City Council Chambers City of Menifee 29844 Haun Road Finance Committee Menifee, CA 92586 Meeting Agenda
Lesa Sobek, Committee Member Thursday, April 27, 2022 Dean Deines, Committee Member 2:00 PM Regular Meeting
AGENDA
1. CALL TO ORDER
2. ROLL CALL
3. PRESENTATIONS – None
4. PUBLIC COMMENTS
5. APPROVAL OF MEETING MINUTES – None
6. DISCUSSION ITEMS
6.1 Proposed Construction Financing by BLC Fleming LLC for the Legado Residential Development
Recommended Action:
1. Review and discuss the proposed construction financing plan for the Legado Master Planned Community development utilizing bond issuance financing, as it relates to the requirement for the City’s approval t o proceed with bond issuance; and
2. Recommend submittal to City Council at its meeting on May 4, 2022, for review.
6.2 Proposed Formation of Community Facilities District No. 2022-3 (Legado) Recommended Action:
Review the proposed Community Facilities District No. 2022 -3 (Legado) by BLC Fleming LLC to finance the costs of certain public improvements for the development of a residential tract containing 1,022 units located North of Chambers Avenue, South of Rouse Road and East of Encanto Drive and West of Antelope Road and recommend submittal to the City Council for approval at the June 15, 2022.
6.3 Proposed Formation of Community Facilities District No. 2022-2 (McLaughlin Village)
Recommended Action:
Review the proposed Community Facilities District No. 2022 -2 (McLaughlin Village) by Century Communities to finance the costs of certain public improvements for the development of a residential tract containing 126 units located South of McLaughlin Road, East of Barnet Road/ Sunset Boulevard and West of Encanto Drive and recommend submittal to the City Council for approval at the June 15, 2022 City Council Meeting, contingent on grading approved by the City.
7. STAFF COMMENTS
8. COMMITTEE REPORTS/COMMENTS ON COMMITTEE ACTIVITIES
9. FUTURE AGENDA ITEMS
10. ADJOURNMENT
Decorum Policy Notes
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Agenda Materials
Materials related to an item on this Agenda, including those submitted to the Committee after distribution of the agenda packet, are available for public inspection by contacting the City Clerk, at (951) 672-6777 during normal business hours.
Compliance with the Americans with Disabilities Act
If you need special assistance to participate in this meeting, you should contact Sarah Manwaring, City Clerk, at (951) 672-6777. Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting.
CITY OF MENIFEE
SUBJECT: Proposed Construction Financing by BLC Fleming LLC for Legado Residential Development
MEETING DATE: April 27, 2022
TO: Finance Committee
PREPARED BY: Jizelle Sandoval, Financial Analyst
REVIEWED BY: Rochelle Clayton, Assistant City Manager
RECOMMENDED ACTION
1. Review and discuss the proposed construction financing plan for the Legado Master Planned Community development utilizing bond issuance financing, as it relates to the requirement for the City’s approval to proceed with bond issuance; and
2. Recommend submittal to City Council at its meeting on May 4, 2022 for review.
DISCUSSION
BLC Fleming, LLC (“Owner”) is the Owner of Legado, Tentative Tract Map Nos. 37408 & 37409 (“TTM 37408 & 37409”), which consists of 1,022 lots on approximately 304 gross acres of vacant residential property. The property is located east of Encanto Dr, south of Rouse Rd, west of Antelope Rd, and north of Chambers Ave.
The Owner has requested that the City assist it in its financing plan due to the requirements of the state of origin for financing. In this case, Wisconsin Public Financing Authority (“PFA ”) has cited that pursuant to Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, the governing body of the local jurisdiction must provide a letter of approval to proceed with the issuance of taxable bonds to finance the construction of the Legado development.
The Owner’s financial team, Launch Development Finance Advisors (“DFA”), prepared a bond financing outline to provide information on this financing mechanism for City review.
ATTACHMENTS
1. Public Finance Authority – Bond Financing Outline
2. Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes
1 BLC Fleming LLC – Legado – Menifee, California
Public Finance Authority – Bond Financing Outline
March 10, 2022
Prepared by: Launch Development Finance Advisors - CA, LLC
100 Spectrum Center Drive, Suite 1400, Irvine, CA
www.launch-dfa.com 2
3 CITY OF MENIFEE
LEGADO
PUBLIC FINANCE AUTHORITY
PROPOSED FINANCING OUTLINE
Introduction
The purpose of the Proposed Financing Outline (“Outline”) is to provide background information to representatives of the City of Menifee (“City”) in relation to the BLC Fleming, LLC (the “Developer” and/or “Borrower”) securing construction financing for the Legado master planned community (the “Project”) located within the incorporated boundaries of the City.
The Public Finance Authority (“PFA”) is anticipated to be the issuing authority (the “Authority”) of the Bonds (as herein defined). The Bonds will be secured by first deed of trust (“DOT”) on the Project’s for sale residential lots.
In order to move forward with the financing outlined herein and, pursuant to the Joint Exercise of Powers Law of Wisconsin governmental code (the “Act”) in which the PFA is domiciled, the highest ranking administer of the City in which the Project is located must acknowledge the ability of the PFA to undertake the financing (“Undertaking”). The approval of the Undertaking is only done to satisfy Wisconsin government code and is neither an opinion nor endorsement of the proposed financing.
In no way is the City responsible or obligated, either directly or indirectly, with respect to the terms, sales, issuance, security or payment of the Bonds. Furthermore, the City is NOT a party to financing or the PFA, and will not be asked to provide any opinions, disclosures or certificates related to the Bond issuance.
With the exception of the proposed financing being a bond rather than a construction loan, the proposed financing structure impacts the city no differently than if a construction loan was obtained from a bank and secured by a DOT. Similar to a construction loan, the Bond will be secured by a DOT on the property and similar to a construction loan, as lots are sold to merchant builders, the DOT encumbrances will be paid off and released from the DOT.
The proposed Bond financing will neither interfere with the establishment of any proposed community facilities district(s) (“CFD”) that may be established in the future, nor will the Bond impact the ability to issue and CFD bonds that may be utilized in conjunction with the development of the Project. The Bond indenture is structured to allow for the automatic subordination of the Bond’s security position to any and all jurisdictional property taxes rates, assessments and/or special tax levies that may exist currently or in the future.
The major benefit of the proposed financing structure over typical bank provided construction loans is that the borrowing term for the Bonds is much more favorable than that of a construction loan. The Bond term on the proposed financing is approximately 10 to 15 years with a 30 year amortization 4 period while institutional construction lenders typically require a 3 year term. The benefit of using “long term” debt financing to finance “long term” development projects cannot be overstated. This type of financing could be an additional financing tool in the City’s financial toolbox to assist the private sector to obtain efficient development capital to allow for the continued growth of the City.
In order to provide the City with the information related to the proposed Bond financing, the following information has been provided.
Outline of the Proposed Bond Financing
1) Borrower: BLC Fleming LLC
2) Estimated Gross Bond Amount: Not to exceed $100 million (To be issued over time)
3) Proposed Project and Financing
a) General Information
Project Background
The Project is an approximate 331-acre development located in the City. Upon completion the Project is anticipated to include the following land uses.
Description Acres Units
Phase A Residential 78.60 508
Future Residential Phases 77.49 514
Commercial 20.13
ROW 91.62
Detention Basin 19.91
Water Quality Basin 7.39
Open Space 35.87
Total 331.01 1,022
Source: BLC Fleming LLC
A location map and conceptual land use plan have been included as Exhibit A.
Project Entitlement Status
The Project currently has the following major entitlements.
Legado Specific Plan (No. 2017-187) – Provides the development of a maximum of 1,061 units; 225,000 square feet of freeway oriented commercial uses; 12.9-acre 5 community park and 7.9 acres of linear and pocket parks. Adopted by City Council on June 17, 2020.
Tentative Tract Map (No. 37408) – Provides a subdivision of approximately 149.6 gross acres into 475 single-family residential lots. Adopted by City Council on June 3, 2020.
Tentative Tract Map (No. 37409) – Provides a subdivision of approximately 159.1 gross acres into 547 single-family residential lots. Adopted by City Council on June 3, 2020.
Tentative Tract Map (No. 37391) – Provides for a large lot sub-division of the Project’s approximate 331 acre s into twenty -six parcels for park, commercial, roadway and financing purposes. Adopted by City Council on June 3, 2020.
Environmental Impact Report – Environmental Impact Report prepared in accordance with CEQA certified by the City Council on June 17, 2020.
Legado Development Agreement – Approved by the City Council on June 4, 2020 and recorded in the official records of the County of Riverside via recording number 2020- 0282073.
Project Costs
To date, the Borrower has invested approximately $24 million for land acquisition and pre-development activities. The build-out of the Project will require approximately $14.2 million related to entitlements, engineering, and indirects as well as an additional $71.9 million to fund backbone infrastructure to develop the residential and commercial parcels into a “Blue Top” status. An additional $38.6 million will be required to bring the parcels to a finished lot status.
With the provision of the PFA authorization letter by the City Manager, it is anticipated that approximately $50 to $75 million of Project infrastructure, including water, sewer, storm drain, arterial roads as well as related costs will be financed over time with Bond proceeds. The PFA authorization letter is included in Exhibit B.
A listing of Project costs is included in Exhibit C. A location map of infrastructure has been included as Exhibit D.
6 b) Financing Structure
i) The Bonds will be secured by a first DOT on the for sale residential lands which make up the Project. The 20 acres of commercial acreage, rights-of-way, public parks and/or other public lands will not be encumbered by the DOT.
The Bond proceeds will be utilized to finance the construction of a portion of Project costs. Upon the completion and inspection of the public infrastructure, the public infrastructure will be dedicated to City and/or other public entities and/or agencies for on-going ownership, operations, and maintenance.
It is expected that the Borrower will lots to merchant builders at which time the first DOT securing the Bonds related to such lots will be released via a Partial Release and Reconveyance (or similar mechanism) issued on the lots purchased by the merch ant builders.
c) Additional information related to the proposed Bond structure
i) It is anticipated that the Bond will be sold via a limited public offering to one or more institutional investors and/or accredited investors.
ii) Anticipated minimum denominations: $100,000.
iii) Proposed Bond Maturity – The Bonds will have a 30-year amortization schedule with a term of 10 to 15 years (Estimate).
iv) The Bonds will be taxable bonds.
v) Expected Rating, if any: None – Bonds will not be rated.
vi) Fixed or Variable Rate Bonds – Fixed Rate Taxable Bonds 6.0% to 6.5% (Estimate)
d) Financing Team
i) Financing Team is outlined in Exhibit E.
7 e) Proposed Financing Schedule
Ref. # Description Date
1 City Provides PFA Letter Month 1
2 PFA Financing Request Submitted Month 1
3 Financing Team Assembled Month 1
4 Appraisal/ Market Study Ordered Month 1
5 Bond Documents Prepared Month 2
6 PLOM Prepared Month 3
7 Form of Documents Approved by PFA Month 4
8 PLOM Posted Month 5
9 Bonds Priced Month 5
10 Bonds Closed Month 6
8 EXHIBIT A
Vicinity Map / Location Map and Conceptual Master Plan
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COUNT
A INFRASTRUCTURE
1 500 RESIDENTIAL
B INFRASTRUCTURE
2 231 RESIDENTIAL
C INFRASTRUCTURE
3 330 RESIDENTIAL/COMMERCIAL
10 11
EXHIBIT B
PFA Authorization Letter
12 March 10, 2022
Public Finance Authority
22 E. Mifflin Street, Suite 900
Madison, Wisconsin 53703
Re: Legado
You have informed me of the following facts:
1. The Public Finance Authority (the "Aut hority") is authorized pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, commonly known as the "Joint Exercise of Powers Law" (the "Act"), and the terms of an Amended and Restated Joint Exercise of Powers Agreement Relating to the Public Finance Authority, dated as of September 28, 2010 (the "Joint Exercise Agreement"), to issue revenue bonds in accordance with the Act for the purpose of financing various types of projects within or outside of the State of Wisconsin.
2. The Authority has been requested to issue up to $100 million of bonds, notes or other obligations in one or more series (the "Bonds") to provide part of the financing for Legado project costs (the "Project") located within the City of Menifee , California (the "City") more particularly described or referred to in that certain Legado Development Agreement recorded by the County of Riverside on June 30, 2020, record number 2020 - 0282073.
3. Section 66.0304(11)(a) of the Act provides:
[The Authority] may not issue bonds to finance a capital improvement project in any state or territory of the United States unless a political subdivision within whose boundaries the project is to be located has approved the financing of the project . . . An approval under this paragraph may be made by the governing body of the political subdivision or . . . by the highest-ranking executive or administrator of the political subdivision.
4. Compliance by the City with Section 66.0304(11)(a) of the Act does not constitute an endorsement of the Bonds or the Project, or a commitment by the City, or any other governmental body, to provide any other approvals that may be required in connection with the Project, or an undertaking of any responsibility of any kind with respect to the Bonds.
I am the highest -ranking executive or administrator of the City of Menifee, California within whose boundaries the Project is located. In conformity with and solely for purposes of satisfying the requirements of Section 66.0304(11)(a) of the Act, I hereby provide this letter as evidence of approval of the financing by the Authority of the Project in compliance with Section 66.0304(11)(a) of the Act, but in no other way provide any 13 opinion or endorsement with respect to the issuance of the Bonds. This letter shall not be referred to in connection with the marketing and sale of the Bonds, and the City shall have no responsibility or liability of any kind, direct or indirect, with respect to the terms, sale, issuance, security or payment of the Bonds, which shall be the sole responsibility of the Authority.
Sincerely,
Armando G. Villa
City Manager
14 EXHIBIT C
Estimated Project Costs
15 Estimated Project Costs
Description
Total (1)
Equity Investment
Land Purchase
$ 13,597,358
Feasibility & Entitlement: $ 3,500,985
Final Engineering: $ 3,853,281
Indirects: $ 3,139,049
Original Cash Investment $ 24,090,672
Infrastructure Costs
Feasibility & Entitlement:
Planning & Design $ 44
Environmental $ 1,759
Misc. Consultants $ 70,138
Subtotal $ 71,941
Final Engineering:
Final Engineering - Thru Grading Permit Only $ 317,399
All Infrastructure & PA Phases: $ 3,737,878
Infrastructure $ 2,809,802
Offsites $ 233,657
Intracts $ 3,013,701
Subtotal $ 10,112,438
Backbone & Infrastructure:
Off-Tract Soft Costs: $ 652,440
Off-Tract Hard Costs: $ 4,841,973
Phase Soft Costs: $ 8,593,701
Phase Hard Costs: $ 52,166,311
Soft Cost Contingency: $ 429,685
Hard Cost Contingency: $ 5,216,631
Subtotal $ 71,900,741
Intract Infrastructure
Intract Soft Costs: $ 5,129,912
Intract Hard Costs: $ 30,205,727
Soft Cost Contingency: $ 256,496
Hard Cost Contingency: $ 3,020,573
Subtotal $ 38,612,707
Indirects:
Insurance $ 306,200
Property Taxes $ 385,505
General Conditions (4.00%) $ 1,416,533
GC Fee (2.00%) $ 708,267
General And Administrative $ 960,000
Audits $ 110,000
Legal General $ 134,400
Subtotal $ 4,020,905
Total $ 124,718,732
Source: BLC Flemming, LLC
Footnotes:
(1) Costs are in terms of 2022 dollars and are likely to increase over time due to inflation.
16 Exhibit D
Location Map of Infrastructure
RESIDENTIAL
VILLAGE - WEST
UNITS AC
PA1 50' x 100' 73 9.96
PA2 60' x 100' 49 7.62
PA3 55' x 100' 115 16.35
PA4 70' x 100' 42 8.07
PA5 70' x 100 17 3.22
PA6 50' x 100 99 12.95
PA7 60' x 100 80 12.49
SUBTOTAL 475 70.66
VILLAGE - EAST
PA8 50' x 100' 86 10.87
PA9 70' x 100' 67 13.21
PA10 55' x 100' 59 9.30
PA11 55' x 100 84 13.21
PA12 70' x 100 49 8.88
PA13 50' x 100 81 10.95
PA14 70' x 100 51 8.99
PA15 55' x 100 70 10.02
SUBTOTAL 547 85.43
COMMERCIAL 20.13
DETENTION BASIN 18.91
WATER QUALITY BASIN 7.39
PASEO LEGADO (PUBLIC) 4.29
LANDSCAPE SPACE 7.86
COMMUNITY PARK (PUBLIC) 12.88
OPEN SPACE
CONSERVATION 6.32
STREETS 91.62
RECREATION CENTER (PRIVATE) 1.89
WEST PARK (PUBLIC) 1.41
EAST PARK (PUBLIC) 2.22
TOTAL 1,022 331.01
NOTE: PUBLIC PARK = 20.80 AC
17 18
EXHIBIT E
Proposed Financing Team
19 BLC FLEMING LLC - LEGADO
PROPOSED FINANCING TEAM – AS OF MARCH 8, 2022
CONDUIT ISSUER
Wisconsin Public Finance Authority (“PFA”)
ISSUER’S COUNSEL
Von Briesen & Roper, S.C.
BORROWER
BLC Fleming LLC
BORROWER’S REAL ESTATE COUNSEL
Stuart Kane LLP
BOND COUNSEL
Ballard Spahr
DEVELOPER CONSULTANT/ADMINISTRATIVE
SERVICES
Launch Development Finance Advisors
UNDERWITER
Piper Sandler & Co
UNDERWITER/DISCLOSURE COUNSEL
Nixon Peabody
APPRAISAL
Integra Realty Resources
MARKET STUDY
Clarity Real Estate Advisors
TRUSTEE
Wilmington Trust, N.A.
THIRD-PARTY CONSTRUCTION INSPECTIONS
QTATIVE Development Solutions
PRINTER
Mountain Financial Printing
20 Wisconsin Legislature: 66.0301
SUBCHAPTER III
INTERGOVERNMENTAL COOPERATION
(1)
(a) Except as provided in pars. (b) and (c), in this section “municipality" means the state or any department or agency thereof, or any city, village, town, county, or school district, the opportunity schools and partnership programs under subch. IX of ch. 115 and subch. II of ch. 119, the superintendent of schools opportunity schools and partnership program under s. 119.33, or any public library system, public inland lake protection and rehabilitation district, sanitary district, farm drainage district, metropolitan sewerage district, sewer utility district, solid waste management system created under s.
59.70 (2), local exposition
district created under subch. II of ch. 229, local professional baseball park district created under subch. III of ch. 229, local professional football stadium district created under subch. IV of ch. 229, local cultural arts district created under subch. V of ch. 229, long-term care district under s. 46.2895, water utility district, mosquito control district, municipal electric company, county or city transit commission, commission created by contract under this section, taxation district, regional planning commission, housing authority created under s.
66.1201, redevelopment authority created under s. 66.1333, community development authority created under s. 66.1335, or city-county health department. (b) If the purpose of the intergovernmental cooperation is the establishment of a joint transit commission, “municipality" means any city, village, town or county. (c) For purposes of sub. (6), “municipality" means any city, village, or town. (2) Subject to s. 59.794 (2), and in addition to the provisions of any other statutes specifically authorizing cooperation between municipalities, unless those statutes specifically exclude action under this section, any municipality may contract with other municipalities and with federally recognized Indian tribes and bands in this state, for the receipt or furnishing of services or the joint exercise of any power or duty required or authorized by law. If municipal or tribal parties to a contract have varying powers or duties under the law, each may act under the contract to the extent of its lawful powers and duties. A contract under this subsection may bind the contracting parties for the length of time specified in the contract. This section shall be interpreted liberally in favor of cooperative action between municipalities and between municipalities and Indian tribes and bands in this state. If a municipality is required to establish or maintain an agency, department, commission, or any other office or position to carry out a municipal responsibility, and the municipality joins with another municipality by entering into an intergovernmental cooperation contract under this subsection to jointly carry out the responsibility, the jointly established or maintained agency, department, commission, or any other office or position to which the contract applies fulfills, subject to sub.
(7), the municipality's obligation to establish or maintain such entities or positions until the contract entered into under this subsection expires or is terminated by the parties. In addition, if 2 or more municipalities enter into an intergovernmental cooperation contract and create a commission under this section to jointly or regionally administer a function or project, the commission shall be considered, subject to sub.
(7), to be a single entity that represents, and may act on behalf of, the joint interests of the signatories to the contract entered into under this section. (3) Any contract under sub. (2) may provide a plan for administration of the function or project, which may include but is not limited to provisions as to proration of the expenses involved, deposit and disbursement of funds appropriated, submission and approval of budgets, creation of a commission, selection and removal of commissioners, and formation and letting of contracts. (4) A commission created by contract under sub. (2) may finance the acquisition, development, remodeling, construction and equipment of land, buildings and facilities for regional projects under s. 66.0621.
Participating municipalities acting jointly or separately may finance the projects, or an agreed share of the cost of the projects, under ch. 67.
(5) No commission created by contract under sub. (2) may, directly or indirectly, do any of the following:
66.0301 Intergovernmental cooperation.
21 (a) Acquire, construct or lease facilities used or useful in the business of a public utility engaged in production, transmission, delivery or furnishing of heat, light, power, natural gas or communications service, by any method except those set forth under this chapter or ch. 196, 197 or 198. (b) Establish, lay out, construct, improve, discontinue, relocate, widen or maintain any road or highway outside the corporate limits of a village or city or acquire lands for those purposes except upon approval of the department of transportation and the county board of the county and the town board of the town in which the road is to be located.
(6)
(a) Any 2 municipalities whose boundaries are immediately adjacent at any point may enter into a written agreement determining all or a portion of the common boundary line between the municipalities. An agreement under this subsection may include only the provisions authorized under this section and s. 66.0305, and one or more of the following:
1. That specified boundary lines apply on the effective date of the agreement.
2. That specified boundary line changes shall occur during the term of the agreement and the approximate dates by which the changes shall occur.
3. That specified boundary line changes may occur during the term of the agreement and the approximate dates by which the changes may occur.
4. That a required boundary line change under subd. 2. or an optional boundary line change under subd. 3. is subject to the occurrence of conditions set forth in the agreement.
5. That specified boundary lines may not be changed during the term of the agreement. (b) The maximum term of an agreement under this subsection is 10 years. When an agreement expires, all provisions of the agreement expire, except that any boundary determined under the agreement remains in effect until subsequently changed.
(c)
1. Before an agreement under this subsection may take effect, and subject to par. (e), it must be approved by the governing body of each municipality by the adoption of a resolution. Before each municipality may adopt a resolution, each shall hold a public hearing on the agreement or both municipalities shall hold a joint public hearing on the agreement. Before the public hearing may be held, each municipality shall give notice of the pending agreement and public hearing by publishing a class 1 notice, under ch. 985, and by giving notice to each property owner whose property is currently located in that municipality and in, or immediately adjacent to, the territory whose jurisdiction will change. Notice shall be given at least 20 days before the public hearing and notice to property owners shall be made by certified mail.
2. An agreement under this subsection is subject to a referendum of the electors residing within the territory whose jurisdiction is subject to change as a result of the agreement. After each municipality approves the agreement by adoption of a resolution, each municipality shall publish the agreement in the territory whose jurisdiction is subject to change as a result of the agreement as a class 1 notice, under ch. 985 . A
referendum shall be held if, within 30 days after the publication of the agreement, a petition for a referendum conforming to the requirements of s.
8.40, signed by at least 20 percent of the electors
residing within the territory whose jurisdiction is subject to change as a result of the agreement is filed, in accordance with s. 8.37, with the clerk of each municipality that is a party to the agreement. The referendum shall be conducted jointly by the municipalities and shall otherwise be conducted as are annexation referenda. If the agreement is approved in the referendum, it may take effect. If the agreement is not approved in the referendum, it may not take effect. (d) An agreement under this subsection may provide that, during the term of the agreement, no other procedure for altering a municipality's boundaries may be used to alter a boundary that is affected by the agreement, except an annexation conducted under s. 281.43 (1m), regardless of whether the boundary is proposed to be maintained or changed or is allowed to be changed under the agreement. After the agreement has expired, the boundary may be altered.
22 (e) A boundary change included in an agreement under this subsection shall be accomplished by the enactment of an ordinance by the governing body designated to do so in the agreement. The filing and recording requirements under s. 66.0217 (9) (a), as they apply to cities and villages under s. 66.0217 (9) (a), apply to municipalities under this subsection. The requirements for the secretary of administration under s. 66.0217 (9) (b), as they apply under that section, apply to the secretary of administration when he or she receives an ordinance that is filed under this subsection. (f) No action to contest the validity of an agreement under this subsection may be commenced after 60 days from the date the agreement becomes effective.
(g) This subsection is the exclusive authority under this section for entering into an agreement that determines all or a portion of the common boundary line between municipalities. (h) An agreement under this section that has been entered into before January 19, 2008, that affects the location of a boundary between municipalities, is not invalid as lacking authority under this section to affect the location of the boundary.
(7) With regard to a contract entered into under sub. (2) between 2 or more counties, which relates to the provision of services or facilities under a contract with an officer or agency of the state, the contract may not take effect unless it is approved in writing by the officer or chief of the agency that has authority over the contract for the provision of services or facilities. The contract must be approved or disapproved in writing by the officer or chief of the agency with regard to the matters within the scope of the contract for the provision of services or facilities within 90 days after receipt of the contract. Any disapproval shall detail the specific respects in which the proposed contract fails to demonstrate that the signatories intend to fulfill their contractual responsibilities or obligations. If the officer or chief of the agency fails to approve or disapprove of the contract entered into under sub. (2) within 90 days after receipt, the contract
shall be considered approved by the officer or chief of the agency.
History: 1999 a. 150 ss. 348, 349, 352, 353; 1999 a. 167 s. 38; 2001 a. 16, 30; 2007 a. 20, 43; 2009 a. 28, 112; 2011 a. 32; 2013 a. 14; 2015 a. 55; 2017 a. 59.
Cross-reference: See also s. PI 14.01, Wis. adm. code.
