City Council Chambers City of Menifee 29844 Haun Road Finance Committee Menifee, CA 92586 Meeting Agenda
Lesa Sobek, Committee Member Tuesday, October 4, 2022 Dean Deines, Committee Member 9:00 AM Regular Meeting
AGENDA
1. CALL TO ORDER
2. ROLL CALL
3. PRESENTATIONS – None
4. PUBLIC COMMENTS
5. APPROVAL OF MEETING MINUTES
5.1 July 26, 2022 Minutes
6. DISCUSSION ITEMS
6.1 Proposed Finance Committee Meeting Dates for 2023
Recommended Action:
1. Staff recommend setting the following bi-monthly Finance Committee meeting dates for 2023 (2nd Tuesday of the month) at 3:00 p.m.
• Tuesday, January 10, 2023 3:00 p.m.
• Tuesday, March 14, 2023 3:00 p.m.
• Tuesday, May 9, 2023 3:00 p.m.
• Tuesday, July 11, 2023 3:00 p.m.
• Tuesday, September 12, 2023 3:00 p.m.
• Tuesday, November 14, 2023 3:00 p.m.
6.2 Proposed Bond Sale for Community Facilities District No. 2020-1, McCall Mesa Recommended Action:
1. Review the proposed Series 2 bond issue request for Community Facilities District No. 2020 -1, McCall Mesa by Lennar Homes to finance the costs of certain public improvements for the development of a residential tract containing 258 units located within the City; and
2. Recommend the finance team to proceed with preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council at a future City Council meeting.
1 6.3 Proposed Formation for Community Facilities District No. 2022-4, Rockport Ranch Recommended Action:
1. Review the proposed Community Facilities District No. 2022 -4, Rockport Ranch by Lennar Homes to finance the costs of certain public improvements for the development of a residential tract containing 305 units located within the City, south of Newport Road, West of Briggs Road, and north of Tres Lagos Drive and recommend submittal to the City Council for approval at a future City Council meeting.
7. STAFF COMMENTS
8. COMMITTEE REPORTS/COMMENTS ON COMMITTEE ACTIVITIES
9. FUTURE AGENDA ITEMS
9.1 Next Meeting Date(s): N ovember 29, 2022 at 3:00 p.m.
10. ADJOURNMENT
Decorum Policy Notes
Please use a speaker request form when you wish to address the Committee . The Committee anticipates and encourages public participation at its Committee meetings, both on agenda items and during the public comments period. Please use respect by not having your cell phones on, refrain from talking in the audience or outbursts that may be disruptive. While we encourage participation, we ask there be a mutual respect for the proceedings.
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 Manwarin g, 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. 2 City Council Chambers City of Menifee
29844 Haun Road Finance Committee
Menifee, CA 92586 Meeting Agenda
Lesa S
obek, Committee Member Tuesday, July 26, 2022
Dean Deines, Committee Member 3:00 PM Regular Meeting
MINUTES
1. CAL
L TO ORDER: The Meeting was called to order at 3:00 p.m.
2. RO
LL CALL: Committee Members Deines and Sobek were present.
3. PRE
SENTATIONS: None.
4. PUBL
IC COMMENTS: None.
5. APPR
OVAL OF MEETING MINUTES: The following minutes were approved 2-0.
5.1 Febr
uary 22, 2022 Minutes
5.2 March 18, 2022 Minutes
5.3 April 27, 2022 Minutes
5.4 June 21, 2022 Minutes
6. DIS
CUSSION ITEMS
6.1 Dr
aft FY 2022-2023 Investment Policy
Recommended Action:
Review and provide comment on the FY 2022- 2023 Investment Policy and recommend submittal to the City Council for approval at a future City Council Meeting.
Regina Funderburk, Chief Financial Officer discussed the Draft FY 2022-2 023 Investment Policy and recommended submittal to City Council on September 21 since it is due 120 days before the end of the year. Committee members approved and recommended submittal to City Council for approval at the September 21, 2022 City Council Meeting.
6.2 Dr
aft Developer Impact Fees (DIF) Study
Recommended Action:
Receive a presentation from The Matrix Consulting Group Inc. regarding the recently completed Draft DIF Study. Review and provide comment on the Draft DIF Study and recommend submittal to the City Council for approval at a future City Council meeting.
Cons
ultant from Matrix Consulting Group Inc., Khushboo Ingle, provided a presentation to the Committee regarding the recently completed D raft DIF study. Committee members asked if the Smart City IT infrastructure was included in the study and staff confirmed that it is in fact included.
Cheryl discussed that staff had met with BIA regarding user fees and will meet with NAOP on August 3, 2022. Committee members Sobek was concerned about Police fees increasing and the use of Measure DD. The Committee recommended staff hold a Council workshop to explain the storm drain map and the need for specific infrastructure. 3 7. STAFF COMMENTS: None.
8. COMMITTEE REPORTS/COMMENTS ON COMMITTEE ACTIVITIES
9. FUTURE AGENDA ITEMS
9.1 Nex t Meeting Dates: September 13, 2022 at 1:30 p.m. - Cancelled Nov
ember 29, 2022 at 3:00 p.m.
10. ADJOURNM
ENT: The Meeting was adjourned at 3:58 p.m.
4 CITY OF MENIFEE
SUBJECT: Proposed Bond Issue for Community Facilities District No. 2020-1, McCall Mesa
MEETING DATE: October 4, 2022
TO: Finance Committee
PREPARED BY: Jizelle Sandoval, Financial Analyst
REVIEWED BY: Margarita Cornejo, Deputy Director of Finance
RECOMMENDED ACTION
1. Review the propo sed Series 2 bond issue request for Community Facilities District No . 2020-1, McCall Mesa , by Lennar Homes to finance the costs of certain public improvements for the development of a residential tract con taining 258 units located within the City; and
2. R ecommend the finance team to proceed with preparation of the Official Statement and other legal documents related to the transaction for presentation to the City C ouncil at a future City Council meeting.
DISCUSSION
The developer, Lennar Homes, owns a residential tract containing 25 8 proposed lots within the City. The proposed residential tract is located south of Rouse Road and west of Menifee Road.
On August 30, 2022 Lennar Homes requested the issuance of Series 2 bonds for Community Facilities District No. 2020-1, McCall Mesa, to fund eligible facilities.
Currently of the 258 proposed lots, 258 lots have building permits issued, 11 sold & in escrow, and 211 sold & closed. As of August 30, they have 100% of their building permits issued and 81% of their units have been sold and closed. The builder is requesting to issue the last of the bonds eligible to be sold for an estimated $3,710,000. The bond authorization limit for this District is not to exceed $1 7M. In January $11,330,000 the first series of bonds were issued.
Based on the current interest rates it is anticipated that the second series of bonds will finance approximately $3.1M in eligible facilities from this second and final bond sale for CFD No. 2020-
1. A preliminary bond analysis was prepared by Spicer Consulting Group to evaluate the viability of the bond issuance estimating the valuation, delinquency history, and effective tax rates (ETR). The development has a relatively strong value to lien ratio of 10:1, greater than the City’s policy of 4:1 and an estimated ETR less than 2%. The first year the CFD taxes were levied for 5 City of Menifee Staff Report
Proposed Bond Issue for Community Facilities District No. 2020-1, McCall Mesa October 4, 2022
the CFD was FY 2021-22 and has a 0.41% delinquency rate which is less than the 5% limit. The improvements proposed to be financed include:
City Development Impact Fees and Facilities
EMWD Fees
Romoland School District Fees
Perris Union School District Fees
This item is to discuss bond issuance criteria and review the proposed bond issuance for CFD No. 2020-1.
ATTACHMENTS
1. Proforma Summary
2. Proforma
3. Project Maps
4. Boundary Map
5. Maintenance Exhibit
6. Bond Sale Request
6 CFD 2020‐1 (McCall Mesa)
Proforma Summary Sheet
Applicant: Lennar Homes
Assumptions
Average Coupon 5.00%
Priority Administration $45,000
Cost of Issuance $250,000
Capitalized Interest Period None
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues – FY 2022‐23 $723,952
Estimated Sources and Uses
Sources
Par Bond Amount $3,710,000
Uses
Reserve Fund $315,448
Capitalized Interest $0
Underwriter Discount $74,200
Cost of Issuance $250,000
Improvement Fund $3,070,352
Allocation of Improvement Fund
Description Total Funded 2022A Bonds Remaining Eligible City Facilities $3,074,421
City Fees $1,952,028
City Premium $390,406
EMWD Fees $4,027,560
Romoland Fees $3,247,180
Perris UHSD Fees $751,144
Dry Utilities $800,000
Total $14,242,739 $10,997,664 $3,070,352
City Policy
Acreage Gross: 72.03; Net: 46.75
Development Description Detached Single Family Residential Number of Units (50 min) 258 Units
Estimated Home Size Range 1,769 SF to 4,134 SF
Average Home Size 2,735 SF
Average Estimated Home Price $580,684
Total Effective Tax Rate (2.00% Max) 1.89%
CFD Tax Rate Range $2,502 to $3,794
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Annexing, CFD 2017‐1 Annex 4
Maintenance CFD Rate $973/Unit
ATTACHMENT #1
7 CITY OF MENIFEE
Community Facilities District No. 2020-1
(McCall Mesa)
Preliminary Bond Analysis - Parity Bonds
As of 9/21/2021
Preliminary Bond Compliance Table
Requirement 2020-1
1. Value to Lien(1)
4.00:1 10.00:1
2. Delinquency Levels Less than 5% 0.41%
3. Effective Tax Rate(2)
2.00% 1.87% - 1.93%
(1) Value to Lien is based upon estimated sizing information and Appraised Home Prices from October 2021. (2) Range includes FY 2021-22 enrollment.
