016-1359 is hereby amended by including Exhibit B to Ordinance No. 2016-1359 attached hereto.

Section 3.Amendment to Section 2 of Ordinance No. 2016-1359. Section 2 of Ordinance No. 2016-1359 is hereby amended by deleting it in its entirety and replacing it with the following:

Section 2.By the passage of this Ordinance, the City Council authorizes and levies special taxes within the District which are subject to taxation which are identified in Exhibit B attached hereto, pursuant to Sections 53328 and 53340 of the Act at the rates and in accordance with the rate and method of apportionment set forth in Exhibit A attached hereto, which is incorporated by reference herein (the “Rate and Method”). The special taxes are hereby levied commencing the fiscal year specified in the Rate and Method and in each fiscal year thereafter so long as the services authorized to be finance by the District, are provided through such financing within the District.

Section 4.Future Annexations. The annexation of additional territory into the CFD No. 2015- 2 was contemplated as part of the adoption of Resolution No. 15-066. The boundaries of the territory within which any property may annex to the CFD No. 2015-2 are more particularly described and shown on that certain map entitled “Boundaries – Potential Annexation Area Community Facilities District No. 2015-2 (Maintenance Services) City of Lake Elsinore, County of Riverside, State of California,” as recorded on August 19, 2015 in Book 78 of Maps of Assessment and Community Facilities District, at Page 74, and as Document No. 2015-0369598 in the official records of the County of Riverside. Following a public hearing and the adoption of resolutions required by the Act for any additional annexations of property within said potential annexation area, Revised Exhibit B of Ordinance No. 2016-1359 shall be further amended to include any additional territory annexed to the CFD No. 2015-2. The City Council hereby authorizes and directs the officers, employees, and agents of the City to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Section 4 of this Ordinance to further include Exhibit B to Ordinance No. 2016-1359.

Section 5.Severability. If for any reason any portion of this Ordinance is found to be invalid, or if the special taxes found inapplicable to any particular parcel within the CFD No. 2015-2, by a court of competent jurisdiction, the balance of this Ordinance and the application of the special tax to the remaining parcels within the CFD No. 2015-2 shall not be affected.

Section 6.Authorization to Publish Ordinance. The Mayor shall sign this Ordinance and the City Clerk shall attest thereto and shall, within fifteen (15) days of its adoption, cause it or a summary of it to be published at least once in The Press Enterprise, a newspaper of general circulation published and circulated in the City and the CFD No. 2015-2.

Section 7. Effective Date. This Ordinance shall take effect and shall be in force thirty (30) days after the date of its adoption, at which time Revised Exhibit B will include Exhibit B to Ordinance No. 2016-1359 and Section 2 of Ordinance No. 2016-1359 will be amended as described herein.

Ordinance No. 2025-____

Page 3 of 23 ends

Section 8. Certification. The City Clerk shall certify to the passage of this Ordinance and shall cause a synopsis of the same to be published according to law.

PASSED, APPROVED, AND ADOPTED by the City Council of the City of Lake Elsinore at a regular meeting held on 23rd day of December 2025 by the following vote:

Brian Tisdale, Mayor
ATTEST:

Candice Alvarez, MMC
City Clerk

STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.

CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Ordinance No. 2025-____ was introduced at the regular City Council meeting of December 9, 2025, and adopted at the regular meeting of December 23, 2025, by the following roll call vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
_____________________________
Candice Alvarez, MMC
City Clerk
Ordinance No. 2025-____

Page 3 of 23 ends

EXHIBIT A

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

OF THE CITY OF LAKE ELSINORE
A Special Tax (the “Special Tax”) shall be levied on and collected from each Assessor’s Parcel (defined below) in Community Facilities District No. 2015-2 (Maintenance Services) (the “CFD No. 2015-2” or “CFD”; defined below), in each Fiscal Year, (defined below), commencing in the Fiscal Year beginning July 1, 2015, in an amount determined by the City Council of the City of Lake Elsinore, acting ex officio as the legislative body of CFD No. 2015-2, by applying the rate and method of apportionment set forth below.

All of the real property in CFD No. 2015-2, unless exempted by law or by the provisions herein, shall be taxed to the extent and in the manner provided herein.

A. DEFINITIONS
“Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on any Assessor’s Parcel Map, or if the land area is not shown on the Assessor’s Parcel Map, the land area as shown on the applicable Final Map, or if the area is not shown on the applicable Final Map, the land area shall be calculated by the Administrator.
“Administrative Expenses” means the actual or reasonably estimated costs directly related to the formation, annexation, and administration of CFD No. 2015-2 including, but not limited to: the costs of computing the Special Taxes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs to the City, CFD No. 2015-2, or any designee thereof associated with fulfilling the CFD No. 2015-2 disclosure requirements; the costs associated with responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2015-2 or any designee thereof related to an appeal of the Special Tax; and the City's annual administration fees including payment of a proportional share of salaries and benefits of any City employees and City overhead whose duties are related to the administration and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-2 for any other administrative purposes of CFD No. 2015-2, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes. “Administrator” means the City Manager of the City of Lake Elsinore, or his or her designee. “Approved Property” means all Assessor’s Parcels of Taxable Property that are included in a Final Map that was recorded prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied, and that have not been issued a building permit on or prior to the March 1 preceding the Fiscal year in which the special tax is being levied.
“Assessor’s Parcel” means a lot or parcel of land that is identifiable by an Assessor’s Parcel Number by the County Assessor of the County of Riverside.
“Assessor’s Parcel Map” means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” means that identification number assigned to a parcel by the County Assessor of the County.
“Building Square Footage” or “BSF” means the floor area square footage reflected on the original construction building permit issued for construction of a building of Non-Residential Property and any Building Square Footage subsequently added to a building of such Taxable Property after issuance of a building permit for expansion or renovation of such building. “Calendar Year” means the period commencing January 1 of any year and ending the following December 31.
“CFD” or “CFD No. 2015-2” means the City of Lake Elsinore Community Facilities District No. 2015-2 (Maintenance Services).
“City” has the meaning set forth in the preamble.
“Contingent Special Tax B Requirement” means that amount required in any Fiscal Year, if the POA is unable to maintain the Service(s) to: (i) pay the costs of Services incurred or otherwise payable in the Calendar Year commencing in such Fiscal Year; (ii) fund an operating reserve for the costs of Services as determined by the Administrator; less a credit for funds available to reduce the annual Special Tax B (Contingent) levy as determined by the Administrator. “County” means the County of Riverside.
“Developed Property” means all Assessor’s Parcels of Taxable Property for which a building permit for new construction has been issued on or prior to March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Exempt Property” means all Assessors’ Parcels designated as being exempt from the Special Tax as provided for in Section G.
“Final Map” means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which building permits may be issued without further subdivision. “Fiscal Year” means the period from and including July 1 st of any year to and including the following June 30th.
“Land Use Category” or “LUC” means any of the categories contained in Section B hereof to which an Assessor’s Parcel is assigned consistent with the land use approvals that have been received or proposed for the Assessor’s Parcel as of March 1 preceding the Fiscal Year in which the Special Tax is being levied.
“Maximum Special Tax” means either Maximum Special Tax A and/or Maximum Special Tax B (Contingent), as applicable.
“Maximum Special Tax A” means the Maximum Special Tax A, as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.
“Maximum Special Tax B (Contingent)” means the Maximum Special Tax B (Contingent), as determined in accordance with Section C below that can be levied in any Fiscal Year on any Assessor's Parcel of Taxable Property within CFD No. 2015-2.
“Multi-Family Residential Property” means any Assessor’s Parcel of residential property that consists of a building or buildings comprised of attached Residential Units sharing at least one common wall with another unit.
“Non-Residential Property” or “NR” means all Assessor's Parcels of Taxable Property for which a building permit(s) was issued for a non-residential use. The Administrator shall make the determination if an Assessor’s Parcel is Non-Residential Property. “Property Owner’s Association” or “POA” means the property owner’s association or homeowner’s association established to maintain certain landscaping within a Tax Zone. “Proportionately” means for Taxable Property that is: (i) Developed Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Developed Property with the same Tax Zone, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Approved Property with the same Tax Zone, and (iii) Undeveloped Property that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre is the same for all Parcels of Undeveloped Property with the same Tax Zone. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the Administrator. “Residential Property” means all Assessor’s Parcels of Taxable Property upon which completed Residential Units have been constructed or for which building permits have been or may be issued for purposes of constructing one or more Residential Units. “Service(s)” means services permitted under the Mello-Roos Community Facilities Act of 1982 including, without limitation, those services authorized to be funded by CFD No. 2015-2 as set forth in the documents adopted by the City Council at the time the CFD was formed. “Single Family Residential Property” means any residential property other than Multi-Family Residential Property on an Assessor’s Parcel.
“Special Tax(es)” means the Special Tax A and/or Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property.
“Special Tax A” means the annual special tax to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Special Tax A Requirement. "Special Tax A Requirement" means for each Tax Zone, that amount to be collected in any Fiscal Year to pay for certain costs as required to meet the needs for such Tax Zone of CFD No. 2015-2 in both the current Fiscal Year and the next Fiscal Year. The costs to be covered shall be the direct costs for maintenance services including but not limited to (i) maintenance and lighting of parks, parkways, streets, roads and open space, (ii) maintenance and operation of water quality improvements, (iii) public street sweeping, (iv) fund an operating reserve for the costs of Services as determined by the Administrator, and (v) Administrative Expenses. Under no circumstances shall the Special Tax A Requirement include funds for Bonds.
“Special Tax B (Contingent)” means the Special Tax B (Contingent) to be levied in each Fiscal Year on each Assessor’s Parcel of Taxable Property to fund the Contingent Special Tax B Requirement, if required.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2015-2, which are not Exempt Property.
“Taxable Unit” means a Residential Unit, Building Square Footage, or an Acre. "Tax Zone" means a mutually exclusive geographic area, within which particular Special Tax rates may be levied pursuant to this Rate and Method of Apportionment of Special Tax. Appendix C identifies the Tax Zone in CFD No. 2015-2 at formation; additional Tax Zones may be created when property is annexed into the CFD.
"Tax Zone 1" means the specific geographic area identified on the CFD Boundary Map as Tax Zone 1. "Tract(s)" means an area of land within a subdivision identified by a particular tract number on a Final Map approved for the subdivision.
“Undeveloped Property” means, for each Fiscal Year, all Taxable Property not classified as Developed Property or Approved Property.

C. MAXIMUM SPECIAL TAX RATES
For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Residential Property, all such Assessor’s Parcels shall be assigned the number of Residential Unit(s) constructed or to be constructed thereon as specified in or shown on the building permit(s) issued or Final Map as determined by the Administrator. For Parcels of undeveloped property zoned for development of single family attached or multi-family units, the number of Residential Units shall be determined by referencing the condominium plan, apartment plan, site plan or other development plan, or by assigning the maximum allowable units permitted based on the underlying zoning for the Parcel. Once a single family attached or multi-family building or buildings have been built on an Assessor's Parcel, the Administrator shall determine the actual number of Residential Units contained within the building or buildings, and the Special Tax A levied against the Parcel in the next Fiscal Year shall be calculated by multiplying the actual number of Residential Units by the Maximum Special Tax per Residential Unit identified for the Tract below or as included in Appendix A as each Annexation occurs.

For purposes of determining the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property and Approved Property which are classified as Non-Residential Property, all such Assessor’s Parcels shall be assigned the number of Building Square Footage or Acres as shown on the Final Map as determined by the Administrator. Once the Administrator determines the actual number of Building Square Footage or Acres for the Assessor’s Parcels, the Special Tax A levied against the Assessor’s Parcel in the next Fiscal Year shall be calculated by multiplying the number of Building Square Footage or Acres by the Maximum Special Tax per Taxable Unit identified for the Tax Zone below or as included in Appendix A as each Annexation occurs.

TABLE 1

MAXIMUM SPECIAL TAX A RATES

DEVELOPED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121
(ii) Increase in the Maximum Special Tax A
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. (iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax A that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax A that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acreage designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final.
b. Approved Property
The Maximum Special Tax A for each Assessor’s Parcel of Approved Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Approved property Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 2 below:

TABLE 2

MAXIMUM SPECIAL TAX A RATES

APPROVED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum
Special Tax A
1 LLA-2014-2743 Non-Residential Property Acre $121
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Approved Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.
c. Undeveloped Property
The Maximum Special Tax A for each Assessor’s Parcel of Undeveloped Property shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax A for the Tax Zone annexed and included in Appendix A. The Maximum Special Tax A for Undeveloped Property for Fiscal Year 2015-2016 within Tax Zone 1 is identified in Table 3 below:

TABLE 3

MAXIMUM SPECIAL TAX A RATES

UNDEVELOPED PROPERTY
Tax Zone Tracts Taxable Unit Maximum Special Tax A
1 LLA-2014-2743 Acre $121
On each July 1, commencing on July 1, 2016 the Maximum Special Tax A for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

2. Special Tax B (Contingent)
(i) Maximum Special Tax B (Contingent)
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 1 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for each Tax Zones annexed and included in Appendix A. The Maximum Special Tax B (Contingent) for Fiscal Year 2015- 2016 within Tax Zone 1 is identified in Table 4 below:

TABLE 4

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

DEVELOPED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0
(ii) Increase in the Maximum Special Tax B (Contingent) On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Developed Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. (iii) Multiple Land Use Categories
In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax B (Contingent) that can be levied on an Assessor's Parcel shall be the sum of the Maximum Special Tax B (Contingent) that can be levied for each Land Use Category located on that Assessor's Parcel. For an Assessor's Parcel that contains more than one land use, the Acreage of such Assessor's Parcel shall be allocated to each type of property based on the amount of Acreage designated for each land use as determined by reference to the site plan approved for such Assessor's Parcel. The Administrator's allocation to each type of property shall be final. b. Approved Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 5 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 5 below:

TABLE 5

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

APPROVED PROPERTY
Tax
Zone Tract Land Use Category
Taxable
Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Non-Residential Property Acre $0
On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Approved Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater. c. Undeveloped Property
The Maximum Special Tax B (Contingent) for each Assessor’s Parcel of Taxable Property is shown in Table 6 and shall be specific to each Tax Zone within the CFD. When additional property is annexed into CFD No. 2015-2, the rate and method adopted for the annexed property shall reflect the Maximum Special Tax B (Contingent) for the Tax Zone annexed and included in Appendix A.