The plain language of sub. (6) does not limit the scope of boundary changes to only “modest" changes. The statutes provide multiple methods for altering municipal boundary lines. There is nothing absurd about the fact that the legislature might permit intergovernmental cooperation agreements to include major boundary changes without agency approval or a public referendum — at least no more absurd than the fact that a “minor" boundary change may be accomplished without agency approval or a public referendum. City of Kaukauna v. Village of Harrison, 2015 WI App 73, 365 Wis. 2d 181, 870 N.W.2d 680, 14-2828.
Sub. (6) (c) 1. does not expressly specify what information must be contained in the notices that are published and sent by certified mail. In contrast, numerous other statutes contained within ch. 66 establish specific content requirements for public notice. The legislature knows how to require specific public notice of proposed boundary changes; it chose not to do so in sub. (6) (c) 1. City of Kaukauna v. Village of Harrison, 2015 WI App 73, 365 Wis. 2d 181, 870 N.W.2d 680, 14-2828.
Counties may enter into joint agreements to collectively furnish and fund nursing home services if the agreements do not violate federal and state Medicaid statutes and regulations prohibiting supplementation. Assessments resulting from such agreements that are computed without reference to and are not attributable to purchase of services contracts involving particular Medicaid patients would not be considered supplementation. Assessments that are computed with reference to or are attributable to purchase of services contracts involving particular Medicaid patients are not permissible. The validity of hybrid assessments that do not fit solely within either one of those two categories must be determined on a case-by-case basis. OAG 4-09.
66.0303 Municipal interstate cooperation.
(1) In this section, “municipality" has the meaning given in s. 66.0301 (1) (a), except that with regard to agreements described in s. 66.0304, “municipality" includes a political subdivision, as defined in s. 66.0304 (1) (f).
(2) A municipality may contract with municipalities of another state or with federally recognized American Indian tribes or bands located in another state for the receipt or furnishing of services or the joint exercise of any power or duty required or authorized by statute to the extent that laws of the other state or of the United States permit the joint exercise.
(3)
(a) Except as provided in par. (b) and s. 66.0825 (18), an agreement made under this section shall, prior to and as a condition precedent to taking effect, be submitted to the attorney general who shall determine 23 whether the agreement is in proper form and compatible with the laws of this state. The attorney general shall approve any agreement submitted under this paragraph unless the attorney general finds that it does not meet the conditions set forth in this section and details in writing addressed to the concerned municipal governing bodies the specific respects in which the proposed agreement fails to meet the requirements of law. Failure to disapprove an agreement submitted under this paragraph within 90 days of its submission constitutes approval. The attorney general, upon submission of an agreement, shall transmit a copy of the agreement to the governor who shall consult with any state department or agency affected by the agreement. The governor shall forward to the attorney general any comments the governor may have concerning the agreement.
(b) An agreement under this section between a municipality of this state and a municipality of another state that relates to the receipt, furnishing, or joint exercise of fire fighting or emergency medical services need not be submitted to or approved by the attorney general before the agreement may take effect. (4) An agreement entered into under this section has the status of an interstate compact, but in any case or controversy involving performance or interpretation of or liability under the agreement, the municipalities party to the agreement are real parties in interest and the state may commence an action to recoup or otherwise make itself whole for any damages or liability which it may incur by reason of being joined as a party. The action by the state may be maintained against any municipality whose act or omission caused or contributed to the incurring of damage or liability by the state.
History: 1999 a. 150 ss. 77, 355; 2001 a. 109; 2005 a. 198; 2009 a. 205, 378, 379.
66.0304 Conduit revenue bonds.
(1) DEFINITIONS. In this section:
(a) “Agreement" means a contract entered into under this section by the political subdivisions which form a commission. The contract may be amended according to the terms of the contract, and the amended contract remains an agreement.
(b) “Bond" means any bond, note or other obligation issued or entered into or acquired under this section, including any refunding bond or certificate of participation or lease-purchase, installment sale, or other financing agreement.
(c) “Commission" means an entity created by two or more political subdivisions, who contract with each other under s. 66.0301 (2) or 66.0303 (2)
, for the purpose of issuing bonds under this section.
(d) “Member" means a party to an agreement.
(e) “Participant" means any public or private entity or unincorporated association, including a federally recognized Indian tribe or band, that contracts with a commission for the purpose of financing or refinancing a project that is owned, sponsored, or controlled by the public or private entity or unincorporated association.
(f) “Political subdivision" means any city, village, town, or county in this state or any city, village, town, county, district, authority, agency, commission, or other similar governmental entity in another state or office, department, authority, or agency of any such other state or territory of the United States. (g) “Project" means any capital improvement, purchase of receivables, property, assets, commodities, bonds or other revenue streams or related assets, working capital program, or liability or other insurance program, located within or outside of this state.
(ge) “Public official" means an individual who holds, or has held, a local public office, as that term is defined in s. 19.42 (7w),
for a political subdivision in this state.
(h) “Revenue" means all moneys and fees received from any source by a commission. (2) ATTORNEY GENERAL REVIEW.
(a) Before an agreement may take effect, the proposed agreement shall be submitted to the attorney general who shall determine whether the agreement is in proper form and compatible with the laws of this state.
Subject to sub. (3) (d),
the attorney general shall approve any agreement submitted under this subsection unless the attorney general finds that it does not meet the conditions set forth in this section and details in 24 writing addressed to the concerned political subdivisions' governing bodies the specific respects in which the proposed agreement fails to meet the requirements of law. Failure to disapprove an agreement submitted under this subsection within 90 days of its submission constitutes approval. The attorney general, upon submission of an agreement, shall transmit a copy of the agreement to the governor, who may consult with any state department or agency. The governor shall forward to the attorney general any comments the governor may have concerning the agreement. (b) No approval is required under this subsection for an amendment to an agreement to take effect, unless the amendment is to add a member or unless otherwise required by the terms of the agreement. A commission may not be dissolved under sub. (4m) without the approval of the attorney general, who shall certify to the commission and the participants that the dissolution resolution provides for the payment of any outstanding bonds or other obligations of the commission. (3) CREATION AND ORGANIZATION.
(a) Two or more political subdivisions may create a commission for the purpose of issuing bonds by entering into an agreement to do so under s. 66.0301 (2) or 66.0303 (2), except that upon its creation all of the initial members of a commission shall be political subdivisions that are located in this state. A commission that is created as provided in this section is a unit of government, and a body corporate and politic, that is separate and distinct from, and independent of, the state and the political subdivisions which are parties to the agreement.
(b) A commission shall be governed by a board, the members of which shall be appointed under the terms of the agreement. A majority of the board members shall be public officials or current or former employees of a political subdivision that is located in this state. Board members may be reimbursed for their actual and necessary expenses incurred in performing their duties to the extent provided in the agreement or the bylaws of the commission.
(c) An additional political subdivision may become a member of a commission, and a member may withdraw from a commission, as provided in the agreement. For an agreement to be valid, at least one commission member shall be a political subdivision that is located in this state and a commission shall consist of at least 2 political subdivisions. A commission may not take any action under this paragraph that would invalidate an agreement.
(d) No commission may be created under this section unless its agreement is submitted to the attorney general, under sub. (2)
, before October 1, 2010. Only one commission may be formed under this section. If more than one agreement is submitted to the attorney general before October 1, 2010, the attorney general must give preference to the agreement that submits with its documents a demonstration of support for its agreement from at least one statewide organization located in this state which represents the interests of political subdivisions and has political subdivisions among its membership. (4) POWERS OF A COMMISSION. A commission has all of the powers necessary or convenient to carry out the purposes and provisions of this section. In addition to all other powers granted by this section, a commission may do any of the following:
(a) Adopt bylaws for the regulation of its affairs and the conduct of its business. (b) Sue and be sued in its own name, plead and be impleaded. (c) Acquire, buy, sell, lease as lessor or lessee, encumber, mortgage, hypothecate, pledge, assign, or transfer any property or interest in property that is located within or outside of this state. (d) Enter into contracts related to the issuance of bonds. (e) Issue bonds or refunding bonds, subject to sub. (5), to finance or refinance a project, including funding a reserve fund or capitalized interest, payment of costs of issuance and other costs related to the financing or refinancing, or credit enhancement, and enter into agreements related to the issuance of bonds, including liquidity and credit facilities, remarketing agreements, insurance policies, guaranty agreements, letter of credit or reimbursement agreements, indexing agreements, interest rate swap agreements, currency exchange agreements, commodity swap agreements, and other hedge agreements and any other 25 like agreements, in each case with such payment, interest rate, currency security, remedy, and other terms and conditions as the commission determines.
(f) Employ or appoint agents, employees, finance professionals, and special advisers as the commission finds necessary and fix their compensation.
(g) Accept gifts, loans, or other aid.
(h) Establish and collect fees, plus administrative expenses, from participants who benefit from the commission's services, or services provided by an outside entity, and distribute the fees and expenses as provided in the agreement.
(i) Make loans to, lease property from or to, or enter into any other kind of an agreement with a participant or other entity, in connection with financing or refinancing a project. (j) Mortgage, pledge, or otherwise encumber the commission's property or its interest in projects. (k) Assign or pledge any portion of its interests in projects, mortgages, deeds of trust, indentures of mortgage or trust, leases, purchase or sale agreements or other financing agreements, or similar instruments, bonds, notes, and security interests in property, of a participant, or contracts entered into or acquired in connection with bonds.
(L) Issue, obtain, or aid in obtaining, from any person, any insurance or guarantee to, or for, the payment or repayment of interest or principal, or both, on any loan, lease, bond, or other obligation evidencing or securing such a loan, lease, bond, or obligation that is entered into under this section. (m) Apply on its own behalf or on behalf of a participant to any unit of government for an allocation of volume cap, tax credit, subsidy, grant, loan, credit enhancement, or any other federal, state, or local program in connection with the financing or refinancing of a project. (n) Invest any bond proceeds or any money held for payment or security of the bonds, or any contract entered into under this section, in any securities or obligations permitted by the resolution, trust agreement, indenture, or other agreement providing for issuance of the bonds or the contract. (o) At the request of a participant, combine and pledge revenues of multiple projects for repayment of one or more series of bonds issued under this section.
(p) P
urchase bonds issued by or on behalf of, or held by, any participant, any state or a department, authority, or agency of the state, or any political subdivision. Bonds purchased under this paragraph may be held by the commission or sold, in whole or in part, separately or together with other bonds issued by the commission.
(4m) DISSOLUTION OF A COMMISSION. Subject to sub. (2) (b) and subject to providing for the payment of its bonds, including interest on the bonds, and the performance of its other contractual obligations, a commission may be dissolved, by resolution, as provided in the agreement. If the commission is dissolved, the property of the commission shall be transferred to the political subdivisions who are parties to the agreement creating the commission as provided in the agreement. (5) ISSUANCE OF BONDS.
(a) A commission may not issue bonds unless the issuance is first authorized by a bond resolution. A bond issued under this section shall meet all of the following requirements:
1. The face of the bond shall include the date of issuance and the date of maturity.
2. The face of the bond shall include the statements required under subs. (9) (c) and (11) (d).
3. The date of maturity may not exceed 50 years from the date of issuance.
4. The bond shall bear a rate of interest, either fixed or variable, specified by the resolution. Any variable rate of interest shall be made subject to a maximum rate.
5. Interest and principal shall be paid at the time and place specified in the resolution.
6. Bonds in a single issue may be composed of a single denomination or 2 or more denominations, as provided in the resolution.
26 7. The bond shall be payable in lawful money of the United States or, if provided in the resolution, another currency.
8. Bonds shall be registered as provided in the resolution.
9. Bonds shall be in the form, and executed in the manner, provided in the resolution. (am) Notwithstanding par. (a), as an alternative to specifying the matters required to be specified in the bond resolution under par. (a), the resolution may specify members of the board or officers or employees of the commission, by name or position, to whom the commission delegates authority to determine which of the matters under specified par. (a), and any other matters that the commission deems appropriate, for inclusion in the trust agreement, indenture, or other agreement providing for issuance of the bonds as finally executed. A resolution under this paragraph shall specify at least all of the following:
1. The maximum principal amount of bonds to be issued.
2. The maximum term of the bonds.
3. The maximum interest rate to be borne by the bonds.
(b) A bond issued under this section may include, or be subject to, any of the following:
1. Early mandatory or optional redemption or purchase in lieu of redemption or tender, as provided in the resolution.
2. A provision providing a right to tender.
3. A trust agreement or indenture containing any terms, conditions, and covenants that the commission determines to be necessary or appropriate, but such terms, conditions, and covenants may not be in conflict with the resolution.
(c) The commission may purchase any bond issued under this section. Subject to the terms of any agreement with the bondholders, the commission may hold, pledge, resell, or cancel any bond purchased under this paragraph, except that a purchase under this paragraph may not effect an extinguishment of a bond unless the commission cancels the bond or otherwise certifies its intention that the bond be extinguished. (d) The proceeds of a bond issued under this section may be used for one or more projects located within or outside of this state.
(e) The commission shall send notification to the department of revenue, on a form prescribed by the department, whenever a bond is issued under this section. (6) SALE OF BONDS.
(a) The sale of bonds under this section shall be conducted as provided in the bond resolution. (b) A sale may be public or private. Bonds may be sold at the price or prices, and upon the conditions, determined by the commission. The commission shall give due consideration to the recommendations of the participants in the project when determining the conditions of sale. (c) B onds that are sold under this section may be serial bonds or term bonds, or both. (d) If at the time of sale definitive bonds are not available, the commission may issue interim certificates exchangeable for definitive bonds.
(e) The commission shall disclose to any person who purchases a tax-exempt bond issued under this section that the interest received on such a bond is exempt from taxation, as provided in ss. 71.05 (1) (c)
10., 71.26 (1m) (k), 71.36 (1m), and 71.45 (1t) (k).
(7) BOND SECURITY.
(a) The commission may secure bonds by a trust agreement or indenture by and between the commission and one or more corporate trustees. A bond resolution, trust agreement, or indenture may contain provisions for pledging properties, revenues, and other collateral; holding and disbursing funds; protecting and enforcing the rights and remedies of bondholders; restricting individual rights of action by bondholders; and amendments, and any other provisions the commission determines to be reasonable and proper for the security of the bondholders or contracts entered into under this section in connection with the bonds. 27 (b) A pledge of property, revenues, or other collateral by a commission to secure the payment of the principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any provider of credit enhancement for bonds, or any swap or other agreement entered into in connection with bonds, is binding on the parties and on any successors. The collateral shall immediately be subject to the pledge, and the pledge shall constitute a lien and security interest which shall attach immediately to the collateral and be effective, binding, and enforceable against the pledgor, its successors, purchasers of the collateral, creditors, and all others, to the extent set forth, and in accordance with, the pledge document irrespective of whether those parties have notice of the pledge and without the need for any physical delivery, recordation, filing, or further act.
(8) NO PERSONAL LIABILITY. No board member of the commission is liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance of the bonds, unless the personal liability or accountability is the result of willful misconduct. (9) BONDS NOT PUBLIC DEBT.
(a) Unless otherwise expressly provided in the bond resolution, each issue of bonds by the commission shall be the limited obligation of the commission payable solely from amounts received by the commission from revenues derived from the project to be financed or refinanced or from any contract entered into or investment made in connection with the bonds and pledged to the payment of the bonds. (b) The state and the political subdivisions who are parties to the agreement creating a commission under this section are not liable on bonds or any other contract entered into under this section, or for any other debt, obligation, or liability of the commission, whether in tort, contract, or otherwise. (c) The bonds are not a debt of the state or the political subdivisions contracting to create a commission under this section. A bond issue under this section does not obligate the state or a political subdivision to levy any tax or make any appropriation for payment of the bonds. All bonds issued by a commission are payable solely from the funds pledged for their payment in accordance with the bond resolution or trust agreement or indenture providing for their issuance. All bonds shall contain, on their face, a statement regarding the obligations of the state, the political subdivisions who are parties to the agreement creating the commission, and the commission as set forth in this paragraph. (10) AUDITS, FISCAL YEAR.
(a) The board of a commission shall adopt a calendar year as its fiscal year for accounting purposes. The board shall annually prepare a budget for the commission.
(b) A commission shall maintain an accounting system in accordance with generally accepted accounting principles and shall have its financial statements and debt covenants audited annually by an independent certified public accountant, except that the commission by a unanimous vote may decide to have an audit performed under this paragraph every 2 years.
(c) A copy of the budget and audit shall be sent to the governing body of each political subdivision which is a party to the agreement that created the commission and filed with the secretary of administration and the legislative audit bureau.
(11) LIMITATIONS.
(a) A commission may not issue bonds to finance a capital improvement project in any state or territory of the United States unless a political subdivision within whose boundaries the project is to be located has approved the financing of the project. A commission may not issue bonds to finance a capital improvement project in this state unless all of the political subdivisions within whose boundaries the project is to be located has approved the financing of the project. An approval under this paragraph may be made by the governing body of the political subdivision or, except for a 1st class city or a county in which a 1st class city is located, by the highest ranking executive or administrator of the political subdivision.
(b) This section provides a complete alternative method, to all other methods provided by law, to exercise the powers authorized in this section, including the issuance of bonds, the entering into of contracts related to those bonds, and the financing or refinancing of projects. 28 (bm) A project may be located outside of the United States or outside a territory of the United States if the borrower, including a co-borrower, of proceeds of bonds issued to finance or refinance the project in whole or in part is incorporated and has its principal place of business in the United States or a territory of the United States. To the extent that this paragraph applies to a borrower, it also applies to a participant if the participant is a nongovernmental entity.
(c) Any action brought to challenge the validity of the issuance of a bond under this section, or the enforceability of a contract entered into under this section, must be commenced in circuit court within 30 days of the commission adopting a resolution authorizing the issuance of the bond or the execution of the contract.
(d) Bonds issued under this section shall not be invalid for any irregularity or defect in the proceedings for their sale or issuance. The bonds shall contain a statement that they have been authorized and issued pursuant to the laws of this state. The statement shall be conclusive evidence of the validity of the bonds. (12) S
TATE PLEDGE. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a commission under this section, that the state will not limit, impair, or alter the rights and powers vested in a commission by this section, including the rights and powers under sub. (4) , before the
commission has met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with a commission. The commission may include this pledge in a contract with bondholders.
History: 2009 a. 205; 2011 a. 32, 239; 2013 a. 20.
CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2022-3 (Legado)
MEETING DATE: April 27, 2022
TO: Finance Committee
PREPARED BY: Jizelle Sandoval, Financial Analyst
REVIEWED BY: Rochelle Clayton, Assistant City Manager
RECOMMENDED ACTION
Review the proposed Community Facilities District No. 2022-3 (Legado) by BLC Fleming LLC to finance the costs of certain public improvements for the development of a residential tract containing 1,022 units located North of Chambers Avenue, South of Rouse Road and East of Encanto Drive and West of Antelope Road and recommend submittal to the City Council for approval at the June 15, 2022.
DISCUSSION
The developer BLC Fleming LLC owns a residential tract containing 1,022 units proposed lots within the City of Menifee. BLC Fleming LLC has requested that the City form a Community Facilities District ( “CFD No. 2022- 3 (Legado)”) in accordance with the Mello- Roos Community Facilities Act of 1982, as amended , to finance the costs of certain public i mprovements through the levy of a special tax and the issuance of bonds in the approximate amount of $30,285,000.
This item is to review the proposed CFD No. 2022-3 (Legado).