1. General Information & Development Status
District Formation Date July 15, 2020
District Assessed Value(1)
$149,816,376
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2)
$3,710,000
Preliminary Value to Lien(3)
10.00:1
(1) District Assessed Value information based on Appraised Value as of October 8, 2021 assumed at build-out (2) Par amount estimated based on estimated 5.0% Interest Rate. (3) Value to Lien is based upon estimated sizing information and Appraised Home Prices from October 2021 9/20/2022 Ownership Status As Of
Tract No. Land Owner Map Recordation
31098 Lennar Homes 3/26/2020
No. Lots @
Buildout
Permits Issued as of
8/30/2022
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Six Month
Projection
258 Lots 258 Lots 100.00% 11 211 9 258 Lots
Remaining Lots 100%
2. Special Tax Levy & Delinquency Status
No. Parcels FY 2021-22 Levy Delinquencies(1)
127 $376,868.58 0.41%
(1) Delinquency information is as of June 30, 2022.
3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $580,684 $6,418 $1,509 $3,055 $10,982 1.89%
(1) Based upon Sales Price of the 44 Closed Homes by June 1, 2021.
Criteria
Estimated Average Tax Bill for FY 22-23
ATTACHMENT #2
8 CITY OF MENIFEE
Community Facilities District No. 2020-1
(McCall Mesa)
Preliminary Bond Analysis - Parity Bonds
As of 9/21/2021
Preliminary Bond Compliance Table
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: 14,242,739$
Funded by 2022A Series Bonds 10,997,664$
Eligible to be Funded $3,245,074
Sources Total
Bond Proceeds: Par Amount 3,710,000$
Facilities Special Tax Levy FY 22-23(1) 183,952$
Total Sources 3,893,952$
Uses Total
Project Fund Proceeds 3,070,352$
Underwriter's Discount 74,200$
Debt Service Reserve Fund 315,448$
Cost of Issuance 250,000$
Total Uses 3,710,000$
Rounding 183,952$
(1) Allocation to bonds.
ATTACHMENT #2
9 CITY OF MENIFEE
Community Facilities District No. 2020‐1
(McCall Mesa)
Tract Nos. 31098
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 4 5/8 6 1 7 2 3 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,800 to 2,101 to 2,401 to 2,701 to 3,001 to 3,301 to Over 1,800 2,100 2,400 2,700 3,000 3,300 3,600 3,600
Estimated Home Size 1,769 1,912 2,131 2,590 2,767 3,095 3,423 4,134 2,735 Estimated Home Price $504,165 $525,800 $554,060 $543,900 $594,905 $605,523 $616,140 $694,512 $580,684 Ad‐Valorem Tax Rate (1.00%) $5,041.65 $5,258.00 $5,540.60 $5,439.00 $5,949.05 $6,055.23 $6,161.40 $6,945.12 $5,806.84 Metro Water West (0.00350%) $17.65 $18.40 $19.39 $19.04 $20.82 $21.19 $21.56 $24.31 $20.32 Perris Union HS (0.08859%) $446.64 $465.81 $490.84 $481.84 $527.03 $536.43 $545.84 $615.27 $514.43 Mt. San Jacinto Jr. College (0.01320%) $66.55 $69.41 $73.14 $71.79 $78.53 $79.93 $81.33 $91.68 $76.65 Subtotal GO Bond Debt $5,572.49 $5,811.61 $6,123.97 $6,011.67 $6,575.43 $6,692.78 $6,810.13 $7,676.37 $6,418.24 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 Valley Wide Regional Fac LMD 88‐1 $567.92 $567.92 $567.92 $567.92 $567.92 $567.92 $567.92 $567.92 $567.92 EMWD Standby $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $972.90 $895.56 $895.56 $895.56 $895.56 $895.56 $895.56 $895.56 $904.04 Proposed CFD No. 2020‐1 ‐ Facilities Special Tax** $2,502.16 $2,653.02 $2,785.15 $2,979.71 $3,122.24 $3,214.84 $3,307.43 $3,794.34 $3,054.65 Subtotal Special Assessments and Taxes $4,079.70 $4,153.22 $4,285.35 $4,479.91 $4,622.44 $4,715.04 $4,807.63 $5,294.54 $4,563.33 Total Annual Property Taxes $9,652.19 $9,964.83 $10,409.32 $10,491.58 $11,197.87 $11,407.82 $11,617.77 $12,970.91 $10,981.57 Annual Prop. Tax Rates as % of Home Price 1.91% 1.90% 1.88% 1.93% 1.88% 1.88% 1.89% 1.87% 1.89% Unit Mix 26 33 27 36 46 ‐ 34 35 237 (1)Total CFD ‐ Annual Tax Collections $65,056 $87,550 $75,199 $107,269 $143,623 $0 $112,453 $132,802 $723,952 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $56,691 $76,292 $65,530 $93,477 $125,156 $0 $97,993 $115,726 $630,865 II. Total Estimated Home Square Footage: 45,994 63,096 57,537 93,240 127,282 ‐ 116,382 144,690 648,221 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (3.75% Interest, 30 Year Term, 29 Year Amortization) $3,710,000 Underwriter Discount (2.00%) $74,200
Reserve Fund (Maximum Annual Debt Service) $315,448
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $639,648 Net Bond Proceeds $3,070,352
ATTACHMENT #2
10 CITY OF MENIFEE
Community Facilities District No. 2020-1
(McCall Mesa)
Tract Nos. 31098
Sample Tax Bill
Plan Type 12345123 4
CFD Tax Category Less than 1,800 to 2,101 to 2,701 to 1,800 to 2,401 to 2,701 to 3,301 to Greater than 1,800 S.F. 2,100 S.F. 2,400 S.F. 3,000 S.F. 2,100 S.F. 2,700 S.F. 3,000 S.F. 3,600 S.F. 3,601 S.F.
Home Size 1,769 1,912 2,131 2,767 2,051 2,590 2,767 3,423 4,134 Appraisal Value
(1) $504,165 $525,800 $554,060 $594,905 $537,362 $543,900 $594,905 $616,140 $694,512 Ad Valorem Property Taxes:
General Purpose $5,042 $5,258 $5,541 $5,949 $5,374 $5,439 $5,949 $6,161 $6,945 Metro Water West (0.00350%) $18 $18 $19 $21 $19 $19 $21 $22 $24 Mt. San Jacinto Jr College (0.01320%) $67 $69 $73 $79 $71 $72 $79 $81 $92 Perris Union High School (0.088590%) $447 $466 $491 $527 $476 $482 $527 $546 $615 Total General Property Taxes $5,572 $5,812 $6,124 $6,575 $5,939 $6,012 $6,575 $6,810 $7,676 Assessment, Special Taxes & Parcel Charges:
Flood Control Stormwater / Cleanwater / Santa Ana $4 $4 $4 $4 $4 $4 $4 $4 $4 Valleywide Regional Facilities LMD 88-1 $6 $6 $6 $6 $6 $6 $6 $6 $6 Valleywide LMD Menifee North Park $568 $568 $568 $568 $568 $568 $568 $568 $568 MWD Standby East charge $7 $7 $7 $7 $7 $7 $7 $7 $7
EMWD Infrastructure Availabity Charge $11 $11 $11 $11 $11 $11 $11 $11 $11 City of Menifee CFD 2017-1, Zone 4 Maintenance Services $927 $927 $927 $927 $927 $927 $927 $927 $927 City of Menifee CFD 2020-1 (McCall Mesa)
(3) $2,502 $2,660 $2,785 $3,122 $2,660 $2,980 $3,122 $3,307 $3,794 Total Assessments & Special Taxes $4,025 $4,183 $4,308 $4,645 $4,183 $4,502 $4,645 $4,830 $5,317 Projected Total Property Tax $9,597 $9,994 $10,432 $11,220 $10,122 $10,514 $11,220 $11,640 $12,993 Projected Effective Tax Rate (4) 1.90% 1.90% 1.88% 1.89% 1.88% 1.93% 1.89% 1.89% 1.87% (1) Reflects the appraised value based on ownership status as of October 8, 2021, the date of value. (2) Reflects the average home size of each plan type within the District. (3) Reflects estimated Fiscal Year 2022-23 Special Tax levy based on development as of October 21, 2021 and includes priority Administrative Expenses in the amount of $30,600. ______________________
Source: County of Riverside Assessor's Office; Spicer Consulting Group, LLC.
Lennar Homes
(4) The Effective Tax Rate reflected includes the full assigned tax rate for each CFD category.