The Maximum Special Tax B (Contingent) for Fiscal Year 2015-2016 within the Tax Zone is identified in Table 6 below:

TABLE 6

MAXIMUM SPECIAL TAX B (CONTINGENT) RATES

UNDEVELOPED PROPERTY
Tax Zone
Tracts Taxable Unit
Maximum Special
Tax B (Contingent)
1 LLA-2014-2743 Acre $0
On each July 1, commencing on July 1, 2016 the Maximum Special Tax B (Contingent) for Undeveloped Property shall increase by i) the percentage increase in the Consumer Price Index (All Items) for Los Angeles - Riverside - Orange County (1982-84 = 100) since the beginning of the preceding Fiscal Year, or ii) by two percent (2.0%), whichever is greater.

D. METHOD OF APPORTIONMENT OF ANNUAL SPECIAL TAX

1. Special Tax A
Commencing with Fiscal Year 2015-2016 and for each following Fiscal Year, the Council shall determine the Special Tax A Requirement and shall levy the Special Tax A on all Assessor’s Parcels of Taxable Property until the aggregate amount of Special Tax A equals the Special Tax A Requirement for each Tax Zone. The Special Tax A shall be levied for each Fiscal Year as follows:

First: The Special Tax A shall be levied Proportionately on all Assessor’s Parcels of Developed Property within each Tax Zone up to 100% of the applicable Maximum Special Tax to satisfy the Special Tax A Requirement for such Tax Zone;
Second: If additional moneys are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first step has been completed, the Special Tax A shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax A for Approved Property;
Third: If additional monies are needed to satisfy the Special Tax A Requirement for a Tax Zone after the first two steps has been completed, the Special Tax A shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax A for Undeveloped Property.

2. Special Tax B (Contingent)
Commencing with Fiscal Year 2015-2016 and for each following Fiscal Year, the Council shall determine the Contingent Special Tax B Requirement and shall levy the Special Tax on all Assessor’s Parcels of Taxable Property until the aggregate amount of Special Tax B (Contingent) equals the Contingent Special Tax B Requirement. The Special Tax B (Contingent) shall be levied for each Fiscal Year as follows:

First: The Special Tax shall be levied Proportionately on all Assessor’s Parcels of Developed Property for a Tax Zone up to 100% of the applicable Maximum Special Tax B (Contingent) to satisfy the Contingent Special Tax B Requirement;
Second: If additional moneys are needed to satisfy the Contingent Special Tax B Requirement after the first step has been completed, the Special Tax B (Contingent) shall be levied Proportionately on each Parcel of Approved Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Approved Property;
Third: If additional monies are needed to satisfy the Contingent Special Tax B Requirement after the first two steps has been completed, the Special Tax B (Contingent) shall be levied Proportionately on all Assessor’s Parcels of Undeveloped Property within such Tax Zone up to 100% of the Maximum Special Tax B (Contingent) for Undeveloped Property.

F. TERM OF SPECIAL TAX
For each Fiscal Year, the Special Taxes shall be levied as long as the Services are being provided.

G. EXEMPTIONS
The City shall classify as Exempt Property within CFD No. 2015-2, any Assessor’s Parcel in any of the following categories; (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by any public entity; (ii) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement; (iii) Assessor’s Parcels which are privately owned but are encumbered by or restricted solely for public uses; or (iv) any Assessor’s Parcel which is in use in the performance of a public function as determined by the Administrator.

H. APPEALS
Any property owner claiming that the amount or application of the Special Taxes are not correct may file a written notice of appeal with the City not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representative(s) of CFD No. 2015-2 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative’s decision requires that the Special Tax for an Assessor’s Parcel be modified or changed in favor of the property owner, a cash refund shall not be made, but an adjustment shall be made to the Special Tax on that Assessor’s Parcel in the subsequent Fiscal Year(s).

APPENDIX A

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

COST ESTIMATE
Special Tax A Services - The estimate breaks down the costs of providing one year's maintenance services for Fiscal Year 2025-26. These services are being funded by the levy of Special Tax A for Community Facilities District No. 2015-2.

TAX ZONE 31
APN 377-200-045
Item Description Estimated Cost
1 Landscape $392
2 Lighting $363
3 Streets $1,635
4 Reserves $359
5 Admin $1,150
Total $3,899
Special Tax B Contingent Services – There are no anticipated costs for Special Tax B for Tax Zone 31.

TAX ZONE 31
FY 2025-26 MAXIMUM SPECIAL TAX RATES

DEVELOPED PROPERTY AND APPROVED PROPERTY
Land Use
Category
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Non-Residential Property Acre $2,178 $0
TAX ZONE 31
FY 2025-26 MAXIMUM SPECIAL TAX RATES

UNDEVELOPED PROPERTY
Taxable
Unit
Maximum
Special Tax A
Maximum
Special Tax B
Acre $2,178 $0

TAX ZONE SUMMARY
Annexation
Tax
Zone
Tract
APN
Fiscal
Year
Maximum
Special Tax A
Maximum
Special Tax B Subdivider
Original 1 LLA-2014-2743 2015-16 $121 / Acre $0 / Acre Tractor Supply 1 2 36682 2016-17 $354 / RU $102 / RU Pardee Homes
2 3 PM 29996 2017-18 $951 / Acre $165 / Acre Pasadena Industrial Park, LLC 3 4 PM 36551 2017-18 $2,671 / Acre $201 / Acre ARI Chaney Street, LLC 4 5 TR 32996 2017-18 $378 / RU $321 / RU LE Cottage Lane, LLC 5 6 365-030-001 2018-19 $1,004/ Acre $0 / Acre Lake Elsinore CCR, LLC 6 7 TR 33267 2019-20 $350 / RU $56 / RU Pardee Homes
7 8 PM 37284 2019-20 $1,953 / Acre $0 / Acre Central Plaza 8 9 TR 37305 2019-20 $951 / RU $384 / RU Nichols Rd Partners, LLC 8 10 TR 37305; Lot 169 2019-20 $2,600 / Acre $0 / Acre Nichols Rd Partners, LLC 9 11 TR 32129 & 30698 2020-21 $541 / RU $69 / RU
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
10 12 TR 33370 2021-22 $294 / RU $30 / RU JLJ. LLC
11 13 PM 37534 2021-22 $1,113 / Acre $0 / Acre SRZ Yuma, LLC 12 14 TR 33725 2021-22 $749 / RU $87 / RU SPT-AREP III Tuscany Associates 12 15 TR 25475 2021-22 $594 / RU $62 / RU SPT-AREP III Tuscany Associates 13 16 LLA 2019-007 2021-22 $407 / Acre $0 / Acre Wal-Mart Real Estate Business Trust
14 17 TR 38008 2021-22 $366 / RU $123 / RU Tri Pointe Homes IE-SD, Inc. 15 18 TPM 37751 2021-22 $2,188 / Acre $2,540 / Acre Boos-Up Lake Elsinore 16 19 PM 37710 2021-22 $1,034 / Acre $0 / Acre Pennington Industrial, LLC 17 20 TR 37280 2022-23 $323 / RU $5 / RU Lake Elsinore Lakeshore, LLC and Erin Crowder
18 21 TR 38116 2022-23 $387 / RU $82 / RU Tri Pointe Homes IE-SD, Inc. 19 22 TR 38378 2023-24 $358 / RU $7 / RU Vista Emerald, LLC 20 23 TR 28214-9 2023-24 $647 / RU $19 / RU Pulte Home Co. 21 24 BLD-2023-0026B 2023-24 $739 / Acre $288 / Acre Lake Street Properties, LP 22 25 TPM 37710 2024-25 $5,569 / Acre $755 / Acre RA & B Development, LLC 23 26 TTM 34249 2025-26 $792 / RU $216 / RU Tri Pointe Homes IE-SD, Inc. 24 27 PM 38195 & PM
38281 2025-26 $1,594 / Acre $0 / Acre
Cambern and Central North, LLC,
& Evergreen-Cambern and
Central South Land, LLC
28 TTM 33725 2025-26 $821 / RU $221 / RU25 29 TTM 25475 2025-26 $604 / RU $157 / RU KB Home California
Management Services
26 30 377-100-003,
377-380-003 2025-26 $5,449 / Acre $2,227 / Acre Cambern Avenue Development Holding Company, LLC
27 31 377-200-045 2025-26 $2,178 / Acre $0 / Acre Parviz Oshideri

APPENDIX B

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

DESCRIPTION OF AUTHORIZED SERVICES
The services which may be funded with proceeds of the special tax of CFD No. 2015-2, as provided by Section 53313 of the Act, will include all costs attributable to maintaining, servicing, cleaning, repairing and/or replacing landscaped areas (may include reserves for replacement) in public street right-of-ways, public landscaping, public open spaces and other similar landscaped areas officially dedicated for public use. These services including the following:
(a) maintenance and lighting of parks, parkways, streets, roads and open space, which maintenance and lighting services may include, without limitation, furnishing of electrical power to street lights; repair and replacement of damaged or inoperative light bulbs, fixtures and standards; maintenance (including irrigation and replacement) of landscaping vegetation situated on or adjacent to parks, parkways, streets, roads and open space; maintenance and repair of irrigation facilities; maintenance of public signage; graffiti removal from and maintenance and repair of public structures situated on parks, parkways, streets, roads and open space; maintenance and repair of playground or recreation program equipment or facilities situated on any park; and
(b) maintenance and operation of water quality improvements which include storm drainage and flood protection facilities, including, without limitation, drainage inlets, catch basin inserts, infiltration basins, flood control channels, fossil fuel filters, and similar facilities. Maintenance services may include but is not limited to the repair, removal or replacement of all or part of any of the water quality improvements, fossil fuel filters within the public right-of-way including the removal of petroleum hydrocarbons and other pollutants from water runoff, or appurtenant facilities, clearing of inlets and outlets; erosion repairs; and cleanup to improvements, and other items necessary for the maintenance, servicing; or both of the water quality basin improvements within flood control channel improvements; and
(c) public street sweeping, on the segments of the arterials within the boundaries of CFD No. 2015-2; as well as local roads within residential subdivisions located within CFD No. 2015-2; and any portions adjacent to the properties within CFD No. 2015-2; and In addition to payment of the cost and expense of the forgoing services, proceeds of the special tax may be expended to pay “Administrative Expenses,” as said term is defined in the Rate and Method of Apportionment.

APPENDIX C

CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES)

PROPOSED BOUNDARIES AND POTENTIAL ANNEXATION AREA BOUNDARIES

EXHIBIT B
COMMUNITY FACILITIES DISTRICT NO. 2015-2 (MAINTENANCE SERVICES) SPECIAL TAX FISCAL YEAR 2025-26
(Effective as of December 23, 2025)

ASSESSOR'S PARCEL NUMBERS
Annexation Zone Owner Assessor's Parcel Numbers
Original 1 Tractor Supply 377-120-068
1 2 Pardee Homes See Below
2 3 Pasadena Industrial Park, LLC 377-120-032, -043 thru -047, -069, and -071
3 4 ARI Chaney Street, LLC 377-140-028 thru -030, -032 thru -035, -038 thru -041, -044 thru -046
4 5 LE Cottage Lane, LLC See Next Page
5 6 Lake Elsinore CCR, LLC 365-030-048
6 7 Pardee Home See Next Page
7 8 Central Plaza 377-081-002 thru -009
8 9 Nichols Rd Partners, LLC
389-200-038 (por.),
389-210-008 (por.), 389-210-032,
389-210-034, and 389-210-036 (por.)
8 10 Nichols Rd Partners, LLC 389-200-046, -049, and -053 9 11
Donald S. Clurman &
Three Strands Properties, LLC &
Spectrum Communities, LLC
See Next Page
10 12 JLJ, LP See Next Page
11 13 SRZ Yuma, LLC 377-081-035
12 14 SPT AREP III Tuscany Associates
349-240-006, -043, -044, -045, -046,
-047, -054, -055, -056 and
349-380-024, -025
12 15 SPT AREP III Tuscany Associates 349-240-034, -038, -072, -075 13 16 Wal-Mart Real Estate Business Trust 377-090-052, -053, -054, -055, -056, -057
14 17 Tri Pointe Homes IE-SD, Inc. 363-940-038
15 18 Boos-Up Lake Elsinore 377-243-024
16 19 Pennington Industrial, LLC 377-160-051, -052, -053 17 20 Lake Elsinore Lakeshore, LLC and
Erin Crowder 379-230-001 and 379-230-002
18 21 Tri Pointe Homes IE-SD, Inc. 379-060-005, -022, and -027 19 22 Vista Emerald, LLC 370-050-019, -020, -032
20 23 Pulte Home Co. See Next Page
21 24 Lake Street Properties, LP 390-130-050
22 25 RA & B Development, LLC 377-220-037
23 26 Tri Pointe Homes IE-SD, Inc. 365-230-005, -006, -009, -011, and - 012
24 27
Cambern and Central North, LLC, &
Evergreen-Cambern and Central South
Land, LLC
337-020-030, 377-020-031, 377-020-
032, 377-020-034, 377-020-035
2825 29 KB Home California Management Services See Next Page 26 30 Cambern Avenue Development Holding
Company, LLC 377-100-003, 377-380-003
27 31 Parviz Oshideri 377-200-045
EXHIBIT B (cont.)
ANNEXATION NO. 1

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
358710001 358710002 358710003 358710004 358710005 358710006 358710007 358710008 358710009 358710010 358710011 358710012 358710013 358710014 358710015 358710016 358710017 358710018 358710019 358710020 358710021 358710022 358710023 358710024 358710025 358710026 358710027 358710028 358710029 358710030 358710031 358710032 358710033 358710034 358710035 358710036 358710037 358710038 358710039 358710040 358710041 358711001 358711002 358711003 358711004 358711005 358711006 358711007 358712001 358712002 358712003 358712004 358712005 358712006 358712007 358712008 358712009 358712010 358712011 358712012 358712013 358712014 358712015 358712016 358712017 358712018 358712019 358712020 358712021 358712022 358712023 358712024 358712025 358712026

ANNEXATION NO. 4

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
379490004 379490005 379490006 379490007 379490008 379490009 379490010 379491001 379491002 379491003 379491004 379491005 379491006 379491007 379491008 379491010 379491011 379491012 379491013 379491014 379491017 379491018 379491019 379491020 379491021 379491022 379491023 379491024 379491025 379491026 379491027 379491028 379491029 379491030 379491031 379491032 379491033 379491034 379491035 379491036 379491037
ANNEXATION NO. 6