ATTACHMENTS
1. Legado Road Proforma Summary
2. Legado Project Map
3. Legado Boundary Map
4. Legado Maintenance Exhibit
5. Legado Proforma
6. Financing Proposal
CFD 2022‐3 (Legado)
Proforma Summary Sheet
Applicant: BLC Fleming
Project Description
Improvement Area 1
Tax Zones 3 Separate Tax Zones
Acreage Gross: 143.73; Net: 78.57
Development Description Detached Single Family Residential Number of Units (50 min) 508 Units
Estimated Home Size Range 1,300 SF to 3,500 SF
Average Home Size 2,416 SF
Average Estimated Home Price $583,549
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $2,630 to $3,598
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 12
Maintenance CFD Rate $963/Unit
Improvement Area 2
Tax Zones 3 Separate Tax Zones
Acreage Gross: 119.70; Net: 77.43
Development Description Detached Single Family Residential Number of Units (50 min) 514 Units
Estimated Home Size Range 1,300 SF to 3,500 SF
Average Home Size 2,400 SF
Average Estimated Home Price $582,971
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $2,630 to $3,598
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 12
Maintenance CFD Rate $963/Unit
Total
Tax Zones 6 Separate Tax Zones
Acreage Gross: 263.43; Net: 156.00
Number of Units (50 min) 1,022 Units
Bond Sizing Assumptions
Improvement Area 1
Average Coupon 4.50%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $1,582,859
Estimated Sources and Uses
Sources
Par Bond Amount $30,285,000
Uses
Reserve Fund $2,397,611
Capitalized Interest $681,413
Underwriter Discount $454,275
Cost of Issuance $250,000
Improvement Fund $26,501,702
Allocation of Improvement Fund
Description % of Total Total
City Fees 13% $3,424,006
City Facilities* 1% $22,850,620
City Additional Facilities (20%) 86% $227,076
Eastern Municipal Water District** 0% $0
Unfunded $13,217,894
*$4,467,338 City Facilities Unfunded
**$8,750,556 EMWD Fees Unfunded
Bond Sizing Assumptions
Improvement Area 2
Average Coupon 4.50%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $1,600,552
Estimated Sources and Uses
Sources
Par Bond Amount $31,860,000
Uses
Reserve Fund $2,552,314
Capitalized Interest $716,850
Underwriter Discount $454,275
Cost of Issuance $250,000
Improvement Fund $27,892,936
Allocation of Improvement Fund
Description % of Total Total
City Fees 13% $3,694,205
City Facilities* 1% $23,968,973
City Additional Facilities (20%) 86% $229,758
Eastern Municipal Water District** 0% $0
Unfunded $12,457,348
*$3,441,879 City Facilities Unfunded
**$9,015,469 EMWD Fees Unfunded
Proposed Schedule
Finance Committee April 27, 2022
Resolution of Intention June 15, 2022
Public Hearing July 20, 2022
2nd Reading Ordinance August 3, 2022
PROJECT LOCATION MAP
COMMUNITY FACILITES DISTRICT NO. 2022-3
(LEGADO)
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 1 2 3456789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 Plan 5000 5000 5000 5000 5000 5000 5000 5500 5500 5500 5500 5500 5500 6/700 0 6/7000 6/7000 6/7000 6/7000 6/7000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 1,400 to 1,601 to 1,801 to 2,001 to 2,201 to Over Under 1,900 to 2,101 to 2,301 to 2,501 to Over Under 2,100 to 2,401 to 2,701 to 3,001 to Over 1,400 1,600 1,800 2,000 2,200 2,400 2,400 1,900 2,100 2,300 2,500 2,700 2,700 2,100 2,400 2,700 3,000 3,300 3,300 Estimated Home Size 1,300 1,500 1,700 1,900 2,100 2,300 2,500 1,800 2,000 2,200 2,500 2,800 3,100 2,000 2,300 2,600 2,900 3,200 3,500 2,416 Estimated Home Price $501,000 $533,000 $544,000 $551,000 $567,000 $587,000 $598,000 $531,000 $556,000 $568,000 $588,000 $602,000 $620,000 $550,000 $575,000 $598,000 $609,000 $624,000 $665,000 $583,549 Ad‐Valorem Tax Rate (1.00%) $5,010.00 $5,330.00 $5,440.00 $5,510.00 $5,670.00 $5,870.00 $5,980.00 $5,310.00 $5,560.00 $5,680.00 $5,880.00 $6,020.00 $6,200.00 $5, 500.00 $5,750.00 $5,980.00 $6,090.00 $6,240.00 $6,650.00 $5,835.49 Metro Water West (0.00350%) $17.54 $18.66 $19.04 $19.29 $19.85 $20.55 $20.93 $18.59 $19.46 $19.88 $20.58 $21.07 $21.70 $19.25 $20.13 $20.93 $21.32 $21.84 $23.28 $20.42 Menifee School (0.06319%) $316.58 $336.80 $343.75 $348.18 $358.29 $370.93 $377.88 $335.54 $351.34 $358.92 $371.56 $380.40 $391.78 $347.55 $363.34 $377.88 $384. 83 $394.31 $420.21 $368.74 Perris Union HS (0.08859%) $443.84 $472.18 $481.93 $488.13 $502.31 $520.02 $529.77 $470.41 $492.56 $503.19 $520.91 $533.31 $549.26 $487.25 $509.39 $529.77 $539. 51 $552.80 $589.12 $516.97 Mt. San Jacinto Jr. College (0.01320%) $66.13 $70.36 $71.81 $72.73 $74.84 $77.48 $78.94 $70.09 $73.39 $74.98 $77.62 $79.46 $81.84 $72.60 $75.90 $78.94 $80.39 $82.37 $87.78 $77.03 Subtotal GO Bond Debt $5,854.08 $6,228.00 $6,356.53 $6,438.32 $6,625.28 $6,858.98 $6,987.51 $6,204.63 $6,496.75 $6,636.97 $6,870.66 $7,034.25 $7,244.58 $6,426 .64 $6,718.76 $6,987.51 $7,116.04 $7,291.32 $7,770.39 $6,818.66 Perris Union High School District CFD 92‐1 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD $234.0 0 $270.00 $306.00 $342.00 $378.00 $414.00 $450.00 $324.00 $360.00 $396.00 $450.00 $504.00 $558.00 $360.00 $414.00 $468.00 $522.00 $576.00 $630.00 $434.83 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.0 0 $963.00 $963.00 $963.00 Proposed CFD No. 2020‐1 ‐ Facilities Special Tax** $2,630.00 $2,860.00 $2,916.00 $2,938.00 $3,035.00 $3,165.00 $3,221.00 $2,790.00 $2,962.00 $3,025.00 $3,138.00 $3,200.00 $3,296.00 $2,91 2.00 $3,066.00 $3,203.00 $3,240.00 $3,311.00 $3,598.00 $3,115.86 Subtotal Special Assessments and Taxes $4,165.58 $4,431.58 $4,523.58 $4,581.58 $4,714.58 $4,880.58 $4,972.58 $4,415.58 $4,623.58 $4,722.58 $4,889.58 $5,005.58 $5,155.58 $4,57 3.58 $4,781.58 $4,972.58 $5,063.58 $5,188.58 $5,529.58 $4,852.28 Total Annual Property Taxes $10,019.66 $10,659.58 $10,880.11 $11,019.90 $11,339.86 $11,739.56 $11,960.09 $10,620.21 $11,120.33 $11,359.55 $11,760.24 $12,039.83 $1 2,400.16 $11,000.22 $11,500.34 $11,960.09 $12,179.62 $12,479.90 $13,299.97 $11,670.93 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Unit Mix ‐ 32 32 31 32 32 ‐ 29 29 29 29 29 29 ‐ 35 35 35 35 35 508 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $0 $91,520 $93,312 $91,078 $97,120 $101,280 $0 $80,910 $85,898 $87,725 $91,002 $92,800 $95,584 $0 $107,310 $112,105 $113,400 $115,885 $ 125,930 $1,582,859 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $0 $81,623 $83,221 $81,229 $86,618 $90,328 $0 $72,160 $76,609 $78,238 $81,161 $82,765 $85,248 $0 $95,706 $99,982 $101,137 $103,353 $112, 312 $1,411,690 II. Total Estimated Home Square Footage: ‐ 48,000 54,400 58,900 67,200 73,600 ‐ 52,200 58,000 63,800 72,500 81,200 89,900 ‐ 80,500 91,000 101,500 112,000 122,500 1,227,200 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (4.50% Interest, 30 Year Term, 29 Year Amortization) $30,285,000 Underwriter Discount (1.50%) $454,275
Reserve Fund (Maximum Annual Debt Service) $2,397,611
Capitalized Interest (6 mos.) $681,413
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $3,783,298 Net Bond Proceeds $26,501,702
1 23
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2 Tax Zone 3
159 Lots 174 Lots 175 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 35.12 60.14 48.47 Less: Exempt Acres 14.26 34.54 16.36 Net Taxable Acres 20.86 25.60 32.11 II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $474,310 $533,919 $574,630 Net Taxable Acres 20.86 25.60 32.11 Less: Contingency Factor (10%) 2.09 2.56 3.21 Net Taxable Acres (Adjusted) 18.77 23.04 28.90 Undeveloped Property Tax Rate per Acre $25,265 $23,177 $19,883 Total Exempt Acreage 16.35 37.10 19.57 III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted) 18.77 23.04 28.90 Undeveloped Property Tax Rate per Acre $25,265 $23,177 $19,883 Total Units 159 174 175
Backup Special Tax per Unit $2,983 $3,068 $3,284
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $474,310 $533,919 $574,630 Total Net Acres (Square Feet) 817,763 1,003,456 1,258,917 Backup Special Tax Rate per Lot Square Foot $0.5800 $0.5321 $0.4564 CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Zone Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,400 1 $2,630 0 $0 $0
1,400 to 1,600 1 $2,860 32 $91,520 $95,458
1,601 to 1,800 1 $2,916 32 $93,312 $95,458
1,801 to 2,000 1 $2,938 31 $91,078 $92,475
2,001 to 2,200 1 $3,035 32 $97,120 $97,120
2,201 to 2,400 1 $3,165 32 $101,280 $101,280
Greater than
to 2,400 1 $3,221 0 $0 $0
Backup Tax Rate per Unit $2,983 159
Less than to 1,900 2 $2,790 29 $80,910 $88,985
1,901 to 2,100 2 $2,962 29 $85,898 $88,985
2,101 to 2,300 2 $3,025 29 $87,725 $88,985
2,301 to 2,500 2 $3,138 29 $91,002 $91,002
2,501 to 2,700 2 $3,200 29 $92,800 $92,800
Greater than
to 2,700 2 $3,296 29 $95,584 $95,584
Backup Tax Rate per Unit $3,068 174
Less than to 2,100 3 $2,912 0 $0 $0
2,101 to 2,400 3 $3,066 35 $107,310 $114,927
2,401 to 2,700 3 $3,203 35 $112,105 $114,927
2,701 to 3,000 3 $3,240 35 $113,400 $114,927
3,001 to 3,300 3 $3,311 35 $115,885 $115,885
Greater than
3,300 3 $3,598 35 $125,930 $125,930
Backup Tax Rate per Unit $3,284 175
Non‐residential Property $23,177
508 $1,582,859 $1,614,727
Tax Rate for Bonding $1,445,206
Sizing at Max tax rate $41,300,000
Future Facilities (rounded up) $36,500,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Use of Bond Proceeds
508 Lots 514 Lots 1022 Lots
FUNDING REQUIREMENTS Per Lot IA 1 IA 2 Total
City Fees
Law Enforcement $231 $117,348 $118,734 $236,082
Fire Facility $614 $311,912 $315,596 $627,508
General Government $1,021 $518,668 $524,794 $1,043,462
Pulic Use Facilities $154 $78,232 $79,156 $157,388
Parks ‐ Land Acquisition $215 $109,220 $110,510 $219,730 Subtotal DIF $2,235 $1,135,380 $1,148,790 $2,284,170
City Projects $447 $227,076 $229,758 $456,834
Fair Share Traffic Impact Fee $4,505 $2,288,626 $2,315,657 $4,604,283 Total City Fees $7,187 $3,651,082 $3,694,205 $7,345,287 City Facilities
Circulation Facilities $15,348 $7,797,030 $7,889,120 $15,686,150 Circulation Reimbursements ($763) ($387,788) ($392,369) ($780,157) Net Circulation Facilities $14,585 $7,409,242 $7,496,751 $14,905,993 Storm Drain Facilities $9,131 $4,638,712 $4,693,499 $9,332,211 Storm Drain Reimbursements ($1,645) ($835,778) ($845,650) ($1,681,428) Net Storm Drain Facilities $7,486 $3,802,934 $3,847,849 $7,650,783 Park Facilities $10,763 $5,467,710 $5,532,290 $11,000,000 Park Reimbursements ($2,274) ($1,155,406) ($1,169,052) ($2,324,458) Net Park Facilities $8,489 $4,312,304 $4,363,238 $8,675,542 Interior Road Improvements $23,216 $11,793,478 $11,932,772 $23,726,250 Total City Facilities $53,776 $27,317,958 $27,640,610 $54,958,568 Total City Fees and Facilities $60,963 $30,969,040 $31,334,815 $62,303,855 EWMD Fees
Sewer Financial Participation $3,208 $1,629,664 $1,648,912 $3,278,576 Sewer Treatment Capacity $6,081 $3,089,148 $3,125,634 $6,214,782 Water Financial Participation $6,845 $3,477,260 $3,518,330 $6,995,590 Water Supply Development Fee $372 $188,976 $191,208 $380,184 1" Meter Drop‐In Fee $377 $191,516 $193,778 $385,294
Landscape Meter Connection Fees
1 @ 3" $203 $0 $207,113 $207,113
7 @ 1.5" $213 $124,280 $93,210 $217,490
7 @ 1" $85 $49,712 $37,284 $86,996
Total EMWD Fees $17,384 $8,750,556 $9,015,469 $17,766,025 Total Cost $78,346 $39,719,596 $40,350,284 $80,069,880
Potential Project Funds Available $26,501,702 $27,892,93 6 $54,394,638 ALLOCATION OF PROCEEDS % Per Lot IA 1 IA 2 Total
City Projects 1% $447 $227,076 $229,758 $456,834
City Fees 13% $6,965 $3,424,006 $3,694,205 $7,118,211
City Facilities 86% $45,812 $22,850,620 $23,968,973 $46,819,593 EMWD Fees 0% $0 $0 $0 $0
Total Funded by Bond Proceeds 100% $53,224 $26,501,702 $27,892,936 $54,394,638 UNFUNDED REQUIREMENTS
Total to be Funded by Developer $13,217,894 $12,457,348 $25,675,242 CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2024 $1,614,516 $30,600 $0 4.50% $681,413 $681,413 $0 N/A 2 9/1/2025 $1,646,807 $31,212 $105,000 4.50% $1,362,825 $1,467,825 110.07% 3 9/1/2026 $1,679,743 $31,836 $140,000 4.50% $1,358,100 $1,498,100 110.00% 4 9/1/2027 $1,713,337 $32,473 $175,000 4.50% $1,351,800 $1,526,800 110.09% 5 9/1/2028 $1,747,604 $33,122 $210,000 4.50% $1,343,925 $1,553,925 110.33% 6 9/1/2029 $1,782,556 $33,785 $255,000 4.50% $1,334,475 $1,589,475 110.02% 7 9/1/2030 $1,818,207 $34,461 $295,000 4.50% $1,323,000 $1,618,000 110.24% 8 9/1/2031 $1,854,572 $35,150 $340,000 4.50% $1,309,725 $1,649,725 110.29% 9 9/1/2032 $1,891,663 $35,853 $390,000 4.50% $1,294,425 $1,684,425 110.17% 10 9/1/2033 $1,929,496 $36,570 $440,000 4.50% $1,276,875 $1,716,875 110.25% 11 9/1/2034 $1,968,086 $37,301 $495,000 4.50% $1,257,075 $1,752,075 110.20% 12 9/1/2035 $2,007,448 $38,047 $555,000 4.50% $1,234,800 $1,789,800 110.03% 13 9/1/2036 $2,047,597 $38,808 $615,000 4.50% $1,209,825 $1,824,825 110.08% 14 9/1/2037 $2,088,549 $39,584 $680,000 4.50% $1,182,150 $1,862,150 110.03% 15 9/1/2038 $2,130,320 $40,376 $745,000 4.50% $1,151,550 $1,896,550 110.20% 16 9/1/2039 $2,172,926 $41,184 $815,000 4.50% $1,118,025 $1,933,025 110.28% 17 9/1/2040 $2,216,385 $42,007 $895,000 4.50% $1,081,350 $1,976,350 110.02% 18 9/1/2041 $2,260,712 $42,847 $975,000 4.50% $1,041,075 $2,016,075 110.01% 19 9/1/2042 $2,305,927 $43,704 $1,055,000 4.50% $997,200 $2,052,200 110.23% 20 9/1/2043 $2,352,045 $44,578 $1,145,000 4.50% $949,725 $2,094,725 110.16% 21 9/1/2044 $2,399,086 $45,470 $1,240,000 4.50% $898,200 $2,138,200 110.07% 22 9/1/2045 $2,447,068 $46,379 $1,340,000 4.50% $842,400 $2,182,400 110.00% 23 9/1/2046 $2,496,009 $47,307 $1,440,000 4.50% $782,100 $2,222,100 110.20% 24 9/1/2047 $2,545,929 $48,253 $1,550,000 4.50% $717,300 $2,267,300 110.16% 25 9/1/2048 $2,596,848 $49,218 $1,665,000 4.50% $647,550 $2,312,550 110.17% 26 9/1/2049 $2,648,785 $50,203 $1,785,000 4.50% $572,625 $2,357,625 110.22% 27 9/1/2050 $2,701,761 $51,207 $1,915,000 4.50% $492,300 $2,407,300 110.10% 28 9/1/2051 $2,755,796 $52,231 $2,050,000 4.50% $406,125 $2,456,125 110.07% 29 9/1/2052 $2,810,912 $53,275 $2,190,000 4.50% $313,875 $2,503,875 110.13% 30 9/1/2053 $2,867,130 $54,341 $2,340,000 4.50% $215,325 $2,555,325 110.08% 31 9/1/2054 $2,867,130 $54,341 $2,445,000 4.50% $110,025 $2,555,025 110.09% Total $68,364,950 $1,295,724 $30,285,000 $29,857,163 $681,413 $59,460,750 110.03% CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 1
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 6,014 0.14 46 6,054 0.14 1 5,443 0.12 46 5,000 0.11 2 5,137 0.12 47 5,500 0.13 2 5,135 0.12 47 5,000 0.11 3 5,473 0.13 48 5,500 0.13 3 5,471 0.13 48 5,000 0.11 4 5,500 0.13 49 5,500 0.13 4 5,498 0.13 49 5,416 0.12 5 5,500 0.13 50 6,600 0.15 5 5,498 0.13 50 6,202 0.14 6 5,500 0.13 51 5,500 0.13 6 5,498 0.13 51 5,851 0.13 7 5,500 0.13 52 5,500 0.13 7 5,497 0.13 52 5,511 0.13 8 5,500 0.13 53 5,202 0.12 8 5,497 0.13 53 5,170 0.12 9 5,500 0.13 54 5,000 0.11 9 5,497 0.13 54 5,000 0.11 10 5,500 0.13 55 5,207 0.12 10 5,497 0.13 55 5,000 0.11 11 5,500 0.13 56 7,114 0.16 11 5,497 0.13 56 5,000 0.11 12 5,937 0.14 57 10,921 0.25 12 5,496 0.13 57 5,000 0.11 13 5,700 0.13 58 6,285 0.14 13 5,496 0.13 58 5,000 0.11 14 5,200 0.12 59 5,224 0.12 14 5,496 0.13 59 5,000 0.11 15 6,510 0.15 60 5,863 0.13 15 5,297 0.12 60 5,000 0.11 16 5,678 0.13 61 6,000 0.14 16 6,736 0.15 61 5,000 0.11 17 5,595 0.13 62 6,000 0.14 17 12,014 0.28 62 5,000 0.11 18 5,512 0.13 63 6,000 0.14 18 7,009 0.16 63 6,000 0.14 19 5,429 0.12 64 6,000 0.14 19 5,200 0.12 64 6,286 0.14 20 5,550 0.13 65 7,200 0.17 20 5,553 0.13 65 6,837 0.16 21 5,260 0.12 66 6,000 0.14 21 5,597 0.13 66 7,150 0.16 22 6,195 0.14 67 6,000 0.14 22 6,091 0.14 67 7,383 0.17 23 5,705 0.13 68 5,999 0.14 23 6,188 0.14 68 5,000 0.11 24 5,378 0.12 69 6,262 0.14 24 5,200 0.12 69 5,000 0.11 25 6,394 0.15 70 6,567 0.15 25 5,200 0.12 70 5,000 0.11 26 5,485 0.13 71 6,382 0.15 26 5,200 0.12 71 5,000 0.11 27 5,597 0.13 72 6,023 0.14 27 5,300 0.12 72 5,000 0.11 28 5,757 0.13 73 6,063 0.14 28 5,300 0.12 73 5,000 0.11 29 5,904 0.14 29 5,300 0.12 74 5,000 0.11 30 6,759 0.16 30 5,300 0.12 75 5,000 0.11 31 5,391 0.12 31 5,300 0.12 76 5,000 0.11 32 6,179 0.14 32 5,300 0.12 77 5,000 0.11 33 6,571 0.15 33 5,300 0.12 78 5,932 0.14 34 6,544 0.15 34 5,300 0.12 79 5,857 0.13 35 5,234 0.12 35 6,187 0.14 80 5,526 0.13 36 5,484 0.13 36 5,415 0.12 81 5,863 0.13 37 5,766 0.13 37 5,000 0.11 82 6,037 0.14 38 6,857 0.16 38 5,000 0.11 83 7,057 0.16 39 5,880 0.13 39 5,000 0.11 84 5,577 0.13 40 6,060 0.14 40 5,000 0.11 85 5,078 0.12 41 6,238 0.14 41 5,000 0.11 86 5,497 0.13 42 6,319 0.15 42 5,000 0.11
43 6,784 0.16 43 5,000 0.11
44 6,104 0.14 44 5,000 0.11
45 6,547 0.15 45 5,000 0.11
Totals 262,127 6.02 171,466 3.94 250,803 5.76 224,230 5.15 Grand 908,626 20.86
TR 37408‐1T R 37409‐1
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 2
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 6,896 0.16 46 6,627 0.15 91 6,050 0.14 1 7,446 0.17 46 5,500 0.13 2 6,020 0.14 47 5,595 0.13 92 6,050 0.14 2 6,602 0.15 47 5,596 0.13 3 5,951 0.14 48 6,859 0.16 93 6,050 0.14 3 6,050 0.14 48 6,758 0.16 4 5,951 0.14 49 6,230 0.14 94 6,050 0.14 4 6,949 0.16 49 6,893 0.16 5 5,951 0.14 50 5,500 0.13 95 5,927 0.14 5 9,256 0.21 50 8,363 0.19 6 5,608 0.13 51 6,649 0.15 96 7,276 0.17 6 8,312 0.19 51 8,223 0.19 7 5,500 0.13 52 5,500 0.13 97 15,584 0.36 7 6,538 0.15 52 6,577 0.15 8 5,500 0.13 53 5,500 0.13 98 5,900 0.14 8 8,213 0.19 53 6,551 0.15 9 5,500 0.13 54 5,500 0.13 99 5,881 0.14 9 7,322 0.17 54 6,500 0.15 10 5,500 0.13 55 6,500 0.15 100 5,862 0.13 10 9,467 0.22 55 5,500 0.13 11 5,500 0.13 56 5,500 0.13 101 6,356 0.15 11 11,638 0.27 56 5,500 0.13 12 5,500 0.13 57 6,037 0.14 102 5,791 0.13 12 7,121 0.16 57 5,500 0.13 13 6,500 0.15 58 6,056 0.14 103 5,757 0.13 13 7,562 0.17 58 5,500 0.13 14 5,500 0.13 59 6,742 0.15 104 5,723 0.13 14 6,967 0.16 59 5,971 0.14 15 5,500 0.13 60 7,211 0.17 105 5,689 0.13 15 7,150 0.16 16 5,500 0.13 61 6,057 0.14 106 5,655 0.13 16 6,260 0.14 17 5,797 0.13 62 6,016 0.14 107 5,621 0.13 17 6,565 0.15 18 7,859 0.18 63 5,976 0.14 108 6,599 0.15 18 6,462 0.15 19 9,087 0.21 64 6,983 0.16 109 5,974 0.14 19 6,040 0.14 20 6,034 0.14 65 5,777 0.13 110 6,167 0.14 20 6,683 0.15 21 6,000 0.14 66 6,314 0.14 111 6,249 0.14 21 8,126 0.19 22 6,000 0.14 67 6,332 0.15 112 6,273 0.14 22 5,878 0.13 23 6,000 0.14 68 5,500 0.13 113 6,257 0.14 23 5,843 0.13 24 5,916 0.14 69 5,500 0.13 114 6,115 0.14 24 5,510 0.13 25 5,916 0.14 70 5,500 0.13 115 6,224 0.14 25 5,566 0.13 26 6,000 0.14 71 5,500 0.13 26 6,187 0.14 27 6,000 0.14 72 5,500 0.13 27 5,609 0.13 28 6,000 0.14 73 5,500 0.13 28 5,679 0.13 29 6,000 0.14 74 5,514 0.13 29 6,213 0.14 30 9,016 0.21 75 6,628 0.15 30 7,037 0.16 31 7,698 0.18 76 6,532 0.15 31 10,710 0.25 32 5,638 0.13 77 6,893 0.16 32 8,214 0.19 33 6,500 0.15 78 6,739 0.15 33 7,948 0.18 34 5,500 0.13 79 7,214 0.17 34 7,080 0.16 35 5,500 0.13 80 6,195 0.14 35 7,788 0.18 36 5,500 0.13 81 6,195 0.14 36 7,159 0.16 37 6,500 0.15 82 6,195 0.14 37 6,050 0.14 38 5,500 0.13 83 6,195 0.14 38 6,444 0.15 39 6,015 0.14 84 6,894 0.16 39 7,051 0.16 40 6,016 0.14 85 5,985 0.14 40 8,151 0.19 41 5,500 0.13 86 6,358 0.15 41 6,645 0.15 42 6,500 0.15 87 6,139 0.14 42 5,792 0.13 43 5,500 0.13 88 6,050 0.14 43 5,500 0.13 44 5,500 0.13 89 6,050 0.14 44 5,500 0.13 45 5,500 0.13 90 6,050 0.14 45 5,500 0.13 Totals 272,869 6.26 276,287 6.34 161,080 3.70 315,783 7.25 88,932 2.04 Grand 1,114,951 25.60
TR 37408‐3 TR 37409‐3
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 3
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 6,454 0.15 46 6,190 0.14 1 9,005 0.21 46 7,779 0.18 1 9,317 0.21 46 7,698 0.18 2 6,600 0.15 47 7,190 0.17 2 8,580 0.20 47 7,689 0.18 2 8,394 0.19 47 7,698 0.18 3 6,600 0.15 48 6,190 0.14 3 8,278 0.19 48 7,768 0.18 3 7,268 0.17 48 7,698 0.18 4 6,600 0.15 49 6,151 0.14 4 7,604 0.17 49 7,847 0.18 4 7,120 0.16 49 7,698 0.18 5 6,600 0.15 5 7,747 0.18 50 10,479 0.24 5 7,159 0.16 50 7,698 0.18 6 6,600 0.15 6 7,890 0.18 51 9,420 0.22 6 7,262 0.17 51 8,166 0.19 7 6,600 0.15 7 8,954 0.21 52 7,850 0.18 7 7,364 0.17 52 8,685 0.20 8 6,600 0.15 8 7,608 0.17 53 8,030 0.18 8 7,467 0.17 53 7,920 0.18 9 7,700 0.18 9 7,156 0.16 54 8,069 0.19 9 7,569 0.17 54 7,920 0.18 10 6,527 0.15 10 7,222 0.17 55 8,066 0.19 10 12,323 0.28 55 7,920 0.18 11 7,133 0.16 11 7,288 0.17 56 8,160 0.19 11 20,013 0.46 56 7,920 0.18 12 11,439 0.26 12 7,532 0.17 57 7,824 0.18 12 8,016 0.18 57 7,920 0.18 13 8,855 0.20 13 8,017 0.18 58 8,559 0.20 13 7,700 0.18 58 7,920 0.18 14 6,367 0.15 14 8,435 0.19 59 9,247 0.21 14 7,700 0.18 59 7,920 0.18 15 6,439 0.15 15 8,722 0.20 15 18,274 0.42 60 7,920 0.18 16 7,350 0.17 16 8,161 0.19 16 30,499 0.70 61 7,920 0.18 17 6,192 0.14 17 9,223 0.21 17 8,023 0.18 62 7,920 0.18 18 6,119 0.14 18 8,556 0.20 18 7,066 0.16 63 7,933 0.18 19 6,032 0.14 19 7,723 0.18 19 7,000 0.16 64 8,390 0.19 20 6,840 0.16 20 8,690 0.20 20 7,000 0.16 65 10,364 0.24 21 6,000 0.14 21 8,743 0.20 21 7,000 0.16 66 9,689 0.22 22 6,000 0.14 22 9,428 0.22 22 6,968 0.16 67 9,388 0.22 23 6,000 0.14 23 8,329 0.19 23 6,968 0.16 24 6,000 0.14 24 8,450 0.19 24 7,000 0.16 25 6,000 0.14 25 9,076 0.21 25 7,000 0.16 26 6,381 0.15 26 8,568 0.20 26 7,000 0.16 27 7,209 0.17 27 7,891 0.18 27 7,000 0.16 28 7,570 0.17 28 8,838 0.20 28 7,000 0.16 29 8,743 0.20 29 8,750 0.20 29 7,000 0.16 30 7,119 0.16 30 8,750 0.20 30 7,000 0.16 31 6,202 0.14 31 8,724 0.20 31 20,421 0.47 32 7,190 0.17 32 7,841 0.18 32 7,189 0.17 33 6,190 0.14 33 8,249 0.19 33 7,000 0.16 34 6,190 0.14 34 7,717 0.18 34 7,000 0.16 35 7,190 0.17 35 7,309 0.17 35 7,000 0.16 36 6,190 0.14 36 8,192 0.19 36 7,000 0.16 37 6,190 0.14 37 8,320 0.19 37 7,000 0.16 38 7,190 0.17 38 8,956 0.21 38 7,000 0.16 39 7,361 0.17 39 10,230 0.23 39 7,000 0.16 40 6,600 0.15 40 7,075 0.16 40 7,000 0.16 41 7,190 0.17 41 8,900 0.20 41 6,978 0.16 42 6,190 0.14 42 10,948 0.25 42 8,426 0.19 43 6,190 0.14 43 7,885 0.18 43 7,698 0.18 44 7,190 0.17 44 8,048 0.18 44 7,698 0.18 45 6,190 0.14 45 7,686 0.18 45 7,698 0.18 Totals 306,112 7.03 25,721 0.59 375,294 8.62 116,787 2.68 394,578 9.06 180,305 4.14 Grand 1,398,797 32.11