TR 31098
Trailhead Westward
ATTACHMENT #2
11 CITY OF MENIFEE
Community Facilities District No. 2020‐1
(McCall Mesa)
Tract Nos. 31098
Use of Bond Proceeds
CFD 2020‐1 Tract Nos. 31098
258 Lots
FUNDING REQUIREMENTS Per Lot (McCall Mesa)
City Fees
Law Enforcement $231 $59,598
Fire Facilities $614 $158,412
Circulation $4,670 $1,204,860
Storm Drainage $0 $0
General Govt $1,021 $263,418
Public Use $154 $39,732
Parks ‐ Land $215 $55,470
Parks ‐ Improvement $661 $170,538
Subtotal City Fees $7,566 $1,952,028
City Premium (20%) $1,513 $390,406
Total City Fees $16,645 $2,342,434
City Facilities
Traffic Signals $3,014 $777,500
Park Improvements (Park Site) $4,845 $1,250,000
Utility Undergrounding $4,058 $1,046,921
Total City Facilities $11,916 $3,074,421
EMWD Fees
Sewer Financial Participation Charge $2,914 $751,812
Sewer Treatment Plant Capacity Charge $5,938 $1,532,004 Water Financial Participation Charge $5,501 $1,419,258
Water Supply Development Fee $300 $77,400
1" Meter Drop‐In Fee $377 $97,26 6
Irrigation Meter Fees 1.5" (Qty: 6 Meters) $581 $149,820 Total EMWD Fees $15,611 $4,027,56 0
Romoland School District Fees
Total School District Fees $12,586 $3,247,180
Perris Union School District Fees
School Fees $7,744 $751,144
Dry Utilities $3,101 $800,000
Total Dry Utilities $3,101 $800,00 0
Total Cost $55,204 $14,242,739
Funded with 2022A Series Bonds $10,997,664
Potential Project Funds Available $3,245,074
ATTACHMENT #2
12 CITY OF MENIFEE
Community Facilities District No. 2020-1
(McCall Mesa)
Tract Nos. 31098
Revenue Coverage - Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin
Series 2022A
Debt Service Principal Coupon Interest
Capitalized
Interest Net Debt Service
Debt Service
Coverage
1 9/1/2023 $723,952 $45,600 $509,400 $0 5.00% $185,500 $0 $185,500 N/A 2 9/1/2024 $801,138 $46,512 $521,200 $10,000 5.00% $185,500 $195,500 119.40% 3 9/1/2025 $817,161 $47,442 $532,400 $10,000 5.00% $185,000 $195,000 121.70% 4 9/1/2026 $833,504 $48,391 $543,000 $15,000 5.00% $184,500 $199,500 121.36% 5 9/1/2027 $850,174 $49,359 $553,000 $25,000 5.00% $183,750 $208,750 118.71% 6 9/1/2028 $867,178 $50,346 $562,400 $30,000 5.00% $182,500 $212,500 119.73% 7 9/1/2029 $884,521 $51,353 $576,200 $35,000 5.00% $181,000 $216,000 118.97% 8 9/1/2030 $902,212 $52,380 $589,200 $40,000 5.00% $179,250 $219,250 118.87% 9 9/1/2031 $920,256 $53,428 $596,400 $50,000 5.00% $177,250 $227,250 119.00% 10 9/1/2032 $938,661 $54,496 $613,000 $55,000 5.00% $174,750 $229,750 118.03% 11 9/1/2033 $957,434 $55,586 $623,600 $60,000 5.00% $172,000 $232,000 119.93% 12 9/1/2034 $976,583 $56,698 $633,400 $70,000 5.00% $169,000 $239,000 119.87% 13 9/1/2035 $996,114 $57,832 $647,400 $80,000 5.00% $165,500 $245,500 118.49% 14 9/1/2036 $1,016,037 $58,988 $660,400 $90,000 5.00% $161,500 $251,500 117.95% 15 9/1/2037 $1,036,357 $60,168 $672,400 $100,000 5.00% $157,000 $257,000 118.21% 16 9/1/2038 $1,057,085 $61,372 $688,400 $110,000 5.00% $152,000 $262,000 117.30% 17 9/1/2039 $1,078,226 $62,599 $702,000 $120,000 5.00% $146,500 $266,500 117.68% 18 9/1/2040 $1,099,791 $63,851 $714,850 $135,000 5.00% $140,500 $275,500 116.55% 19 9/1/2041 $1,121,787 $65,128 $731,950 $145,000 5.00% $133,750 $278,750 116.49% 20 9/1/2042 $1,144,222 $66,431 $743,150 $160,000 5.00% $126,500 $286,500 116.80% 21 9/1/2043 $1,167,107 $67,759 $758,600 $175,000 5.00% $118,500 $293,500 116.10% 22 9/1/2044 $1,190,449 $69,114 $773,000 $190,000 5.00% $109,750 $299,750 116.21% 23 9/1/2045 $1,214,258 $70,497 $791,000 $200,000 5.00% $100,250 $300,250 117.49% 24 9/1/2046 $1,238,543 $71,907 $807,400 $220,000 5.00% $90,250 $310,250 115.79% 25 9/1/2047 $1,263,314 $73,345 $822,200 $235,000 5.00% $79,250 $314,250 117.03% 26 9/1/2048 $1,288,580 $74,812 $840,400 $255,000 5.00% $67,500 $322,500 115.77% 27 9/1/2049 $1,314,352 $76,308 $856,800 $275,000 5.00% $54,750 $329,750 115.62% 28 9/1/2050 $1,340,639 $77,834 $871,400 $295,000 5.00% $41,000 $336,000 116.49% 29 9/1/2051 $1,367,452 $79,391 $889,200 $320,000 5.00% $26,250 $346,250 115.19% 30 9/1/2052 $1,394,801 $80,979 $0 $100,000 5.00% $10,250 $110,250 1191.68% 31 9/1/2053 $1,422,697 $82,598 $0 $105,000 5.00% $5,250 $110,250 1215.51% Total $33,224,582 $1,932,502 $19,823,750 $3,710,000 $4,046,250 $0 $7,756,250 147.86% ATTACHMENT #2
13 MCCALL BLVD
JUNIPERO RD
MENIFEE RD
MATTHEWS RD
PALOMAR RD
ROUSE RD
0 750 1,500375
Feet
CFD Boundary
LOCATION MAP
COMMUNITY FACILITIES DISTRICT NO. 2020-1 (MCCALL MESA)
CITY OF MENIFEE
¹
ATTACHMENT #3
14 CFD 2020-1·| }þ74
§¨¦15
MENIFEE
WILDOMAR
PERRIS
CANYON LAKE
·| }þ74
§¨¦215
REGIONAL MAP
COMMUNITY FACILITIES DISTRICT NO. 2020-1
(MCCALL MESA)
¹
0 1.5 30.75
Miles
ATTACHMENT #3
15 ATTACHMENT #4
16 PLAN 6R
2131 SF
PLAN 41769 SF
PLAN 5R1912 SF
PLAN 4R
1769 SF
PLAN 51912 SF
PLAN 5R1912 SF
PLAN 6R
2131 SF
PLAN 41769 SF
PLAN 6R2131 SF
PLAN 41769 SF
PLAN 6
2131 SF
PLAN 4
1769 SF
PLAN 51912 SF
PLAN 4
1769 SF
PLAN 5
1912 SF PLAN 6
2131 SF PLAN 6
2131 SF
PLAN 4R1769 SF
PLAN 6R2131 SF
PLAN 5R1912 SF
PLAN 4R
1769 SF
PLAN 6R
2131 SF
PLAN 5R
1912 SF
PLAN 5R
1912 SF
PLAN 6
2131 SF PLAN 5
1912 SF
PLAN 6
2131 SF
PLAN 4R
1769 SF
PLAN 6
2131 SF
PLAN 4R
1769 SF
PLAN 6R
2131 SF
PLAN 6
2131 SF
PLAN 6
2131 SF
PLAN 4R
1769 SF
PLAN 6R
2131 SF PLAN 5R
1912 SF
PLAN 4R
1769 SF
PLAN 6R
2131 SF
PLAN 5
1912 SF
PLAN 6R
2131 SF
PLAN 62131 SF
PLAN 4R1769 SF
PLAN 5R
1912 SF
PLAN 5R
1912 SF
PLAN 6R2131 SF
PLAN 5R
1912 SF
M
P
MMM
PLAN 2R
3423 SF
PLAN 2R
3423 SF
PLAN 2R
3423 SF
PLAN 2R3423 SF
PLAN 23423 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 2R
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1
2590 SF
PLAN 1R
2590 SF
PLAN 12590 SF
PLAN 12590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1
2590 SF
PLAN 12590 SF
PLAN 2R
3423 SF
PLAN 1
2590 SF
PLAN 1
2590 SF
PLAN 1R
2590 SF
PLAN 1
2590 SF
PLAN 2R
3423 SF
PLAN 1
2590 SF
PLAN 1R
2590 SF
PLAN 1
2590 SF
PLAN 1
2590 SF
PLAN 1
2590 SF
PLAN 2R
3423 SF
PLAN 2R
3423 SF
PLAN 72767 SF
PLAN 7R2767 SF
PLAN 7
2767 SF
PLAN 7
2767 SF
PLAN 72767 SF
PLAN 72767 SF
PLAN 7R2767 SF
PLAN 7R2767 SFPLAN 51912 SF
PLAN 6R
2131 SF
PLAN 4R
1769 SF
PLAN 7