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
379051001 379051002 379051003 379051004 379051005 379051006 379051007 379051009 379051010 379051011 379051013 379051014 379051015 379051016 379051018 379051019 379051020 379051021 379051023 379051024 379051025 379051026 379051027 379051028 379051029 379051031 379051032 379051033 379051034 379051035 379051036 379051037 379051038 379051040 379051041 379051042 379051043 379051045 379051046 379051047 379051048 379051049 379051051 379051052 379051053 379051054 379051055 379051056 379051057 379051058 379051061 379051062 379051063 379051064 379051066 379051067 379051068 379051069 379051071 379051072 379051073 379051074 379051075 379051077 379051078 379051079 379051080 379051081 379051083 379051084 379051085 379051086 379051087 379051089 379051090 379051091 379051092 379052001 379052002 379052003 379052004 379052005 379052006 379052007 379052008 379052009 379052011 379052012 379052013 379052014 379052016 379052017 379052018 379052019 379052020 379052022 379052023 379052024 379052025 379052026 379052027 379052028 379052029 379052031 379052032 379052033 379052034 379052035 379052036 379052037 379052038 379052039 379052040 379052042 379052043 379052044 379052045 379052046 379052047 379052049 379052050 379052051 379052052 379052053 379052054 379052056 Assessor's Parcel Numbers
379052057 379052058 379052059 379052060 379052061 379052062 379052064 379052065 379052066 379052067 379052068 379052087 379052088 379052089 379052090 379052091 379052092 379052094 379052095 379052096 379052097 379052098 379053001 379053002 379053003 379053004 379053005 379053006 379053007 379053008 379053009 379053010 379053011 379053012 379053014 379053015 379053016

ANNEXATION NO. 9

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
347110021 347580007 347580001 347580002 347580003 347580004 347580005 347580006 347581001 347581002 347581003 347581004 347581005 347581006 347581007 347581008 347582001 347582002 347582003 347582004 347582005 347582006 347582007 347582008 347582009 347580010 347582023 347582019 347582018 347582017 347582016 347582015 347582014 347582013 347582012 347582021 347560012 347560013 347560014 347560015 347560016 347560017 347560018 347560019 347560043 347560020 347560021 347560022 347560023 347560024 347560025 347560026 347560027 347560028 347560044 347560029 347560030 347560031 347560032 347560033 347560034 347560035 347560036 347560037 347560038 347560039 347560040 347560041 347560042 347560001 347560002 347560003 347560004 347560005 347560006 347560007 347560008 347560009 347560010 347560011 347570001 347570002 347570003 347570004 347570005 347570006 347570007 347570008 347570009 347570010 347570011 347570012 347570013 347570014 347561001 347561002 347561003 347561004 347561005 347561006 347561007 347561008 347561009 347561010 347561011 347561012 347561013 347561014 347561015 347561016 347561017 347561018 347570015 347570016 347570017 347570018 347570019 347570020 347570021 347570022 347571001 347571002 347571003 347571004 347571005 347571006 347571007 347571008 347571009 347571010 347571011 347571012 347571013 347571014 347571015 347571016 347571017 347571018 347571019 347571020 347571021 347571022 347571023 347571024 347571025 347571026 347571027 347571028 347571029 347562001 347562002 347562003 347562004 347562005 347562006 347562007 347562008 347562009 347562010 347562011 347562012 347562013 347562014 347562015 347562016 347562017

EXHIBIT B (cont.)
ANNEXATION NO. 10

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
373071040 373074054 373074040 373074047 373074033 373074026 373074017 373074002 373074007 373074049 373074035 373074042 373074028 373074022 373074013 373074018 373074003 373074008 373074050 373074036 373074043 373074029 373074023 373074014 373074019 373074004 373074009 373074051 373074037 373074044 373074030 373074024 373074015 373074020 373074005 373074010 373074052 373074038 373074045 373074031 373074025 373074016 373074001 373074006 373074011 373074053 373074039 373074046 373074032
ANNEXATION NO. 20

ASSESSOR'S PARCEL NUMBERS
Assessor's Parcel Numbers
389090032 389090033 389090034 389090035 389790000 389790001 389790002 389790003 389790004 389790005 389790006 389790007 389790008 389790009 389790010 389790011 389790012 389790013 389790014 389790015 389790016 389790017 389790018 389790019 389790020 389790021 389790022 389790023 389790024 389790025 389790026 389790027 389790028 389790029 389790030 389790031 389790032 389790033 389790034 389790035 389790036 389790037 389790038 389790039 389790040 389790041 389790042 389790044 389790045 389790046 389790047 389790048 389800001 389800002 389800003 389800004 389800005 389800006 389800007 389800008 389800009 389800010 389800011 389800012 389800013 389800014 389800015 389800016 389800017 389800018 389800019 389800020 389800021 389800022 389800023 389800024 389801001 389801002 389801003 389801004 389801005 389801006 389801007 389801008 389801009 389801010 389801011 389801012 389801013 389801014 389801015 389801016 389801017 389801018 389801019 389801020 389801021 389801022 389801023 389801024 389801025 389801026 389801027 389801028 389801029 389801030 389801031 389802001 389802002 389802003 389802004 389802005 389802006 389802007 389802008 389802009 389802010 389802011 389802012 389802013 389802014 389802015 389802016 389802017 389802018 389802019 389802020 389810001 389810002 389810003 389810004 389810005 389810006 389810007 389810008 389810009 389810010 389810011 389810012 389810013 389810014 389810015 389810016 389810017 389810018 389810019 389810020 389810021 389810022 389810023 389810024 389810025 389810026 389810027 389810028 389810029 389810030 389810031 389810032 389810033 389810034 389810035 389811001 389811002 389811003 389811004 389811005 389811006 389811007 389811008 389811009 389811010 389811011 389812001 389812002 389812003 389812004 389812005 389812006 389812007 389812008 389812009 389812010 389812011 389812012 389812013 389812014 389812015 389812016 389812017 389820001 389820002 389820003 389820004 389820005 389820006 389820007 389821001 389821002 389821003 389821004 389821005 389821006 389822001 389822002 389822003 389822004 389822005 389822006 389822007 389822008 389822009 389822010 389822011 389822012 389822013 389822014 389822015 389822016 389822017 389822018 389822019 389822020 389822021 389822022 389822023 389822024 389822025 389822026 389822027 389822028 389822029 389822030 389822031 Assessor's Parcel Numbers
389822032 389822033 389822034 389822035 389822036 389822037 389823001 389823002 389823003 389823004 389823005 389823006 389823007 389823008 389830001 389830002 389830003 389830004 389830005 389830006 389830007 389830008 389830009 389830010 389830011 389830012 389830013 389830014 389830015 389830016 389830017 389830018 389830019 389830020 389830021 389830022 389831001 389831002 389831003 389831004 389831005 389831006 389831007 389831008 389831009 389831010 389831011 389831012 389831013 389831014 389831015 389831016 389831017 389831018 389831019 389831020 389832001 389832002 389832003 389832004 389832005 389832006 389832007 389832008 389832009 389832010 389832011 389840001 389840002 389840003 389840004 389840005 389840006 389840007 389840008 389840009 389840010 389840011 389840012 389840013 389840014 389840015 389840016 389840017 389840018 389840019 389840020 389840021 389840022 389840023 389840024 389841001 389841002 389841003 389841004 389841005 389841006 389841007 389841008 389841009 389841010 389841011 389841012 389841013 389841014 389841015 389841016 389841017 389841018 389841019 389841020 389841021 389841022 389841023 389841024 389841025 389841026 389841027 389841028 389841029 389841030 389841031 389841032 389841033 389841034 389841035 389841036 389841037 389841038 389841039 389841040 389841041 389841042 389841043 389841044 389841045 389841046 389841047 389841048 389841049 389841050 389841051 389841052 389841053 389841054
ANNEXATION NO. 25

ASSESSOR'S PARCEL NUMBERS
349240006 349240044 349240054 349240075
349240034 349240045 349240055 349380024
349240038 349240046 349240056 349380025
349240043 349240047 349240072
3512 14 Street
Riverside, California 92501
(951) 368-9229
[email protected]
City of Lake Elsinore
130 South Main Street
Lake Elsinore, California 92530
Account Number: 5209153
Ad Order Number: 0011765564
Customer's Reference/PO Number:

Publication: The Press-Enterprise
Publication Dates: 11/21/2025
Total Amount: $298.86
Payment Amount: $0.00
Amount Due: $298.86
Notice ID: t7SZH13cWf9Fj97MQFmY
Invoice Text: [https://res.cloudinary.com/dgqq2xsfd/image/upload/q_auto:best/enotice- production/documentcloud/notices/1763485985470/city_logo_for_notices__1_.png] NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Lake Elsinore on October 14, 2025 adopted its Resolution No. 2025-71, in which it declared its intention to annex territory to existing Community Facilities District No. 2015-2 (Maintenance Services) (Annexation No. 27) (the "CFD No. 2015- 2"), and to levy a special tax to pay for certain maintenance services, all pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982, Chapter 2.5, Part 1, Division 2, Title 5 of the California Government Code. The resolution describes the territory to be annexed and describes the rate and method of apportionment of the proposed special tax. No change in the tax levied in the existing CFD No. 2015-2 is proposed. NOTICE IS HEREBY FURTHER GIVEN that the City Council of the City of Lake Elsinore, California, will hold a Public Hearing on Tuesday, December 9, 2025 at the Lake Elsinore Cultural Center, 183 N. Main Street, Lake Elsinore, California, 92530 at 7:00 p.m., or as soon thereafter as the matter may be hard, to consider the annexation of territory to CFD No. 2015-2 (Maintenance Services) (Annexation No. 27). At the hearing, the testimony of all interest persons for or against the annexation of the territory or the levying of the special taxes will be heard. If and to the extent participation in the December 9, 2025 meeting must occur by teleconference, videoconference, or other electronic means authorized by the Ralph M. Brown Act or an Executive Order of the Governor of California, the means and methods for participating the meeting shall be posted on the Agenda for said meeting, which shall PH-CFD 2015-2 Annex 27 - Page 1 of 1
The Press-Enterprise
3512 14 Street
Riverside, California 92501
(951) 368-9229
City of Lake Elsinore
130 South Main Street
Lake Elsinore, California 92530
Publication: The Press-Enterprise

PROOF OF PUBLICATION OF
Ad Desc: 0011765564
FILE NO. 0011765564

PROOF OF PUBLICATION
I am a citizen of the United States. I
am over the age of eighteen years and
not party to or interested in the above-
entitled matter. I am an authorized
representative of THE PRESS-
ENTERPRISE, a newspaper of
general circulation, printed and
published daily in the County of
Riverside, and which newspaper has
been adjudicated a newspaper of
general circulation by the Superior
Court of the County of Riverside, State
of California, under date of April 25,
1952, Case Number 54446, under
date of March 29, 1957, Case Number
65673, under date of August 25, 1995,
Case Number 267864, and under date
of September 16, 2013, Case Number
RIC 1309013; that the notice, of which
the annexed is a printed copy, has
been published in said newspaper in
accordance with the instructions of the
person(s) requesting publication, and
not in any supplement thereof on the
following dates, to wit:
11/21/2025
I certify (or declare) under the penalty
of perjury that the foregoing is true and
correct.

Date: November 21, 2025.

At: Riverside, California
______________________________
Signature
PH-CFD 2015-2 Annex 27 - Page 1 of 1
29)
Appeal of the Planning Commission's Action to Deny Planning Application No. 2016- 112 (Kassab Travel Center Carwash) to Replace the Previously Approved Drive- through Restaurant with a Proposed Express Carwash Including Vacuum Spaces Consider the appeal of the Planning Commission’s denial of Conditional Use Permit No. 2021-16 and Commercial Design Review No. 2021-21, receive public comments, and direct staff to prepare a Resolution based on the action taken by the City Council to either: (1) Uphold the Planning Commission’s Action to Deny; or (2) Reverse the Planning Commission’s Action and Approve Conditional Use Permit No. 2021-16 and Commercial Design Review No. 2021-21.

Page 1 of 3 ends

REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Nancy Huynh, Principal Planner
Date:December 9, 2025
Subject:Appeal of the Planning Commission's Action to Deny Planning Application No. 2016-112 (Kassab Travel Center Carwash) to Replace the Previously Approved Drive-through Restaurant with a Proposed Express Carwash Including Vacuum Spaces
Applicant:Joseph Karaki, Karaki Western States Engineering, Inc.

Appellant: Joseph Karaki, Karaki Western States Engineering, Inc.

Recommendation
Consider the appeal of the Planning Commission’s denial of Conditional Use Permit No. 2021-16 and Commercial Design Review No. 2021-21, receive public comments, and direct staff to prepare a Resolution based on the action taken by the City Council to either: (1) Uphold the Planning Commission’s Action to Deny; or (2) Reverse the Planning Commission’s Action and Approve Conditional Use Permit No. 2021-16 and Commercial Design Review No. 2021-21.

Project Description
The proposed project is a request to modify the Kassab Travel Center’s previous approval to replace the approximately 2,500 square-foot (SF) drive-through restaurant with a proposed 3,600 SF express carwash with 15 vacuum spaces. The project site is located on an approximately 2.8- acre property in the central portion of the City near the southwest corner of Riverside Drive and Collier Avenue in the Commercial Manufacturing (C-M) zoning district and encompasses Assessor Parcel Numbers (APNs) 378-030-007 and 378-030-009.

The project does not involve changes to the travel center’s other previously approved uses or square footage including the convenience store, gas station, and quick service restaurants.

Background
During the initial review of the proposed change in the project, Planning Division informed the applicant that the modification to a carwash raised concerns regarding a potential oversaturation PA 2016-112 (Kassab Carwash Appeal)

Page 3 of 3 ends

2 2
1 8
of carwash uses within the City. Staff also shared with the applicant that a Carwash Market Analysis, prepared by an economic consultant hired by the City, was presented to the City Council on October 8, 2024. The market analysis indicated that there could be a potential oversaturation of carwash uses in the City by 2035. Nonetheless, the proposed carwash complied with the Lake Elsinore Municipal Code’s commercial development standards and design requirements.