TR 37408‐2T R 37408‐4T R 37409‐2
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 123456789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 Plan 5000 5000 5000 5000 5000 5000 5000 5500 5500 5500 5500 5500 5500 6/700 0 6/7000 6/7000 6/7000 6/7000 6/7000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 1,400 to 1,601 to 1,801 to 2,001 to 2,201 to Over Under 1,900 to 2,101 to 2,301 to 2,501 to Over Under 2,100 to 2,401 to 2,701 to 3,001 to Over 1,400 1,600 1,800 2,000 2,200 2,400 2,400 1,900 2,100 2,300 2,500 2,700 2,700 2,100 2,400 2,700 3,000 3,300 3,300 Estimated Home Size 1,300 1,500 1,700 1,900 2,100 2,300 2,500 1,800 2,000 2,200 2,500 2,800 3,100 2,000 2,300 2,600 2,900 3,200 3,500 2,400 Estimated Home Price $501,000 $533,000 $544,000 $551,000 $567,000 $587,000 $598,000 $531,000 $556,000 $568,000 $588,000 $602,000 $620,000 $550,000 $575,000 $598,000 $609,000 $624,000 $665,000 $582,971 Ad‐Valorem Tax Rate (1.00%) $5,010.00 $5,330.00 $5,440.00 $5,510.00 $5,670.00 $5,870.00 $5,980.00 $5,310.00 $5,560.00 $5,680.00 $5,880.00 $6,020.00 $6,200.00 $5, 500.00 $5,750.00 $5,980.00 $6,090.00 $6,240.00 $6,650.00 $5,829.71 Metro Water West (0.00350%) $17.54 $18.66 $19.04 $19.29 $19.85 $20.55 $20.93 $18.59 $19.46 $19.88 $20.58 $21.07 $21.70 $19.25 $20.13 $20.93 $21.32 $21.84 $23.28 $20.40 Menifee School (0.06319%) $316.58 $336.80 $343.75 $348.18 $358.29 $370.93 $377.88 $335.54 $351.34 $358.92 $371.56 $380.40 $391.78 $347.55 $363.34 $377.88 $384. 83 $394.31 $420.21 $368.38 Perris Union HS (0.08859%) $443.84 $472.18 $481.93 $488.13 $502.31 $520.02 $529.77 $470.41 $492.56 $503.19 $520.91 $533.31 $549.26 $487.25 $509.39 $529.77 $539. 51 $552.80 $589.12 $516.45 Mt. San Jacinto Jr. College (0.01320%) $66.13 $70.36 $71.81 $72.73 $74.84 $77.48 $78.94 $70.09 $73.39 $74.98 $77.62 $79.46 $81.84 $72.60 $75.90 $78.94 $80.39 $82.37 $87.78 $76.95 Subtotal GO Bond Debt $5,854.08 $6,228.00 $6,356.53 $6,438.32 $6,625.28 $6,858.98 $6,987.51 $6,204.63 $6,496.75 $6,636.97 $6,870.66 $7,034.25 $7,244.58 $6,426 .64 $6,718.76 $6,987.51 $7,116.04 $7,291.32 $7,770.39 $6,811.90 Perris Union High School District CFD 92‐1 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD $234.0 0 $270.00 $306.00 $342.00 $378.00 $414.00 $450.00 $324.00 $360.00 $396.00 $450.00 $504.00 $558.00 $360.00 $414.00 $468.00 $522.00 $576.00 $630.00 $431.96 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.00 $963.0 0 $963.00 $963.00 $963.00 Proposed CFD No. 2020‐1 ‐ Facilities Special Tax** $2,630.00 $2,860.00 $2,916.00 $2,938.00 $3,035.00 $3,165.00 $3,221.00 $2,790.00 $2,962.00 $3,025.00 $3,138.00 $3,200.00 $3,296.00 $2,91 2.00 $3,066.00 $3,203.00 $3,240.00 $3,311.00 $3,598.00 $3,113.91 Subtotal Special Assessments and Taxes $4,165.58 $4,431.58 $4,523.58 $4,581.58 $4,714.58 $4,880.58 $4,972.58 $4,415.58 $4,623.58 $4,722.58 $4,889.58 $5,005.58 $5,155.58 $4,57 3.58 $4,781.58 $4,972.58 $5,063.58 $5,188.58 $5,529.58 $4,847.46 Total Annual Property Taxes $10,019.66 $10,659.58 $10,880.11 $11,019.90 $11,339.86 $11,739.56 $11,960.09 $10,620.21 $11,120.33 $11,359.55 $11,760.24 $12,039.83 $1 2,400.16 $11,000.22 $11,500.34 $11,960.09 $12,179.62 $12,479.90 $13,299.97 $11,659.36 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Unit Mix ‐ 36 36 36 36 36 ‐ 25 26 26 26 26 25 ‐ 36 36 36 36 36 514 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $0 $102,960 $104,976 $105,768 $109,260 $113,940 $0 $69,750 $77,012 $78,650 $81,588 $83,200 $82,400 $0 $110,376 $115,308 $116,640 $119, 196 $129,528 $1,600,552 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $0 $91,846 $93,644 $94,350 $97,466 $101,640 $0 $62,221 $68,699 $70,160 $72,781 $74,219 $73,505 $0 $98,461 $102,861 $104,049 $106,329 $11 5,546 $1,427,775 II. Total Estimated Home Square Footage: ‐ 54,000 61,200 68,400 75,600 82,800 ‐ 45,000 52,000 57,200 65,000 72,800 77,500 ‐ 82,800 93,600 104,400 115,200 126,000 1,233,500 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (4.50% Interest, 30 Year Term, 29 Year Amortization) ‐ Issued 2026 $31,860,000 Underwriter Discount (1.50%) $477,900
Reserve Fund (Maximum Annual Debt Service) $2,522,314
Capitalized Interest (6 mos.) $716,850
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $3,967,064 Net Bond Proceeds $27,892,936
1 23
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2 Tax Zone 3
180 Lots 154 Lots 180 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 33.32 35.04 51.34 Less: Exempt Acres 9.46 11.80 21.01 Net Taxable Acres 23.86 23.24 30.33 II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $536,904 $472,600 $591,048 Net Taxable Acres 23.86 23.24 30.33 Less: Contingency Factor (10%) 2.39 2.32 3.03 Net Taxable Acres (Adjusted) 21.47 20.92 27.30 Undeveloped Property Tax Rate per Acre $25,004 $22,594 $21,651 Total Exempt Acreage 11.85 14.12 24.04 III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted) 21.47 20.92 27.30 Undeveloped Property Tax Rate per Acre $25,004 $22,594 $21,651 Total Units 180 154 180
Backup Special Tax per Unit $2,983 $3,069 $3,284
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $536,904 $472,600 $591,048 Total Net Acres (Square Feet) 935,363 911,133 1,189,151 Backup Special Tax Rate per Lot Square Foot $0.5740 $0.5187 $0.4970 CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Zone Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,400 1 $2,630 0 $0 $0
1,400 to 1,600 1 $2,860 36 $102,960 $107,382
1,601 to 1,800 1 $2,916 36 $104,976 $107,382
1,801 to 2,000 1 $2,938 36 $105,768 $107,382
2,001 to 2,200 1 $3,035 36 $109,260 $109,260
2,201 to 2,400 1 $3,165 36 $113,940 $113,940
Greater than
to 2,400 1 $3,221 0 $0 $0
Backup Tax Rate per Unit $2,983 180
Less than to 1,900 2 $2,790 25 $69,750 $76,720
1,901 to 2,100 2 $2,962 26 $77,012 $79,788
2,101 to 2,300 2 $3,025 26 $78,650 $79,788
2,301 to 2,500 2 $3,138 26 $81,588 $81,588
2,501 to 2,700 2 $3,200 26 $83,200 $83,200
Greater than
to 2,700 2 $3,296 25 $82,400 $82,400
Backup Tax Rate per Unit $3,069 154
Less than to 2,100 3 $2,912 0 $0 $0
2,101 to 2,400 3 $3,066 36 $110,376 $118,211
2,401 to 2,700 3 $3,203 36 $115,308 $118,211
2,701 to 3,000 3 $3,240 36 $116,640 $118,211
3,001 to 3,300 3 $3,311 36 $119,196 $119,196
Greater than
3,300 3 $3,598 36 $129,528 $129,528
Backup Tax Rate per Unit $3,284 180
Non‐residential Property $22,594
514 $1,600,552 $1,632,187
Tax Rate for Bonding $1,461,079
Sizing at Max tax rate $41,700,000
Future Facilities (rounded up) $37,000,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Use of Bond Proceeds
508 Lots 514 Lots 1022 Lots
FUNDING REQUIREMENTS Per Lot IA 1 IA 2 Total
City Fees
Law Enforcement $231 $117,348 $118,734 $236,082
Fire Facility $614 $311,912 $315,596 $627,508
General Government $1,021 $518,668 $524,794 $1,043,462
Pulic Use Facilities $154 $78,232 $79,156 $157,388
Parks ‐ Land Acquisition $215 $109,220 $110,510 $219,730 Subtotal DIF $2,235 $1,135,380 $1,148,790 $2,284,170
City Projects $447 $227,076 $229,758 $456,834
Fair Share Traffic Impact Fee $4,505 $2,288,626 $2,315,657 $4,604,283 Total City Fees $7,187 $3,651,082 $3,694,205 $7,345,287 City Facilities
Circulation Facilities $15,348 $7,797,030 $7,889,120 $15,686,150 Circulation Reimbursements ($763) ($387,788) ($392,369) ($780,157) Net Circulation Facilities $14,585 $7,409,242 $7,496,751 $14,905,993 Storm Drain Facilities $9,131 $4,638,712 $4,693,499 $9,332,211 Storm Drain Reimbursements ($1,645) ($835,778) ($845,650) ($1,681,428) Net Storm Drain Facilities $7,486 $3,802,934 $3,847,849 $7,650,783 Park Facilities $10,763 $5,467,710 $5,532,290 $11,000,000 Park Reimbursements ($2,274) ($1,155,406) ($1,169,052) ($2,324,458) Net Park Facilities $8,489 $4,312,304 $4,363,238 $8,675,542 Interior Road Improvements $23,216 $11,793,478 $11,932,772 $23,726,250 Total City Facilities $53,776 $27,317,958 $27,640,610 $54,958,568 Total City Fees and Facilities $60,963 $30,969,040 $31,334,815 $62,303,855 EWMD Fees
Sewer Financial Participation $3,208 $1,629,664 $1,648,912 $3,278,576 Sewer Treatment Capacity $6,081 $3,089,148 $3,125,634 $6,214,782 Water Financial Participation $6,845 $3,477,260 $3,518,330 $6,995,590 Water Supply Development Fee $372 $188,976 $191,208 $380,184 1" Meter Drop‐In Fee $377 $191,516 $193,778 $385,294
Landscape Meter Connection Fees
1 @ 3" $203 $0 $207,113 $207,113
7 @ 1.5" $213 $124,280 $93,210 $217,490
7 @ 1" $85 $49,712 $37,284 $86,996
Total EMWD Fees $17,384 $8,750,556 $9,015,469 $17,766,025 Total Cost $78,346 $39,719,596 $40,350,284 $80,069,880
Potential Project Funds Available $26,501,702 $27,892,93 6 $54,394,638 ALLOCATION OF PROCEEDS % Per Lot IA 1 IA 2 Total
City Projects 1% $447 $227,076 $229,758 $456,834
City Fees 13% $6,740 $3,424,006 $3,464,447 $6,888,453
City Facilities 86% $46,037 $22,850,620 $24,198,731 $47,049,351 EMWD Fees 0% $0 $0 $0 $0
Total Funded by Bond Proceeds 100% $53,224 $26,501,702 $27,892,936 $54,394,638 UNFUNDED REQUIREMENTS
Total to be Funded by Developer $13,217,894 $12,457,348 $25,675,242 CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2024 $1,698,519 $31,836 $0 4.50% $716,850 $716,850 $0 N/A 2 9/1/2025 $1,732,489 $32,473 $110,000 4.50% $1,433,700 $1,543,700 110.13% 3 9/1/2026 $1,767,139 $33,122 $145,000 4.50% $1,428,750 $1,573,750 110.18% 4 9/1/2027 $1,802,482 $33,785 $185,000 4.50% $1,422,225 $1,607,225 110.05% 5 9/1/2028 $1,838,531 $34,461 $225,000 4.50% $1,413,900 $1,638,900 110.08% 6 9/1/2029 $1,875,302 $35,150 $265,000 4.50% $1,403,775 $1,668,775 110.27% 7 9/1/2030 $1,912,808 $35,853 $310,000 4.50% $1,391,850 $1,701,850 110.29% 8 9/1/2031 $1,951,064 $36,570 $360,000 4.50% $1,377,900 $1,737,900 110.16% 9 9/1/2032 $1,990,085 $37,301 $410,000 4.50% $1,361,700 $1,771,700 110.22% 10 9/1/2033 $2,029,887 $38,047 $465,000 4.50% $1,343,250 $1,808,250 110.15% 11 9/1/2034 $2,070,485 $38,808 $520,000 4.50% $1,322,325 $1,842,325 110.28% 12 9/1/2035 $2,111,894 $39,584 $580,000 4.50% $1,298,925 $1,878,925 110.29% 13 9/1/2036 $2,154,132 $40,376 $645,000 4.50% $1,272,825 $1,917,825 110.22% 14 9/1/2037 $2,197,215 $41,184 $715,000 4.50% $1,243,800 $1,958,800 110.07% 15 9/1/2038 $2,241,159 $42,007 $785,000 4.50% $1,211,625 $1,996,625 110.14% 16 9/1/2039 $2,285,982 $42,847 $860,000 4.50% $1,176,300 $2,036,300 110.16% 17 9/1/2040 $2,331,702 $43,704 $940,000 4.50% $1,137,600 $2,077,600 110.13% 18 9/1/2041 $2,378,336 $44,578 $1,025,000 4.50% $1,095,300 $2,120,300 110.07% 19 9/1/2042 $2,425,903 $45,470 $1,110,000 4.50% $1,049,175 $2,159,175 110.25% 20 9/1/2043 $2,474,421 $46,379 $1,205,000 4.50% $999,225 $2,204,225 110.15% 21 9/1/2044 $2,523,909 $47,307 $1,305,000 4.50% $945,000 $2,250,000 110.07% 22 9/1/2045 $2,574,387 $48,253 $1,410,000 4.50% $886,275 $2,296,275 110.01% 23 9/1/2046 $2,625,875 $49,218 $1,515,000 4.50% $822,825 $2,337,825 110.22% 24 9/1/2047 $2,678,393 $50,203 $1,630,000 4.50% $754,650 $2,384,650 110.21% 25 9/1/2048 $2,731,961 $51,207 $1,755,000 4.50% $681,300 $2,436,300 110.03% 26 9/1/2049 $2,786,600 $52,231 $1,880,000 4.50% $602,325 $2,482,325 110.15% 27 9/1/2050 $2,842,332 $53,275 $2,015,000 4.50% $517,725 $2,532,725 110.12% 28 9/1/2051 $2,899,178 $54,341 $2,155,000 4.50% $427,050 $2,582,050 110.18% 29 9/1/2052 $2,957,162 $55,428 $2,305,000 4.50% $330,075 $2,635,075 110.12% 30 9/1/2053 $3,016,305 $56,536 $2,460,000 4.50% $226,350 $2,686,350 110.18% 31 9/1/2054 $3,016,305 $56,536 $2,570,000 4.50% $115,650 $2,685,650 110.21% Total $70,223,423 $1,316,235 $31,860,000 $31,410,225 $62,553,375 110.16% CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tax Zone 1
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 5,731 0.13 46 5,00 0 0.11 91 5,776 0.13 1 6,23 4 0.14 46 5,206 0.12 2 5,412 0.12 47 5,00 0 0.11 92 5,25 0 0.12 2 5,50 0 0.13 47 6,791 0.16 3 6,52 0 0.15 48 5,00 0 0.11 93 5,25 0 0.12 3 5,50 0 0.13 48 7,925 0.18 4 5,423 0.12 49 5,00 0 0.11 94 5,485 0.13 4 6,599 0.15 49 5,382 0.12 5 5,425 0.12 50 5,00 0 0.11 95 5,547 0.13 5 7,86 0 0.18 50 5,93 0 0.14 6 5,485 0.13 51 5,113 0.12 96 6,64 4 0.15 6 6,20 4 0.14 51 7,846 0.18 7 5,442 0.12 52 5,00 0 0.11 97 5,54 4 0.13 7 6,243 0.14 52 6,211 0.14 8 5,231 0.12 53 5,00 0 0.11 98 5,631 0.13 8 5,39 4 0.12 53 7,363 0.17 9 5,15 4 0.12 54 5,00 0 0.11 99 5,74 0 0.13 9 5,309 0.12 54 7,15 0 0.16 10 6,125 0.14 55 5,00 0 0.11 10 5,309 0.12 55 5,47 4 0.13 11 5,258 0.12 56 5,00 0 0.11 11 5,309 0.12 56 5,52 4 0.13 12 5,305 0.12 57 6,27 4 0.14 12 5,309 0.12 57 5,408 0.12 13 5,353 0.12 58 5,688 0.13 13 5,876 0.13 58 5,408 0.12 14 5,401 0.12 59 5,29 0 0.12 14 5,876 0.13 59 5,408 0.12 15 5,448 0.13 60 5,25 0 0.12 15 5,876 0.13 60 5,408 0.12 16 6,579 0.15 61 5,25 0 0.12 16 5,876 0.13 61 5,408 0.12 17 5,657 0.13 62 5,25 0 0.12 17 5,876 0.13 62 5,408 0.12 18 5,206 0.12 63 5,25 0 0.12 18 5,876 0.13 63 5,408 0.12 19 15,645 0.36 64 6,30 0 0.14 19 5,93 4 0.14 64 5,408 0.12 20 7,186 0.16 65 5,25 0 0.12 20 5,37 4 0.12 65 5,408 0.12 21 5,375 0.12 66 5,25 0 0.12 21 6,399 0.15 66 5,408 0.12 22 5,50 0 0.13 67 5,25 0 0.12 22 9,365 0.21 67 6,816 0.16 23 5,50 0 0.13 68 9,596 0.22 23 10,24 4 0.24 68 6,473 0.15 24 5,50 0 0.13 69 5,835 0.13 24 6,855 0.16 69 5,20 0 0.12 25 5,50 0 0.13 70 5,639 0.13 25 6,26 4 0.14 70 5,20 0 0.12 26 5,50 0 0.13 71 5,487 0.13 26 6,355 0.15 71 5,20 0 0.12 27 5,50 0 0.13 72 5,493 0.13 27 6,379 0.15 72 5,20 0 0.12 28 5,469 0.13 73 5,40 0 0.12 28 6,402 0.15 73 5,20 0 0.12 29 5,60 0 0.13 74 5,00 0 0.11 29 6,397 0.15 74 5,20 0 0.12 30 8,927 0.20 75 5,00 0 0.11 30 6,307 0.14 75 5,20 0 0.12 31 10,919 0.25 76 6,00 0 0.14 31 6,159 0.14 76 5,20 0 0.12 32 6,552 0.15 77 5,00 0 0.11 32 5,929 0.14 77 5,20 0 0.12 33 6,318 0.15 78 5,00 0 0.11 33 5,50 0 0.13 78 5,20 0 0.12 34 5,10 0 0.12 79 5,00 0 0.11 34 5,75 0 0.13 79 5,20 0 0.12 35 5,10 0 0.12 80 5,00 0 0.11 35 5,75 0 0.13 80 5,20 0 0.12 36 5,10 0 0.12 81 6,00 0 0.14 36 5,75 0 0.13 81 6,348 0.15 37 5,10 0 0.12 82 5,049 0.12 37 5,75 0 0.13 38 5,10 0 0.12 83 5,452 0.13 38 5,10 0 0.12 39 5,10 0 0.12 84 6,433 0.15 39 5,10 0 0.12 40 5,10 0 0.12 85 5,325 0.12 40 5,10 0 0.12 41 5,10 0 0.12 86 5,965 0.14 41 5,10 0 0.12 42 5,10 0 0.12 87 5,252 0.12 42 5,10 0 0.12 43 5,10 0 0.12 88 5,252 0.12 43 5,105 0.12 44 5,10 0 0.12 89 5,252 0.12 44 5,179 0.12 45 6,25 0 0.14 90 5,252 0.12 45 5,24 0 0.12 Totals 267,49 6 6.14 244,097 5.60 50,867 1.17 269,913 6.20 206,919 4.75 Grand 1,039,292 23.86
TR 37409‐6TR 37408‐5
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tax Zone 2
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 10,504 0.24 46 5,500 0.13 1 5,853 0.13 46 5,500 0.13 2 7,476 0.17 47 5,500 0.13 2 5,994 0.14 47 5,500 0.13 3 7,965 0.18 48 5,500 0.13 3 5,750 0.13 48 5,500 0.13 4 7,156 0.16 49 5,500 0.13 4 5,750 0.13 49 5,500 0.13 5 7,156 0.16 50 5,500 0.13 5 5,750 0.13 50 5,500 0.13 6 7,188 0.17 51 5,500 0.13 6 5,750 0.13 51 5,500 0.13 7 7,558 0.17 52 5,500 0.13 7 5,750 0.13 52 5,500 0.13 8 6,954 0.16 53 5,500 0.13 8 5,750 0.13 53 5,500 0.13 9 6,955 0.16 54 5,924 0.14 9 5,750 0.13 54 5,929 0.14 10 6,955 0.16 55 8,585 0.20 10 6,450 0.15 55 6,665 0.15 11 6,955 0.16 56 9,340 0.21 11 6,450 0.15 56 7,459 0.17 12 6,955 0.16 57 6,097 0.14 12 6,450 0.15 57 6,991 0.16 13 6,955 0.16 58 5,775 0.13 13 6,450 0.15 58 7,119 0.16 14 6,955 0.16 59 5,775 0.13 14 6,450 0.15 59 7,119 0.16 15 8,514 0.20 60 6,174 0.14 15 7,148 0.16 60 7,119 0.16 16 8,514 0.20 61 6,174 0.14 16 6,611 0.15 61 6,498 0.15 17 8,514 0.20 62 6,174 0.14 17 6,861 0.16 62 6,498 0.15 18 8,086 0.19 63 6,174 0.14 18 6,513 0.15 63 6,497 0.15 19 7,602 0.17 64 6,174 0.14 19 6,599 0.15 64 6,497 0.15 20 12,236 0.28 65 6,174 0.14 20 6,684 0.15 65 6,498 0.15 21 11,594 0.27 66 6,668 0.15 21 6,616 0.15 66 6,249 0.14 22 7,416 0.17 67 6,668 0.15 22 9,388 0.22 67 6,497 0.15 23 7,466 0.17 68 6,667 0.15 23 9,956 0.23 68 6,498 0.15 24 7,096 0.16 69 6,667 0.15 24 7,559 0.17 69 6,497 0.15 25 6,764 0.16 70 6,499 0.15 25 5,962 0.14 70 6,727 0.15 26 6,563 0.15 71 6,436 0.15 26 5,906 0.14 27 6,501 0.15 72 5,860 0.13 27 5,850 0.13 28 6,576 0.15 73 6,250 0.14 28 5,850 0.13 29 6,789 0.16 74 6,250 0.14 29 5,850 0.13 30 7,179 0.16 75 6,250 0.14 30 5,850 0.13 31 7,235 0.17 76 5,750 0.13 31 5,850 0.13 32 6,648 0.15 77 5,750 0.13 32 5,850 0.13 33 10,077 0.23 78 5,750 0.13 33 5,850 0.13 34 14,278 0.33 79 5,750 0.13 34 5,850 0.13 35 5,861 0.13 80 5,750 0.13 35 5,850 0.13 36 7,945 0.18 81 5,750 0.13 36 5,850 0.13 37 6,679 0.15 82 5,500 0.13 37 5,850 0.13 38 6,350 0.15 83 5,582 0.13 38 5,850 0.13 39 6,350 0.15 84 6,083 0.14 39 5,962 0.14 40 6,350 0.15 40 5,561 0.13
41 6,350 0.15 41 5,500 0.13
42 5,500 0.13 42 5,500 0.13
43 5,500 0.13 43 5,500 0.13
44 5,500 0.13 44 5,500 0.13
45 5,500 0.13 45 5,500 0.13
Totals 337,220 7.74 238,420 5.47 279,373 6.41 157,357 3.61 Grand 1,012,370 23.24
TR 37409‐4 TR 37409‐8
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tax Zone 3
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 5,767 0.13 46 7,000 0.16 1 10,078 0.23 46 7,350 0.17 1 10,839 0.25 46 7,442 0.17 2 7,311 0.17 47 6,000 0.14 2 7,915 0.18 47 7,350 0.17 2 8,448 0.19 47 7,506 0.17 3 7,065 0.16 48 6,735 0.15 3 7,961 0.18 48 8,400 0.19 3 7,350 0.17 48 7,570 0.17 4 6,600 0.15 49 6,564 0.15 4 7,794 0.18 49 8,390 0.19 4 7,350 0.17 49 7,635 0.18 5 6,600 0.15 50 6,000 0.14 5 7,270 0.17 5 7,350 0.17 50 7,667 0.18 6 6,600 0.15 51 7,000 0.16 6 7,350 0.17 6 7,350 0.17 51 7,259 0.17 7 6,600 0.15 52 6,050 0.14 7 7,382 0.17 7 7,350 0.17 8 6,523 0.15 53 6,050 0.14 8 7,382 0.17 8 7,350 0.17 9 6,948 0.16 54 6,050 0.14 9 7,381 0.17 9 7,350 0.17 10 8,162 0.19 55 6,050 0.14 10 7,381 0.17 10 7,350 0.17 11 9,018 0.21 56 7,003 0.16 11 7,382 0.17 11 7,495 0.17 12 6,990 0.16 57 7,087 0.16 12 7,382 0.17 12 8,078 0.19 13 6,571 0.15 58 7,445 0.17 13 7,382 0.17 13 10,142 0.23 14 6,600 0.15 59 8,435 0.19 14 7,381 0.17 14 10,675 0.25 15 7,820 0.18 60 9,521 0.22 15 7,559 0.17 15 7,801 0.18 16 6,680 0.15 61 8,430 0.19 16 8,278 0.19 16 7,987 0.18 17 6,680 0.15 62 7,833 0.18 17 10,884 0.25 17 7,844 0.18 18 6,581 0.15 63 7,249 0.17 18 7,586 0.17 18 7,780 0.18 19 7,108 0.16 64 6,000 0.14 19 8,380 0.19 19 7,716 0.18 20 9,303 0.21 65 6,000 0.14 20 8,333 0.19 20 7,652 0.18 21 8,994 0.21 66 6,000 0.14 21 8,263 0.19 21 7,588 0.17 22 7,307 0.17 67 6,000 0.14 22 8,194 0.19 22 7,524 0.17 23 6,404 0.15 68 6,000 0.14 23 8,125 0.19 23 7,459 0.17 24 6,100 0.14 69 6,000 0.14 24 8,055 0.18 24 7,395 0.17 25 6,100 0.14 70 6,000 0.14 25 7,986 0.18 25 7,064 0.16 26 6,100 0.14 71 6,720 0.15 26 8,615 0.20 26 8,348 0.19 27 6,100 0.14 72 7,124 0.16 27 7,856 0.18 27 8,691 0.20 28 6,100 0.14 73 6,300 0.14 28 7,350 0.17 28 7,300 0.17 29 6,100 0.14 74 7,300 0.17 29 7,350 0.17 29 7,300 0.17 30 6,100 0.14 75 6,200 0.14 30 7,350 0.17 30 7,300 0.17 31 6,100 0.14 76 6,200 0.14 31 7,350 0.17 31 7,300 0.17 32 6,100 0.14 77 6,757 0.16 32 7,350 0.17 32 7,300 0.17 33 6,100 0.14 78 8,842 0.20 33 7,350 0.17 33 7,300 0.17 34 6,100 0.14 79 8,091 0.19 34 7,350 0.17 34 7,300 0.17 35 6,271 0.14 80 7,507 0.17 35 7,350 0.17 35 7,300 0.17 36 9,348 0.21 36 7,347 0.17 36 7,300 0.17 37 7,519 0.17 37 9,175 0.21 37 7,300 0.17 38 6,000 0.14 38 10,093 0.23 38 8,027 0.18 39 6,000 0.14 39 8,608 0.20 39 7,005 0.16 40 7,000 0.16 40 7,729 0.18 40 7,055 0.16 41 6,000 0.14 41 7,350 0.17 41 7,121 0.16 42 6,000 0.14 42 7,350 0.17 42 7,185 0.16 43 7,000 0.16 43 7,350 0.17 43 7,249 0.17 44 6,000 0.14 44 7,350 0.17 44 7,314 0.17 45 6,000 0.14 45 7,350 0.17 45 7,378 0.17 Totals 304,470 6.99 239,543 5.50 354,037 8.13 31,490 0.72 346,660 7.96 45,079 1.03 Grand 1,321,279 30.33
TR 37408‐6T R 37409‐5T R 37409‐7
ROUSE
RD
CHAMBERS AV
E
ENCANTO DR
ANTELOPERD
§¨¦
215
333-020-019 333-020-011
COMMUNITY FACILITIES DISTRICT NO. 2022-3
(LEGADO)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
SHEET 1 OF 1 SHEET
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2022-3
(LEGADO), CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE
OF CALIFORNIA, WAS APPROVED BY THE CITY COUNCIL
OF THE CITY OF MENIFEE AT A REGULAR MEETING
THEREOF, HELD ON ______ DAY OF ______, 20____,
BY RESOLUTION NO. _______________
___________________________________
CITY CLERK
C IT Y OF ME NI FEE
FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, T H I S _ _ __ D A Y O F _ __ _ __ _ _ , 2 0 __ _ _ . ______________________________
CITY CLERK
C I T Y O F M E N I F E E
RECORDED THIS ____ DAY OF _______________, 20____ AT
THE HOUR OF ____ O'CLOCK __M IN BOOK _____
PAGE _____ OF MAPS OF ASSESSMENT AND COMMUNITY
FACILITIES DISTRICTS IN THE OFFICE OF THE COUNTY
RECORDER, IN THE COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA.