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7
2767 SF
PLAN 7
2767 SF
PLAN 7R
2767 SF PLAN 7
2767 SF
PLAN 7
2767 SF
PLAN 7
2767 SF
PLAN 5
1912 SF
PLAN 7
2767 SF
PLAN 4R
1769 SF
PLAN 7R
2767 SF
PLAN 6R2131 SF
PLAN 4
1769 SF
PLAN 4R
1769 SF
PLAN 51912 SF
PLAN 7R2767 SF
PLAN 6R
2131 SFPLAN 6
2131 SF
PLAN 5
1912 SF
PLAN 7
2767 SFPLAN 5
1912 SFPLAN 6
2131 SF
PLAN 5R
1912 SF
PLAN 4R
1769 SF
PLAN 5R
1912 SF
PLAN 5
1912 SF
PLAN 5
1912 SF
PLAN 7
2767 SF PLAN 5
1912 SF
PLAN 7
2767 SF
PLAN 4
1769 SF
PLAN 4R
1769 SF
PLAN 3R
4134 SFPLAN 3R
4134 SF
PLAN 3
4134 SF
PLAN 3
4134 SF
PLAN 3R4134 SF
PLAN 3
4134 SF
PLAN 3R4134 SF
PLAN 3R4134 SF
PLAN 3
4134 SF
PLAN 3
4134 SF
PLAN 3
4134 SF
PLAN 3
4134 SF
PLAN 3R
4134 SF
PLAN 3R
4134 SF
PLAN 3
4134 SF
PLAN 3R
4134 SF
PLAN 3R4134 SF
PLAN 3R4134 SF
PLAN 3R4134 SF
PLAN 3
4134 SF
PLAN 3R
4134 SF
PLAN 3R4134 SF
PLAN 34134 SF
PLAN 34134 SF
PLAN 4R
1769 SF
PLAN 2
3423 SF
PLAN 1R
2590 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 3R
4134 SF
PLAN 3
4134 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 3R
4134 SF
PLAN 1R
2590 SF
PLAN 62131 SF
PLAN 2R
3423 SF
PLAN 1
2590 SF
PLAN 1
2590 SF
PLAN 6
2131 SF
PLAN 6R
2131 SF
PLAN 6
2131 SF
PLAN 4
1769 SF
PLAN 3R4134 SF
PLAN 12590 SF
PLAN 34134 SF
PLAN 12590 SF
PLAN 23423 SF
PLAN 2
3423 SF
PLAN 4R1769 SF
PLAN 41769 SF
PLAN 4R1769 SF
PLAN 4R
1769 SF
PLAN 4
1769 SF
PLAN 1R
2590 SF
PLAN 7R
2767 SF
PLAN 72767 SF
PLAN 72767 SF
PLAN 7
2767 SF
PLAN 72767 SF
PLAN 72767 SF
PLAN 7R
2767 SF
PLAN 7
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7R
2767 SF
PLAN 7
2767 SF
PLAN 7
2767 SF
PLAN 7R
2767 SF
PLAN 72767 SF
PLAN 72767 SF
PLAN 72767 SF
PLAN 7R2767 SF
PLAN 5R
1912 SF
PLAN 5R1912 SF
PLAN 7R
2767 SF
PLAN 5R
1912 SF
PLAN 2R
3423 SF
M
PLAN 34134 SF
PLAN 1R
2590 SF
PLAN 7
2767 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 1R
2590 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 51912 SF
PLAN 4R1769 SF
PLAN 2
3423 SF
PLAN 23423 SF
PLAN 23423 SF
PLAN 23423 SF
PLAN 1
2590 SFPLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 34134 SF
PLAN 2
3423 SF
PLAN 2R
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 2
3423 SF
PLAN 4
1769 SF
PLAN 6
2131 SF
PLAN 72767 SF
PLAN 6R2131 SF
PLAN 7R
2767 SF PLAN 5R1912 SF
PLAN 51912 SF
PLAN 6R
2131 SF
PLAN 23423 SF
PLAN 8
2051 SFPLAN 8
2051 SF
PLAN 8R
2051 SF
PLAN 8R
2051 SF
PLAN 8R
2051 SF
PLAN 8R
2051 SF
PLAN 8R
2051 SF
123456
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
31 144143142141140139138137
250249248247246245
237
238239240241242243244
236
235221220219218217216215
234
233
232
231
222223224
225
226
227
228 229 230
210
209
208
207
199198
200197
201196
202195
206
205
204
203
194
187186
188185
189184
190183
193192
191
182
181180
179
178
177
176
175
214
213
212
211150
149
148
147
146
145
174
173
172
171
170
169168
167
166
165
164
163162
161
160
159
158
151
152
153
154
155
156 157
256
30 29
28 27
26 25
24 23
32 33
34 35
36 10110099989796
909192939495
115114113112111110109
102103104105106107108
121122123124125126127128
120119118117116
80 79
818283
84 85
86 87 88 89
78 77
76636247
48 49
50 51
52 53
54 61
60 59
58 57
56 55
75 74
73 72
71 70
64 65
66 67
68 69
46 45
44 43
42 41
40 39
37 38
251252253254255257257129130131132133134
135136
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P P P P P P P P P P P P PPPPP P P P P
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GGGGGG
CFD MAINTENANCE EXHIBIT LEGEND
MEDIANS: 1,567 SF
PARKWAYS: 27,151 SF
STREET SCAPE: 64,219 SF
TREES: 661 QTY
DETENTION/DEBRIS BASIN: 3 (119,273 SF TOTAL)
STORM DRAIN PIPE: 6530 LF
CURB INLET CATCH BASIN: 22 EA
CHANNEL: 4 (215,540 SF TOTAL)
NEIGHBORHOOD PARK: 5 ACRES
DG: 57,211 SF (1.3 ACRES)
MAINTENANCE ROAD: 42,412 SF (1 ACRE)
SIDEWALK: 43,335 SF (1 ACRE)
STREET: 853,406 SF (19.6 ACRES)
39 WATT STREET LIGHTS: 79 QTY
96 WATT STREET LIGHTS: 34 QTY
ENTRY MONUMENT WALL: 5 QTY
G
12.17.19 David
ASSOCIATES
Inc.
EAULT
www.dnassociates.com
951296 3430
CFD 2017-1 MAINTENANCE EXHIBIT
McCALL MESA / REMINGTON PLACE - Tract #31098
MENIFEE, CALIFORNIA LENNAR HOMES
VICINITY MAP
NOT TO SCALE
STATE HWY 74 - PINACATE RD
McLAUGHLIN RD
ROUSE RD
CHAMBERS
McCALL BLVD
SHERMAN
ANTELOPE RD
ROUSE RD
INTERSTATE 215
ENCANTO DR
ASPEL
RD
PALOMAR RD
MENIFEE RD
ANTELOPE RD
ETHANAC RD
AVE
PROJECT SITE
TRACT 31098
RD
N O R T H
NTS
O.S. LOT 264
O.S. LOT 259O.S. LOT 260
O.S. LOT 263
O.S. LOT 261
O.S. LOT 265
O.S. LOT 263
(PARK)
O.S. LOT 262
ENTRY MONUMENT
ENTRY MONUMENT
ENTRY MONUMENT
ENTRY MONUMENT
ATTACHMENT #5
17 28202 CABOT RD | SUITE 620 | LAGUNA NIGUEL, CA 92677 PHONE: (949) 542-7070 | FAX: (949) 542-7076
www.zimmermangroup.com
August 30, 2022
Rochelle Clayton
Deputy City Manager
City of Menifee
29844 Haun Road
Menifee, CA 92586
T. (951) 723-3701
E. [email protected]
RE: Request for Issuance of Bonds for CFD No. 2020-1 (McCall Mesa)
Dear Ms. Clayton,
On behalf of Lennar Homes (“Developer”), we are requesting the City of Menifee (“City”) move forward with the issuance of the second series of bonds (“Bonds”) for CFD No. 2020-1 (McCall Mesa) (“CFD”).
As you may be aware, the CFD includes 258 lots within Tract Map No. 31098 (the “Project”). Last year we issued the first series of bonds for 195 lots, w e would now like to issue the second series of bonds for the remaining 63 lots within the Project (“Series 2 Bonds”). A summary of the development status for the scenario in which only the Series 2 Bonds are issued is included in the table below.
Development Status Units
% of
Total
Closings 208 81%
Models 5 2%
Under Construction 44 17%
Finished Lots 1 0%
Total Permitted Units 258 100%
The attached Exhibit A shows the estimated debt service schedule for the Series 2 Bonds, which results in approximately $3.0M in construction proceeds. This $3.0M would contribute towards the funding of the CFD eligible facilities shown in the attached Exhibit B.
We appreciate your consideration of this request and look forward to working with the City team to issue at least the Series 2 Bonds for the Project. If you have any questions, please contact me at (949) 542-7072.