The market analysis included 18 carwashes that were either existing or planned which also included the proposed Kassab Travel Center carwash since it was submitted prior to the market analysis. Of the 18 carwashes analyzed, nine are existing and nine are planned. The study summarized that Lake Elsinore could support up to 4 additional carwashes by 2035. However, if all nine planned carwashes were to be built then there could be an oversaturation by 2035.

Currently there are four existing carwashes (Dollar Car Wash, U Wash Self Service, Mobil, and ARCO) and three planned carwashes (Sunny Express Carwash, Evergreen Commercial Development, and Riverside/Lincoln Commercial) within approximately two miles from the project site. Of the three (3) planned carwashes near the project site, two are under construction with the third one under plan check review. Of the nine planned carwashes analyzed in the market analysis, three are under construction, three are under plan check review, one expired, and two under entitlement review which includes the Kassab Travel Center carwash.

Despite this potential competitive challenges, the applicant believes the modification to a carwash was more financially beneficial for the project.

Planning Commission Actions
On October 21, 2025, the Planning Commission (Commission) held a public hearing to consider CDR No. 2021-21 and CUP No. 2021-16. The Commission heard the staff presentation, took public comments, asked staff and the applicant questions, and deliberated.

The Planning Commission expressed concern that the proposed modification to a carwash use is not consistent with the original development proposal of a travel center, which was intended to support the City’s popular lake recreational activities, including RVs and boats. Furthermore, a carwash would not benefit the community as it would not contribute to the overall need for diverse mix of commercial uses in order to support the growing community in Lake Elsinore.

Additionally, while the project has been reviewed and conditioned by staff to avoid possible negative impacts associated with the proposed use, the Planning Commission expressed concern that the project’s impact on the on-site and off-site circulation remains a concern and that it could result in adverse impacts to surrounding properties as well as add to the already congested traffic along the major intersections near the project site. The Commission voted unanimously to deny CDR No. 2021-21 and CUP No. 2021-16.

On November 4, 2025, a timely appeal of the Planning Commission’s decision to deny the project was filed by the applicant. A copy of the appeal is included as Attachment 3.

Discussion
PA 2016-112 (Kassab Carwash Appeal)

Page 4 of 3 ends

2 2
1 8
In accordance with Section 17.410.100.G of the Lake Elsinore Municipal Code (LEMC), upon hearing the appeal, the City Council shall consider the record and such additional evidence as may be offered, and may affirm, reverse, or modify, in whole or in part, the order, requirements, decision, determination, interpretation, or ruling being appealed, or may make or substitute such other or additional decision or determination as it may find warranted under the provisions of this code, the General Plan, or other City requirements or standards.

The hearing body is subject to all the criteria and requirements for making findings imposed upon the original approving authority.

Consistent with those requirements, Staff requests direction in order to prepare a resolution based on the action taken by the City Council to uphold or reverse the Planning Commission’s decision.

That resolution will be presented to the City Council at a regular meeting in January 2026.

Fiscal Impact
The time and costs related to processing this application have been covered by fees paid for by the applicant. No General Fund budgets have been allocated or used in the processing of this application.

Attachments
Attachment 1 – October 21, 2025 PC Staff Report
Attachment 2 – October 21, 2025 PC Minutes
Attachment 3 – Appeal Form dated November 4, 2025
Attachment 4 – Carwash Market Analysis
Attachment 5 – Public Notice Materials
Attachment 6 – Carwash Facilities List
Attachment 7 – Carwash Facilities Map

Page 1 of 5 ends

REPORT TO PLANNING COMMISSION
To: Honorable Chair and Members of the Planning Commission From: Damaris Abraham, Community Development Director
Prepared by: Nancy Huynh, Principal Planner
Date: October 21, 2025
Subject: Planning Application No. 2016-112 (Kassab Travel Center Carwash) - A Modification to the Kassab Travel Center to Replace the Previously Approved Drive-through Restaurant with a Proposed Express Carwash Including Vacuum Spaces
Applicant: Joseph Karaki, Karaki Western States Engineering, Inc.

Recommendation

1. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE

ELSINORE, CALIFORNIA, ADOPTING AN ADDENDUM TO THE KASSAB TRAVEL CENTER MITIGATED NEGATIVE DECLARATION NO. ER 2018-02 (SCH NO. 2019029048) FOR PLANNING APPLICATION 2016-112 (COMMERCIAL DESIGN REVIEW NO. 2021-21 AND CONDITIONAL USE PERMIT NO. 2021-16);

2. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING APPLICATION 2016- 112 (COMMERCIAL DESIGN REVIEW NO. 2021-21 AND CONDITIONAL USE PERMIT NO. 2021-16) IS CONSISTENT WITH THE WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT CONSERVATION PLAN (MSHCP);

3. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2021-16 TO ALLOW A NEW 3,600 SQUARE-FOOT EXPRESS CARWASH FACILTY INCLUDING VACUUM SPACES FOR THE KASSAB TRAVEL CENTER LOCATED AT APNS 378-030- 007 AND 378-030-009; and,

4. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING COMMERCIAL DESIGN REVIEW NO. 2021-21 TO ESTABLISH A NEW 3,600 SQUARE-FOOT EXPRESS CARWASH FACILTY INCLUDING VACUUM SPACES FOR THE KASSAB TRAVEL CENTER LOCATED AT APNS 378-030- 007 AND 378-030-009.

PA 2016-112 (Kassab Carwash)

Page 2 of 5 ends

Project Location
The project site is located on an approximately 2.8-acre property in the central portion of the City near the southwest corner of Riverside Drive and Collier Avenue. The project site is currently zoned Commercial Manufacturing (C-M) and encompasses Assessor Parcel Numbers (APNs) 378-030-007 and 378-030-009.

Environmental Setting

EXISTING LAND USE GENERAL PLAN ZONING
Project Site Vacant Limited Industrial (LI) Commercial Manufacturing (C-M) North Self-storage Limited Industrial (LI) General Manufacturing (M-2) South Vacant Limited Industrial (LI) Commercial Manufacturing (C-M) East Vacant Limited Industrial (LI) Commercial Manufacturing (C-M) West RV Sales & Service Limited Industrial (LI) Commercial Manufacturing (C-M) Table 1: Environmental Setting
Background
The Kassab Travel Center was originally approved by City Council on July 14, 2020 which allowed the development of a new travel center consisting of an 8,360 square foot (SF) convenience store with concurrent sale of alcoholic beverages (Type 21), quick service restaurants within the new convenience store, a 6,092 SF gas station including for Recreational Vehicles (RVs), and a 2,543 SF free-standing drive-through restaurant. The project’s approved entitlements included the following:
Municipal Code Amendment (MCA) No. 2017-02: an amendment to the Lake Elsinore Municipal Code (LEMC) to allow drive-through establishments as a use subject to a Conditional Use Permit in the C-M zone;
Conditional Use Permit (CUP) No. 2018-03: to allow a proposed 2,543 SF drive-through restaurant in the C-M zone; and
Commercial Design Review (CDR) No. 2016-07: to allow construction of the new commercial/retail buildings for the proposed travel center.

Subsequently, on November 12, 2020, a Minor Design Review (PDR No. 2020-04) was approved by the Director of Community Development which increased the convenience store to 10,240 sq. ft., reduced the quick service restaurant area to 1,000 sq. ft., and removed three (3) RV parking spaces.

Project Description
The proposed project is a request to modify the travel center’s previous approval to replace the approximately 2,500 SF drive-through restaurant with a proposed 3,600 SF express carwash with 15 vacuum spaces. The request includes CUP No. 2021-16 and CDR No. 2021-21 since a CUP is required for carwash uses in the C-M zone and a CDR is required for the new carwash building design.

PA 2016-112 (Kassab Carwash)

Page 3 of 5 ends

The proposed express carwash would be located in the same area as the drive-through which is towards the rear of the travel center. The express carwash would be automated and feature a 120-foot-long tunnel with three queuing lanes and include an emergency exit lane. The new carwash building would also include “back of house” areas to support the carwash use such as an office, equipment room, and towel wash room. Access to the proposed carwash would be provided via two 50-foot-wide driveways along Riverside Drive and Collier Avenue.

The project does not involve changes to the travel center’s other previously approved uses or square footages including the convenience store, gas station, and quick service restaurants.

Potential Oversaturation of Carwash Uses
Although the proposed carwash use complies with the applicable Lake Elsinore Municipal Code (LEMC) development standards and requirements as discussed further below, there remains a concern from staff and the community regarding a potential oversaturation of carwash uses within the City.

The City Council recently directed staff to conduct a market analysis to study this oversaturation concern and better understand the appropriate number of carwash facilities that the economic market in Lake Elsinore could support before reaching saturation. At their regular meeting on October 8, 2024, the City Council reviewed the Carwash Market Analysis (dated September 13, 2024) which was prepared by an economic consultant hired by the City, The Natelson Dale Group.

At the time the report was prepared, the City had 18 carwashes either in process (i.e. entitled, under construction, or application under review) or currently in operation. The analysis concluded that the market demand for carwashes in Lake Elsinore is 13 total by 2035. As such, if all 18 carwashes were constructed and in operation, Lake Elsinore would be oversaturated by five (5) carwashes.

If approved, the Kassab Travel Center’s proposed express carwash could further contribute to the oversaturation concerns with carwash uses especially given that 18 carwashes are already entitled, under construction, or in operation.

Analysis
The following analysis provides a discussion of the proposed project’s consistency with the commercial development standards and requirements pursuant to the Lake Elsinore Municipal Code (LEMC) as well as the General Plan. In addition, the Design Review Committee, including Staff from Planning, Building and Safety, Fire, and Engineering Departments and the Elsinore Valley Municipal Water District, has reviewed the project and has included recommended conditions of approval to ensure compliance with adopted plans, policies, and regulations.

General Plan Consistency
The project has a General Plan Land Use designation of Limited Industrial (LI) and is located in the Business District. The LI designation provides for industrial parks, warehouses, PA 2016-112 (Kassab Carwash)

Page 4 of 5 ends

manufacturing, research and development, public and quasi-public uses, and similar and compatible uses with a maximum 0.45 Floor Area Ratio (FAR). The proposed project is an amendment to the Kassab Travel Center to replace the previously approved drive-through restaurant with a new express carwash including vacuum spaces which is considered a compatible use with the other intended uses in the LI designation. Although the express carwash is approximately 1,000 SF larger than the drive-through restaurant, the increased FAR of 0.175 would still be below the maximum allowed in the LI designation. Therefore, the Project is consistent with the General Plan.

Municipal Code Consistency
Pursuant to LEMC Section 17.132.030.C, a carwash is a conditionally permitted use in the C-M zone. Staff has reviewed the proposed carwash with respect to the relevant development standards as identified in the C-M zone and other applicable sections of the Lake Elsinore Municipal Code (LEMC) and has determined that the carwash complies with the requirements as shown in Table 2.

In terms of parking, the proposed carwash complies with the minimum parking requirements, especially since it requires less than a drive-through restaurant. The carwash requires nine parking spaces (one space per 400 SF) while the drive-through required 27 spaces (one space per 45 SF of customer area plus one space per 200 SF of non-customer area). With the proposed carwash, the travel center’s parking requirements decrease to 41 spaces. The travel center proposes to provide 47 parking spaces which exceeds the minimum requirements by six spaces.

Development Standard Required Proposed
FAR 0.45 FAR 0.175 FAR
Front Yard Setback 20 feet 40 feet
Side Yard Setback (Interior) 0 feet 0 feet
Rear Yard Setback 0 feet 63 feet
Maximum Building Height 45 feet 26 feet
Landscape Coverage 12% 12%
Table 2: Development Standards
The carwash also complies with the applicable non-residential development standards outlined in Chapter 17.112 of the LEMC. The carwash has been designed to provide adequate stacking distance for a minimum of four vehicles at the entry of the facility. Parking areas for the vacuuming stations are clearly provided adjacent to carwash facility.

The new carwash building’s architecture would be consistent with the overall theme of the previously approved travel center which is contemporary with cement pilaster and stucco finishes in neutral tone colors that complement the existing natural surroundings of the City. The carwash building would have architectural treatments such as articulated planes along the exterior walls, attractive storefront window system, recessed suite entries and a variety of rooflines which would create depth and shadow.

Environmental Determination
PA 2016-112 (Kassab Carwash)

Page 6 of 5 ends

Pursuant to the California Environmental Quality Act (CEQA) Guidelines Section 15164, the City proposes to adopt an Addendum to the Kassab Travel Center Mitigated Negative Declaration (ER 2018-02; SCH #2019029048) for the project on the basis that none of the conditions described in CEQA Guidelines Sections 15162 or 15163 calling for the preparation of a subsequent or supplemental Mitigated Negative Declaration have occurred.

Although the proposed modification involves a change in land use with a slight increase in square footage from an approximately 2,500 SF drive-through restaurant to a 3,600 SF automated express carwash with vacuum spaces, the change is not considered substantial in that there are no new significant environmental effects, no substantial increase in the severity of previously identified significant effects, no substantial changes to the circumstances under which the project was undertaken, and/or no new information of substantial importance which was not known at the time of the previous EIR. Furthermore, all potentially significant effects have been avoided or mitigated pursuant to the MND adopted by the City Council on July 14, 2020.

MSHCP Consistency
The project has also been reviewed for consistency with the Western Riverside County Multiple Species Habitat Conservation Plan (MSHCP). The project is located within the MSHCP Elsinore Area Plan, Criteria Cell #4266. On May 9, 2018, the Western Riverside County Regional Conservation Authority (RCA) completed the Joint Project Review (JPR #18-03-29-01) process and concluded that the project is consistent with both the Criteria and other plan requirements of the MSHCP.

Public Notice

Notice of the public hearing has been published in the Press-Enterprise newspaper and mailed to property owners within 300 feet of the subject properties. As of the writing of this report, no written comments concerning these applications have been received by staff.

Attachments
Attachment 1 – CEQA Addendum Resolution
Attachment 2 – MSHCP Resolution
Attachment 3 – CUP Resolution
Attachment 4 – CDR Resolution
Attachment 5 – Conditions of Approval
Attachment 6 – GIS Exhibits
Attachment 7 – Project Plans
Attachment 8 – Addendum to MND
Attachment 9 – Public Notice Materials

City of Lake Elsinore
Planning Commission Meeting
Minutes – Draft

John Gray, Chair
Michael Carroll, Vice Chair
Andrew Pease, Commissioner
Jason Devor, Commissioner
Jodi Peters, Commissioner
Meeting Date:

October 21, 2025

Public Session: 6:00 PM

Cultural Center
183 N. Main Street
Lake Elsinore, CA 92530

CALL TO ORDER

The Regular Meeting of the Planning Commission was called to order at 6:00 p.m.