FEE: _____________ NO.: ______________________
PETER ALDANA, ASSESSOR, COUNTY CLERK, RECORDER
BY: _______________________________
DEPUTY
CFD 2022-3
\_
·|}þ74·|}þ74
§¨¦215
MENIFEE
THIS BOUNDARY MAP CORRECTLY SHOWS THE BOUNDARIES
OF THE COMMUNITY FACILITIES DISTRICT. FOR DETAILS
CONCERNING THE LINES AND DIMENSIONS OF LOTS OR
PARCEL REFER TO THE COUNTY ASSESSOR'S MAPS FOR
FISCAL YEAR 2021-22.
0 1,300 2,600650 Feet
-
PROPOSED BOUNDARY MAP
NAP
LEGEND
PARCEL LINE
CFD BOUNDARY
CITY BOUNDARY
NOT-A-PART
XXX-XXX-XXX ASSESSOR PARCEL NUMBER
CODE DESCRIPTION MAINTENANCE QTY
W-01A 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP HOA 13,900 LF
W-01B 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP CFD 2,111 LF
W-01C 6` HIGH DECORATIVE SPLIT-FACE BLOCK COMBO
WALL ON RETAINING WITH ACCENT BAND AND
PRECAST CAP. MAXIMUM HEIGHT 9'-0".
HOA 2,267 LF
W-02A 6` HIGH TUBE STEEL FENCE HOA 727 LF
W-02B 6` HIGH TUBE STEEL FENCE CFD 2,349 LF
W-02C 6` HIGH BREAKAWAY TUBE STEEL FENCE CFD 201 LF
W-03 18" HIGH DECORATIVE WALL HOA 212 LF
W-04 2 RAIL HDPE SPLIT-RAIL FENCE PER CITY STD. CFD 2,192 LF W-05A 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP HOA 121
W-05B 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP AT CFD BASINS/PARK CFD 44
W-06 30` - 36' WIDE DOUBLE TUBE STEEL BI-FOLD
MAINTENANCE ACCESS GATE CFD 2
W-07 3` WIDE TUBE STEEL PEDESTRIAN POOL GATE HOA 3
W-08 PRIMARY ENTRY MONUMENT CFD 2
W-09 SECONDARY ENTRY MONUMENT CFD 6
W-10A RECREATIONAL CENTER ENTRY MONUMENT HOA 1
W-10B COMMUNITY PARK ENTRY MONUMENT CFD 1
W-11 3` HIGH TRAIL ENTRY MONUMENT STONE VENEER
PILASTER WITH DECORATIVE CAP HOA 15
W-12 12` WIDE DOUBLE TUBE STEEL MAINTENANCE
ACCESS GATE CFD 2
NOTE: FOR REFERENCE (HEIGHT, MATERIALS, PLACEMENT) ONLY. SEPARATE PERMIT REQUIRED.
REFERENCE NOTES SCHEDULE-TRACT 37408
22 21 19
98 80
2 1
20 19
18 17 16 15 14 13 12 11 10 9 8 7 6 5
4 3
2 1
59 42
114
113
112
111
11010910810710610510410310210110099
97 96
95 94
93 92
91 90
89 88
87 77
78 79
80 81
82 83
84 85
86 67
68 69
70 71
72 73
74 75
76 58
59 60
61 62
63 64
65 66 49
50 51
52 53
54 55
56 57 40
41 42
43 44
45 46
47 48 31
32 33
34 35
36 37
38 39
25 26
20 115
109876 181716151413121154
3 2
1 68 57
585960656667 61626364697071
72 73
2324
27 28 29 30
1113
112
48 40
32 24
16 8
48 48
56 W-03
W-03
W-03
W-05B
W-06
W-01C
W-01C W-01C
W-01C
W-01C
W-11
W-11
W-11
W-11
W-11
W-11
W-11
W-02A
W-02A
W-10A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-07
W-07
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A W-05A
W-05AW-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-01A
W-01A
W-01A
W-01C
W-01A
W-01C
W-01A
B
78 33
1 77
76 109876 181716151413121154
3 2
1 49 48
2728
29 47
323130
321
68 57
585960656667 61626364697071
72 73
565554535251504948474645
44 41
343536373839404243
3228
2122
302927 31262524
1314151617181920
121110987654321
W-06
W-05B
W-05B
W-06
W-01C
W-01C
W-11 W-11
W-11
W-11
W-02B
W-02B
W-02C
W-01A
W-01A
W-01A
W-01A
W-01A
W-04 W-04
W-01A
W-01A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-09 W-09
W-05A
W-05A
W-05A
W-05A
W-01C
W-01C
W-01C
W-01A
N.A.P.
N.A.P.
LEGADO - TRACT 37408
WALL AND FENCE MAINTENANCE RESPONSIBILITY EXHIBIT
PREPARED FOR BLC FLEMING LLC, C/O NEWPORT PACIFIC LAND CO. 100 BAYVIEW CIRCLE, SUITE 240 NEWPORT BEACH, CA 92660 (949) 945-2295 November 19, 2021 NORTH 100'0' 200' 300'
INDEX MAP - NTS
THIS
SHEET
ENCANTO DRIVE
ROUSE ROAD
CHAMBERS AVE
SHERMAN ROAD
'B' ST.
'W' ST.
'V' ST.'T' ST.
'D' ST.
'A' ST.
'A' ST.
'A' ST.
'U' ST.
'I' ST.
'T' ST. 'S' ST. 'R' ST. 'Q' ST.
'P' ST.
'E' ST.
'C' ST.
'F' ST.
'G' ST.
'H' ST.
'O' ST.
'M' ST.
'N' ST.
'L' ST.
'I' ST.
'K' ST.
'L' ST.
'J' ST.
'B' ST.
MATCHLINE SEE SHEET WF-3
MATCHLINE SEE SHEET WF-3
MATCHLINE SEE SHEET WF-2
WF-1
CODE DESCRIPTION MAINTENANCE QTY
W-01A 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP HOA 13,900 LF
W-01B 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP CFD 2,111 LF
W-01C 6` HIGH DECORATIVE SPLIT-FACE BLOCK COMBO
WALL ON RETAINING WITH ACCENT BAND AND
PRECAST CAP. MAXIMUM HEIGHT 9'-0".
HOA 2,267 LF
W-02A 6` HIGH TUBE STEEL FENCE HOA 727 LF
W-02B 6` HIGH TUBE STEEL FENCE CFD 2,349 LF
W-02C 6` HIGH BREAKAWAY TUBE STEEL FENCE CFD 201 LF
W-03 18" HIGH DECORATIVE WALL HOA 212 LF
W-04 2 RAIL HDPE SPLIT-RAIL FENCE PER CITY STD. CFD 2,192 LF W-05A 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP HOA 121
W-05B 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP AT CFD BASINS/PARK CFD 44
W-06 30` - 36' WIDE DOUBLE TUBE STEEL BI-FOLD
MAINTENANCE ACCESS GATE CFD 2
W-07 3` WIDE TUBE STEEL PEDESTRIAN POOL GATE HOA 3
W-08 PRIMARY ENTRY MONUMENT CFD 2
W-09 SECONDARY ENTRY MONUMENT CFD 6
W-10A RECREATIONAL CENTER ENTRY MONUMENT HOA 1
W-10B COMMUNITY PARK ENTRY MONUMENT CFD 1
W-11 3` HIGH TRAIL ENTRY MONUMENT STONE VENEER
PILASTER WITH DECORATIVE CAP HOA 15
W-12 12` WIDE DOUBLE TUBE STEEL MAINTENANCE
ACCESS GATE CFD 2
NOTE: FOR REFERENCE (HEIGHT, MATERIALS, PLACEMENT) ONLY. SEPARATE PERMIT REQUIRED.
REFERENCE NOTES SCHEDULE-TRACT 37408
48 40
32 24
16 8
48 48
56 43
22 21 19
10 98765432
1 59 58 57 56 55 54 53
52 51
50494847464544
42 41
40 39
38 37
36 35
34 33
32 31
30 29
28 27
26 25
24 23
22 21
20 19
18 17
16 15
14 13
12 11
10 9
8 765432
1 114
20 115
18171615
49 48
2026 25 24 23 22 212728
29 47 46 45 44 43 42 41 40
39383736353433323130
19 18
17 16
15 14
13 12
1110987654321
57 5859
56 27 28 29 30
1 W-03
W-03
W-01C
W-01C
W-01C
W-01C
W-01C
W-11
W-11
W-11
W-11
W-11
W-11
W-11
W-02A
W-10A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-04
W-01A
W-07
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-09
W-09
W-08
W-09
W-05A
W-05A
W-05A
W-05A
W-05A
W-01A W-01A
W-01A
LEGADO - TRACT 37408
WALL AND FENCE MAINTENANCE RESPONSIBILITY EXHIBIT
PREPARED FOR BLC FLEMING LLC, C/O NEWPORT PACIFIC LAND CO. 100 BAYVIEW CIRCLE, SUITE 240 NEWPORT BEACH, CA 92660 (949) 945-2295 November 19, 2021 NORTH 100'0' 200' 300'
INDEX MAP - NTS
THIS
SHEET
ENCANTO DRIVE
ROUSE ROAD
CHAMBERS AVE
SHERMAN ROAD
'B' ST.
'W' ST.
'V' ST.'T' ST.
'D' ST.
'A' ST.
'A' ST.
'A' ST.
'U' ST.
'I' ST.
'T' ST. 'S' ST. 'R' ST. 'Q' ST.
'P' ST.
'E' ST.
'C' ST.
'F' ST.
'G' ST.
'H' ST.
'O' ST.
'M' ST.
'N' ST.
'L' ST.
'I' ST.
'K' ST.
'L' ST.
'J' ST.
'B' ST.
MATCHLINE SEE SHEET WF-1
MATCHLINE SEE SHEET WF--3
WF-2
CODE DESCRIPTION MAINTENANCE QTY
W-01A 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP HOA 13,900 LF
W-01B 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP CFD 2,111 LF
W-01C 6` HIGH DECORATIVE SPLIT-FACE BLOCK COMBO
WALL ON RETAINING WITH ACCENT BAND AND
PRECAST CAP. MAXIMUM HEIGHT 9'-0".
HOA 2,267 LF
W-02A 6` HIGH TUBE STEEL FENCE HOA 727 LF
W-02B 6` HIGH TUBE STEEL FENCE CFD 2,349 LF
W-02C 6` HIGH BREAKAWAY TUBE STEEL FENCE CFD 201 LF
W-03 18" HIGH DECORATIVE WALL HOA 212 LF
W-04 2 RAIL HDPE SPLIT-RAIL FENCE PER CITY STD. CFD 2,192 LF W-05A 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP HOA 121
W-05B 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP AT CFD BASINS/PARK CFD 44
W-06 30` - 36' WIDE DOUBLE TUBE STEEL BI-FOLD
MAINTENANCE ACCESS GATE CFD 2
W-07 3` WIDE TUBE STEEL PEDESTRIAN POOL GATE HOA 3
W-08 PRIMARY ENTRY MONUMENT CFD 2
W-09 SECONDARY ENTRY MONUMENT CFD 6
W-10A RECREATIONAL CENTER ENTRY MONUMENT HOA 1
W-10B COMMUNITY PARK ENTRY MONUMENT CFD 1
W-11 3` HIGH TRAIL ENTRY MONUMENT STONE VENEER
PILASTER WITH DECORATIVE CAP HOA 15
W-12 12` WIDE DOUBLE TUBE STEEL MAINTENANCE
ACCESS GATE CFD 2
NOTE: FOR REFERENCE (HEIGHT, MATERIALS, PLACEMENT) ONLY. SEPARATE PERMIT REQUIRED.
REFERENCE NOTES SCHEDULE-TRACT 37408
CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV
CLEAN AIR/VANPOOL/EVCLEAN AIR/VANPOOL/EV
CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV
CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV CLEAN AIR/VANPOOL/EV
CLEAN AIR/VANPOOL/EV
12 1612
0 24
32 40
48 16
24 8
72 72
72 1612
83 68
80 79
78 77 76 75 74 73 72
717069686766656463
62 61
60 59 58 57 56 55 54 53 52 51 50 49
48474645444342414039383736
35 34 33 32 31 30 29 28 27 26 25 24 23 22 21
20 19
18 17
16 15
14 13
12 11
10 98765432
1 99
98 97
96959493929190898887868584
82 81 80 79 78 77 76 75 74 73 72
71 70
69 67666564636261605958
57 56 55 54 53 52 51 50 49 48 47 46 45
44434241403938373635343332
31 30
29 28
27 26
25 24
23 22
21 20
19 18 17 16 15 14 13 12 11 10 9 8 7 6 5
4 3
2 1
59 58 57 56 55 54 53
52 51
114
113
112
111
110109
115
1113
112
W-10B
W-01B
W-01B
W-01B
W-05B
W-05B
W-05B
W-05B
W-01C
W-01C
W-01C
W-11
W-11
W-02A
W-02B
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-05A
W-05A
W-08
W-05A
W-05A
W-05A
W-05AW-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-09W-09
W-05A
W-05A
W-05A
W-05A
W-05A
W-01C
W-01A
W-01A
W-01C
W-12
W-12
N.A.P.
LEGADO - TRACT 37408
WALL AND FENCE MAINTENANCE RESPONSIBILITY EXHIBIT
PREPARED FOR BLC FLEMING LLC, C/O NEWPORT PACIFIC LAND CO. 100 BAYVIEW CIRCLE, SUITE 240 NEWPORT BEACH, CA 92660 (949) 945-2295 November 19, 2021 NORTH 100'0' 200' 300'
INDEX MAP - NTS
THIS
SHEET
ENCANTO DRIVE
ROUSE ROAD
CHAMBERS AVE
SHERMAN ROAD
'B' ST.
'W' ST.
'V' ST.'T' ST.
'D' ST.
'A' ST.
'A' ST.
'A' ST.
'U' ST.
'I' ST.
'T' ST. 'S' ST. 'R' ST. 'Q' ST.
'P' ST.
'E' ST.
'C' ST.
'F' ST.
'G' ST.
'H' ST.
'O' ST.
'M' ST.
'N' ST.
'L' ST.
'I' ST.
'K' ST.
'L' ST.
'J' ST.
'B' ST.
MATCHLINE SEE SHEET WF-1
MATCHLINE SEE SHEET WF-2
WF-3
CODE DESCRIPTION MAINTENANCE QTY
W-01A 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP HOA 15,847 LF
W-01B REFER TO TRACT 37408 CFD N/A
W-01C 6` HIGH DECORATIVE SPLIT-FACE BLOCK COMBO
WALL ON RETAINING WITH ACCENT BAND AND
PRECAST CAP. MAXIMUM HEIGHT 9'-0".
HOA 3,217 LF
W-02A REFER TO TRACT 37408 HOA N/A
W-02B 6` HIGH TUBE STEEL FENCE CFD 1,848 LF
W-02C 6` HIGH BREAKAWAY TUBE STEEL FENCE CFD 313 LF
W-04 2 RAIL HDPE SPLIT-RAIL FENCE PER CITY STD. CFD 8,887 LF W-05A 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP HOA 194
W-05B 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP AT CFD BASINS CFD 20
W-06 30` - 36' WIDE DOUBLE TUBE STEEL BI-FOLD
MAINTENANCE ACCESS GATE CFD 4
W-08 PRIMARY ENTRY MONUMENT CFD 2
W-09 SECONDARY ENTRY MONUMENT CFD 6
W-11 3` HIGH TRAIL ENTRY MONUMENT STONE VENEER
PILASTER WITH DECORATIVE CAP HOA 9
NOTE: FOR REFERENCE (HEIGHT, MATERIALS, PLACEMENT) ONLY. SEPARATE PERMIT REQUIRED.
REFERENCE NOTES SCHEDULE-TRACT 37409
16 80
8 24
81 23
2221
98 151413121110 1716 20191876
5 4
3 1
2123
1413121110987654 15
181920212225 24 2326
63 62 61 60 59 58 57
6465
66 37
515253
5455
38394041424344454647484950
56 55 54 53 52
67 56
1 3
2 70
717273
6968676665646362616059
747576777879808182
7 1812 13 14 15 16 178 9 10 11
19 20
21 22
23 24
25 26
27 28
29 30
31 32
33 34
35 36
44 474645 5049484342
55 56
58 57
59 52
51 53
54 42
41 45
44 43
50 34
36 35
38 37
40 39
48 47
46 49
33 3231
14 17
16 15
19 18
21 20 23
22 28
27 26
25 24
30 29
13 1211
10 9
76 5 4
3 2
1 34 33 32
41 40 39 38 35
31 16
28 17
1512
2021
23 24
19 18
14 6
7 8
9 10
11 2
3 4
5 1
65 86
85 84 83
8281807978
50 58 57 56 55 54 53 52 51
63 62 61 60 5964
67 66
737271706968 767574 77
29 28 27 26 25 24 2335 34 33 32 31 30
4342414039383736 494847464544
22 21
20 19
18 17
161110987654 15141312321
13 22
25 26 27 29 30
3637
51 4
5 6
5857
84 83
17 W-05B
W-05B
W-01C
W-01C
W-01C
W-01C
W-01C
W-01C
W-01C
W-01C
W-11
W-11
W-11
W-11
W-11
W-11
W-11
W-11
W-02B
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-04
W-04
W-04
W-04
W-04
W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-06
W-04
W-04
W-04
W-06
W-01A
W-01A
W-01A
W-04
W-01A
W-01A W-01A
W-01A
W-01A
W-01A
W-01A
W-01A
W-01AW-01A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-08
W-09
W-09
W-09
W-09
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05AW-05A
W-05A
W-05A
W-05A
W-05A
W-05AW-05A
W-01C
W-01C
W-01C
W-01C W-01C
W-01C
W-01C
W-02B
W-01A
W-01A
W-02C
W-01C
W-05A
W-05A
W-01C
NORTH 100'0' 200' 300'
THIS
SHEETINDEX MAP - NTS
SHERMAN ROAD
ROUSE ROAD
CHAMBERS AVE
ANTELOPE ROAD
'C' ST.
'D' ST.
'D' ST.
'A' ST.
'A' ST.
'Q' ST.'R' ST.
'S' ST.
'T' ST.
'J' ST. 'V' ST.
'Y' ST.
'U' ST.
'M' ST.
'N' ST.
'AA' ST.
'O' ST. 'O' ST.
'BB' ST.
'P' ST.
'A' ST.
'X' ST.
'M' ST.
'CC' ST.
'Z' ST.
'L' ST.
'I' ST.'G' ST.
'H' ST.
'B' ST.
'E' ST. 'F' ST.
'K' ST.
PREPARED FOR BLC FLEMING LLC, C/O NEWPORT PACIFIC LAND CO. 100 BAYVIEW CIRCLE, SUITE 240 NEWPORT BEACH, CA 92660 (949) 945-2295 November 19, 2021 LEGADO - TRACT 37409
WALL AND FENCE MAINTENANCE RESPONSIBILITY EXHIBIT
MATCHLINE SEE SHEET WF-2
MATCHLINE SEE SHEET WF-2
WF-1
CODE DESCRIPTION MAINTENANCE QTY
W-01A 6` HIGH DECORATIVE SPLIT-FACE BLOCK WALL
WITH ACCENT BAND AND PRECAST CAP HOA 15,847 LF
W-01B REFER TO TRACT 37408 CFD N/A
W-01C 6` HIGH DECORATIVE SPLIT-FACE BLOCK COMBO
WALL ON RETAINING WITH ACCENT BAND AND
PRECAST CAP. MAXIMUM HEIGHT 9'-0".
HOA 3,217 LF
W-02A REFER TO TRACT 37408 HOA N/A
W-02B 6` HIGH TUBE STEEL FENCE CFD 1,848 LF
W-02C 6` HIGH BREAKAWAY TUBE STEEL FENCE CFD 313 LF
W-04 2 RAIL HDPE SPLIT-RAIL FENCE PER CITY STD. CFD 8,887 LF W-05A 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP HOA 194
W-05B 6`-6" HIGH STONE VENEER PILASTER WITH
DECORATIVE CAP AT CFD BASINS CFD 20
W-06 30` - 36' WIDE DOUBLE TUBE STEEL BI-FOLD
MAINTENANCE ACCESS GATE CFD 4
W-08 PRIMARY ENTRY MONUMENT CFD 2
W-09 SECONDARY ENTRY MONUMENT CFD 6
W-11 3` HIGH TRAIL ENTRY MONUMENT STONE VENEER
PILASTER WITH DECORATIVE CAP HOA 9
NOTE: FOR REFERENCE (HEIGHT, MATERIALS, PLACEMENT) ONLY. SEPARATE PERMIT REQUIRED.
REFERENCE NOTES SCHEDULE-TRACT 37409
16 697071727374757677787980
18 19
16 17
20 21
22 24
23 252627282930313233343536373839
656667686970
596061626364 565758
454443424140
515049484746 5352 5554
151413111098 126543 721
51 50 49 4748
414243444546 40 39
38353433 373631302928
32 27
1722 21 20 19 18
24 232526
16 15 14
13124 98765 1110321
24 67666564605958575655 636261
54 53
52 68
81 39404142434445
3435363738 3233
4647
48 49
50 51
25 26
27 28
29 30
31 23
2221
98 151413121110 1716 20191876
5 4
3 1
2 38
3946474849
404142434445
353433323130292827
123
1413121110987654 15
181920212225 24 2326
1 3
2 7 1812 13 14 15 16 178 9 10 11
19 20
21 4
5 6
17 36 37
W-05B
W-01C
W-01C
W-01C
W-01C
W-01C
W-11
W-11
W-11
W-11
W-02B
W-02B
W-02B
W-02C
W-01A
W-01A
W-01A
W-01A
W-01C
W-01A
W-04
W-04
W-01A
W-04
W-01A
W-01A
W-01AW-01A
W-01AW-01A
W-06
W-01A
W-01A W-01A
W-01A
W-01A
W-01A
W-01A
W-04
W-04
W-06
W-01A
W-04
W-04
W-01A
W-01A
W-01A
W-01A
W-05A
W-05A
W-05A
W-05AW-05A
W-05AW-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-05A
W-09
W-08
W-09
W-09
W-05A
W-05A
W-05A
W-05A
NORTH 100'0' 200' 300'
THIS
SHEETINDEX MAP - NTS
SHERMAN ROAD
ROUSE ROAD
CHAMBERS AVE
ANTELOPE ROAD
'C' ST.
'D' ST.
'D' ST.
'A' ST.
'A' ST.
'Q' ST.'R' ST.
'S' ST.
'T' ST.
'J' ST. 'V' ST.
'Y' ST.
'U' ST.
'M' ST.
'N' ST.
'AA' ST.
'O' ST. 'O' ST.
'BB' ST.
'P' ST.
'A' ST.
'X' ST.
'M' ST.
'CC' ST.
'Z' ST.
'L' ST.
'I' ST.'G' ST.
'H' ST.
'B' ST.
'E' ST. 'F' ST.
'K' ST.
PREPARED FOR BLC FLEMING LLC, C/O NEWPORT PACIFIC LAND CO. 100 BAYVIEW CIRCLE, SUITE 240 NEWPORT BEACH, CA 92660 (949) 945-2295 November 19, 2021 LEGADO - TRACT 37409
WALL AND FENCE MAINTENANCE RESPONSIBILITY EXHIBIT
MATCHLINE SEE SHEET WF-1
MATCHLINE SEE SHEET WF-1
WF-2
Total Deposit of $0,000 required at time application is submitted. $ 5,000 will be eligible for reimbursement at time bond proceeds are available. $5,000 is non-refundable.
An additional $ 0,000 will be required for each zone or improvement area. x
Legado (aka Fleming Ranch)
Tracts 37408 & 37409 consisting of 1022 lots on 331 acres bounded by Rouse Road to the north, Antelope Road to the east, Chambers Avenue to the south and Encanto Drive to the west.