Sincerely,
John Zimmerman
Principal
CC: Shane Spicer, Spicer Consulting Group
Bryce Fleming, Lennar Homes
ATTACHMENT #6
18 Lennar Homes - Remington Place (Tract 31098)
City of Menifee CFD No. 2020-1 (McCall Mesa)
Series 2 Debt Service & Bond Sizing Schedule
August 30, 2022
ISSUANCE ASSUMPTIONS ESTIMATED SOURCES AND USES
Closing Date ….............................................................................................................................................11/1/2022 Sources Special Tax Revenue Escalation ….............................................................................................................................................2.000% Par Bond Amount ….............................................................................................................................................3,605,000$ Annual Administration Expense ….............................................................................................................................................30,000$ Administration Expense Escalation ….............................................................................................................................................2.000% Uses Debt Service Coverage Ratio ….............................................................................................................................................110.000% Addition to Reserve Fund (Estimate) ….............................................................................................................................................307,709 Underwriter Discount Estimate ….............................................................................................................................................2.000% Capitalized Interest ….............................................................................................................................................- Issuance Costs Estimate ….............................................................................................................................................200,000$ Underwriter Discount ….............................................................................................................................................72,100 Capitalized Interest (Months) ….............................................................................................................................................0.0 Costs Of Issuance ….............................................................................................................................................200,000 Improvement Fund ….............................................................................................................................................3,025,191 Total Uses ….............................................................................................................................................3,605,000$
BOND DEBT SERVICE
Period Fiscal Total Priority Series 1 2022 Bonds Combined Debt Service Ending Year Revenues Admin Debt Svc (a) Principal Coupon Interest Cap Int Debt Service Debt Service Coverage 9/1/2023 2022/2023 723,758 31,212 509,400 - 2.030% 139,470$ - 139,470 648,870$ N/A 9/1/2024 2023/2024 801,138 31,836 521,200 10,000 2.160% 167,364 - 177,364 698,564 110.13% 9/1/2025 2024/2025 817,161 32,473 532,400 10,000 2.400% 167,148 - 177,148 709,548 110.59% 9/1/2026 2025/2026 833,504 33,122 543,000 15,000 2.660% 166,908 - 181,908 724,908 110.41% 9/1/2027 2026/2027 850,174 33,785 553,000 20,000 2.910% 166,509 - 186,509 739,509 110.40% 9/1/2028 2027/2028 867,177 34,461 562,400 25,000 3.130% 165,927 - 190,927 753,327 110.54% 9/1/2029 2028/2029 884,521 35,150 576,200 30,000 3.310% 165,144 - 195,144 771,344 110.12% 9/1/2030 2029/2030 902,211 35,853 589,200 30,000 3.480% 164,151 - 194,151 783,351 110.60% 9/1/2031 2030/2031 920,255 36,570 596,400 40,000 3.640% 163,107 - 203,107 799,507 110.53% 9/1/2032 2031/2032 938,661 37,301 613,000 40,000 3.804% 161,651 - 201,651 814,651 110.64% 9/1/2033 2032/2033 957,434 38,047 623,600 50,000 4.026% 160,130 - 210,130 833,730 110.27% 9/1/2034 2033/2034 976,582 38,808 633,400 60,000 4.050% 158,117 - 218,117 851,517 110.13% 9/1/2035 2034/2035 996,114 39,584 647,400 65,000 4.190% 155,687 - 220,687 868,087 110.19% 9/1/2036 2035/2036 1,016,036 40,376 660,400 70,000 4.250% 152,963 - 222,963 883,363 110.45% 9/1/2037 2036/2037 1,036,357 41,184 672,400 80,000 4.380% 149,988 - 229,988 902,388 110.28% 9/1/2038 2037/2038 1,057,084 42,007 688,400 85,000 4.440% 146,484 - 231,484 919,884 110.35% 9/1/2039 2038/2039 1,078,226 42,847 702,000 95,000 4.500% 142,710 - 237,710 939,710 110.18% 9/1/2040 2039/2040 1,099,790 43,704 714,850 105,000 4.550% 138,435 - 243,435 958,285 110.21% 9/1/2041 2040/2041 1,121,786 44,578 731,950 110,000 4.590% 133,658 - 243,658 975,608 110.41% 9/1/2042 2041/2042 1,144,222 45,470 743,150 125,000 4.610% 128,609 - 253,609 996,759 110.23% 9/1/2043 2042/2043 1,167,106 46,379 758,600 135,000 4.740% 122,846 - 257,846 1,016,446 110.26% 9/1/2044 2043/2044 1,190,449 47,307 773,000 145,000 4.740% 116,447 - 261,447 1,034,447 110.51% 9/1/2045 2044/2045 1,214,258 48,253 791,000 155,000 4.740% 109,574 - 264,574 1,055,574 110.46% 9/1/2046 2045/2046 1,238,543 49,218 807,400 170,000 4.740% 102,227 - 272,227 1,079,627 110.16% 9/1/2047 2046/2047 1,263,314 50,203 822,200 185,000 4.740% 94,169 - 279,169 1,101,369 110.15% 9/1/2048 2047/2048 1,288,580 51,207 840,400 195,000 4.880% 85,400 - 280,400 1,120,800 110.40% 9/1/2049 2048/2049 1,314,351 52,231 856,800 210,000 4.880% 75,884 - 285,884 1,142,684 110.45% 9/1/2050 2049/2050 1,340,638 53,275 871,400 230,000 4.880% 65,636 - 295,636 1,167,036 110.31% 9/1/2051 2050/2051 1,367,451 54,341 889,200 250,000 4.880% 54,412 - 304,412 1,193,612 110.01% 9/1/2052 2051/2052 1,394,800 55,428 - 410,000 4.880% 42,212 - 452,212 452,212 296.18% 9/1/2053 2052/2053 1,422,696 56,536 - 455,000 4.880% 22,204 - 477,204 477,204 286.28% Total 33,224,378 1,322,747 19,823,750 3,605,000 4.75% 3,985,167 - 7,590,167 27,413,917 110.01% Exhibit A
ATTACHMENT #6
19 EXHIBIT B
Lennar Homes - McCall (Tract 31098)
City of Menifee CFD No. 2020-1
Preliminary List of CFD Eligible Facilities
August 30, 2022
Total Units 258
Per Unit Total
City of Menifee Fees (a)
Law Enforcement 231$ 59,598$
Fire Facilities 614 158,412
Circulation 4,670 1,204,860
General Government 1,021 263,418
Public Use Facilities 154 39,732
Parks - Land Acquisition 215 55,470
Parks - Improvements 661 170,538
Master Planning 23 5,934
Subtotal City DIF fees (b) 7,589$ 1,957,962$
City Fee Premium 1,518 391,592
Total City Fees 9,107$ 2,349,554$
City of Menifee Improvements
Traffic Signals (Menifee Rd./Heritage Lake Dr. and Menifee Rd./Rouse Rd.) (f) 3,014$ 777,500$ Park Improvements (Park Site) (g) 4,845 1,250,000 Utility Undergrounding (b) 4,058 1,046,921
Total City Improvements 11,916$ 3,074,421$
Total City of Menifee Facilities 21,023$ 5,423,975$ Romoland School District Fees (c)
School District Fees 258 12,586$ 3,247,180$ Perris Union High School District Fees
Square Footage 2,747 708,626
Estimated School Fees (d) $1.06 / SF 2,911$ 751,144$ EMWD Fees (e)
Water Financial Participation Charge 5,501$ 1,419,258$ Sewer Financial Participation Charge 2,914 751,812 Sewer Treatment Plant Capacity Charge 5,938 1,532,004 Meter Fee 377 97,266
Water Development Fee 300 77,400
Irrigation Meter Fees 1.5" (Qty: 6 Meters) 581 149,820 Total EMWD Fees 15,611$ 4,027,560$
Dry Utilities (Subject to 5% Limitation) 3,101$ 800,000$ Total Eligible Facilities 55,232$ 14,249,859$
Footnotes
(a) Represents the City of Menifee DIF Fees dated July 1, 2018. (c) Represents the estimated Romoland School District mitigation fees for the project. (d) Represents the Level 1 school fee for Perris Union High School District. (g) Represents the estimated appraised value of the 5 acres park site park transferred to the City. (b) Represents the Menifee Road electric utility conversion costs per budget from Utility Specialists dated December 4, 2018. (e) Represents EMWD's connection and capacity fees effective 1/1/2020. (f) Amount per bid package submitted by Belco Electric for offsite traffic signal, fiber optic, and signing and striping improvements.
ATTACHMENT #6
20 CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2022-4, Rockport Ranch
MEETING DATE: October 4, 2022
TO: Finance Committee
PREPARED BY: Jizelle Sandoval, Financial Analyst
REVIEWED BY: Margarita Cornejo, Deputy Director of Finance
RECOMMENDED ACTION
1. Review the propo sed Community Facilities District No . 2022- 4, Rockport Ranch by Lennar Homes to finance the costs of certain public improvements for the development of a residential tract containing 305 units located within the City, south of Newport Road, west of Briggs Road, and north of Tres Lagos Drive and recommend submittal to the City Council for approval at a future City Council meeting.
DISCUSSION
The developer, Lennar Homes, owns a residential tract containi ng 305 proposed lots within the City of Menifee. Lennar homes has requested that the City form a C ommunity Facilities District No. 2022- 4, Ro ckport Ranch in accordance with the Mello- Roos Community Facility Act of 1982, as amended, to finance the costs of certain public imp rovements through the levy of a special tax and the issuance of bonds in the approximate amount of $17,970,000.