PLEDGE OF ALLEGIANCE

Vice Chair Carroll led the Pledge of Allegiance.

ROLL CALL

Present: 5 - Commissioners Devor, Pease, and Peters; Vice Chair Carroll; and Chair Gray

Absent: 0 - None

PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES

There were no speakers.

CONSENT CALENDAR

A motion was made by Commissioner Peters, seconded by Vice Chair Carroll to approve the Consent Calendar. The motion carried by the following vote:

Aye: 5 Commissioners Devor, Pease, and Peters; Vice Chair Carroll; Chair Gray Nay: 0 None

1. Minutes for the Regular Planning Commission Meeting of September 16, 2025

Approve the Minutes for the Regular Planning Commission Meeting of September 16, 2025.

The item was approved on the Consent Calendar.

Planning Commission Minutes - Draft October 21, 2025

City of Lake Elsinore Page 2

PUBLIC HEARINGS

2. Planning Application No. 2021-19 (Rome Hill Commercial Project) – Proposal to develop two commercial manufacturing warehouse buildings totaling 92,760 sq. ft. and related site improvements on a 6.77-acre site located on Grand Avenue and Kathryn Way

1. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING ADOPTION OF A
MITIGATED NEGATIVE DECLARATION (ER 2025-02) (SCH NO. 2025090173) FOR PLANNING APPLICATION NO. 2021-19 (GENERAL PLAN AMENDMENT NO. 2022-01, ZONE CHANGE NO. 2022-02, CONDITIONAL USE PERMIT NO. 2022-17, COMMERCIAL DESIGN REVIEW NO. 2022-12, AND VARIANCE NO. 2025-08);

2. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING ADOPTION OF FINDINGS THAT PLANNING APPLICATION NO. 2021-19 (GENERAL PLAN AMENDMENT NO. 2022-01, ZONE CHANGE NO. 2022-02, CONDITIONAL USE PERMIT NO. 2022-17, COMMERCIAL DESIGN REVIEW NO. 2022-12, AND VARIANCE NO. 2025-08) IS CONSISTENT WITH THE WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT CONSERVATION PLAN (MSHCP);

3. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING APPROVAL OF GENERAL PLAN AMENDMENT NO. 2022-01 AMENDING THE LAND USE DESIGNATION

FROM GENERAL COMMERCIAL (GC) AND HIGH DENSITY RESIDENTIAL (HDR) TO LIGHT INDUSTRIAL (LI) FOR APN: 371-150-017;

4. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING APPROVAL OF ZONE CHANGE NO. 2022-02 CHANGING THE ZONING DESIGNATION FROM

COMMERCIAL PARK (C-P) AND HIGH DENSITY RESIDENTIAL (HDR) TO COMMERCIAL MANUFACTURING (C-M) FOR APN: 371-150-017;

5. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING APPROVAL OF
CONDITIONAL USE PERMIT NO. 2022-17 TO ESTABLISH A TWO-UNIT

COMMERCIAL MANUFACTURING WAREHOUSE FACILITY WITH AN
OUTDOOR STORAGE AREA LOCATED AT APN: 371-150-017;

6. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING APPROVAL OF
COMMERCIAL DESIGN REVIEW NO. 2022-12 PROVIDING BUILDING DESIGN

AND RELATED IMPROVEMENTS FOR TWO COMMERCIAL MANUFACTURING WAREHOUSE BUILDINGS TOTALING 92,760 SQUARE FEET LOCATED AT APN: 371-150-017; and,

7. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, RECOMMENDING APPROVAL OF VARIANCE NO. 2025-08 TO REDUCE THE REQUIRED FRONT YARD SETBACK FROM 15 FT. TO 6 FT. DUE TO SITE CONSTRAINTS FOR THE COMMERCIAL MANUFACTURING FACILITY LOCATED AT APN: 371-150-017.

Planning Commission Minutes - Draft October 21, 2025

City of Lake Elsinore Page 3

The Public Hearing was opened at 6:03 p.m.

Vice Chair Carroll recused himself at 6:03 p.m. from participating in the discussion for Item No. 2.

Written communications were received from Fennemore, LLP and CalHDF, which were provided to the Planning Commission.

Community Development Director Abraham presented the staff report.

Steve Galvez, the applicant representative, addressed the Commission.

Chase Preciado, Supporters Alliance for Environmental Responsibility (SAFER), was called to speak.

Kim Cousins, Lake Elsinore Valley Chamber of Commerce, was called to speak.

Tom Dodson addressed the Commission.

Jacob Sommerville was called to speak.

The Public Hearing was closed at 6:27 p.m.

A motion was made by Commissioner Pease, seconded by Commissioner Devor to approve staff's recommendations. The motion carried by the following vote:

Aye: 4 Commissioners Devor, Pease, and Peters; Chair Gray Nay: 0 None

Absent: 1 Vice Chair Carroll

Vice Chair Carroll returned to the meeting at 6:27 p.m.

3. Planning Application No. 2016-112 (Kassab Travel Center Carwash) - A Modification to the Kassab Travel Center to Replace the Previously Approved Drive-through Restaurant with a Proposed Express Carwash Including Vacuum Spaces

1. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, ADOPTING AN ADDENDUM TO THE KASSAB TRAVEL CENTER MITIGATED NEGATIVE DECLARATION NO. ER 2018-02 (SCH NO. 2019029048) FOR PLANNING APPLICATION 2016-112
(COMMERCIAL DESIGN REVIEW NO. 2021-21 AND CONDITIONAL USE PERMIT NO. 2021-16);

2. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, ADOPTING FINDINGS THAT PLANNING APPLICATION 2016-112 (COMMERCIAL DESIGN REVIEW NO. 2021-21 AND CONDITIONAL USE PERMIT NO. 2021-16) IS CONSISTENT WITH THE

WESTERN RIVERSIDE COUNTY MULTIPLE SPECIES HABITAT
CONSERVATION PLAN (MSHCP);

Planning Commission Minutes - Draft October 21, 2025

City of Lake Elsinore Page 4

3. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2021-16 TO ALLOW A NEW 3,600 SQUARE-FOOT EXPRESS CARWASH

FACILITY INCLUDING VACUUM SPACES FOR THE KASSAB TRAVEL CENTER LOCATED AT APNS 378-030-007 AND 378-030-009; and,

4. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, APPROVING COMMERCIAL DESIGN REVIEW NO. 2021-21 TO ESTABLISH A NEW 3,600 SQUARE-FOOT EXPRESS

CARWASH FACILITY INCLUDING VACUUM SPACES FOR THE KASSAB TRAVEL CENTER LOCATED AT APNS 378-030-007 AND 378-030-009.

The Public Hearing was opened at 6:28 p.m.

Principal Planner Huynh presented the staff report.

Ibrahim Agha, the applicant, addressed the Commission.

There were no public speakers.

The Public Hearing was closed at 6:51 p.m.

A motion was made by Vice Chair Carroll, seconded by Commissioner Devor to deny Conditional Use Permit No. 2021-16 and Commercial Design Review No. 2021-21. The motion carried by the following vote:

Aye: 5 Commissioners Devor, Pease, and Peters; Vice Chair Carroll; Chair Gray Nay: 0 None

4. Planning Application No. 2024-04 (Walmart Gasoline Station) – Commercial Design Review and Conditional Use Permit to Establish a New Walmart Gasoline Station and Convenience Store on an approximately 1.10-Acre Project Site within the Existing Walmart Supercenter Retail Center Located at 29260 Central Avenue

1. Find that pursuant to the California Environmental Quality Act (CEQA) Guidelines Section 15162, the proposed project would not have a significant effect on the environment and no new environmental documentation is necessary because all potentially significant effects have been adequately analyzed in a previously adopted Environmental Impact Report (EIR; SCH No. 2014051093);

2. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING CONDITIONAL USE PERMIT NO. 2024-04 TO ALLOW A WALMART GASOLINE STATION AND CONVENIENCE STORE ON AN APPROXIMATELY 1.10-ACRE SITE WITHIN THE EXISTING WALMART SUPERCENTER RETAIL CENTER LOCATED AT 29260 CENTRAL AVENUE (APNs: 377-090-052 AND 377-090-053); and

3. Adopt A RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF

LAKE ELSINORE, CALIFORNIA, APPROVING COMMERCIAL DESIGN REVIEW NO. 2024-02 FOR THE CONSTRUCTION OF A WALMART GASOLINE STATION INCLUDING A 5,419-SQUARE-FOOT OVERHEAD FUELING CANOPY AND A 1,618-SQUARE-FOOT SINGLE-STORY CONVENIENCE STORE ON AN
APPROXIMATELY 1.10-ACRE SITE WITHIN THE EXISTING WALMART SUPERCENTER RETAIL CENTER LOCATED AT 29260 CENTRAL AVENUE (APNs: 377-090-052 AND 377-090-053).

Planning Commission Minutes - Draft October 21, 2025

City of Lake Elsinore Page 5

The Public Hearing was opened at 6:55 p.m.

Contract Senior Planner Tatlyan, presented the staff report.

Ryan Alvarez, Kimley-Horn Associates, addressed the Commission.

The Public Hearing was closed at 7:14 p.m.

A motion was made by Commissioner Peters, seconded by Vice Chair Carroll to continue the item to the December 2, 2025 Planning Commission Meeting. The motion by the following vote:

Aye: 5 Commissioners Devor, Pease, and Peters; Vice Chair Carroll; Chair Gray Nay: 0 None

STAFF COMMENTS

Staff had no comments.

CITY ATTORNEY COMMENTS

Assistant City Attorney McClendon had no comments.

COMMISSIONERS' COMMENTS

Vice Chair Carroll thanked the staff for their ongoing work and the commitment the Commission has to enhancing the community’s future development.

ADJOURNMENT

The Lake Elsinore Planning Commission adjourned at 7:18 p.m. to the next Regular meeting on Tuesday, November 4, 2025, in the Cultural Center located at 183 N. Main Street at 6:00 p.m.

LAKE ELSINORE CARWASH MARKET ANALYSIS

Prepared for:

City of Lake Elsinore

September 13, 2024
PREPARED BY:

THE NATELSON DALE GROUP, INC.

YORBA LINDA, CA • www.natelsondale.com
O: 714.692.9596 • F: 714.692.9597

Table of Contents

1. Introduction ............................................................................................................................................ 1

2. Executive Summary ................................................................................................................................ 2 Carwash demand .................................................................................................................................... 2 Convenience market (gas station) demand ............................................................................................ 3

3. Carwash Analysis, Data, and Findings..................................................................................................... 5 In-commuting workers ......................................................................................................................... 13 Vehicles per household ........................................................................................................................ 13 Trends in higher-density housing ......................................................................................................... 14 The U.S. carwash industry .................................................................................................................... 16

4. Convenience Market Analysis, Data, and Findings ............................................................................... 17

Photo Credits: Zulfahmi Khani on Unsplash

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
1 1. Introduction
This report evaluates potential market demand for the development of new carwash facilities in the City of Lake Elsinore. The analysis is not intended to assess the feasibility of speciﬁc proposed project(s), but provides a citywide framework for anticipating the need for new carwash businesses over the next 11 years (through 2035).

The analysis considers the existing inventory of carwashes in Lake Elsinore and the larger South Riverside County (SRC) market area. The study also quantiﬁes carwash projects that are currently planned or under construction in the market area. Existing carwashes were generally identiﬁed by aerial photography and other databases, and planned carwashes by reviewing development data maintained by the various municipalities in the evaluated SRC market area.

By evaluating the existing and potential concentrations of carwash facilities in the larger market area (with these concentrations expressed in terms of the number of households per carwash), the study establishes a “standard” demand factor that is applied to the number of households in Lake Elsinore (in order to quantify potential market support for new carwash facilities in the City, now and in the future).

In addition to the carwash supply/demand analysis, the report also evaluates potential demand for new convenience markets in the City through 2035. For forecasting purposes, it is assumed that all new convenience markets would be associated with gas stations.

The remainder of the report is organized in the following chapters:
• Chapter 2 provides an Executive Summary of the study’s major ﬁndings regarding future demand for carwashes and convenience markets in Lake Elsinore;

• Chapter 3 provides the detailed analysis of carwash supply/demand conditions; and

• Chapter 4 provides the detailed analysis of convenience market supply/demand conditions.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
2 2. Executive Summary
Carwash demand
Based on the demand analysis described below, TNDG estimates that Lake Elsinore is currently under supplied by 2 carwashes (compared to benchmarks derived for the larger South Riverside County market area). That is, as of 2024 Lake Elsinore could support 2 new carwashes over and above the existing inventory.

Demand for new carwashes is projected to grow (on a cumulative basis) to 3 carwashes by 2030 and 4 carwashes by 2035. There are currently 9 potential (planned or under construction) carwash projects in Lake Elsinore. If all of these projects were built by 2035 (which is unlikely based on projected demand), the City would be overbuilt by 5 carwashes in 2035.

Each of the geographic areas referenced in this report (i.e., the City of Lake Elsinore and the larger SRC market area) has strong growth expectations, according to the Southern California Association of Governments (SCAG), for both households and employment. The household growth rate in Lake Elsinore, however, is higher than the corresponding rates for the overall SRC region. According to these projections, Lake Elsinore would have over 4,000 additional households and 3,000 additional workers by 2035 (of which about 2,500 would be in- commuters assuming current patterns hold).

Using the common market-demand indicator of households-per-carwash, Lake Elsinore – in comparison to the SRC region – currently has a slightly higher ratio of households to carwashes (i.e., fewer carwashes per household than the overall region). Given the number of planned carwashes identiﬁed as pending within the two areas, along with the projected growth of households, the ratios of households to carwashes within Lake Elsinore would be less than the SRC region by 2030. These conditions are summarized in the following two tables, which show 1) projected household and carwash growth in Lake Elsinore and the SRC region, and 2) demand for carwashes based on this growth and the ratios of households to carwashes by 2030 (on the assumption that planned units are operational by that time).