TR 37408-1 thru TR 37408-6
TR 37409-1 thru TR 37409-8
Noah Shih
VP Operations
100 Bayview Circle, Suite 240, Newport Beach, CA 92660
K&A Engineering
Xavier Pfister
Project Manager
TR 37408 & TR 37409
n/a
City of Menifee
See below
See below
per month
BLC Fleming LLC
Noah Shih
Senior VP of Operations
100 Bayview Circle, Suite 240, Newport Beach, CA 92660
949-945-2295
949-945-2561
[email protected]
K&A Engineering
Xavier Pfister
Project Manager
357 N. Sheridan St., #117, Corona, CA 92880
951-279-1800
951-279-4380
[email protected]
1,022
212.80
91.20 2.0
See Attached Product Mix.
David Taussig & Associates, Inc. (DTA)
Kuda Wekwete
Managing Director
5000 Birch Street, Suite 3000, Newport Beach, CA 92660
800-969-4DTA
None
[email protected]
sq. ft.
212.80 Q3 - 2023
0.00 0
0.00 0
0.00 0
See Attached
See Attached
Yes
Riverside County Flood Control & Water Conservation District Facilities
Rohini Mustafa
1995 Market Street, Riverside, CA 92501
951-955-1282
[email protected]
Months
Eastern Municipal Water District
Fees
Brian Raines
2270 Trumble Road, Perris, CA 92570
951-928-3777
[email protected]
5.0%
2022
2051
12 TBD
See attached.
Residential Product Mix
SALES/ FIRST UNIT FINAL PERMITS ISSUED
UNIT TYPE PLAN AVG. SQ. FT. AVG PRICE UNITS UNIT TYPE QUARTER SALE BY BY 5/1 Entry Level 50 1 1,650 $370,000 84 Detached 4 6/19/2023 2028 Entry Level 50 2 1,900 $400,000 85 Detached 4 6/19/2023 2029 Entry Level 50 3 2,100 $425,000 85 Detached 4 6/19/2023 2029 Entry Level 50 4 2,300 $450,000 85 Detached 4 6/19/2023 2029 Move-Up 1 55 1 1,800 $400,000 82 Detached 4 11/12/2023 2029 Move-Up 1 55 2 2,000 $425,000 82 Detached 4 11/12/2023 2029 Move-Up 1 55 3 2,300 $450,000 82 Detached 4 11/12/2023 2029 Move-Up 1 55 4 2,500 $450,000 82 Detached 4 11/12/2023 2029 Move-Up 2 60 1 2,000 $425,000 32 Detached 4 8/29/2023 2026 Move-Up 2 60 2 2,400 $450,000 32 Detached 4 8/29/2023 2026 Move-Up 2 60 3 2,650 $470,000 32 Detached 4 8/29/2023 2026 Move-Up 2 60 4 2,950 $490,000 33 Detached 4 8/29/2023 2026 Luxury 70 1 2,300 $450,000 56 Detached 4 1/21/2024 2027 Luxury 70 2 2,700 $470,000 56 Detached 4 1/21/2024 2027 Luxury 70 3 3,100 $490,000 57 Detached 4 1/21/2024 2027 Luxury 70 4 3,400 $520,000 57 Detached 4 1/21/2024 2027
LEGADO - VTTM 37408 & 37409 May 11, 2020
Potential CFD Facilities
Facility A - Project Cost 1,2 B - SubTotal Cost C - DIF Credit/Reimbursement 4
D - Total Potential Facilities
CFD (B - C) Total Potential CFD
PA-19 Drainage Basin $4,944,150
Rouse Road Diversion $403,793
East Chambers Ave. Storm Drain $1,219,095
PA-21 Drainage Basin $1,822,425
Rancho La Vita Diversion $240,375
West Chambers Ave. Storm Drain $2,251,500
Encanto Dr. Storm Drain $3,367,350
PA-20 Drainage Basin $1,061,160
West Rouse Road Storm Drain $863,700
Encanto Sewer $477,600 $477,600 $0
Encanto Drive - Hotel to Rouse Rd. $1,305,500
Rouse Road - Encanto Dr. to Myles Ct. $549,275
Rouse Road - Myles Ct. to Dawson Rd. $1,955,000
Rouse Road - Dawson Rd. to Antelope Rd. $1,731,375
Antelope Road - Chambers Ave. to Rouse Rd. $1,306,300
Chambers Avenue - Encanto Dr. to School $1,715,625
Chambers Avenue - School to Sherman Rd. $549,875
Chambers Avenue - Sherman Rd. To Chatham Ln. $1,249,700 Chambers Avenue - Chatham Ln. to Antelope Rd. $726,750
Sherman Road - Chambers Ave. to Rouse Rd. $3,196,750
Encanto Dr./Rouse Rd. Traffic Signal $350,000
Encanto Dr./Chambers Ave. Traffic Signal $350,000
Sherman Rd./Rouse Rd. Traffic Signal $350,000
Sherman Rd./Chambers Ave. Traffic Signal $350,000
Encanto Dr./Ethanac Rd. Traffic Signal $469,500
Encanto Dr./McCall Boulevard Intersection Improvements $392,500 Bradley Rd./Cherry Hills Blvd. Traffic Signal $425,000
Encanto Drive/McLaughlin Road Traffic Signal $406,000
Enanto Dr./Shadel Rd. Traffic Signal $406,000
TOTAL $34,436,298 $10,033,717
Potential CFD Fees
Fee Description Cost/EDU 3 EDU Subtotal Fee Amount Total Potential Fees CFD Law Enf/Fire/Public Use Development Impact Fees $999 1,022 $1,020,978 EMWD Water Financial Participation Charge $5,367 1,022 $5,485,074 EMWD Water Supply Development Fee $300 1,022 $306,600
EMWD Sewer Financial Participation Charge $2,843 1,022 $2,905,546 EMWD Sewer Treatment Plant Capacity $5,793 1,022 $5,920,446 Notes:
1. From K&A Cost Estimates dated Jan. 23, 2020
2. From Urban Crossroads Cost Estimates
3. From Murrow CM Cost Estimate dated July 19, 2019 & City of Menifee DIF Nexus
4. From Legado Development Agreement Exhibit F-1 & F-2
$24,402,581
Drainage Facilites (part of DA)
$40,041,225$15,686,150 $7,293,497
Circulation Facilities (not part of DA)
$14,248,688 $2,740,220
Drainage Facilites (not part of DA)
Sewer Facilites (not part of DA)
Circulation Facilities (part of DA)
$15,638,644
$1,924,860 $0
$2,099,000 $0
Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Rough Grading (1) 90,000 CY $0.6 $54,000
Outlet Structure (2) 1 LS $20,000.0 $20,000
Emergency Spillway Structure (2) 1 LS $10,000.0 $10,000 WQ Outlet Structure (2) 3 LS $15,000.0 $45,000
Headwall for Onsite Stormdrain (1) 6 LS $3,500.0 $21,000 DG Access Road (2) 26,000 SF $1.00 $26,000
Block Wall (2) 2,200 LF $90.0 $198,000
Concrete Channel for Low Flow (1) 8,600 SF $6.5 $55,900 Erosion Control (2) 13 AC $4,000 $51,200
Landscaping w/ irrigation (1) 100,000 SF $3.5 $350,000
Landscaping w/o irrigation (2) 450,000 SF $0.5 $225,000 - $0 $0
- $0 $0
Land Value (3) 12.8 AC $175,000 $2,240,000
$3,296,100
$329,610
$164,805
$164,805
$329,610
$659,220
$4,944,150
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Legado Storm Drain Infrastructure
PA-19 Detention Basin - Cost Estimate
SUBTOTAL COST
20% CONTINGENCY
10% DESIGN COST
5% FEES
5% PROJECT MANAGEMENT
10% CONSTRUCTION MANAGMEMENT
TOTAL COST
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Dual 51" RCP Demolition (2) 550 LF $100 $55,000
Transition Structure (2) 1 LS $20,000 $20,000
6Hx8W RCB (0.9 CY/LF) (4) 170 LF $730 $124,100
Headwall (2) 1 LS $15,000 $15,000
Engineered Fill (4) 1,800 CY $10.4 $18,720
Asphalt Repair (4) 7,500 SF $4.5 $33,750
Fog Seal (2) 7,500 SF $0.15 $1,125
Striping (2) 7,500 SF $0.20 $1,500
$269,195
$26,920
$13,460
$13,460
$26,920
$53,839
$403,793
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet 10% DESIGN COST
10% CONSTRUCTION MANAGMEMENT
20% CONTINGENCY
5% FEES
5% PROJECT MANAGEMENT
Legado Storm Drain Infrastructure
Rouse Road Diversion - Cost Estimate
SUBTOTAL COST
TOTAL COST
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Rough Grading (1) 30,000 CY $0.6 $18,000
Outlet Structure (2) 1 LS $20,000 $20,000
Emergency Spillway Structure (2) 1 LS $10,000 $10,000
WQ Outlet Structure (2) 1 LS $15,000.0 $15,000
Headwall for Onsite Stormdrain (1) 2 LS $3,500.0 $7,000 Access Road (2) 5,500 SF $1.00 $5,500
Block Wall (2) 1,650 LF $90 $148,500
Concrete Channel for Low Flow (1) 5,500 SF $6.5 $35,750 Erosion Control (2) 3.8 AC $4,000 $15,200
Landscaping w/ irrigation (1) 65,000 SF $4 $227,500
Landscaping w/o irrigation (2) 95,000 SF $0.5 $47,500
- $0 $0
- $0 $0
Land Value (3) 3.8 AC $175,000 $665,000
$1,214,950
$121,495
$60,748
$60,748
$121,495
$242,990
$1,822,425
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet 5% PROJECT MANAGEMENT
10% CONSTRUCTION MANAGMEMENT
PA-21 Detention Basin - Cost Estimate
SUBTOTAL COST
Legado Storm Drain Infrastructure
10% DESIGN COST
5% FEES
TOTAL COST
20% CONTINGENCY
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Ex. Headwall & Channel Demolition (2) 1 LS $30,000 $30,000 Transition Structure (2) 1 LS $10,000 $10,000
4x6 RCB (4) 210 LF $525 $110,250
Headwall (2) 1 LS $10,000 $10,000
Engineered Fill (4) 0 CY $10.4 $0
Asphalt Repair (4) 0 SF $4.5 $0
Fog Seal (2) 0 SF $0.15 $0
Striping (2) 0 SF $0.20 $0
SUBTOTAL COST $160,250
10% DESIGN COST $16,025
5% FEES $8,013
5% PROJECT MANAGEMENT $8,013
10% CONSTRUCTION MANAGMEMENT $16,025
20% CONTINGENCY $32,050
TOTAL COST $240,375
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Rancho La Vita Diversion - Cost Estimate
Legado Storm Drain Infrastructure
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
60" RCP Storm Drain Pipe (4) 2,400 LF $301 $722,400
36" RCP Storm Drain Pipe(4) 130 LF $178 $23,140
Manholes (4) 5 EA $5,600 $28,000
Headwall (2) 1 LS $7,500 $7,500
Curb Opening Catch Basin (1) 3 EA $4,000 $12,000
18" RCP Storm Drain Pipe (4) 80 LF $113.00 $9,040
Junction Structure (4) 3 EA $3,550 $10,650
SUBTOTAL COST $812,730
10% DESIGN COST $81,273
5% FEES $40,637
5% PROJECT MANAGEMENT $40,637
10% CONSTRUCTION MANAGMEMENT $81,273
20% CONTINGENCY $162,546
TOTAL COST $1,219,095
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Legado Storm Drain Infrastructure
East Chambers Road Storm Drain - Cost Estimate
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Dual 3Hx8W RCB (4) 2,200 LF $830 $1,826,000
Manholes (4) 5 EA $5,600 $28,000
Headwall (2) 1 LS $10,000 $10,000
Curb Opening Catch Basin (1) 10 EA $4,000 $40,000
18" RCP Storm Drain Pipe (4) 200 LF $113.00 $22,600
54" RCP Storm Drain Pipe (4) 1,050 LF $293 $307,650
Junction Structure (4) 3 EA $3,550 $10,650
SUBTOTAL COST $2,244,900
10% DESIGN COST $224,490
5% FEES $112,245
5% PROJECT MANAGEMENT $112,245
10% CONSTRUCTION MANAGMEMENT $224,490
20% CONTINGENCY $448,980
TOTAL COST $3,367,350
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Legado Storm Drain Infrastructure
Encanto Road Storm Drain - Cost Estimate
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
48" RCP Storm Drain Pipe (4) 1,400 LF $261 $365,400
60" RCP Storm Drain Pipe (4) 2,600 LF $330 $858,000
Manholes (4) 8 EA $5,600 $44,800
Curb Opening Catch Basin (1) 7 EA $4,000 $28,000
18" RCP Storm Drain Pipe (4) 400 LF $113.00 $45,200
24" RCP Storm Drain Pipe (4) 1,050 LF $152 $159,600
SUBTOTAL COST $1,501,000
10% DESIGN COST $150,100
5% FEES $75,050
5% PROJECT MANAGEMENT $75,050
10% CONSTRUCTION MANAGMEMENT $150,100
20% CONTINGENCY $300,200
TOTAL COST $2,251,500
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Legado Storm Drain Infrastructure
West Chambers Ave Storm Drain - Cost Estimate
X:\338-506\Cost Estimate\Development Agreement\CFD\CFD - Drainage Cost Estimate - City's Pub Benefit.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
Rough Grading (1) 20,000 CY $0.6 $12,000
Outlet Structure (2) 1 LS $20,000 $20,000
Emergency Spillway Structure (2) 1 LS $10,000 $10,000
WQ Outlet Structure (2) 1 LS $15,000.0 $15,000
Headwall for Onsite Stormdrain (1) 1 LS $3,500.0 $3,500 Access Road (2) 3,000 SF $1.00 $3,000
Block Wall (2) 1,090 LF $90 $98,100
Concrete Channel for Low Flow (1) 3,360 SF $6.5 $21,840 Erosion Control (2) 2.5 AC $4,000 $10,000
Landscaping w/ irrigation (1) 19,500 SF $4 $68,250
Landscaping w/o irrigation (2) 16,500 SF $0.5 $8,250
- $0 $0
- $0 $0
Land Value (3) 2.5 AC $175,000 $437,500
$707,440
$70,744
$35,372
$35,372
$70,744
$141,488
$1,061,160
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet 5% PROJECT MANAGEMENT
10% CONSTRUCTION MANAGMEMENT
PA-20 Detention Basin - Cost Estimate
SUBTOTAL COST
Legado Storm Drain Infrastructure
10% DESIGN COST
5% FEES
TOTAL COST
20% CONTINGENCY
X:\338-506\Cost Estimate\Development Agreement\CFD\Drainage Cost Estimate - SD not in DA.xlsx Legado
Preliminary Cost Estimate
Description Quantity Units Unit Cost Cost
48" RCP Storm Drain Pipe (4) 2,000 LF $261 $522,000
Manholes (4) 6 EA $5,600 $33,600
Curb Opening Catch Basin (4) 28 LF $560 $15,680
18" RCP Storm Drain Pipe (4) 40 LF $113.00 $4,520
SUBTOTAL COST $575,800
10% DESIGN COST $57,580
5% FEES $28,790
5% PROJECT MANAGEMENT $28,790
10% CONSTRUCTION MANAGMEMENT $57,580
20% CONTINGENCY $115,160
TOTAL COST $863,700
Notes:
(1) Unit Cost from City of Menifee Cost Estimate Worksheet (2) Unit Cost from K&A Engineering
(3) Unit Cost based on City of Menifee Development Impact Fee Study for R/W acquisition cost of $4/sf (4) Unit Cost based on Riverside County Flood Control Worksheet Legado Storm Drain Infrastructure
West Rouse Road Storm Drain - Cost Estimate
X:\338-506\Cost Estimate\Development Agreement\CFD\Drainage Cost Estimate - SD not in DA.xlsx Description QuantityUnits Unit CostCost
15" PVC Sewer >10' depth (2) 2,200 LF $100 $220,000
72" Manhole (2) 6 EA $7,000 $42,000
Pavement Reconstruction 1,880 LF $30 $56,400
SUBTOTAL COST$318,400
10% DESIGN COST$31,840
5% FEES $15,920
5% PROJECT MANAGEMENT$15,920
10% CONSTRUCTION MANAGMEMENT$31,840
20% CONTINGENCY$63,680
TOTAL COST $477,600
Notes:
(2) Unit Cost from K&A Engineering
Encanto Sewer
Cost Estimate
LEGADO - VTTM 37408 & 37409
Circulation Facilities - Calculation of Developer Excess Contributions in Development Agreement Segment/Intersection From : To Project Cost 1,6 Subtotal Project CostA - Total Project Cost
B - Percent
Allocated to
DIF 1
C - Circulation
DIF Allocation
(A x B)
D - Project
Residential
Circulation DIF
Credit 4
E - Other Project
Residential
Circulation DIF
Reimbursed (C - D)7
F - Other Project
Nonresidential
DIF Reimbursed 5
G - Developer Excess
Contributions
(A - D - E - F)
Encanto Drive 2 Hotel to Rouse Rd. $1,305,500
Rouse Road Encanto Dr. to Myles Ct. $549,275
Rouse Road Myles Ct. to Dawson Rd. $1,955,000
Rouse Road Dawson Rd. to Antelope Rd. $1,731,375
Antelope Road 3 Chambers Ave. to Rouse Rd. $1,306,300
Chambers Avenue Encanto Dr. to School $1,715,625
Chambers Avenue School to Sherman Rd. $549,875
Chambers Avenue Sherman Rd. to Chatham Ln. $1,249,700
Chambers Avenue Chatham Ln. to Antelope Rd. $726,750
Sherman Road Chambers Ave. to Rouse Rd. $3,196,750
Encanto Dr./Rouse Rd. N/A $350,000
Encanto Dr./Chambers Ave.N/A $350,000
Sherman Rd./Rouse Rd. N/A $350,000
Sherman Rd./Chambers Ave.N/A $350,000
Reimbursable Circulation Facilities Project Total (D + E + F) Notes:
1. From City of Menifee Development Impact Fee Study Update (DIFSU)Table 5.3: Traffic Project List & Table 5.4: Traffic Signal Project List
2. Based on 45% of construction cost due to shorter segment length than what is included in DIFSU Table 5.3.
3. Based on 26% of construction cost due to half width construction and shorter segment length than what is included in DIFSU Table 5.3.
4. Based on DIFSU Circulation Facilities Impact Fee of $4,670 per Single Family Dwelling x 1,022 Units, Nonresidential Fees were not included. Actual credit will be determined by then applicable fees and total number of project dwelling units
5. Based on DIFSU Circulation Facilities Impact Fee of $7,736 per 1,000sf x 225,000sf. Actual reimbursement will equal non-residential specific plan area fees collected by City during reimbursement period.
6. Developer shall bear any costs of improvements in excess of the amounts shown in this exhibit.
7. Total reimbursement will be capped by the difference between then applicable Circulation DIF Allocation and actual credit provided under D. Reimbursement will be funded by fees collected city-wide during reimbursement period. $7,293,497
Exhibit F-1
$8,392,653$780,157 $1,740,600
$14,286,150
$1,400,000
$4,772,740$15,686,150 35.40% $5,552,897
LEGADO - VTTM 37408 & 37409
Storm Drain Facilities - Calculation of Developer Excess Contributions in Development Agreement Drainage Facility A - Project Cost 1,7 B - Percentage of Public Benefit 2
C - Public Benefit
Project Cost (A x B)
D - Total Public
Benefit Cost
E - Drainage
Facilities DIF
Allocation 3
F - Project
Residential
Drainage DIF
Credit 4
G - Other Project
Drainage DIF
Reimbursed -
Residential5
H - Other Project
Drainage DIF
Reimbursed -
Nonresidential 6
I - Developer Excess
Contributions
(D - F - G - H)
PA-19 Drainage Basin $4,944,150 55% $2,719,283
Rouse Road Diversion $403,793 75% $302,845
East Chambers Ave. Storm Drain$1,219,095 75% $914,321
PA-21 Drainage Basin $1,822,425 55% $1,002,334
Rancho La Vita Diversion $240,375 75% $180,281
West Chambers Ave. Storm Drain$2,251,500 60% $1,350,900 Encanto Dr. Storm Drain $3,367,350 85% $2,862,248
Reimbursable Storm Drain Facilities Project Total (F + G + H) Notes:
1. From K&A Cost Estimates dated Jan. 23, 2020
2. From City of Menifee e-mail on Jan. 28, 2020
3. From City of Menifee Development Impact Fee Study Update (DIFSU)Table 6.3: Total Cost of Facilities to Serve New Development - Encanto Drive Benefit Area
4. Based on DIFSU Storm Drain Facilities Impact Fee for Encanto Drive Benefit Area of $1,036 per Single Family Dwelling x 1,022 Units, Commercial Fees were not included
5. Based on DIFSU Table 6.2: Storm Drain Facilities Equivalent Dwelling Units - Encanto Drive Benefit Area Residential Growth EDU Residential Projected Growth = 1,309 EDU
Legado Residential = 1,022 EDU
Residential Remaining = 287 EDU x $1,036/EDU = $297,332
6. Based on DIFSU Table 6.2: Storm Drain Facilities Equivalent Dwelling Units - Encanto Drive Benefit Area NonResidential Growth EDU Nonresidential Projected Growth = 1,336 EDU x $1,036/EDU = $1,384,096