This item is to review the proposed formation of CFD No. 2022-4, Rockport Ranch.
ATTACHMENTS
1. Proforma Summary
2. Proforma
3. Project Maps
4. Boundary Map
5. Maintenance Exhibit
6. CFD Application
21 CFD 2022‐4 (Rockport)
Proforma Summary Sheet
Applicant: Lennar Homes
Project Description
Tax Zones 2 Separate Tax Zones
Acreage Gross: 80.00; Net: 39.57
Development Description Detached Single Family Residential Number of Units (50 min) 305 Units
Estimated Home Size Range 1,860 SF to 4,134 SF
Average Home Size 2,248 SF
Average Estimated Home Price $565,474
Total Effective Tax Rate (2.00% Max) 1.95%
CFD Tax Rate Range $2,739 to $4,610
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Proposed, CFD 2017‐1 Tax Zone 18
Maintenance CFD Rate $750/Unit
Bond Sizing Assumptions
Average Coupon 5.00%
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 $1,015,981
Estimated Sources and Uses
Sources
Par Bond Amount $17,970,000
Uses
Reserve Fund $1,518,851
Capitalized Interest $449,250
Underwriter Discount $269,550
Cost of Issuance $250,000
Improvement Fund $15,482,349
Allocation of Improvement Fund
Description Total Eligible Bond Proceeds Remaining
City Fees $6,406,759 $6,406,759 $0
City Facilities $1,388,231 $1,388,231 $0
City Additional Facilities (20%) $500,017 $500,017 $0 Eastern Municipal Water District $5,299,135 $5,299,135 $0 Menifee Union School District $3,096,952 $1,888,207 $1,208,745 Total $16,691,094 $15,482,349 $1,208,745
ATTACHMENT #1
22 Proposed Schedule
Finance Committee December 4, 2022
Resolution of Intention December 7, 2022
Public Hearing January 18, 2023
2nd Reading Ordinance February 1, 2023
ATTACHMENT #1
23 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐4
(Rockport Ranch)
Tract No. 37131
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 1 23412345123456789 1 0
Plan CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,900 to 2,051 to Over Under 1,900 to 2,101 to 2,301 to Over Under 2,001 to 2,251 to 2,501 to 2,751 to 3,001 to 3,251 to 3,501 to 3,750 to Over 1,900 2,050 2,200 2,200 1,900 2,100 2,300 2,500 2,500 2,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 4,000 4,000 Estimated Home Size 1,860 1,998 2,163 2,236 1,792 1,998 2,203 2,419 2,590 1,950 2,145 2,287 2,548 2,809 3,162 3,405 3,648 3,891 4,134 2,248 Estimated Home Price $490,000 $499,000 $510,000 $515,000 $540,500 $546,000 $551,500 $562,500 $572,500 $551,500 $563,500 $578,500 $586,000 $593,500 $633,500 $657,250 $681,000 $704,750 $728,500 $565,474 Ad‐Valorem Tax Rate (1.00%) $4,900.00 $4,990.00 $5,100.00 $5,150.00 $5,405.00 $5,460.00 $5,515.00 $5,625.00 $5,725.00 $5,515.00 $5,635.00 $5,785.00 $5,860.00 $5,935.00 $6,335.00 $6,572.50 $6,810.00 $7,047.50 $7,285.00 $5,654.74 Metro Water West (0.00350%) $17.15 $17.47 $17.85 $18.03 $18.92 $19.11 $19.30 $19.69 $20.04 $19.30 $19.72 $20.25 $20.51 $20.77 $22.17 $23.00 $23.84 $24.67 $25.50 $19.79 Menifee School (0.06319%) $309.63 $315.32 $322.27 $325.43 $341.54 $345.02 $348.49 $355.44 $361.76 $348.49 $356.08 $365.55 $370.29 $375.03 $400.31 $415.32 $430.32 $445.33 $460.34 $357.32 Perris Union HS (0.08859%) $434.09 $442.06 $451.81 $456.24 $478.83 $483.70 $488.57 $498.32 $507.18 $488.57 $499.20 $512.49 $519.14 $525.78 $561.22 $582.26 $603.30 $624.34 $645.38 $500.95 Mt. San Jacinto Jr. College (0.01320%) $64.68 $65.87 $67.32 $67.98 $71.35 $72.07 $72.80 $74.25 $75.57 $72.80 $74.38 $76.36 $77.35 $78.34 $83.62 $86.76 $89.89 $93.03 $96.16 $74.64 Subtotal GO Bond Debt $5,725.55 $5,830.72 $5,959.25 $6,017.67 $6,315.63 $6,379.90 $6,444.17 $6,572.70 $6,689.55 $6,444.17 $6,584.38 $6,759.66 $6,847.29 $6,934.93 $7,402.32 $7,679.83 $7,957.35 $8,234.86 $8,512.38 $6,607.45 Perris Union High School District CFD 92‐1 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 $323.20 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 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 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 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 Proposed CFD No. 2022‐4 ‐ Facilities Special Tax** $2,739.00 $2,810.00 $2,896.00 $2,935.00 $3,135.00 $3,178.00 $3,221.00 $3,308.00 $3,386.00 $3,221.00 $3,316.00 $3,433.00 $3,492.00 $3,551.00 $3,865.00 $4,051.00 $4,237.00 $4,424.00 $4,610.00 $3,331.09 Subtotal Special Assessments and Taxes $3,843.92 $3,914.92 $4,000.92 $4,039.92 $4,239.92 $4,282.92 $4,325.92 $4,412.92 $4,490.92 $4,325.92 $4,420.92 $4,537.92 $4,596.92 $4,655.92 $4,969.92 $5,155.92 $5,341.92 $5,528.92 $5,714.92 $4,436.01 Total Annual Property Taxes $9,569.47 $9,745.64 $9,960.17 $10,057.59 $10,555.55 $10,662.82 $10,770.09 $10,985.62 $11,180.47 $10,770.09 $11,005.30 $11,297.58 $11,444.21 $11,590.85 $12,372.24 $12,835.75 $13,299.27 $13,763.78 $14,227.30 $11,043.45 Annual Prop. Tax Rates as % of Home Price 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% Unit Mix 24 24 24 24 15 ‐ 15 15 15 19 20 23 ‐ 43 20 ‐ ‐ ‐ 24 305 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $65,736 $67,440 $69,504 $70,440 $47,025 $0 $48,315 $49,620 $50,790 $61,199 $66,320 $78,959 $0 $152,693 $77,300 $0 $0 $0 $110,640 $1,015,981 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $57,995 $59,499 $61,320 $62,145 $41,488 $0 $42,626 $43,777 $44,809 $53,993 $58,511 $69,661 $0 $134,713 $68,198 $0 $0 $0 $97,612 $896,346 II. Total Estimated Home Square Footage: 44,640 47,952 51,912 53,664 26,880 ‐ 33,045 36,285 38,850 37,050 42,900 52,601 ‐ 120,787 63,240 ‐ ‐ ‐ 99,216 749,022 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $17,970,000 Underwriter Discount (1.50%) $269,550
Reserve Fund (Maximum Annual Debt Service) $1,518,851
Capitalized Interest (6 mos.) $449,250
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $2,487,651 Net Bond Proceeds $15,482,349
312
ATTACHMENT #2
24 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐4
(Rockport Ranch)
Tract No. 37131
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2 Tax Zone 3
96 Lots 60 Lots 149 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 16.02 15.48 47.39 Less: Exempt Acres 8.07 7.29 23.96 Net Taxable Acres 7.95 8.19 23.43 II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $273,120 $195,750 $547,111 Net Taxable Acres 7.95 8.19 23.43 Less: Contingency Factor (10%) 0.80 0.82 2.34 Net Taxable Acres (Adjusted) 7.16 7.37 21.09 Undeveloped Property Tax Rate per Acre $38,172 $26,557 $25,945 Total Exempt Acreage 8.87 8.11 26.30 III. Calculation of Backup Special Tax Rate:
Backup Special Tax Rate per Unit Tax Zone 1 Tax Zone 2 Tax Zone 3 Total Taxable Acres (Adjusted) 9.96 16.30 7.62 Undeveloped Property Tax Rate per Acre $38,172 $26,557 $25,945 Total Units 96 60 149
Backup Special Tax per Unit $3,960 $7,215 $1,327
Total Undeveloped Tax
Total Units
Backup Special Tax per Unit
ATTACHMENT #2
25 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐4
(Rockport Ranch)
Tract No. 37131
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. o f Total Annual
Tax Zone Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,900 1 $2,739 24 $65,736 $95,048
1,900 to 2,050 1 $2,810 24 $67,440 $95,048
2,051 to 2,200 1 $2,896 24 $69,504 $95,048
Greater than to 2,200 1 $2,935 24 $70,440 $95,048
Ave Backup Tax Rate per Unit 1 $3,960 96
Non‐residential Property 1 $38,172
Less than to 1,900 2 $3,135 15 $47,025 $108,220
1,901 to 2,100 2 $3,178 0 $0 $0
2,101 to 2,300 2 $3,221 15 $48,315 $108,220
2,301 to 2,500 2 $3,308 15 $49,620 $108,220
Greater than to 2,500 2 $3,386 15 $50,790 $108,220
Ave Backup Tax Rate per Unit 2 $7,215 60
Non‐residential Property 2 $26,557
Less than to 2,000 3 $3,221 19 $61,199 $61,199
2,001 to 2,250 3 $3,316 20 $66,320 $66,320
2,251 to 2,500 3 $3,433 23 $78,959 $78,959
2,501 to 2,750 3 $3,492 0 $0 $0
2,751 to 3,000 3 $3,551 43 $152,693 $152,693
3,001 to 3,250 3 $3,865 20 $77,300 $77,300
3,251 to 3,500 3 $4,051 0 $0 $0
3,501 to 3,750 3 $4,237 0 $0 $0
3,751 to 4,000 3 $4,424 0 $0 $0
Greater than 4,000 3 $4,610 24 $110,640 $110,640
Ave Backup Tax Rate per Unit 3 $1,327 149
Non‐residential Property 3 $25,945
305 $1,015,981 $1,360,183
Tax Rate for Bonding $1,213,803
Sizing at Max tax rate $30,000,000
Future Facilities (rounded up) $26,000,000
Range of Home Sizes
ATTACHMENT #2
26 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐4
(Rockport Ranch)
Tract No. 37131
Use of Bond Proceeds
Tract No. 37131
305 Lots
FUNDING REQUIREMENTS Per Lot (Rockport Ranch)
City Fees
Law Enforcement $250 $76,250
Fire Facilities $665 $202,825
Circulation $5,060 $1,543,300
General Govt $1,106 $337,330
Parks ‐ Land $1,116 $340,380
Subtotal City Fees $8,197 $2,500,085
City Premium (20%) $1,639 $500,017
Fiscal Impact Mitigation Fee $12,809 $3,906,674
Total City Fees $22,645 $6,906,776
City Facilities
Utility Undergrounding ‐ Rule 20 $4,552 $1,388,231
Total City Facilities $4,552 $1,388,231
Total City Facilities and Fees $27,197 $8,295,007
EMWD Fees
Sewer Financial Participation Charge $3,208 $978,440
Sewer Treatment Plant Capacity Charge $6,081 $1,854,705 Water Financial Participation Charge $6,845 $2,087,725
Water Supply Development Fee $372 $113,460
