City of Manteca
Community Facilities District No. 2023-1
(Villa Ticino West Facilities)
Special Tax Bonds, Series 2023
November 21, 2023
JONES HALL
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2 Agenda
Project Development and Financing Overview Slide 3
Authorizing Resolution Summary Slide 6
Financing Details and Tentative Schedule Slide 8
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Project Development and Financing Overview
3 ATTACHMENT 5
4 CFD 2023-1 Formed on June 20, 2023
$6,500,000 Not to exceed Bond amount approved at formation for Improvement Area No. 1
Master Developer is JEN CALIFORNIA 23, LLC (managed by Taylor Builders) Merchant Builders are Richmond American Homes and Century Communities
219 residential units in Improvement Area No. 1 (a Future Annexation Area is planned for an additional 547 residential units)
Development Status as of November 1, 2023:
5 model homes completed (Richmond American)
20 homes in escrow (Richmond American)
Model homes for Century Communities expected to begin construction in January 2024
Project and Development Summary
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5 Financing Overview
Proposed 2023 Special Tax Bonds are expected to be issued in a par amount of $5,055,000 (subject to market conditions) 2023 Bonds secured (only) by special taxes levied within Improvement Area No. 1 of the District (NOT a debt of the City’s general fund)
Proceeds to finance public improvements benefitting the development within the CFD, including roadway, storm drain, water, sewer, and park improvements
Estimated Special Tax for Homeowners: Approximately $1,225 to $1,806 (FY 2023-24)
Annual Assigned Special Tax will increase at approximately 2% per year
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Authorizing Resolution Summary
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7 Items Subject to City Council Approval
Resolution of the City Council of the City of Manteca Authorizing the Issuance of the 2023 Special Tax Bonds in an Amount Not to Exceed $6,000,000
Approving Certain Documents and Taking Certain Other Actions Preliminary Official Statement (including Continuing Disclosure Certificates) Fiscal Agent Agreement
Bond Purchase Agreement
Acknowledgment of Good Faith Estimates
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Financing Details and Tentative Schedule
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9 Current Estimated Par Amount: $5,055,000
Final Maturity of 2053 (30-year term)
2023 Bonds - Sources & Uses of Funds
Sources of Funds
Par Amount of Bonds $5,055,000
Original Issue Discount 105,074
Total Sources $4,949,926
Uses of Funds
Project Fund $4,132,199
Reserve Fund 488,127
Cost of Issuance 228,500
Underwriter’s Discount 101,100
Total Uses $4,949,926
All numbers are preliminary, subject to change
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10 Tentative Schedule
Date Description
November 21st City Council Meeting to Approve Financing November 30th Post Preliminary Official Statement
(Make Available to Prospective Investors)
December 7th Pricing of Bonds
December 20th Settlement of Bonds (Closing Date)
All numbers are preliminary, subject to change
Assuming Council Approval this Evening, the Bonds are Expected to be sold in December 2023
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