7. Developer shall bear any costs of improvements in excess of the amounts shown in this exhibit.
Exhibit F-2
$2,740,220
$1,058,792$9,332,211 $2,686,337 $6,591,991 $297,332 $1,384,096 Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
1G o e t z Rd. & Ethanac Rd. Menifee,
Perris None None None None None None 2nd SB left turn
lane
150' LTL, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $112,500 0.0% $0 0.0% $0 3.7% $4,170
Modify the traffic
signal to
accommodate
overlap phasing for
the NB and WB
right turn lanes
Overlap traffic signal phasing for
NB, SB & WB Right Turn Lanes No $7,500 $0 $0 $278
Total $120,000 $0 $0 $4,448
2 Murrieta Rd. & Ethanac Rd. Menifee,
Perris None None None None NB left turn lane Same Same 220' LTL, 90' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $102,000 6.8% $7,512 6.8% $7,203 7.1% $7,261
NB right turn lane Same
325' RTL, 300' Taper, C&G,
Signage, Striping, Earthwork,
Erosion Control, Traffic Control
No $180,000 $12,258 $12,196 $12,814
Restripe to provide
SBL and SBT/R
Median, Sidewalk, C&G, Si gnage,
Striping, Earthwork, Erosion
Control, Traffic Control
No $75,000 $5,108 $5,082 $5,339
EB right turn lane
85' RTL, 90' Taper, C&G, Signage,
Striping, Earthwork, Erosion
Control, Traffic Control
No $75,000 $0 $0 $5,339
Total $432,000 $24,877 $24,481 $30,754
7B r a d l e y Rd. & McCall Bl. Menifee None None None None 2nd WB left turn lane Same Same
365' LTL, 100' Taper, Median,
Sidewalk, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $127,000 20.2% $25,601 ‐‐ $0 ‐‐ ‐‐
Total $127,000 $25,601 $0 $0
8B r a d l e y Rd. & C herry Hills Bl. M e n i f e e N o n eN o n eN o n eN o n eN o n eN o n e Remove stop
controls on NB and
SB approaches
Restripe the NB and SB
approaches, Traffic Control No $75,000 0.0% $0 ‐‐ $0 21.3% $16,011 Total $75,000 $0 $0 $16,011
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
10.1-1
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
10 I‐ 215 SB Ramps & Ethanac Rd. Caltrans,
Perris None None None None 2nd EB through
lane Same Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 ‐‐ $0 100.0% $0 ‐‐ $0
3rd EB through lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
3rd WB through
lane Same
300' Th ru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
Total $0 $0 $0 $0
11 I‐ 215 SB Ramps & McCall Bl. Caltrans,
Menifee None None None None 2nd WB left turn
lane Same Same
240' LTL, 100' Taper, Median,
Sidewalk, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
Yes (TUMF) $0 ‐‐ $0 ‐‐ $0 100.0% $0
SB left turn lane
300' LTL, 90' Ta per, C&G,
Signage, Striping, Earthwork,
Erosion Control, Traffic Control
Yes (TUMF) $0 $0 $0 $0
Total $0 $0 $0 $0
13 I‐ 215 NB Ramps & Ethanac Rd. Caltrans,
Perris None None None None 2nd EB left turn
lane Same Same
250' LTL, 100' Taper, Median,
Sidewalk, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
Yes (TUMF) $0 ‐‐ $0 ‐‐ $0 ‐‐ $0
2nd WB through
lane Same Same
300' Thru, 100' Ta per, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
2nd EB through
lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
Total $0 $0 $0 $0
14 I‐ 215 NB Ramps & McCall Bl. Caltrans,
Menifee None None None None None None 2nd EB Left turn
lane
250' LTL, 100' Taper, Median,
Sidewalk, C&G, Si gnage, Striping,
Earthwork, Erosion Control,
Traffic Control
Yes (TUMF) $0 ‐‐ $0 ‐‐ $0 ‐‐ $0
Total $0 $0 $0 $0
10.1-2
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
15 Encanto Dr. & Ethanac Rd. Perris None Traffic Signal Same Same Same Same Same Traffic Signal with Curb Returns 3 corners (T‐intersection) No $350,000 13.2% $46,203 13.5% $47,399 ‐‐ $0 EB right turn lane Same Same Same Same Same
50' LTL, 90' Taper, C&G, Signage,
Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $56,000 $7,393 $7,584 $0
NB left turn lane Same Same
50' LTL, 90' Taper, C&G, Signage,
Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No
$56,000 $7,393 $7,584 $0
Modify the traffic
signal to implement
overlap phasing on
the EB right turn
lane
Same Same Overlap traffic signal phasing for
NB Right Turn Lane No $7,500 $990 $1,016 $0
2nd WB through
lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
2nd EB through
lane
300' Thru, 100' Taper, C&G,
Si
gnage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
Total $469,500 $61,978 $63,582 $0
16 Encanto Dr. & McLaughlin Rd. Menifee None None None None None None Traffic Signal Traffic Signal with Curb Returns 3 corners (T‐intersection) No $350,000 ‐‐ $0 ‐‐ $0 100.0% $350,000 SB left turn lane
50' LTL, 90' Taper, C&G, Signage,
Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $56,000 $0 $0 $56,000
Total $406,000 $0 $0 $406,000
19 Encanto Dr. & Shadel Rd. Menifee None None None None None None Traffic Signal Traffic Signal wi th Curb Returns 3 corners (T‐intersection) No $350,000 0.0% $0 0.0% $0 100.0% $350,000 SB left turn lane
50' LTL, 90' Taper, C&G, Signage,
Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $56,000 $0 $0 $56,000
Total $406,000 $0 $0 $406,000
10.1-3
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
20 Encanto Dr. & McCall Bl. M e n i f e e N o n eN o n eN o n eN o n eN o n eE B right turn lane Same 315' RTL, 90' Taper, Sidewalk,
C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $115,000 ‐‐ $0 100.0% $115,000 100.0% $115,000
SB right turn lane Same
100' RTL, 60' Taper, Sidewalk,
C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $65,000 $0 $65,000 $65,000
Modify the traffic
signal to implement
overlap phasing on
the SB rig ht turn
lane
Same Overlap traffic signal phasing for
SB Right Turn Lane No $7,500 $0 $7,500 $7,500
2nd EB left turn
lane
455' LTL, 150' Taper, Median,
Sidewalk, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $90,000 $0 $0 $90,000
WB right turn lane
315' RTL, 90' Taper, Sidewalk,
C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $115,000 $0 $0 $115,000
Total $392,500 $0 $187,500 $392,500
33 Sherman Rd. & McC all Bl. Menifee None None None None 3rd WB through lane Same Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 ‐‐ $0 100.0% $0 ‐‐ $0
3rd EB through lane
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
Total $0 $0 $0 $0
10.1-4
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
37 Antelope Rd. & Rouse Rd. (North) Menifee None None None None Install stop control on Antelope Rd. Same Same Cross‐Street Stop Control,
Signage, Striping No $2,500 ‐‐ $0 ‐‐ $0 0.0% $0
NB shared left‐
through‐right turn
lane
Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $90,000 $0 $0 $0
SB shared left‐
through‐right turn
lane
Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
T
raffic Control
No $90,000 $0 $0 $0
EB left turn lane Same Same
200' LTL, 50' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $65,000 $0 $0 $0
EB shared through‐
right turn lane Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
Yes (DIF) $0 $0 $0 $0
WB left turn lane Same Same
200' LTL, 50' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
T
raffic Control
No $65,000 $0 $0 $0
WB shared through‐
right turn lane Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $90,000 $0 $0 $0
Total $402,500 $0 $0 $0
38 Antelope Rd. & Rouse Rd. (South) Menifee None None None None NB left turn lane Same Same 200' LTL, 50' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $65,000 $0 $0 $0 $0 $0 $0
NB through lane Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
T
raffic Control
Yes (DIF) $0 $0 $0 $0
SB shared through‐
right turn lane Same Same
300' Thru, C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $90,000 $0 $0 $0
Total $287,500 $0 $0 $0
40 Antelope Rd. & McCall Bl. Menifee None None None None Traffic Signal Same Same Traffic Signal with Curb Returns 3 corners (T‐intersection) Yes (DIF) $0 11.0% $0 11.6% $0 13.6% $0 SB shared left‐
through‐right turn
lane
Same Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Er osion Control,
Traffic Control
No6 $0 $0 $0 $0
EB left turn lane Same Same
200' LTL, 50' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $65,000 $7,132 $7,510 $8,861
Restripe EB defacto
right turn lane as a
shared through‐
right turn lane
Same
RTL to Thru/RTL, Grind/Overlay,
Striping, Signing, Erosion Control,
Traffic Control
No $25,000 $0 $2,889 $3,408
3rd WB through
lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Ea rthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $63,000 $0 $7,279 $8,588
Total $153,000 $7,132 $17,678 $20,857
10.1-5
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
42 Menifee Rd. & Pinacate Rd. (SR‐74) Caltrans,
Menifee NB left turn lane Same Same Sa me Same Same Same 280' LTL, 90' Taper,
Grind/Overlay, Signage, Striping,
Grind/Overlay, Erosion Control,
Traffic Control
No $90,000 0.0% $0 3.2% $2,911 3.6% $3,199
SB left turn lane Same Same Sa me Same Same Same
130' LTL, 90' Taper, C&G,
Signage, Striping, Earthwork,
Erosion Control, Traffic Control
No $80,000 $0 $2,588 $2,843
Modify the traffic
signal to protect
the NB and SB left
turn mo
vements
Same Same Same Same Same Same Protected left turn phasing for the NB and SB left turn lanes No $7,500 $0 $243 $267
Modify the traffic
signal to
accommodate
overlap phasing for
the NB right turn
lane
Same Overlap traffic signal phasing for
NB Right Turn Lane No $7,500 $0 $243 $267
EB right turn lane Same
215' RTL, 90' Taper, C&G,
Signage, Striping, Earthwork,
Erosion Control, T raffic Control
No $100,000 $0 $3,235 $3,554
3rd EB through lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
3rd WB through
lane Same
300' Thru, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
Yes (TUMF) $0 $0 $0 $0
2nd WB left turn
lane
300' LTL, 80' Taper, C&G,
Signage, Striping, Earthwork,
Grind/
Overlay, Erosion Control,
Traffic Control
No $120,000 $0 $3,881 $4,265
SB right turn lane
315' RTL, 90' Taper, Sidewalk,
C&G, Signage, Striping,
Earthwork, Erosion Control,
Traffic Control
No $115,000 $0 $3,720 $4,087
Total $520,000 $0 $16,819 $18,482
10.1-6
Table 10.1‐1
Existing (2017) E+P (Phase 1) E+P (Phase 2) E+P (Project Buildout) 2020 With Project 2023 With Project 2025 With Project Additional Assumptions Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Fair Share
%4,10
Fair Share
Cost5
Summary of Opening Year Cumulative Intersection Improvements # Intersection Location Jurisdiction
Recommended Improvements1 Improvements
in TUMF or
DIF2?
Total Cost3
Phase 1P h a s e 2P roject Buildout
44 Menifee Rd. & McCall Bl. Menifee None None None None 2nd NB left turn lane Same Same
150' LTL, 100' Taper, C&G,
Signage, Striping, Earthwork,
Grind/Overlay, Erosion Control,
Traffic Control
No $82,500 7.3% $6,044 7.7% $6,358 8.8% $7,246
EB right turn lane Same Same
100' RTL, 60' Taper, C&G,
Signage, Striping, Earthwork,
Erosion Control, Traffic Control
No $60,000 $4,396 $4,624 $5,270
Modify the traffic
signal to implement
overlap phasing on
the EB right turn
lane
Same
Same Overlap traffic signal phasing for
EB Right Turn Lane No $7,500 $549 $578 $659
SB right turn lane
100' RTL, 60' Taper, C&G,
Signage, Striping, Earthwork,
Erosion Control, Traffic Control
No $60,000 $0 $0 $5,270
Total $210,000 $10,989 $11,559 $18,445
$4,001,000 $130,577 $321,620 $1,313,497
$3,114,250 $59,735 $241,996 $1,294,078
$659,250 $70,842 $72,265 $11,333
$227,500 $0 $7,358 $8,086
1 All recommended improvements are consistent with the general plan designations of the respective jurisdictions in which they are located. 2 Improvements are identified as being included in the Western Riverside Council of Governments (WRCOG) Transportation Uniform Mitigation Fee (TUMF) program or as a City of Menifee DIF facility. 3 Costs have been estimated using current construction unit costs. Cost does not include right of way acquisition. 4 Fair share percentage based on Opening Year Cumulative traffic conditions. See Table 11‐3 for Fair Share Calculations. 5 Program improvements constructed by project may be eligible for fee credit. In lieu fee payment is at discretion of City. 6 Improvements are to be constructed by the adjacent property owner. Not an applicable mitigation measure. 7 Total project fair share contribution consists of the improvements which are not already included in the City‐wide DIF/County TUMF for those intersections wholly or partially within the City of Menifee. 8 Total project fair share contribution consists of the improvements which are not already included in a fee program for those intersections wholly or partially within the City of Perris. 9 Total project fair share contribution consists of the improvements which are not already included in a fee program for those intersections wholly or partially within Caltrans. 10 Fair share percentage is 100% where a direct significant impact occurs (except if the facility is included in TUMF). As such, the Project is responsible for the construction of these improvements.
Fair Share Contribution to Caltrans9
Total
Fair Share Contribution to the City of Menifee (non‐DIF/TUMF)7 Fair Share Contribution to the City of Perris8
10.1-7
CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2022-2 (McLaughlin Village)
MEETING DATE: April 27, 2022
TO: Finance Committee
PREPARED BY: Jizelle Sandoval, Financial Analyst
REVIEWED BY: Rochelle Clayton, Assistant City Manager
RECOMMENDED ACTION
Review the proposed Community Facilities District No . 2022-2 (McLaughlin Village) by Century Communities to finance the costs of certain public improvements for the development of a residential tract containing 126 units located South of McLaughlin Road, East of Barnet Road/Sunset B oulevard and West of Encanto Drive and recommend submittal to the City Council for approval at the June 15, 2022 City Council Meeting, contingent on grading approved by the City.
DISCUSSION
The developer Century Communities owns a residential tract containing 126 units proposed lots within the City of Menifee. Century Communities has requested that the City form a Community Facilities District ( “CFD No. 2022 -2 (McLaughlin Village) ”) in accordance with the Mello -Roos Community Facilities Act of 1982, as amended, to finance the costs of certain public improvements through the levy of a special tax and the issuance of bonds in the approximate amount of $4,630,000.
This item is to review the proposed CFD No. 2022-2 (McLaughlin Village).
ATTACHMENTS
1. McLaughlin Village Road Proforma Summary
2. McLaughlin Village Project Map
3. McLaughlin Village Boundary Map
4. McLaughlin Village Maintenance Exhibit
5. McLaughlin Village Proforma
6. Financing Proposal
CFD 2022‐2 (McLaughlin Village)
Proforma Summary Sheet
Applicant: Century Communities
Project Description
Acreage – Fully Subdivided Gross: 14.81; Net: 14.39
Development Description Detached Single Family Residential Number of Units (50 min) 126 Units
Estimated Home Size Range 1,995 SF to 2,491 SF
Average Home Size 2,232 SF
Average Estimated Home Price $479,990
Total Effective Tax Rate (2.00% Max) 1.97%
CFD Tax Rate Range $2,134 to $2,225
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2015‐2 Tax Zone 27
Maintenance CFD Rate $319/Unit
Bond Sizing Assumptions
Average Coupon 4.50%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $274,638
Estimated Sources and Uses
Sources
Par Bond Amount $4,630,000
Uses
Reserve Fund $371,201
Capitalized Interest $104,175
Underwriter Discount $81,025
Cost of Issuance $250,000
Improvement Fund $3,823,599
Allocation of Improvement Fund
Description % of Total Total
City Fees 53% $2,425,248
City Additional Facilities (20%) 11% $404,208
Romoland School District Fees 37% $1,398,351
Unfunded $7,732
Proposed Schedule
Finance Committee April 27, 2022
Resolution of Intention June 15, 2022
Public Hearing July 20, 2022
2nd Reading Ordinance August 3, 2022
ATTACHMENT #1
PROJECT LOCATION MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-2 (MCLAUGHLIN VILLAGE)
Scott Rd
Lindenberger Rd
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐2
(McLaughlin Village)
Tract Nos. 36937
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 12 3 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,100 to Over 2,100 2,300 2,300
Estimated Home Size 1,995 2,211 2,491 2,232
Estimated Home Price $469,990 $479,990 $489,990 $479,990 Ad‐Valorem Tax Rate (1.00%) $4,699.90 $4,799.90 $4,899.90 $4,799.90 Metro Water West (0.00350%) $16.45 $16.80 $17.15 $16.80 Perris Union HS (0.08859%) $416.36 $425.22 $434.08 $425.22 Mt. San Jacinto Jr. College (0.01320%) $62.04 $63.36 $64.68 $63.36 Subtotal GO Bond Debt $5,194.75 $5,305.28 $5,415.81 $5,305.28 Flood Control Stormwater / Santa Ana $3.78 $3.78 $3.78 $3.78 EMWD Standby $26.00 $26.00 $26.00 $26.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
EMWD CFD Facilities $1,574.00 $1,615.00 $1,656.00 $1,615.00 CFD No. 2015‐2 Zone 27 ‐ Maint Services* $319.00 $319.00 $319.00 $319.00 Proposed CFD No. 2022‐3 ‐ Facilities Tax** $2,134.00 $2,180.00 $2,225.00 $2,179.67 Subtotal Special Assessments and Taxes $4,063.72 $4,150.72 $4,236.72 $4,150.39 Total Annual Property Taxes $9,258.47 $9,456.00 $9,652.53 $9,455.67 Annual Prop. Tax Rates as % of Home Price 1.97% 1.97% 1.97% 1.97% Unit Mix 42 42 42 126 (1)Total CFD ‐ Annual Tax Collections $89,628 $91,560 $93,450 $274,638 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverag $72,580 $74,144 $75,675 $222,398 II. Total Estimated Home Square Footage: 83,790 92,862 104,622 281,274 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2023 Bond Amount (4.50% Interest, 30 Year Term, 29 Year Amortization) $4,630,000 Underwriter Discount (1.75%) $81,025
Reserve Fund (Maximum Annual Debt Service) $371,201
Capitalized Interest (6 mos.) $104,175
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $806,401 Net Bond Proceeds $3,823,599
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐2
(McLaughlin Village)
Tract Nos. 36937
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 36937
126 Lots
(McLaughlin Village)
I. Calculation of Net Taxable Acres:
Gross Acreage 14.81
Less: Exempt Acres 0.42
Net Taxable Acres 14.39
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $274,638
Net Taxable Acres 14.39
Less: Contingency Factor (15%) 2.16
Net Taxable Acres (Adjusted) 12.23
Undeveloped Property Tax Rate per Acre $22,453
Total Exempt Acreage 2.58
III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres 14.39
Undeveloped Property Tax Rate per Acre $22,453
Total Units 126
Backup Special Tax per Unit $2,564
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $274,638
Total Net Acres (Square Feet) 532,804
Backup Special Tax Rate per Lot Square Foot $0.5155
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐2
(McLaughlin Village)
Tract Nos. 36937
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,100 $2,134 42 $89,628 $107,700
2,100 to 2,300 $2,180 42 $91,560 $107,700
Greater than 2,300 $2,225 42 $93,450 $107,700
Non‐residential Property $22,453
Backup Tax Rate per Unit $2,564
Backup Tax Rate per S.F. $0.5155
126 $274,638 $323,099
Tax Rate for Bonding $266,453
Sizing at Max tax rate $6,500,000
Future Facilities (rounded up) $5,500,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐2
(McLaughlin Village)
Tract Nos. 36937
Use of Bond Proceeds
CFD 2021‐2 Tract Nos. 36937
126 Lots
FUNDING REQUIREMENTS Per Lot (McLaughlin Village)
City Fees
Law Enforcement $231 $29,106
Fire Facilities $614 $77,364
Circulation $4,670 $588,420
General Govt $1,021 $128,646
Public Use $154 $19,404
Quimby Fees $8,689 $1,094,814
Parks ‐ Improvement $661 $83,286
Subtotal City Fees $16,040 $2,021,040
City Premium (20%) $3,208 $404,208
Total City Fees $19,248 $2,425,248
Total City Facilities and Fees $19,248 $2,425,248
Romoland School District Fees
Mitigation Payment (160% of Level 2 Fee) $11,037 $1,390,619 Total School District Fees $11,037 $1,390,619
Total Cost $30,285 $3,815,867
Potential Project Funds Available $3,823,599
ALLOCATION OF PROCEEDS % Per Lot Total
City Premium 11% $1,927 $404,208
City Fees 53% $9,637 $2,021,040
Other Agency 37% $11,098 $1,398,351
Total Funded by Bond Proceeds 100% $22,662 $3,823,599
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit ($0)
Unfunded Requirement ($7,732)
Total Fees to be Funded by Developer ($7,732)
CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2022‐2
(McLaughlin Village)
Tract Nos. 36937
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2023 $280,131 $30,600 $0 4.50% $104,175 $104,175 $0 N/A 2 9/1/2024 $285,733 $31,212 $20,000 4.50% $208,350 $228,350 111.46% 3 9/1/2025 $291,448 $31,836 $25,000 4.50% $207,450 $232,450 111.69% 4 9/1/2026 $297,277 $32,473 $30,000 4.50% $206,325 $236,325 112.05% 5 9/1/2027 $303,223 $33,122 $40,000 4.50% $204,975 $244,975 110.26% 6 9/1/2028 $309,287 $33,785 $45,000 4.50% $203,175 $248,175 111.01% 7 9/1/2029 $315,473 $34,461 $50,000 4.50% $201,150 $251,150 111.89% 8 9/1/2030 $321,782 $35,150 $60,000 4.50% $198,900 $258,900 110.71% 9 9/1/2031 $328,218 $35,853 $65,000 4.50% $196,200 $261,200 111.93% 10 9/1/2032 $334,782 $36,570 $75,000 4.50% $193,275 $268,275 111.16% 11 9/1/2033 $341,478 $37,301 $85,000 4.50% $189,900 $274,900 110.65% 12 9/1/2034 $348,307 $38,047 $95,000 4.50% $186,075 $281,075 110.38% 13 9/1/2035 $355,274 $38,808 $105,000 4.50% $181,800 $286,800 110.34% 14 9/1/2036 $362,379 $39,584 $115,000 4.50% $177,075 $292,075 110.52% 15 9/1/2037 $369,627 $40,376 $125,000 4.50% $171,900 $296,900 110.90% 16 9/1/2038 $377,019 $41,184 $135,000 4.50% $166,275 $301,275 111.47% 17 9/1/2039 $384,560 $42,007 $150,000 4.50% $160,200 $310,200 110.43% 18 9/1/2040 $392,251 $42,847 $160,000 4.50% $153,450 $313,450 111.47% 19 9/1/2041 $400,096 $43,704 $175,000 4.50% $146,250 $321,250 110.94% 20 9/1/2042 $408,098 $44,578 $190,000 4.50% $138,375 $328,375 110.70% 21 9/1/2043 $416,260 $45,470 $205,000 4.50% $129,825 $334,825 110.74% 22 9/1/2044 $424,585 $46,379 $220,000 4.50% $120,600 $340,600 111.04% 23 9/1/2045 $433,076 $47,307 $240,000 4.50% $110,700 $350,700 110.00% 24 9/1/2046 $441,738 $48,253 $255,000 4.50% $99,900 $354,900 110.87% 25 9/1/2047 $450,573 $49,218 $275,000 4.50% $88,425 $363,425 110.44% 26 9/1/2048 $459,584 $50,203 $295,000 4.50% $76,050 $371,050 110.33% 27 9/1/2049 $468,776 $51,207 $315,000 4.50% $62,775 $377,775 110.53% 28 9/1/2050 $478,151 $52,231 $335,000 4.50% $48,600 $383,600 111.03% 29 9/1/2051 $487,714 $53,275 $360,000 4.50% $33,525 $393,525 110.40% 30 9/1/2052 $497,469 $54,341 $385,000 4.50% $17,325 $402,325 110.14% Total $11,364,367 $1,241,383 $4,630,000 $4,383,000 $8,908,825 110.14% MCLA
UGHLIN RD
BARNETT RD
ENCANTO DR
§¨¦
215331-090-008
COMMUNITY FACILITIES DISTRICT NO. 2022-2
(McLAUGHLIN VILLAGE)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
SHEET 1 OF 1 SHEET
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2022-2
(McLAUGHLIN VILLAGE), CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE
OF CALIFORNIA, WAS APPROVED BY THE CITY COUNCIL
OF THE CITY OF MENIFEE AT A REGULAR MEETING
THEREOF, HELD ON ______ DAY OF ______, 20____,
BY RESOLUTION NO. _______________
___________________________________
CITY CLERK
C I T Y O F M E N I F E E
FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS ____ DAY OF ________, 20____.
______________________________
C I T Y C L E R K
C I T Y O F M E N I F E E
RECORDED THIS ____ DAY OF _______________, 20____ AT
THE HOUR OF ____ O'CLOCK __M IN BOOK _____
PAGE _____ OF MAPS OF ASSESSMENT AND COMMUNITY
FACILITIES DISTRICTS IN THE OFFICE OF THE COUNTY
RECORDER, IN THE COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA.
FEE: _____________ NO.: ______________________
PETER ALDANA, ASSESSOR, COUNTY CLERK, RECORDER
BY: _______________________________
DEPUTY
CFD 2022-2
\_ ·|}þ74·|}þ74
§¨¦215
MENIFEE
THIS BOUNDARY MAP CORRECTLY SHOWS THE BOUNDARIES
OF THE COMMUNITY FACILITIES DISTRICT. FOR DETAILS
CONCERNING THE LINES AND DIMENSIONS OF LOTS OR
PARCEL REFER TO THE COUNTY ASSESSOR'S MAPS FOR
FISCAL YEAR 2021-22.
0 500 1,000 250 Feet
-
PROPOSED BOUNDARY MAP
LEGEND
CFD BOUNDARY
PARCEL LINE
CITY BOUNDARY
XXX-XXX-XXX ASSESSOR PARCEL NUMBER
Maintenance Exhibit identifying CFD
and HOA Maintained Areas
City of Menifee
Proposed Community Facilities District
Special Funding District Application Packet
McLaughlin Village
(Tract No. 36937)
Century Communities
November 2021
City of Menifee
Special Funding District Application Packet
McLaughlin Village (Tract No. 36937)
Century Communities
November 9, 2021
Table of Contents
▪ Cover Letter
▪ Special Funding District Application Form
▪ Exhibits
▪ Exhibit 1: Bond Sizing and Total Tax Rate Analysis
▪ Exhibit 2: Facilities List
▪ Exhibit 3: Proposed Special Tax
▪ Exhibit 4: Summary of Acreage, Undeveloped and
Backup Special Tax Rates
▪ Exhibit 5: Product Mix and Pricing
▪ Exhibit 6: Absorption Schedule
▪ Exhibit 7: Tract Map
▪ Exhibit 8: Title Report
DEPOSIT REQUIREMENTS
Total Deposit of $70,000 required at time application is submitted. $65,000 will be eligible for reimbursement at time bond proceeds are available. $5,000 is non-refundable.
An additional
$70,000 will be required for each zone or improvement area.
SPECIAL FUNDING DISTRICT
APPLICATION FORM
Proposed Special District: CFD for Facilities
Proposed Name of Project:
CITY USE ONLY
Date Received: Amount:
Proposed Special District Number:
1. IDENTIFICATION OF SUBJECT PROPERTY
Description of Property (include N, S, E &/or W, borders, acreage & tract number) A. APN(s) and/or Master Parcel Number
Attach Backup (if needed)
Include all Assessor Parcel Numbers to be included in the Special District in their entirety (XXX‐XXX‐XXX‐X)
B. Tract/Tentative Tract Map Number
Enclose copy of map
C. Recorded Lot Line Adjustments
Enclose copy of document(s)
D. Mapping Status □ Approved □ Tentative
E. Environmental Permits Required □ Yes □ No
F. Status of Permits □ Application in Process
G. Conditions of Approval
Required □ Yes □ No
By Whom
H. Status of Conditions □ In Process □ Completed
Special District Application
2. PROPERTY OWNER INFORMATION (Attach Grant Deed)
3. CONSULTANT/APPLICANT INFORMATION
4. ENGINEERING INFORMATION
5. PROJECT LAND USE (Per Improvement Area or Zone, When Applicable) A. Number of Taxable Units
B. Proposed Product Mix See below
C. Base Sale Price Information See below
D. N umber of Taxable Acres
Attach Backup
E. Number of Exempt Acres
Attach Backup
F. Desired Tax Rate Burden %
G. Anticipated Absorption per month
A. Landowner Name(s)
Attach Backup (if needed)
B. Contact Name
C. Title
D. M
ailing Information
E. Phone
F. Fax
G. E-Mail
A. Company Name
B. Contact Name
C. Title
D. M
ailing Information
E. Phone
F. Fax
G. E-Mail
A. Company Name
B. Contact Name
C. Title
D. M
ailing Information
E. Phone
F. Fax
G. E-Mail
Special District Application
6. COMPOSITION OF DEVELOPABLE ACREAGE
Attach Additional Backup (if needed)
Residential
Commercial-Retail
Business Park
School Site
PROPOSED RESIDENTIAL PRODUCT MIX
Plan Number
Apartment, Attached, or Detached
Number of Units
Average Lot Size
Prices
Square Footage of Living Area
Occupancies (See Table Below)
Quarter & Year Plan 1 Plan 2 Plan 3 Plan 4
7. FINANCING STRUCTURES OFFERED TO HOMEBUYERS
□ FHA □ VA □ VARIABLE
□ OTHER
8. FINANCING MECHANICS
Acreage Commence Occupancy
(Quarter & Year)
1 2 3 4
sq. ft.