Irrigation Meter Fees 1.5" $491 $149,820
Meter Fee $377 $114,985
Total EMWD Fees $17,374 $5,299,135
Menifee Union School District Fees
Menifee Union School District Fees $10,154 $3,096,952
Total School District Fees $10,154 $3,096,952
Total Cost $54,725 $16,691,094
Potential Project Funds Available $15,482,349
ALLOCATION OF PROCEEDS % Per Lot Total
City Premium 3% $1,639 $500,017
City Fees 41% $8,197 $6,406,759
ATTACHMENT #2
27 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐4
(Rockport Ranch)
Tract No. 37131
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 $1,036,301 $30,600 $0 5.00% $449,250 $449,250 $0 N/A 2 9/1/2025 $1,057,027 $31,212 $25,000 5.00% $898,500 $923,500 111.08% 3 9/1/2026 $1,078,167 $31,836 $45,000 5.00% $897,250 $942,250 111.05% 4 9/1/2027 $1,099,731 $32,473 $65,000 5.00% $895,000 $960,000 111.17% 5 9/1/2028 $1,121,725 $33,122 $90,000 5.00% $891,750 $981,750 110.88% 6 9/1/2029 $1,144,160 $33,785 $115,000 5.00% $887,250 $1,002,250 110.79% 7 9/1/2030 $1,167,043 $34,461 $140,000 5.00% $881,500 $1,021,500 110.87% 8 9/1/2031 $1,190,384 $35,150 $170,000 5.00% $874,500 $1,044,500 110.60% 9 9/1/2032 $1,214,191 $35,853 $200,000 5.00% $866,000 $1,066,000 110.54% 10 9/1/2033 $1,238,475 $36,570 $235,000 5.00% $856,000 $1,091,000 110.17% 11 9/1/2034 $1,263,245 $37,301 $265,000 5.00% $844,250 $1,109,250 110.52% 12 9/1/2035 $1,288,510 $38,047 $305,000 5.00% $831,000 $1,136,000 110.08% 13 9/1/2036 $1,314,280 $38,808 $340,000 5.00% $815,750 $1,155,750 110.36% 14 9/1/2037 $1,340,565 $39,584 $380,000 5.00% $798,750 $1,178,750 110.37% 15 9/1/2038 $1,367,377 $40,376 $425,000 5.00% $779,750 $1,204,750 110.15% 16 9/1/2039 $1,394,724 $41,184 $470,000 5.00% $758,500 $1,228,500 110.18% 17 9/1/2040 $1,422,619 $42,007 $515,000 5.00% $735,000 $1,250,000 110.45% 18 9/1/2041 $1,451,071 $42,847 $565,000 5.00% $709,250 $1,274,250 110.51% 19 9/1/2042 $1,480,092 $43,704 $620,000 5.00% $681,000 $1,301,000 110.41% 20 9/1/2043 $1,509,694 $44,578 $680,000 5.00% $650,000 $1,330,000 110.16% 21 9/1/2044 $1,539,888 $45,470 $740,000 5.00% $616,000 $1,356,000 110.21% 22 9/1/2045 $1,570,686 $46,379 $805,000 5.00% $579,000 $1,384,000 110.14% 23 9/1/2046 $1,602,100 $47,307 $870,000 5.00% $538,750 $1,408,750 110.37% 24 9/1/2047 $1,634,142 $48,253 $945,000 5.00% $495,250 $1,440,250 110.11% 25 9/1/2048 $1,666,825 $49,218 $1,020,000 5.00% $448,000 $1,468,000 110.19% 26 9/1/2049 $1,700,161 $50,203 $1,095,000 5.00% $397,000 $1,492,000 110.59% 27 9/1/2050 $1,734,164 $51,207 $1,185,000 5.00% $342,250 $1,527,250 110.20% 28 9/1/2051 $1,768,848 $52,231 $1,275,000 5.00% $283,000 $1,558,000 110.18% 29 9/1/2052 $1,804,224 $53,275 $1,370,000 5.00% $219,250 $1,589,250 110.17% 30 9/1/2053 $1,840,309 $54,341 $1,470,000 5.00% $150,750 $1,620,750 110.19% 31 9/1/2054 $1,840,309 $54,341 $1,545,000 5.00% $77,250 $1,622,250 110.09% Total $43,881,035 $1,295,724 $17,970,000 $20,146,750 $449,250 $37,667,500 110.22% ATTACHMENT #2
28 LA PIEDRA RD
BRIGGS RD
DOMENIGONI PKWY
NEWPORT RD
0 750 1,500375
Feet
CFD Boundary
LOCATION MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-4 (ROCKPORT)
CITY OF MENIFEE
¹
ATTACHMENT #3
29 CFD 2022-4
MENIFEE
WILDOMAR
LAKE ELSINORE
PERRIS
MURRIETA
CANYON LAKE
·| }þ74
·| }þ79
§¨¦215
§¨¦15
REGIONAL MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-4
(ROCKPORT)
¹
0 1.5 30.75
Miles
ATTACHMENT #3
30 364-190-005
364-190-004
MUIRLANDS
DR
NEWPORT RD
EMERSONLN
BRIGGS RD
SHEET 1 OF 1 SHEET
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 2022-4
\_
·|}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 2022-23.
0 750 1,500375 Feet
-
PROPOSED BOUNDARY MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-4
(ROCKPORT RANCH
)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2022-4
(ROCKPORT), 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
F I L E D I N T H E O F F I C E O F T H E C I T Y C L E R K , C I T Y O F M E N I F E E , THIS ____ DAY OF ________, 20____.
______________________________
CITY CLERK
C I T Y O F M E N I F E E
1 2
3 LEGEND
CFD BOUNDARY
TAX ZONE BOUNDARY
PARCEL LINE
CITY BOUNDARY
XXX-XXX-XXX ASSESSOR PARCEL NUMBER
TAX ZONE1
ATTACHMENT #4
31 22'-6"
58'-4"
45'-11"
32'-0"
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PLAN 2
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22'-6"
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22'-6"
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22'-6"
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22'-6"
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22'-6"
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22'-6"
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PLAN 2
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PLAN 3 PLAN 3
22'-6"
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PLAN 2
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22'-6"
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PLAN 2
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22'-6"
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22'-6"
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TRES LAGOS DRIVE
BRIGGS ROAD
OLD NEWPORT ROAD
STREET "C"
STREET "B"
STREET "A"
STREET "E"
STREET "A"
STREET "D"
STREET "C"
STREET "E"
STREET "B"
MOW CURB
BLOCK WALL
MOW CURB
BLOCK WALL
VIEW WALL
VIEW WALL
BLOCK WALL
BLOCK WALL
BLOCK WALL
LAKE
LAKE
TR 30422-3
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BLOCK WALL
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MOW
CURB
MOW
CURB
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T.S. FENCE W/
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MAINTENANCE EXHIBIT LEGEND
LANDSCAPE: 174,518 SF
BIO SWALE: 6,914 SF
STREET: 209,807 SF / 5,180 LNF
SIDEWALK: 28,172 SF
STREET LIGHTS: 14 EACH
TREES: 268 EACH
STORM DRAIN BOX CULVERTS: 8 EACH
TRAFFIC SIGNALS: 0
LANDSCAPE: 360,165 SF
LANDSCAPE EMWD EASEMENT: 109,214 SF
LAKE: 267,531 SF
STREET: 320,342 SF
ALLEY: 47,560 SF
SIDEWALK: 103,781 SF
STORM DRAIN LINE: 3,649 LNF
STORM DRAIN BOX CULVERTS: 33 EACH
STREET LIGHTS: 60 EACH
CFD MAINTAINED AREAS
HOA MAINTAINED AREAS
09.21.22 David
ASSOCIATESInc.
EAULT
www.dnassociates.com
951 296 3430
MAINTENANCE EXHIBIT
ROCKPORT RANCH - TRACT 37131
MENIFEE, CALIFORNIALENNAR HOMES
240'80' 40' 0
NORTH
ATTACHMENT #5
32 MENIFEE
New. Better. Best.
SPECIAL FUNDING DISTRICT
APPLICATION FORM
Proposed Special District: CFO for Facilities
Proposed Name of Project: _R_o_c_k_p_o_rt_R_a_n_c_h ___ ____ ____ ____ ____ ____ ___ _
SPICER CONSULTING GROUP USE ONLY
Date Received: Amount : ___ ____ ____ _ __ _
Proposed Special District Number:
DEPOSIT REQUIREMENTS
Total Depositof $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.
1. IDENTIFICATION OF SUBJECT PROPERTY
Descripti on of Property (include N, S, E &./or W, borders, acreage & tract number) Approximately 80 gross acres located in the City of Menifee, south of Newport Road, west of Briggs Road and north of Tres Lagos Drive.
A. APN(s) and/or Master Parcel Number Include all Assessor Parcel Numbers to be included in the Special District Att ach Backup (if needed) in their entire ty (XXX-XXX-XXX-X) 364-190-004 364-190-005
B. Tract/Tentative Tract Map Number 37131 Enclose copy of map C. Recorded Lot Line Adjustments
Enclose copy of document(s)
D. Mapping Status D Approved ~ Tentative
E. Environmental Permits Required □ Yes 0 No
F. Status of Permits D Application in Process
G. Conditions of Approval Required 0 Yes □ No
By Whom City of Menifee
H. Status of Conditions □ In Process 0 Completed
ATTACHMENT #6
33 Special District Application
2. PROPERTY OWNER INFORMATION (Attach GrantDeed)
A. Landowner Name(s)
Attach Backup (if needed) Lennar Homes of California , Inc.
B. Contact Name Sepideh Bastani, PE
C. Title Project Manager
D. Mailing Information 980 Montecito Drive, Suite 202, Corona, CA 92879 E. Phone 951-264-0884
F. Fax
G. E-Mail [email protected]
3. CONSULTANT/ APPLICANT INFORMATION
A. Company Name Zimmerman Group
B. Contact Name John Zimmerman
C. Title Principal
D. Mailing Information 28202 Cabot Rd, Suite 620, Laguna Niguel, CA 92677 E. Phone (949) 542-7072
F. Fax (949) 542-7076
G. E-Mail john@zimmermangroup .com
4. ENGINEERING INFORMATION
A. Company Name Excel Engineering
B. Contact Name Robert D. Dentino
C. Title R.C.E.
D. Mailing Information 440 State Place, Escondido, CA 92029 E. Phone (760) 7 45-8118
F. Fax (760) 745-1890
G. E-Mail
s. PROJECT LAND USE (Per Improvement Area or Zone, When Applicable) A. Number of Taxable Units 305
B. Proposed Product Mix See below
C. Base Sale Price Information See below
D. Number of Taxable Acres
Attach Backup See Exhibits C & D
E. Number of Exempt Acres
See Exhibits C & D Attach Backup
F. Desired Tax Rate Burden 2.00 %
G. Anticipated Absorption TBD per month
ATTACHMENT #6
34 6. COMPOSITION OF DEVELOPABLE ACREAGE
Attach Additional Backup (if needed)
Residential
Commercial -Retail
Business Park
School Site
Acreage
See Exhibit C & D
NA
NA
NA
Special District Application
Commence Occupancy
(Quarter & Year)
Q4 2022
NA
NA
NA
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)
1 See Exhibit B
See Exhibit B
5,651
See Exhibit B
See Exhibit B
2 3
See Exhibit B See Exhibit B
See Exhibit B See Exhibit B
I sq.ft .