STIMATES OF CURRENT AND FUTURE CARWASHES WITH SCAG HOUSEHOLD AND EMPLOYMENT PROJECTIONS

WITHIN LAKE ELSINORE AND SRC REGION
Variable Lake Elsinore SRC Region
Carwashes by Area
Existing carwashes 9 83
Planned/under-construction Carwashes 9 27
Total existing plus planned/under construction 18 110
Households
Households 2024 21,586 198,019
Households per carwash (as of 2024) 2,398 2,386
Households 2030 23,993 216,914
Households per carwash (By 2030), with supply equal to currently known existing carwashes plus those planned/under construction 1,333 1,972 Source: TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
3 ESTIMATES OF CURRENT AND FUTURE CARWASH DEMAND
Year Demand for TOTAL carwashes, applying regional ratio of households per carwash as of 2030, compared to supply
Lake
Elsinore
SRC
Region
2024 Total demand as of 2024 10.9 100.4
Less number of carwashes, 2024 (9.0) (83.0)
Net demand shortfall 1.9 17.4
2030 Total demand as of 2030 12.2 110.0

Less carwash supply under the assumption that 2030 supply is equal to currently known existing plus planned/under constr. (18.0) (110.0) Net demand shortfall -5.8 0.0
2035 Total demand as of 2035 13.2 118.0
Additional new-carwash capacity beyond 2030 assumed supply (4.8) 8.0 Source: TNDG.

Convenience market (gas station) demand
Compared to regional (south Riverside County) benchmarks, Lake Elsinore currently is currently “oversupplied” with gas stations/convenience markets. Based on the regional standard of approximately one gas station/convenience market per 1,800 households, Lake Elsinore’s resident “need” is estimated at approximately 12 gas stations/convenience markets. The actual number of existing gas stations/convenience markets is 16, suggesting that the City has 4 more gas stations/convenience markets than it should theoretically be able to support. Despite this theoretical “oversupply,” data from the California Department of Tax and Fee Administration indicate that the City’s existing gas stations are performing strongly (average annual taxable sales in 2023 of $7.6 million per station, compared to the countywide average of $7.0 million per station).

Given the strong sales performance of the City’s existing facilities, it is appropriate to consider a demand standard for Lake Elsinore that is more aggressive than the regional benchmark, reﬂecting the fact that visitors generate signiﬁcant demand for convenience stores and gas stations, beyond what would be required for the City’s resident population. As such, an alternative demand forecast is provided which assumes that the City’s current households-per-facility ratio represents market equilibrium for Lake Elsinore (even though it would suggest oversaturation based on regional standards). Moreover, to account for the potential growth of visitor spending, TNDG has applied a 50% increase to the future demand projections.

Under this alternative forecast, Lake Elsinore could support approximately 5 new convenience markets (over and above the existing inventory) by 2035. In comparison, there are currently 7 planned convenience market (gas station) projects in the City, suggesting that the number of planned projects exceeds foreseeable demand.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
4 ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKETS WITH SCAG HOUSEHOLD AND EMPLOYMENT PROJECTIONS

WITHIN LAKE ELSINORE AND SRC REGION (CONSERVATIVE SCENARIO) Variable Lake Elsinore SRC Region
Convenience Markets by Area
Existing convenience markets 16 103
Planned/under-construction convenience markets 7 16
Total existing plus planned/under construction 23 119
Households
Households 2024 21,586 198,019
Households per convenience market (as of 2024) 1,043 1,823 Households 2030 23,993 216,914
Households per convenience market (By 2030), with supply equal to currently known existing convenience markets plus those planned/under construction 1,043 1,823 Source: TNDG.

ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKET DEMAND (CONSERVATIVE SCNENARIO) Year Demand for TOTAL convenience markets, applying regional ratio of households per convenience market as of 2030, compared to supply Lake
Elsinore
SRC
Region
2024 Total demand as of 2024 11.8 108.6
Less number of convenience markets, 2024 (16.0) (103.0) Net demand shortfall -4.2 5.6
2030 Total demand as of 2030 13.2 119.0

Less convenience market supply under the assumption that 2030 supply is equal to currently known existing plus planned/under construction (23.0) (119.0) Net demand shortfall -9.8 0.0
2035 Total demand as of 2035 14.3 127.6
Additional new-convenience market capacity beyond 2030 assumed supply (8.7) 8.6 Source: TNDG.

ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKET DEMAND (AGGRESSIVE ALTERNATIVE SCNENARIO) Year Alternative calculation to account for visitor demand in Lake Elsinore @ 50% of resident demand
Lake
Elsinore
SRC
Region
2030 Total demand as of 2030 (adjusted for visitor demand) 19.7 N/A

Under the assumption that 2030 convenience market supply is equal to currently known existing plus planned/under constr. facilities (23.0) N/A Net demand shortfall -3.3 N/A
2035 Total demand as of 2035 21.4 N/A
Additional new-convenience market capacity beyond 2030 assumed supply (1.6) N/A Source: TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
5 3. Carwash Analysis, Data, and Findings
The analysis considers multiple ways of assessing demand for carwash establishments in Lake Elsinore and the surrounding area, beginning with deﬁning/determining the following:
• The distribution of existing and known planned carwashes within Lake Elsinore. • The number of households within Lake Elsinore.
• The number of workers within Lake Elsinore, adjusting for those who also live in that area. • The larger surrounding reference area region of South Riverside County (SRC), combining data on existing/planned carwashes and the number of households and jobs in this larger reference area, to establish the relationship between households and carwash facilities (as a primary metric of future demand).
• The SRC region serves as a benchmark for Lake Elsinore. For this analysis the “SRC region” is deﬁned as a 15-mile radius circle from the geographic center of Lake Elsinore and the rest of SRC (remainder of Murrieta and all of Temecula).
• Expectations for the future growth of households and jobs within Lake Elsinore, and the distribution of that expected growth, all of which also has a relationship to the larger SRC region. • Growth in the proportion of higher-density housing as a trend that would tend to support the need for carwash facilities.

The database of carwashes, current and future, focuses on several distinct types of carwashes (Full-Service, Quick-Service, Self-Service, and Gas Station). Facilities frequently found adjacent to or integral with gas stations and convenience markets are classiﬁed as “Gas Station” carwash facilities and exist throughout Lake Elsinore, and the SRC region. Table 1 identiﬁes a summary of all existing and known planned carwashes by type for Lake Elsinore and the larger SRC region.

TABLE 1. EXISTING AND KNOWN PLANNED CARWASHES BY TYPE WITHIN LAKE ELSINORE AND SRC REGION

Lake Elsinore SRC Region
Count Share Count Share
Existing Carwashes 9 50.0% 83 75.5%
Full-Service 2 22.2% 10 12.0%
Quick-Service 1 11.1% 21.5 25.9%
Self-Service 2 22.2% 9.5 11.4%
Gas Station (CW) 4 44.4% 42 50.6%
Planned Carwashes 9 50.0% 27 24.5%
Full-Service 0 0.0% 0 0.0%
Quick-Service 2 22.2% 11 40.7%
Self-Service 0 0.0% 0 0.0%
Gas Station (CW) 7 77.8% 16 59.3%
Existing & Planned Carwashes 18 110
Source: City of Lake Elsinore; South Riverside County cities; TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
6 Figure 1 on the following page shows the nine identiﬁed existing carwashes and the nine planned carwashes within Lake Elsinore, and Table 2 below identiﬁes each carwash by name and type in Lake Elsinore.

TABLE 2. EXISTING AND PLANNED CARWASHES WITHIN LAKE ELSINORE ID Name Type Jurisdiction
Existing Carwashes
1 Casino Carwash Full-Service Lake Elsinore
2 Rio Carwash Full-Service Lake Elsinore
3 Chevron Gas / Rocket Convenience Store Carwash Gas Station Lake Elsinore 4 Mobil Gas / Circle K Convenience Store Carwash Gas Station Lake Elsinore 5 ARCO Gas / AMPM Convenience Store Carwash Gas Station Lake Elsinore 6 Super Star Carwash Quick-Service Lake Elsinore
7 Chevron Gas / Food Mart Convenience Store Carwash Gas Station Lake Elsinore 8 Dollar Carwash Self-Service Lake Elsinore
9 U-Wash Self Service Carwash Self-Service Lake Elsinore Planned Carwashes
10 Tommy's Express Carwash Quick-Service Lake Elsinore
11 Sunny Express Carwash Gas Station Lake Elsinore
12 Bamiyan Marketplace Carwash Gas Station Lake Elsinore 13 Evergreen Commercial Development Carwash Gas Station Lake Elsinore 14 Riverside/Lincoln Commercial Carwash Gas Station Lake Elsinore 15 Imperial Stations Carwash Gas Station Lake Elsinore
16 Kassab Travel Center Carwash Gas Station Lake Elsinore 17 Ortega Plaza Carwash Gas Station Lake Elsinore
18 Walmart Carwash Gas Station Lake Elsinore
Source: City of Lake Elsinore; TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
7 FIGURE 1. EXISTING AND PLANNED CARWASH BUSINESSES WITHIN LAKE ELSINORE

Source: TNDG; see text.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
8 Each of the geographic areas referenced in this report (i.e., Lake Elsinore and South Riverside County) have strong growth expectations, according to the Southern California Association of Governments (SCAG), for both households and employment. Though both areas referenced have strong growth expectations, household growth in Lake Elsinore is projected to increase at a higher rate than the corresponding rate for the SRC Region.

According to the household projections, Lake Elsinore would have over 4,000 additional households, as well as add 3,000 jobs to the city by 2035 based on the employment projections (of which about 2,500 would be in- commuters assuming current patterns hold).

In Lake Elsinore, there are a total of nine planned or under-construction carwashes (see Figure 1 and Table 2), and 27 in the larger SRC Region, as shown in Table 3. The analysis in Table 3 assumes that the planned/under construction carwashes are operational as of 2030, at which time the number of households in Lake Elsinore and the larger SRC Region will have increased as well, as shown in Table 3. Table 3 includes other measures of growth in the Lake Elsinore and the larger SRC Region, including projected households for 2035 and 2050, according to SCAG, and projected growth in employment for the three areas, through 2050. Household and employment growth projections include interpolations for 2024 and 2030.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
9 TABLE 3. ESTIMATES OF CURRENT AND FUTURE CARWASHES WITH SCAG HOUSEHOLD AND EMPLOYMENT PROJECTIONS

WITHIN LAKE ELSINORE AND SRC REGION
Variable Lake Elsinore SRC Region
Carwashes by Area
Existing carwashes 9 83
Planned/under-constr. carwashes 9 27
Total existing plus planned/under construction 18 110
Households
Households 20191 19,979 185,177
Households 20242 21,586 198,019
Households per carwash (as of 2024) 2,398 2,386
Households 20302 23,993 216,914
Change (2024-2030) 2,407 18,894
Households per carwash (By 2030), with supply equal to currently known existing carwashes plus those planned/under constr. 1,333 1,972 Households 20351 25,999 232,659
Change (2030-2035) 2,006 15,745
Households 20501 29,254 251,125
Change (2035-2050) 3,255 18,466
Employment
Employment 20191 16,731 187,554
Employment 20242 17,868 201,259
Employment 20302 19,538 221,544
Change (2024-2030) 1,669 20,285
Employment 20351 20,929 238,449
Change (2030-2035) 1,391 16,905
Employment 20501 22,665 268,723
Change (2035-2050) 1,736 30,274

1. SCAG Projections provide data for the base year of 2019, 2035, and 2050.

2. Estimated for early 2024 and for 2030 assuming a straight-line interpolation of SCAG figures.

Source: SCAG; TNDG.

Table 4 translates the household growth ﬁgures in Table 3 into demand for additional carwashes based on that growth. The demand projections are based on the ratio of carwashes to households in the SRC Region by 2030, under the assumption that 2030 carwash supply is equal to the number of carwashes currently known plus those planned or under construction. The table shows that there is a shortfall in the number of carwashes in Lake Elsinore and the larger SRC Region as of 2024, and that supply and demand will have caught up by 2030.

The Table also recognizes that based on the projected household growth, there will be no additional capacity for new carwashes through 2035, based on oversaturation of built carwashes that are assumed to be built by 2030.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
10 TABLE 4. ESTIMATES OF CURRENT AND FUTURE CARWASH DEMAND Year Demand for TOTAL carwashes, applying regional ratio of households per carwash as of 2030, compared to supply Lake Elsinore SRC Region 2024 Total demand as of 2024 10.9 100.4
Less number of carwashes, 2024 (9.0) (83.0)
Net demand shortfall 1.9 17.4
2030 Total demand as of 2030 12.2 110.0

Lake Elsinore and the larger SRC Region are shown on Figure 2 and Figure 3, along with the locations of existing and planned/under-construction carwashes. These ﬁgures make clear a deﬁning characteristic of the distribution of carwashes, which is that they frequently are clustered in close proximity to one another. Figure 2 and Figure 3 also show the change in projected households and employment by SCAG Transportation Analysis Zone (TAZ) for Lake Elsinore and the larger SRC Region.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
11 FIGURE 2. CHANGE IN HOUSEHOLDS (2019-2035) BY TRANSPORTATION ANALYSIS ZONE (TAZ)

Source: SCAG; TNDG; see text.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
12 FIGURE 3. CHANGE IN EMPLOYMENT (2019-2035) BY TRANSPORTATION ANALYSIS ZONE (TAZ)

Source: SCAG; TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
13 In-commuting workers
Although the number of households in a carwash Trade Area is considered the primary indicator, workers in a carwash Trade Area are another segment of potential demand for carwash services. In this regard, the Trade Area is “employment intensive.” The SRC Region has approximately 1.3 jobs per household, compared to a statewide average of 1.1 jobs per household.

Based on the SCAG numbers, there are over 17,800 jobs in Lake Elsinore as of 2024, of which about 14,800 would be in-commuters who do not live in the Lake Elsinore (applying the same percentages for percent of workers living outside Lake Elsinore, as shown in Table 5 for 2021 conditions, where these outside workers would therefore not be double-counted with the resident households), and these “extra” workers would supplement demand for carwash services attributable to households.

TABLE 5. WORKERS WORKING WITHIN LAKE ELSINORE AND SRC REGION, PER OTM DATA FOR 2021 Lake Elsinore SRC Region
Count Share Count Share
Employed in Trade Area, 2021 14,105 140,750
Employed and Living in Trade Area 2,365 16.8% 58,650 41.7% Employed in Trade Area, but Living Outside 11,740 83.2% 82,100 58.3% Source: U.S. Census Bureau, Longitudinal Employer-Household Dynamics (LEHD) program, 2021; TNDG.