A. Preparation of Boundary Map
Attach if possible
B. Preparation of RMA
Attach if possible
C. Proposed JCFAs
Agency Name
Funding Purpose (i.e. fees, facilities)
Name
Contact Name
Mailing Address
Phone
Fax
Email
Special District Application
Agency Name
Funding Purpose (i.e. fees, facilities)
Name
Contact Name
Mailing Address
Phone
Fax
Email
D. Additional Land Secured Financings Proposed
Agency Name & Backup
E. Overlapping Land Secured Financings List all existing special taxes, assessments, & liens as well as agency name(s)* F. Improvement Area(s)/Zone(s) ☐ Yes ☐ No
G. Basis for Either
H. Initial Levy Fiscal Year
I. Final Levy Fiscal Year (Anticipated)
J. Proposed Capitalized Interest Months
K. Proposed Facilities Costs Breakout Between Improvement Area(s)/Zone(s) & Type of Facility/Agency L. Summary of Proposed Methodology Proposed Land Use Categories & Method of Apportionment Questions? Contact our Special Tax Consultant, Spicer Consulting Group at 866-504-2067. Thank you. * Attach backup as needed
EXHIBIT 1
BOND SIZING AND TOTAL TAX RATE ANALYSIS
Exhibit 1
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
CFD Bond Sizing and Total Tax Rate Analysis
November 9, 2021
I. Home Prices and Combined Tax Rates:
TOTAL TAX RATE ANALYSIS
FY 21/22
Proposed FY 21/22 Other Fixed City of Proposed Total
City & EMWD Ad Charges Menifee City Facilities Proposed Total Total Proposed CFD Home No. Home Valorem and CFD No. 2015-2 CFD EMWD CFD Tax per Tax City CFD Plan Tax Category Size Units Price Tax Rate Assess. Special Tax Special Tax Special Tax Unit Rate Revenue (a) (a) (a) (b) (c) (d) (g) (h)
1 < 2,100 1,995 42 469,990$ 5,195$ 37$ 319$ 2,040$ 1,574$ 9,164$ 1.95% 85,680$ 2 2,101 - 2300 2,211 42 479,990 5,305 37 319 2,083 1,615 9,359 1.95% 87,486 3 > 2,300 2,491 42 489,990 5,416 37 319 2,127 1,656 9,555 1.95% 89,334 Total/ Wtd. Avg. 2,232 126 479,990$ 5,305$ 37$ 319$ 2,083$ 1,615$ 9,359$ 1.95% 262,500$ Total Annual Special Taxes for Bonding (Annual CFD Revenues less $30,000 annual administration/ 110% Coverage) 211,364$ lI. CFD Bond Sizing & Construction Proceeds:
Bond Amount (4.25% Interest, 30 Year Term, 30 Year Amortization, 2% Escalating Special Taxes) 4,510,000$ Underwriter Discount (Min of $50,000 or 2.00%) (90,200)$ Reserve Fund (125% of the Avg. Annual Debt Service) (357,276) Capitalized Interest (6 mos) (95,838)
Incidental Costs (Estimate) (250,311)
Premium to City (20% of DIF Obligation) (406,603)
Total Net Construction Proceeds 3,309,773$
Per Unit 26,268$
III. Allocation of Net Construction Proceeds Per Unit Total City of Menifee DIF (100% of $16,135 per unit) 16,135$ 2,033,013$ Romoland School District Mitigation Payment (92% of $4.94 per SF [160% of $3.09/SF Level 2]) 10,133 1,276,760 TOTAL CITY CFD PROCEEDS 26,268$ 3,309,773$ IV. Footnotes:
(a) Product mix and pricing provided by Century Communities on 9/1/21. (b) Includes 1.00% plus the following:
Tax of 0.08859% is charged for fiscal year 2021-22 by the Perris Union High School District to pay debt service for outstanding bonds within the district.
Tax of 0.01320% is charged for fiscal year 2021-22 by the Mt. San Jacinto Junior College District to pay debt service for outstanding bonds within the district.
Tax of 0.00350% is charged for fiscal year 2021-22 by the Metropolitan Water District East to all parcels to pay debt service for outstanding bonds. (c) Includes the following:
EMWD levies a standby charge of $26.00 per acre, or $26.00 per parcel if less than an acre.
MWD levies a standby charge of $6.94 per acre, or $6.94 per parcel if less than an acre.
County of Riverside levies an assessment of $3.76 per lot for flood control services. (d)
(g) Represents the proposed Special Tax for the EMWD CFD to finance EMWD water and sewer fees. (h)
Represents the fiscal year 2021-22 City of Menifee CFD No. 2015-2 Zone 27 Special Tax to pay for lighting, landscaping, street sweeping and parks/trail maintenance per the RMA (excludes the $57.04 dormant HOA portion of the tax). This Special Tax escalates each year by the greater of the percent change in CPI or 2%.
Represents the proposed Special Tax for the City of Menifee CFD to finance City DIF and Romoland School District fees via JCFA. Please note that the school district requires 60% premium to participate in the CFD via JCFA.
EXHIBIT 2
FACILITIES LIST
Exhibit 2
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
Preliminary List of Authorized Facilities
November 9, 2021
City of Menifee Rate Per Units Total
Eligible DIF*
Law Enforcement 234$ DU 126 29,484$ Fire 622 DU 126 78,372
Circulation 4,730 DU 126 595,980
General Government 1,034 DU 126 130,284 Public Use Facilities 156 DU 126 19,656 Parks - Improvements 670 DU 126 84,420 Quimby EST. 8,689 DU 126 1,094,817
2,033,013$
Romoland School District Rate Per Units Total
Mitigation Payment (160% of Level 2 Fee) 4.94$ SF 281,274 1,390,619$ 1,390,619$
TOTAL CITY AND ROMOLAND SCHOOL DISTRICT FEES 3,423,632$ *Note that animal shelter, master planning and nexus study, and library fees are not CFD eligible.
Sub-total City DIF
Sub-total Romoland School District
EXHIBIT 3
PROPOSED SPECIAL TAX
Exhibit 3
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
Proposed Special Tax for Developed Property
Fiscal Year 2022-2023
Land Use Category Taxable Unit
Developed
Floor Area
Proposed
Special Tax
1 - Residential Property DU < 2,100 2,040$
2 - Residential Property DU 2,101 - 2300 2,083
3 - Residential Property DU > 2,300 2,127
EXHIBIT 4
SUMMARY OF ACREAGE, UNDEVELOPED PROPERTY AND BACKUP SPECIAL TAX RATES Exhibit 4
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
Summary of Acreage, Undeveloped Property and Backup Special Tax Rates I. Calculation of Net Taxable Acres:
No. of Units 126
Gross Acreage (per Tract Map ) 14.76
Less: Other (Streets, Open Space, Park Site, Detention Basin, etc.) 0.37 Net Taxable Acres 14.39
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues 262,500$
Net Taxable Acres 14.39
Less: Contingency Factor (15.00%) (2.16)
Net Taxable Acres (Adjusted) 12.23
Undeveloped Property Tax Rate per Acre 21,461$
Maximum Exempt Acres 2.53
III. Calculation of Backup Special Tax Rate:
Net Taxable Acres 14.39
Undeveloped Property Tax Rate per Acre 21,461
No. of Units 126
Backup Special Tax 2,451
EXHIBIT 5
PRODUCT MIX AND PRICING
Exhibit 5
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
Product and Pricing
Plan Number 1 2 3
Apartment, Attached, or Detached Detached Detached Detached Number of Units 42 42 42
Prices 469,990$ 479,990$ 489,990$
Square Footage of Living Area 1,995 2,211 2,491 EXHIBIT 6
ABSORPTION SCHEDULE
Exhibit 6
Century Communities
McLaughlin Village (Tract No. 36937)
Proposed City of Menifee CFD with Romoland SD JCFA
Estimated Absorption Schedule
Plan Number 1 2 3
Number of Units 42 42 42 Total
Q1 3 3 4 10 Q2 5 5 5 15 Q3 5 5 5 15 Q4 5 5 5 15 Q1 5 5 5 15 Q2 5 5 5 15 Q3 5 5 5 15 Q4 5 5 5 15 Q1 4 4 3 11 Q2 - - - - Q3 - - - - Q4 - - - - 2 0
2 3
2 0
2 4
2 0
2 5
EXHIBIT 7
TRACT MAP
EXHIBIT 8
TITLE REPORT
CLTA Preliminary Report Form Order Number: NHSC-5045600 (tc) (Rev. 11/06) Page Number: 1
First American Title
First American Title Company
1250 Corona Pointe Court, Ste 200
Corona, CA 92879
Gordon Youde
Stonegate Development
26071 Merit Circle, Suite 101
Laguna Hills, CA 92653
Customer Reference: TTM 36937
Order Number: NHSC-5045600 (tc)
Title Officer: Terrell Crutchfield
Phone: (951)256-5879
Fax No.: (866)558-2872
E-Mail: [email protected]
Buyer:
Owner: McLaughlin Apartments, LLC
Property: Vacant Land
Menifee, CA
PRELIMINARY REPORT
In response to the above referenced application for a policy of title insurance, this company hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a Policy or Policies of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms.
The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said policy or policies are set forth in Exhibit A attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than that set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. Limitations on Covered Risks applicable to the CLTA and ALTA Homeowner’s Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A. Copies of the policy forms should be read. They are available from the office which issued this report.
Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered.
It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land.
Order Number: NHSC-5045600 (tc)
Page Number: 2
First American Title
This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance of a policy of title insurance, a Binder or Commitment should be requested.
Order Number: NHSC-5045600 (tc)
Page Number: 3
First American Title
Dated as of November 06, 2015 at 7:30 A.M.
The form of Policy of title insurance contemplated by this report is:
To Be Determined
A specific request should be made if another form or additional coverage is desired.
Title to said estate or interest at the date hereof is vested in:
MCLAUGHLIN APARTMENTS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY The estate or interest in the land hereinafter described or referred to covered by this Report is:
A fee.
The Land referred to herein is described as follows:
(See attached Legal Description)
At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows:
1. General and special taxes and assessments for the fiscal year 2015-2016.
First Installment: $6,882.14, OPEN
Penalty: $0.00
Second Installment: $6,882.14, OPEN
Penalty: $0.00
Tax Rate Area: 026-259
A. P. No.: 331-090-008-6
2. The lien of defaulted taxes for the fiscal ye ar 2012-2013, and any subsequent delinquencies.
Tax Rate Area: 026-259
A. P. No.: 331-090-008-6
Amount to redeem: $36,036.85
Valid through: November 30, 2015
Amount to redeem: $36,485.76
Valid through: December 31, 2015
Please contact the tax office to verify the payoff amount.
3. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.
Order Number: NHSC-5045600 (tc)
Page Number: 4
First American Title
4. Abutter's rights of ingress and egress to or from THE HIGHWAY AND/OR FREEWAY ADJACENT TO SAID LAND have been relinquished in the document recorded September 28, 1965 as INSTRUMENT NO. 110852 of Official Records.
5. A waiver of any claims for damages by reason of the location, construction, landscaping or maintenance of a contiguous freeway, highway or roadway, as contained in the document recorded September 28, 1965 as INSTRUMENT NO. 110852 of Official Records.
6. An easement for SEWAGE PIPELINES and inci dental purposes, recorded JULY 21, 1988 as INSTRUMENT NO. 88-201948 of Official Records.
In Favor of: EASTERN MUNICIPAL WATER DISTRICT
Affects: AS DESCRIBED THEREIN
7. An easement for PUBLIC UTILITIES and incidental purposes, recorded NOVEMBER 09, 1992 as INSTRUMENT NO. 92-425066 of Official Records.
In Favor of: EASTERN MUNICIPAL WATER DISTRICT
Affects: AS DESCRIBED THEREIN
8. Any lien, assessment, and /or violation or en forcement of any law, ordinance, permit or governmental regulation arising from the document entitled NOTICE OF PENDENCY OF ADMINISTRATIVE PROCEEDINGS recorded JUNE 30, 2014 as INSTRUMENT NO. 2014- 0241693 of Official Records.
9. Any lien, assessment, and /or violation or en forcement of any law, ordinance, permit or governmental regulation arising from the document entitled NOTICE OF PENDENCY OF ADMINISTRATIVE PROCEEDINGS recorded JUNE 26, 2015 as INSTRUMENT NO. 2015- 0273948 of Official Records.
10. Any lien, assessment, and /or violation or en forcement of any law, ordinance, permit or governmental regulation arising from the document entitled NOTICE OF PENDENCY OF ADMINISTRATIVE PROCEEDINGS recorded SEPTEMBER 09, 2015 as INSTRUMENT NO. 2015- 0403008 of Official Records.
11. Rights of the public in and to that portion of the land lying within any Road, Street, Alley or Highway.
12. Water rights, claims or title to water, wh ether or not shown by the public records.
13. Rights of parties in possession.
Prior to the issuance of any policy of title insurance, the Company will require:
Order Number: NHSC-5045600 (tc)
Page Number: 5
First American Title
14. With respect to McLaughlin Apartments, LLC, a California limited liability company:
a. A copy of its operating agreement and any amendments thereto; b. If it is a California limited liability company, that a certified copy of its articles of organization (LLC-1) and any certificate of correction (LLC-11), certificate of amendment (LLC-2), or restatement of articles of organization (LLC-10) be recorded in the public records; c. If it is a foreign limited liability company, that a certified copy of its application for registration (LLC-5) be recorded in the public records;
d. With respect to any deed, deed of trust, lease, subordination agreement or other document or instrument executed by such limited liability company and presented for recordation by the Company or upon which the Company is asked to rely, that such document or instrument be executed in accordance with one of the following, as appropriate:
(i) If the limited liability company properly operates through officers appointed or elected pursuant to the terms of a written operating agreement, such document must be executed by at least two duly elected or appointed officers, as follows: the chairman of the board, the president or any vice president, and any secretary, assistant secretary, the chief financial officer or any assistant treasurer;
(ii) If the limited liability company properly operates through a manager or managers identified in the articles of organization and/or duly elected pursuant to the terms of a written operating agreement, such document must be executed by at least two such managers or by one manager if the limited liability company properly operates with the existence of only one manager. e. Other requirements which the Company may impose following its review of the material required herein and other information which the Company may require
Order Number: NHSC-5045600 (tc)
Page Number: 6
First American Title
INFORMATIONAL NOTES
Note: The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than the certain dollar amount set forth in any applicable arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. If you desire to review the terms of the policy, including any arbitration clause that may be included, contact the office that issued this Commitment or Report to obtain a sample of the policy jacket for the policy that is to be issued in connection with your transaction.
1. The property covered by this report is vacant land.
2. According to the public records, there has been no conveyance of the land within a period of twenty-four months prior to the date of this report, except as follows:
None
3. We find no open deeds of trust. Escrow please confirm before closing.
The map attached, if any, may or may not be a survey of the land depicted hereon. First American expressly disclaims any liability for loss or damage which may result from reliance on this map except to the extent coverage for such loss or damage is expressly provided by the terms and provisions of the title insurance policy, if any, to which this map is attached.
Order Number: NHSC-5045600 (tc)
Page Number: 7
First American Title
First American Title Company
1250 Corona Pointe Court, Ste 200
Corona, CA 92879
(951)256-5880
Fax - (909)476-2401
WIRE INSTRUCTIONS
for
First American Title Company, Demand/Draft Sub-Escrow Deposits Riverside County, California
First American Trust, FSB
5 First American Way
Santa Ana, CA 92707
Banking Services: (877) 600-9473
ABA 122241255
Credit to First American Title Company
Account No. 3097840000
Reference Title Order Number 5045600 and Title Officer Terrell Crutchfield
Please wire the day before recording.
Order Number: NHSC-5045600 (tc)
Page Number: 8
First American Title
LEGAL DESCRIPTION
Real property in the City of Menifee, County of Riverside, State of California, described as follows:
LOTS 1284, 1285, 1298 AND 1299, ROMOLA FARMS NO. 12, IN THE CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 15, PAGES 77 AND 78 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THEREFROM THAT PORTION OF SAID LOTS 1285 AND 1298, AS MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 1285, SAID CORNER BEING IN THE EAST LINE OF BARNETT ROAD (60.00 FEET WIDE);
THENCE NORTH 0º 13' 10" WEST ALONG SAID BARNETT ROAD 17.30 FEET;
THENCE NORTH 89º 46' 50" EAST 1062.16 FEET TO AN INTERSECTION WITH THE WEST LINE OF INTERSTATE HIGHWAY 215;
THENCE SOUTH 0º 26' 47" EAST ALONG SAID WEST LINE 30.36 FEET TO AN INTERSECTION WITH THE SOUTH LINE OF SAID LOT 1298;
THENCE NORTH 89º 30' 55" WEST ALONG THE SOUTH LINE OF SAID LOTS 1298 AND 1285 A DISTANCE OF 1062.36 FEET TO THE POINT OF BEGINNING.
ALSO EXCEPT PORTIONS CONVEYED TO THE STATE OF CALIFORNIA FOR FREEWAY PURPOSES BY DEEDS RECORDED AUGUST 2, 1951 AS INSTRUMENT NO. 32685 IN BOOK 1291, PAGE 478, OFFICIAL RECORDS, AND SEPTEMBER 28, 1965 AS INSTRUMENT NO. 110852, OFFICIAL RECORDS.
ALSO EXCEPT THAT PORTION LYING WESTERLY OF THE EASTERLY LINE OF BARNETT ROAD AS SHOWN ON SAID MAP OF ROMOLA FARMS NO. 12.
APN: 331-090-008-6
Order Number: NHSC-5045600 (tc)
Page Number: 9
First American Title
Order Number: NHSC-5045600 (tc)
Page Number: 10
First American Title
NOTICE
Section 12413.1 of the California Insurance Code, effective January 1, 1990, requires that any title insurance company, underwritten title company, or controlled escrow company handling funds in an escrow or sub-escrow capacity, wait a specified number of days after depositing funds, before recording any documents in connection with the transaction or disbursing funds. This statute allows for funds deposited by wire transfer to be disbursed the same day as deposit. In the case of cashier's checks or certified checks, funds may be disbursed the next day after deposit. In order to avoid unnecessary delays of three to seven days, or more, please use wire transfer, cashier's checks, or certified checks whenever possible.
Order Number: NHSC-5045600 (tc)
Page Number: 11
First American Title
EXHIBIT A
LIST OF PRINTED EXCEPTIONS AND EXCLUSIONS (BY POLICY TYPE)
CLTA/ALTA HOMEOWNER'S POLICY OF TITLE INSURANCE (02-03-10)
EXCLUSIONS
In addition to the Exceptions in Schedule B, You are not insured against loss, costs, attorneys' fees, and expenses resulting from:
1. Governmental police power, and the existence or violation of those portions of any law or government regulation concerning:
(a) building; (d) improvements on the Land; (b) zoning; (e) land division; and (c) land use; (f) environmental protection.
This Exclusion does not limit the coverage described in Covered Risk 8.a., 14, 15, 16, 18, 19, 20, 23 or 27.
2. The failure of Your existing structures, or any part of them, to be constructed in accordance with applicable building codes. This Exclusion does not limit the coverage described in Covered Risk 14 or 15.
3. The right to take the Land by condemning it. This Exclusion does not limit the coverage described in Covered Risk 17.
4. Risks:
(a) that are created, allowed, or agreed to by You, whether or not they are recorded in the Public Records; (b) that are Known to You at the Policy Date, but not to Us, unless they are recorded in the Public Records at the Policy Date; (c) that result in no loss to You; or
(d) that first occur after the Policy Date - this does not limit the coverage described in Covered Risk 7, 8.e., 25, 26, 27 or 28.
5. Failure to pay value for Your Title.
6. Lack of a right:
(a) to any land outside the area specifically described and referred to in paragraph 3 of Schedule A; and (b) in streets, alleys, or waterways that touch the Land.
This Exclusion does not limit the coverage described in Covered Risk 11 or 21.
7. The transfer of the Title to You is invalid as a preferential transfer or as a fraudulent transfer or conveyance under federal bankruptcy, state insolvency, or similar creditors' rights laws.
LIMITATIONS ON COVERED RISKS
Your insurance for the following Covered Risks is limited on the Owner's Coverage Statement as follows: For Covered Risk 16, 18, 19, and 21 Your Deductible Amount and Our Maximum Dollar Limit of Liability shown in Schedule A.
Your Deductible Amount Our Maximum Dollar
Limit of Liability
Covered Risk 16: 1% of Policy Amount or $2,500.00 (whichever is less) $10,000.00 Covered Risk 18: 1% of Policy Amount or $5,000.00 (whichever is less) $25,000.00 Covered Risk 19: 1% of Policy Amount or $5,000.00 (whichever is less) $25,000.00 Covered Risk 21: 1% of Policy Amount or $2,500.00 (whichever is less) $5,000.00
ALTA RESIDENTIAL TITLE INSURANCE POLICY (6-1-87)
EXCLUSIONS
In addition to the Exceptions in Schedule B, you are not insured against loss, costs, attorneys' fees, and expenses resulting from:
1. Governmental police power, and the existence or violation of any law or government regulation. This includes building and zoning ordinances and also laws and regulations concerning:
(a) and use
(b) improvements on the land
(c) and division
(d) environmental protection
This exclusion does not apply to violations or the enforcement of these matters which appear in the public records at Policy Date.
Order Number: NHSC-5045600 (tc)
Page Number: 12
First American Title
This exclusion does not limit the zoning coverage described in Items 12 and 13 of Covered Title Risks.
2. The right to take the land by condemning it, unless:
(a) a notice of exercising the right appears in the public records on the Policy Date (b) the taking happened prior to the Policy Date and is binding on you if you bought the land without knowing of the taking
3. Title Risks:
(a) that are created, allowed, or agreed to by you
(b) that are known to you, but not to us, on the Policy Date -- unless they appeared in the public records (c) that result in no loss to you
(d) that first affect your title after the Policy Date -- this does not limit the labor and material lien coverage in Item 8 of Covered Title Risks
4. Failure to pay value for your title.
5. Lack of a right:
(a) to any land outside the area specifically described and referred to in Item 3 of Schedule A OR (b) in streets, alleys, or waterways that touch your land This exclusion does not limit the access coverage in Item 5 of Covered Title Risks.
2006 ALTA LOAN POLICY (06-17-06)
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.
4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing- business laws of the state where the Land is situated.
5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law.
6. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is
(a) a fraudulent conveyance or fraudulent transfer, or
(b) a preferential transfer for any reason not stated in Covered Risk 13(b) of this policy.
7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the Insured Mortgage in the Public Records. This Exclusion does not modify or limit the coverage provided under Covered Risk 11(b).
The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of:
1. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such
Order Number: NHSC-5045600 (tc)
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First American Title
proceedings, whether or not shown by the records of such agency or by the Public Records.
2. Any facts, rights, interests, or claims that are not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land.
3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material not shown by the public records.
2006 ALTA OWNER'S POLICY (06-17-06)
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 or 10); or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.
4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer, or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.
The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of:
1. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records.
2. Any facts, rights, interests, or claims that are not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land.
3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material not shown by the public records.
First American Title
ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY (07-26-10)
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:
1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or
(iv) environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5, 6, 13(c), 13(d), 14 or 16. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 5, 6, 13(c), 13(d), 14 or 16.
2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 16, 17, 18, 19, 20, 21, 22, 23, 24, 27 or 28); or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.
4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing- business laws of the state where the Land is situated.
5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law. This Exclusion does not modify or limit the coverage provided in Covered Risk 26.
6. Any claim of invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as to Advances or modifications made after the Insured has Knowledge that the vestee shown in Schedule A is no longer the owner of the estate or interest covered by this policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11.
7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching subsequent to Date of Policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11(b) or 25.
8. The failure of the residential structure, or any portion of it, to have been constructed before, on or after Date of Policy in accordance with applicable building codes. This Exclusion does not modify or limit the coverage provided in Covered Risk 5 or 6.
9. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is
(a) a fraudulent conveyance or fraudulent transfer, or
(b) a preferential transfer for any reason not stated in Covered Risk 27(b) of this policy.
Privacy Information
We Are Committed to Safeguarding Customer Information
In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize th e personal information you provide to us. Therefore, together with our subsidiaries we have adopted this Privacy Policy to govern the use and handling of your personal information.
Applicability
This Privacy Policy governs our use of the information that you provide to us. It does not govern the manner in which we may us e information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source.
First American calls these guidelines its Fair Information Values.
Types of Information
Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include:
• Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means; • Information about your transactions with us, our affiliated companies, or others; and • Information we receive from a consumer reporting agency.
Use of Information
We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Th erefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality contro l efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include finan cial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal compani es, home warranty companies and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our beh alf, on behalf of our affiliated companies or to other financial institutions with whom we or our affiliated companies have joint marketing agreements.
Former Customers
Even if you are no longer our customer, our Privacy Policy will continue to apply to you.
Confidentiality and Security
We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and ov ersee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American's Fair Information Values. We currently maint ain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
Information Obtained Through Our Web Site
First American Financial Corporation is sensitive to privacy issues on the Internet. We believe it is important you know how we treat the information about you we receive on the Internet.
In general, you can visit First American or its affiliates’ Web sites on the World Wide Web without telling us who you are or r evealing any information about yourself. Our Web servers collect the domain names, not the e-mail addresses, of visitors. This information is aggregated to measure the number of visits, average ti me spent on the site, pages viewed and similar information. First American uses this information to measure the use of our site and to develop ideas to improve the content of our site.
There are times, however, when we may need information from you, such as your name and email address. When information is neede d, we will use our best efforts to let you know at the time of collection how we will use the personal information. Usually, the personal information we collect is used only by us to respond to your inquiry, process an order or allow you to access specific account/profile information. If you choose to share any personal information with us, we will only use it in accordance with the policies outlined above.
Business Relationships
First American Financial Corporation's site and its affiliates' sites may contain links to other Web sites. While we try to lin k only to sites that share our high standards and respect for privacy, we are not responsible for the content or the privacy practices employed by other sites.
Cookies
Some of First American's Web sites may make use of "cookie" technology to measure site activity and to customize information to your personal tastes. A cookie is an element of data that a Web site can send to your browser, which may then store the cookie on your hard drive.
FirstAm.com
uses stored cookies. The goal of this technology is to better serve you when visiting our site, save you time when you are her e and to provide you with a more meaningful and productive Web site experience.
-------------------------------------------------------------------------------- Fair Information Values
Fairness We consider consumer expectations about their privacy in all our businesses. We only offer products and services that assure a favorable balance between consumer benefits and consumer privacy.
Public Record We believe that an open public record creates significant value for society, enhances consumer choice and creates consumer opp ortunity. We actively support an open public record and emphasize its importance and contribution to our economy.
Use We believe we should behave responsibly when we use information about a consumer in our business. We will obey the laws governing the collection, use and dissemination of data.
Accuracy We will take reasonable steps to help assure the accuracy of the data we collect, use and disseminate. Where possible, we will take reasonable steps to correct inaccurate information.
When, as with the public record, we cannot correct inaccurate information, we will take all reasonable steps to assist consumer s in identifying the source of the erroneous data so that the consumer can secure the required corrections.
Education We endeavor to educate the users of our products and services, our employees and others in our industry about the importance o f consumer privacy. We will instruct our employees on our fair information values and on the responsible collection and use of data. We will encourage others in our industry to collect and use information in a responsible manner.
Security We will maintain appropriate facilities and systems to protect against unauthorized access to and corruption of the data we maintain.
Form 50-PRIVACY (9/1/10) Page 1 of 1 Privacy Information (2001-2010 First American Financial Corporation)