Lake Elsinore’s other favorable market conditions supplement the ﬁndings of these household-growth estimates. In addition to the high numbers of in-commuting employees in the area, the high ratio of vehicles per household in Lake Elsinore, and trends of households transitioning from lower-density to higher-density housing in Riverside and San Bernardino Counties (see following sections), also indicate a growing need for carwash services.

Vehicles per household
Table 6 below shows the estimated average number of vehicles available per household for Lake Elsinore, Riverside County, the state of California, and the entire United States. Lake Elsinore’s ratio of vehicles-to- households slightly exceeds the ratio for Riverside County, which is higher than the ratios for California and the US.

TABLE 6. ESTIMATED AVERAGE NUMBER OF VEHICLES PER HOUSEHOLD City of Lake
Elsinore
Riverside
County California U.S.

Estimate of total vehicles 46,659 1,694,449 26,428,665 236,480,231 Vehicles/household 2.23 2.20 1.95 1.82
As % of CA average 114% 113% 100% 93%
As % of US average 122% 121% 107% 100%
Sources: U.S. Census Bureau, 2022 American Community Survey 1 -Year Estimates; Esri; TNDG.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
14 Trends in higher-density housing
Another trend that would appear to be favorable for the carwash industry is the growth of higher-density housing outpacing single-family development, which should also increase the demand for carwash facilities of one kind or another. Apartment or condominium dwellers are less likely to have access to equipment and space commonly associated with washing one’s own automobile. Rules and regulations may further decrease the likelihood of car washing by multifamily housing residents.

Table 7 below summarizes trends over the period 2010 to 2022 in housing occupancy by renter or owner, and by density category (according to designations used by the U.S. Census, which are based on “units in structure”). Although the rapidly growing Inland Empire is known as a place where traditional single-family home building is a strong component of that growth, renter-occupied housing units have kept pace with owner-occupied units over the period of 2010 to 2022. For both owners and renters, the greatest percentage change among the units-in-structure categories, by far, occurred in the highest-density category of "50 or more" (units in structure) – 58% and 66%, for owners and renters respectively, equaling 26,500 new households over the 12-year period.

Table 8 compares conditions in 2010 with 2022 in a diﬀerent way, showing the relationship between low density and higher-density housing in terms of building permits at the two points in time for Riverside and San Bernardino Counties. In 2010, higher-density permits were 16 and 9 percent of the 2-county totals, for units and value, respectively. In 2022, higher-density permits had increased considerably as a percent of the total, at 24 and 13 percent of the totals, for units and value. In 2022, values for permitted housing of 1 or 2 units in structure were 3.2 times the amount in 2010, and values in the higher density category were 4.5 times higher than 2010.

The relative shift towards multi-family housing in the Inland Empire region is likely to intensify in future years as cities in the region pursue policies to incentivize aﬀordable housing production pursuant to Regional Housing Needs Assessment (RHNA) targets.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
15 TABLE 7. TRENDS IN HIGHER-DENSITY HOUSING, RIVERSIDE AND SAN BERNARDINO COUNTIES, 2010-2022 Owners and Renters by
# Units in Structure
Riverside County San Bernardino
County Total of two counties
Change in
units 2010-
2022
% change
2010-2022
As % of total
units
2010 2022 2010 2022 2010 2022 2010 2022
Total: (Occupied hsg units) 670,075 769,475 594,975 674,191 1,265,050 1,443,666 178,616 14.1% Owner-occupied housing units: 458,273 527,528 372,535 422,060 830,808 949,588 118,780 14.3% 65.7% 65.8% 1 and 2 405,543 470,280 338,469 389,155 744,012 859,435 115,423 15.5% 58.8% 59.5% 3 to 49 5,151 6,917 4,658 4,224 9,809 11,141 1,332 13.6% 0.8% 0.8% 50 or more 803 1,184 564 973 1,367 2,157 790 57.8% 0.1% 0.1% Mobile and other 46,776 49,147 28,844 27,708 75,620 76,855 1,235 1.6% 6.0% 5.3% Renter-occupied housing units: 211,802 241,947 222,440 252,131 434,242 494,078 59,836 13.8% 34.3% 34.2% 1 and 2 109,788 118,328 112,528 123,887 222,316 242,215 19,899 9.0% 17.6% 16.8% 3 to 49 71,801 80,954 77,139 82,511 148,940 163,465 14,525 9.8% 11.8% 11.3% 50 or more 17,209 28,360 21,804 36,385 39,013 64,745 25,732 66.0% 3.1% 4.5% Mobile and other 13,004 14,305 10,969 9,348 23,973 23,653 -320 -1.3% 1.9% 1.6% Source: U.S. Census Bureau, ACS 2010 1-Year Estimates, ACS 2022 1-Year Estimates; TNDG.

TABLE 8. CENSUS BUILDING PERMIT ACTIVITY IN 2010 AND 2022 Geography
1 - 2 units 3 or More units Total units 3 or More
units as a %
of Total Units
3 or More
units as a % of
Total Value Units Value Units Value Units Value
2010 Building Permits
Riverside County 4,027 $877,515,567 520 $70,351,847 4,547 $947,867,414 11.4% 7.4% San Bernardino County 1,282 $234,029,332 507 $48,813,084 1,789 $282,842,416 28.3% 17.3% Combined 5,309 $1,111,544,899 1,027 $119,164,931 6,336 $1,230,709,830 16.2% 9.7% 2022 Building Permits
Riverside County 8,485 $2,378,603,067 1,799 $246,674,870 10,284 $2,625,277,937 17.5% 9.4% San Bernardino County 4,210 $1,157,821,183 2,253 $283,822,245 6,463 $1,441,643,428 34.9% 19.7% Combined 12,695 $3,536,424,250 4,052 $530,497,115 16,747 $4,066,921,365 24.2% 13.0% Source: U.S. Census Bureau, Manufacturing and Construction Division, Building Permit Survey; TNDG

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
16 The U.S. carwash industry
According to various sources1 reviewed by TNDG, carwash technology, products, and business practices continue to evolve, with the combined eﬀects of improving their environmental impacts and enhancing the potential appeal of such businesses to owners/operators as well as customers. The emergence of new technologies could also be a reason for new facilities to replace older, increasingly obsolescent ones.

The Covid-19 pandemic caused carwash business activity to decline, presumably because of people getting out less. However, the pandemic also increased the need for cleanliness/disinfecting, and some carwash businesses promoted this kind of service as a way to counter business downturns. On a long-term basis, it is reasonable to conclude that this kind of adaptation will tend to smooth out businesses disruptions if future pandemic measures arise.

The pandemic may also have induced certain advancements in the carwash business, for example, contactless payments, and income from subscription-based programs, which would have helped stabilize these ﬁrms when it was most needed.

Carwash operators are expanding marketing eﬀorts with membership programs, loyalty bonuses, and the like, which should all tend to increase business activity generally.

1 Including for example carwash.com and research organizations that specialize in certain industries such as carwashes, including Grand View Research.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
17 4. Convenience Market Analysis, Data, and Findings
Following a similar supply/demand methodology as used for the carwash analysis, this chapter projects potential future demand for the development of new convenience market facilities in Lake Elsinore. Consistent with recent historic trends, the analysis assumes that all future convenience markets would be developed in conjunction with gas stations.

The database of existing and planned convenience markets focuses on two diﬀerent types (stand-alone Convenience Markets and Convenience Markets with Gas Stations). Convenience markets are frequently established with gas stations and vice versa and are classiﬁed in this analysis as “Convenience Markets with Gas Stations”. These stores exist throughout Lake Elsinore, and the larger SRC region. Table 9 below identiﬁes a summary of all existing and known planned convenience markets by type for Lake Elsinore and the larger SRC region. Note that while Table 9 provides a summary of all existing Convenience Markets for both Lake Elsinore and the larger SRC region, the estimates and projections in Tables 10, 11a, and 11b focus strictly on market demand for Convenience Markets with Gas Stations as this is the generally the standard for newer existing and planned convenience markets.

TABLE 9. EXISTING AND KNOWN PLANNED CONVENIENCE MARKETS BY TYPE WITHIN LAKE ELSINORE AND SRC REGION

Lake Elsinore SRC Region
Count Share Count Share
Existing Convenience Markets 21 75.0% 134 89.3%
Convenience Market (Only) 5 23.8% 31 23.1%
Convenience Market with Gas Stations 16 76.2% 103 76.9% Planned Convenience Markets 7 25.0% 16 10.7%
Convenience Market with Gas Stations 7 100.0% 16 100.0% Existing & Planned Convenience Markets 28 150
Source: City of Lake Elsinore; South Riverside County cities; TNDG.

In Lake Elsinore, there are a total of seven planned or under-construction convenience markets and 16 in the larger SRC region, as shown in Table 10 below. The analysis in Table 10 assumes that the planned/under construction convenience markets will be operational as of 2030, at which time the number of households in Lake Elsinore and the larger SRC region will have increased as well, as shown in Table 10. Table 10 includes other measures of growth in the Lake Elsinore and the larger SRC region, including projected households for 2035 and 2050, according to SCAG, and projected growth in employment for the three areas, through 2050.

Household and employment growth projections include interpolations for 2024 and 2030.

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
18 TABLE 10. ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKETS WITH SCAG HOUSEHOLD AND EMPLOYMENT

PROJECTIONS WITHIN LAKE ELSINORE AND SRC REGION
Variable Lake Elsinore SRC Region
Convenience Markets by Area
Existing convenience markets (with gas stations) 16 103 Planned/under-construction convenience markets (with gas stations) 7 16 Total existing plus planned/under construction 23 119
Households
Households 20191 19,979 185,177
Households 20242 21,586 198,019
Households per convenience market (as of 2024) 1,349 1,923 Households 20302 23,993 216,914
Change (2024-2030) 2,407 18,894
Households per convenience market (By 2030), with supply equal to currently known existing convenience markets plus those planned/under construction 1,043 1,823 Households 20351 25,999 232,659
Change (2030-2035) 2,006 15,745
Households 20501 29,254 251,125
Change (2035-2050) 3,255 18,466
Employment
Employment 20191 16,731 187,554
Employment 20242 17,868 201,259
Employment 20302 19,538 221,544
Change (2024-2030) 1,669 20,285
Employment 20351 20,929 238,449
Change (2030-2035) 1,391 16,905
Employment 20501 22,665 268,723
Change (2035-2050) 1,736 30,274

1. SCAG Projections provide data for the base year of 2019, 2035, and 2050.

2. Estimated for early 2024 and for 2030 assuming a straight-line interpolation of SCAG figures.

Source: SCAG; TNDG.

Table 11a translates the household growth ﬁgures in Table 10 into demand for additional gas stations/ convenience markets based on that growth. The demand projections are based on the ratio of gas stations/convenience markets to households in the SRC region by 2030, under the assumption that 2030 convenience market supply is equal to the number of gas stations/convenience markets currently known plus those planned or under construction. The table shows that, compared to regional (south Riverside County) benchmarks, Lake Elsinore currently is currently “oversupplied” with gas stations/convenience markets. Based on the regional standard of approximately one gas station/convenience market per 1,800 households, Lake Elsinore’s resident “need” is estimated at approximately 12 gas stations/convenience markets. The actual number of existing gas stations/convenience markets is 16, suggesting that the City has 4 more gas stations/convenience markets than it should theoretically be able to support. Despite this theoretical “oversupply,” data from the California Department of Tax and Fee Administration indicate that the City’s existing gas stations are performing strongly (average annual taxable sales in 2023 of $7.6 million per station, compared to the countywide average of $7.0 million per station).

Lake Elsinore Carwash Market Analysis
The Natelson Dale Group, Inc.
19 TABLE 11A. ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKET DEMAND Year Demand for TOTAL convenience markets, applying regional ratio of households per convenience market as of 2030, compared to supply Lake
Elsinore
SRC
Region
2024 Total demand as of 2024 11.8 108.6
Less number of convenience markets, 2024 (16.0) (103.0) Net demand shortfall/(oversupply) -4.2 5.6
2030 Total demand as of 2030 13.2 119.0

Less convenience market supply under the assumption that 2030 supply is equal to currently known existing plus planned/under construction (23.0) (119.0) Net demand shortfall/(oversupply) -9.8 0.0
2035 Total demand as of 2035 14.3 127.6
Additional new-convenience market capacity beyond 2030 assumed supply (8.7) 8.6 Source: TNDG.

Given the strong sales performance of the City’s existing facilities, it is appropriate to consider a demand standard for Lake Elsinore that is more aggressive than the regional benchmark, reﬂecting the fact that visitors generate signiﬁcant demand for convenience stores and gas stations, beyond what would be required for the City’s resident population. As such, Table 11b provides an alternative demand forecast which applies a 50% increase to the future demand projections (the 50% adjustment is intended account for growth in visitor spending on gas station/convenience market sales). Under this alternative forecast, Lake Elsinore could support approximately 5 new convenience markets (over and above the existing inventory) by 2035. In comparison, there are currently 7 planned convenience market (gas station) projects in the City, suggesting that the number of planned projects exceeds foreseeable demand.

TABLE 11B. ALTERNATIVE ESTIMATES OF CURRENT AND FUTURE CONVENIENCE MARKET DEMAND ACCOUNTING FOR ADDITIONAL VISITOR DEMAND AT 50% OF RESIDENT DEMAND
Year Alternative calculation to account for visitor demand in Lake Elsinore @ 50% of resident demand
Lake
Elsinore
SRC
Region
2030 Total demand as of 2030 (adjusted for visitor demand) 19.7 N/A Less number of convenience markets, 2024 N/A

Under the assumption that 2030 convenience market supply is equal to currently known existing plus planned/under constr. facilities (23.0) Net demand shortfall/(oversupply) -3.3 N/A
2035 Total demand as of 2035 21.4 N/A
Additional new-convenience market capacity beyond 2030 assumed supply (1.6) N/A Source: TNDG.

NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the City Council of the City of Lake Elsinore, California, will hold a Public Hearing on December 9, 2025, at the Lake Elsinore Cultural Center, 183 North Main Street, Lake Elsinore, California, 92530, at 7:00 p.m., or as soon thereafter as the matter may be heard, to consider the following:

Planning Application No. 2016-112 (Kassab Travel Center Carwash): The proposed project is an appeal of the October 21, 2025 Planning Commission decision to deny Commercial Design Review (CDR) No. 2021-21 and Conditional Use Permit (CUP) No. 2021-16. The CDR and CUP is a proposal to modify the previous approval for the Kassab Travel Center to replace the 2,543 square-foot drive-through restaurant with a new 3,600 square-foot express carwash facility with vacuum stalls. The CDR is for the design of new carwash building and CUP is to allow a carwash use in the Commercial Manufacturing (C-M) zoning district. No other changes to the previously approved uses are part of the modification request, including the gasoline station and convenience store. The project is located on an existing 2.39-acre site near the southwest corner of Riverside Drive and Collier Avenue and includes Assessor Parcel Numbers 378-030-007 and 378-030-009.

Pursuant to CEQA Guidelines Section 15164, the City proposes to adopt Addendum No. 1 to the Mitigated Negative Declaration (ER 2018-02; SCH #2019029048) for the project on the basis that none of the conditions described in CEQA Guidelines Sections 15162 or 15163 calling for the preparation of a subsequent or supplemental Mitigated Negative Declaration have occurred.

ALL INTERESTED PERSONS are invited to submit written information, express opinions, or otherwise submit written evidence by email to
[email protected].

If you wish to legally challenge any action taken by the City on the above matter, you may be limited to raising only those issues you or someone else at the Public Hearing described in this notice, or in written correspondence delivered to the City prior to or at the Public Hearing. If you require accommodation to participate in a Public Hearing, please contact the City Clerks office at (951) 674-3124 ext. 269. All Agenda materials are available for review on the Citys website at www.lake-elsinore.org, the Friday before the Public Hearing.

FURTHER INFORMATION on this item may be obtained by contacting Nancy Huynh, Principal Planner in the Planning Division at [email protected] or (951) 848-3906.

Candice Alvarez, MMC
City Clerk

3512 14 Street
Riverside, California 92501
(951) 368-9229
[email protected]
City of Lake Elsinore
130 South Main Street
Lake Elsinore, California 92530
Account Number: 5209153
Ad Order Number: 0011766922
Customer's Reference/PO Number:

Publication: The Press-Enterprise
Publication Dates: 11/28/2025
Total Amount: $400.48
Payment Amount: $0.00
Amount Due: $400.48
Notice ID: Fhk8AKp01zzuPAM8ZPeB
Invoice Text: [https://res.cloudinary.com/dgqq2xsfd/image/upload/enotice- production/exports/1764103522809/image001.jpg] NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Lake Elsinore, California, will hold a Public Hearing on December 9, 2025, at the Lake Elsinore Cultural Center, 183 North Main Street, Lake Elsinore, California, 92530, at 7:00 p.m., or as soon thereafter as the matter may be heard, to consider the following: Planning Application No. 2016-112 (Kassab Travel Center Carwash): The proposed project is an appeal of the October 21, 2025 Planning Commission decision to deny Commercial Design Review (CDR) No. 2021-21 and Conditional Use Permit (CUP) No. 2021-16. The CDR and CUP is a proposal to modify the previous approval for the Kassab Travel Center to replace the 2,543 square-foot drive-through restaurant with a new 3,600 square-foot express carwash facility with vacuum stalls. The CDR is for the design of new carwash building and CUP is to allow a carwash use in the Commercial Manufacturing (C-M) zoning district. No other changes to the previously approved uses are part of the modification request, including the gasoline station and convenience store. The project is located on an existing 2.39-acre site near the southwest corner of Riverside Drive and Collier Avenue and includes Assessor Parcel Numbers 378-030-007 and 378-030-009. Pursuant to CEQA Guidelines Section 15164, the City proposes to adopt Addendum No. 1 to the Mitigated Negative Declaration (ER 2018-02; SCH #2019029048) for the project on the basis that none of the conditions described in CEQA Guidelines Sections 15162 or 15163 calling for the preparation of a subsequent or supplemental Mitigated Negative Declaration have PA 2016-112 Kassab Carwash Appeal - Page 1 of 1
The Press-Enterprise
3512 14 Street
Riverside, California 92501
(951) 368-9229
City of Lake Elsinore
130 South Main Street
Lake Elsinore, California 92530
Publication: The Press-Enterprise

PROOF OF PUBLICATION OF
Ad Desc: 0011766922
FILE NO. 0011766922

PROOF OF PUBLICATION
I am a citizen of the United States. I
am over the age of eighteen years and
not party to or interested in the above-
entitled matter. I am an authorized
representative of THE PRESS-
ENTERPRISE, a newspaper of
general circulation, printed and
published daily in the County of
Riverside, and which newspaper has
been adjudicated a newspaper of
general circulation by the Superior
Court of the County of Riverside, State
of California, under date of April 25,
1952, Case Number 54446, under
date of March 29, 1957, Case Number
65673, under date of August 25, 1995,
Case Number 267864, and under date
of September 16, 2013, Case Number
RIC 1309013; that the notice, of which
the annexed is a printed copy, has
been published in said newspaper in
accordance with the instructions of the
person(s) requesting publication, and
not in any supplement thereof on the
following dates, to wit:
11/28/2025
I certify (or declare) under the penalty
of perjury that the foregoing is true and
correct.

Date: November 28, 2025.

At: Riverside, California
______________________________
Signature
PA 2016-112 Kassab Carwash Appeal - Page 1 of 1

NOTIFICATION PACKAGE
CUP-2021-0016 / FWQMP-2023-0004
Lake Elsinore Travel Center
29301 Riverside Dr Lake Elsinore
APNs 378-030-007 and 378-030-009 (new parcels)
378-030-035 (parcel before parcel merger)
INCLUDES:
1100' OWNER LIST
1100' RADIUS MAP*
*expanded to include 30 unique min owners

EXCEL FILE

CERTIFICATION
COUNT: 30 (duplicates consolidated)
PREPARED 08/22/2025
FILE #350538
4000 Barranca Pkwy #250 Irvine CA 92604
(949) 494-6105
[email protected]

Affidavit of Notification List
Application No. _________________________________________________________________ Applic
ant Name _________________________________________________________________ Projec
t Name/Location _________________________________________________________________ I cert
ify that on _____________ day of _________________, 20___ , we prepared a notification list and a radius map, including properties entirely and partially within _______ ___ feet of the most exterior boundaries of the property being considered in the above referenced project known as (Property Address) _______________________________________________________. The property owner names and addresses listed on the notification list, provided in an excel spreadsheet on a CD or external hard drive, were taken from the latest records of the Riverside County Assessor. Such names are recorded in the records of the Riverside County Assessor as being the present owner or owners of both the subject property and the property/properties within the required mailing radius of the subject property.
______________________
__________________ __________________________
Appl
icant/Representative Signature Date
This
instrument was acknowledged before me on this __________ day of ____________ , 20 ____ , by In wit
ness whereof I hereunto set my hand and official seal.
______________________
__________________
Notar
y Public
My Co
mmission expires on: _________________
Pursuant to Government Code Sections 65090 -65096 notification lists shall be from the most recent Accessor Tax rolls. In order for the application to be deemed complete please return the completed, notarized affidavit to the assigned case planner at your earliest convenience.

22nd
August
25 1100
08/22/2025
22nd
August
25 July 18 2026
CUP-2021-0016 / FWQMP-2023-0004
Lake Elsinore Travel Center
29301 Riverside Dr Lake Elsinore, CA 92530
29301 Riverside Dr Lake Elsinore, CA 92530
377-050-022,57,73,78
Mhc 186/Mhc 77
Po Box 320099
Alexandria VA 22320
377-050-033,44,77,79,80
Elsinore Valley Cemetery Dist
P O Box 0751
Lake Elsinore CA 92531
377-050-053
Cloud Second
4736 E Stetson Ln
Orange CA 92869
377-050-056,62,63,68,70
Elsinore Valley Cemetery
18170 Collier Ave
Lake Elsinore CA 92530
377-050-076
Hwy 74
29190 Riverside Dr
Lake Elsinore CA 92530
377-120-010,11,12,13
Charles Dale Sacks
29126 Old Wrangler Rd
Canyon Lake CA 92587
377-120-014
Gary M Morris
31115 Lancashire Dr
Lake Elsinore CA 92530
377-120-065,30-35
Lake Elsinore Plaza 2 Corp
4580 University Ave
San Diego CA 92105
377-120-067
Wintersun Group Usa Inc
1250 E Belmont St
Ontario CA 91761
377-120-068
Lanihau Lake Elsinore 2
P O Box 9032
Kailua Kona HI 96745
377-130-039,30-23,26,34
Riverside County Flood Cont
1995 Market St
Riverside CA 92501
378-020-067,030-11,32
Blue Sky Institute
6984 Overlook Ter
Anaheim CA 92807
378-020-069,30-16,21,33
Eastern Municipal Water Dist
P O Box 8300
Perris CA 92572
378-030-020
Blue Sky Institute
2365 Northside Dr #250
San Diego CA 92108
378-030-027
Collier Dev Co
9902 Brier Ln
Santa Ana CA 92705
378-030-029
Scalzo-ostermiller Lp
Po Box 1660
San Juan Capistra CA 92693
378-030-031
Livin The Dream Trust Dtd 5/12/22
22531 Canyon Lake Dr
Canyon Lake CA 92587
378-031-001
Raul I Jasso
17995 Collier Ave
Lake Elsinore CA 92530
378-031-002
William F Rowan
22455 Whirlaway Ct
Canyon Lake CA 92587
378-031-003,4
Herr Real Estate
875 Overlook Cir
San Marcos CA 92078
378-031-005
Melinda Bossenmeyer
22484 Whirlaway Ct
Canyon Lake CA 92587
378-031-006
Cleary Michael M & Cleary Kathlyn
22190 San Joaquin Dr
Canyon Lake CA 92587
378-031-007
Todd R Barsby
22519 Canyon Lake Dr
Canyon Lake CA 92587
378-031-008
Koontz Living Trust Dtd 11/26/18
22281 Jessamine Way
Corona CA 92883
378-031-009
Twistnu
122 E Avenida Cornelo
San Clemente CA 92672
378-031-010
Z Best Body & Paint Shops Inc
1055 W 7th St #2250
Los Angeles CA 90017
378-031-011
Collier Dev Co
8502 E Chapman Ave #350
Orange CA 92869
389-210-063,220-001,2
Affinity Mohr
13457 Brooks Dr
Baldwin Park CA 91706
389-220-003,4,5,6
Severson & Smith
27405 Puerta Real #120
Mission Viejo CA 92691
389-220-011
At & Sf Rr
740 E Carnegie Dr
San Bernardino CA 92408
Project Number Project Name Type Project Location APN Entitlement Approval Date Entitlement Expiration DatePermit Status PA 2020-106 Sunny Express Carwash Stand Alone 31401 Riverside Dr. 379-160-002 June 22, 2021 - Issued PA 2021-34 Evergreen Commercial DevelopmentConv. Store, Gas station, Carwash, 3 drive-throughs
NE Corner Central Ave.
and Cambern Ave.
377-020-014; 016; 017;
018; 019 April 25, 2023 - Issued
PA 2020-107 Tommy's Express Carwash Stand Alone 31706 Casino Dr. 363-171-005 March 22, 2022 - Issued Project Number Project Name Type Project Location APN Entitlement Approval Date Entitlement Expiration DatePermit Status PA 2019-07 Bamiyan Marketplace Conv. Store, Gas station, Carwash, 2 drive-throughs
NW Corner of Grand
Ave and SR 74 381-320-020; 023 August 9, 2022 August 9, 2026 In Review PA 2019-80 Ortega Plaza Conv. Store, Gas station,
and drive-through 15890 Grand Avenue 389-122-012 THRU 017October 18, 2024 October 18, 2026 In Review PA 2020-92Riverside/Lincoln Commercial (Ilan Golcheh)Conv. Store, Gas station, Carwash, drive-through
SW Corner of Lincoln St.
and Riverside Dr.
379-111-017, 018, 019,
and 020 April 16, 2024 April 16, 2026 In Review
Project Number Project Name Type Project Location APN Entitlement Approval Date Entitlement Expiration DatePermit Status PA 2017-62 Imperial Stations Conv. Store, Gas station,
and Carwash
Mission Trail and Casino
Drive 363-172-016 April 1, 2022 April 1, 2024 -
Project Number Project Name Type Project Location APN Entitlement Approval Date Entitlement Expiration DatePermit Status PA 2016-112 Kassab Travel Center (Modification
Application)
Conv. Store, Gas station,
and Carwash
SW Corner of Riverside
Dr. and Collier Ave. 378-030-007, 009 Denied: October 21, 2025 Appeal Review: December 9, 2025 - -
PA 2024-08 Wal-Mart Gas Station Conv. Store and Gas station 29260 Central Avenue 377-090-050 Denied: October 21, 2025 - - In Planning Process
Approved - Under Construction
List of Carwash Facilities by Application Status
Approved - In Building Permit Process
Recently Expired
Updated 12/4/2025
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Map_ID Name Address
1 ARCO Gas 19930 Collier Ave
2 Chevron Rocket 510 N Main St
3 Mobil Gas 29300 Central Ave
4 Casino Car Wash 31784 Casino Dr
5 Dollar Car Wash 31151 Riverside Dr
6 Rio Car Wash 31585 Canyon Estates
7 Super Star Car Wash 33545 Mission Trail
8 U-Wash Self Service Carwash 31495 Riverside Dr
9 Chevron Gas 25361 Railroad Canyon Dr
10 Tommy's Express Car Wash 31706 Casino Dr
11 Sunny Express Car Wash 31401 Riverside Dr
12 Bamiyan Marketplace 381-320-020
13 Evergreen Commercial 377-020-014
14 Riverside/Lincoln Commercial 379-111-017
15 Imperial Stations 363-172-016
16 Kassab Travel Center 378-030-007
17 Ortega Oaks Plaza 15887 Grand Ave
18 Walmart Gas 29260 Central Ave

RIVERSIDE DR

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LAKESHORE DR
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Legend
Full-Service
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Station
Self-Service
±
30)
Annual Reorganization of the City Council to Select the Mayor/Chair and Mayor Pro Tem/Vice-Chair for 2026
Select a Mayor/Chair and Mayor Pro Tem/Vice-Chair per City Council Policy No. 200-4.

Page 1 of 2 ends

Lake Elsinore City CouncilDecember 9, 2025

Lake Elsinore City Council
December 9, 2025