See Exhibit B See Exhibit B
See Exhibit B See Exhibit B
Quarter & Year Plan 1 Plan 2 Plan 3
TBD TBD TBD TBD
7. FINANCING STRUCTURES OFFERED TO HOME BUYERS
□ FHA
!!I OTHER
□ VA
TBD
8. FINANCING MECHANICS
□ VARIABLE
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
Spicer Consulting Group
Spicer Consulting Group / Zimmerman Group
Yes
Eastern Municipal Water District
Fees
Director of Finance
Thomas Hays
2270 Trumble Road, Perris, CA 92570
(951) 928-3777 Ext. 4952
hayst@emwd .org
4 See Exhibit B
See Exhibit B
See Exhibit B
See Exhibit B
Plan 4
TBD
ATTACHMENT #6
35 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
Menifee Union School District
Fees
Jim Sellers
29775 Haun Road, Menifee, CA 92586
(951) 672-1851 Ext. 49180
jim.sellers@men ifeeusd .org
Special District Application
E. Overlapping Land Secured Financings List all existing special taxes, assessments, & liens as well as agency name(s) lsee Exhibit B
F. Improvement Area(s)/Zone(s)
G. Basis for Either
H. Initial Levy Fiscal Year
I. Final Levy Fiscal Year(Anticipated)
J. Proposed Capitalized Interest
K. Proposed Facilities Costs
See Exhibit E
L. Summary of Proposed Methodology
!See Exhibit B
~ Yes 0 No
Zones to accommodate product types .
2022-2023
To Be Determined
6 -12 Months
Breakout Between Improvement Area(s)/Zone(s) & Type ofFacllltv/Agency 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
I
ATTACHMENT #6
36 EXHIBIT A
Lennar Homes - Rockport Ranch (TR No. 37131)
TRACT MAP
August 19, 2022
ATTACHMENT #6
37 EXHIBIT B
Proposed City of Menifee CFD No. 2022-X
Lennar Homes - Rockport Ranch (TR No. 37131)
Effective Tax Rate Analysis and Bond Sizing
September 20, 2022
Assumptions Estimated Sources & Uses of Funds Allocation of Improvement Fund Weighted Average Coupon 5.00% Sources Description Per Unit Total Estimated Effective Tax Rate 1.95% Par Bond Amount 19,095,000$ City Fees 8,197$ 2,500,085$ Priority Administrative Expense 30,000 City Fee Premium (20%) 1,639 500,017 Cost of Issuance 250,000$ Uses City FIA Mitigation Fee 12,809 3,906,674 Capitalized Interest Period (Months) 6 Reserve Fund 1,708,708$ EMWD Fees 17,374 5,299,135 Special Tax Revenue Escalation 2.00% Capitalized Interest 464,776 MUSD School Fees 10,154 3,096,952 Bond Amortization Term 30 Underwriter Discount 381,900 Undergrounding (Edison Rule 20) 3,235 986,752 Underwriter Discount 2.00% Cost of Issuance 250,000 Other (TBD) - - Total Special Tax Revenues 1,092,241$ Improvement Fund 16,289,616 Total CFD Funding 53,409$ 16,289,616$ Total Uses 19,095,000$
Net Reimbursement to Builder 51,769$ 15,789,599$ Land Use Information & Total Property Tax Rates Special Assessment Revenues Ad Other Proposed Annual Annual
Tax Product / Sq. Ft. Home Base Valorem Fixed CFD Special Total Tax Total Tax Special Special Tax Zone Min Lot SF Category Plan Size Pricing (a) Taxes (b) Charges (c) Tax (d) Per Unit Rate % Tax Unit Mix Collections 1 Cluster ≤ 1,900 1 1,860 490,000$ 5,726$ 855$ 2,989$ 9,570$ 1.95% 2,989 24 71,736 1 Cluster 1,901 - 2,050 2 1,998 499,000 5,831 855 3,060 9,745 1.95% 3,060 24 73,431 1 Cluster 2,051 - 2,200 3 2,163 510,000 5,959 855 3,146 9,960 1.95% 3,146 24 75,502 1 Cluster ≥ 2,201 4 2,236 515,000 6,018 855 3,185 10,058 1.95% 3,185 24 76,443 2 5,000 ≤ 1,900 1 1,792 540,500 6,316 855 3,385 10,556 1.95% 3,385 15 50,778 2 5,000 2,101 - 2,300 2 2,203 551,500 6,444 855 3,471 10,771 1.95% 3,471 15 52,072 2 5,000 2,301 - 2,500 3 2,419 562,500 6,573 855 3,558 10,986 1.95% 3,558 15 53,367 2 5,000 ≥ 2,501 4 2,590 572,500 6,690 855 3,636 11,181 1.95% 3,636 15 54,544 3 6,000 ≤ 2,000 1 1,950 551,500 6,444 855 3,471 10,771 1.95% 3,471 19 65,958 3 6,000 2,001 - 2,250 2 2,145 563,500 6,584 855 3,566 11,005 1.95% 3,566 20 71,313 3 6,000 2,751 - 3,000 3 2,809 593,500 6,935 855 3,801 11,591 1.95% 3,801 20 76,020 3 6,000 3,001 - 3,250 4 3,162 633,500 7,402 855 4,115 12,372 1.95% 4,115 20 82,296 3 6,500 2,251 - 2,500 1 2,287 578,500 6,760 855 3,683 11,298 1.95% 3,683 23 84,716 3 6,500 2,751 - 3,000 2 2,767 608,500 7,110 855 3,801 11,766 1.93% 3,801 23 87,423 3 6,500 3,251 - 3,500 3,405 657,250 7,680 855 4,301 12,836 1.95% 4,301 - - 3 6,500 3,501 - 3,750 3,648 681,000 7,957 855 4,487 13,300 1.95% 4,487 - - 3 6,500 3,751 - 4,000 3,891 704,750 8,235 855 4,674 13,764 1.95% 4,674 - - 3 6,500 ≥ 4,001 3 4,134 728,500 8,512 855 4,860 14,228 1.95% 4,860 24 116,642 Total 2,453 566,605$ 6,621$ 855$ 3,581$ 11,057$ 1.95% 3,581$ 305 1,092,241$ Footnotes:
(a) Product and pricing provided by developer.
(b) Ad Valorem taxes total 1.16848% of the assessed value for FY 21-22. (c) Estimated other fixed charges and assessments for FY 21-22: Amount Flood Control Stormwater/Cleanwater …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..4.00$ 4.00$ MWD Standby East …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..6.94 6.94 EMWD Standby - Combined Charge …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..21.00 21.00 Perris Joint Union High School District CFD No. 92-1 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..323.20 City of Menifee CFD 2017-1 (Annexation) Estimate for Street Lights, Street Sweeping, Landscaping & Drainage, Park Maintenance, etc) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..500.00 Total Fixed Charges 855.14$ 361.94$
(d) Represents the special tax for the proposed CFD special tax for fiscal year 2021-22 (escalating 2% annually) 2.01% (e) Represents the fixed charges and total tax rate percentage if Valley-Wide were to levy the charge for the Menifee North Park LMD.
ATTACHMENT #6
38 EXHIBIT C
Proposed City of Menifee CFD No. 2022-X
Lennar Homes - Rockport Ranch (TR No. 37131)
Summary of Acreage & Undeveloped Property Tax Rate
September 20, 2022
Zone 1 Zone 2 Zone 3 Total
Total Units (1) 96 60 149 305
I. Derivation of Exempt Acreage
Net Taxable Acreage (See Exhibit C) (2) 7.95 8.19 23.43 39.57 Contingency (3) 10% 10% 10% 10%
Contingency Acreage (4) 0.79 0.82 2.34 3.96
Adjusted Minimum Taxable Acreage [ (2) - (4) ] (5) 7.15 7.37 21.09 35.61 II. Maximum Special Tax for Undeveloped Property
Project CFD Special Tax Revenues (See Exhibit B) (6) 297,112.42 210,760.67 584,367.79 1,092,240.88 Undeveloped Property Rate Per Acre [ (6) / (5) ] (7) 41,529.52 28,604.56 27,709.83 51,792.41 ATTACHMENT #6
39 EXHIBIT D
Proposed City of Menifee CFD No. 2022-X
Lennar Homes - Rockport Ranch (TR No. 37131)
Net Taxable Acreage
September 20, 2022
Tax Zone 2 Tax Zone 3
Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft. Lot #
Gross Sq.
Ft.
210 3,570 250 4,644 290 3,850 150 5,656 190 5,490 1 6,637 41 9,132 81 6,438 121 11,930 211 3,576 251 3,576 291 3,576 151 5,441 191 5,431 2 6,500 42 7,803 82 6,577 122 8,893 212 4,247 252 4,247 292 4,247 152 6,058 192 5,335 3 6,532 43 7,006 83 6,094 123 6,935 213 3,038 253 2,398 293 2,398 153 5,204 193 7,883 4 6,527 44 7,006 84 6,400 124 6,872 214 3,038 254 2,398 294 2,398 154 5,284 194 7,310 5 6,524 45 7,006 85 6,695 125 6,850 215 4,247 255 4,247 295 4,040 155 6,296 195 5,248 6 6,501 46 7,006 86 6,070 126 6,850 216 3,576 256 3,576 296 3,694 156 7,937 196 5,191 7 6,540 47 7,006 87 6,009 127 6,884 217 3,576 257 3,867 297 4,790 157 8,386 197 5,604 8 6,525 48 7,006 88 6,009 128 6,912 218 3,576 258 4,647 298 5,038 158 11,318 198 5,734 9 6,563 49 7,180 89 6,009 129 7,303 219 3,576 259 2,398 299 3,948 159 5,204 199 5,724 10 6,526 50 7,024 90 6,045 130 7,673 220 4,247 260 2,398 300 4,225 160 5,208 200 5,281 11 6,546 51 7,062 91 6,013 131 6,686 221 3,038 261 4,247 301 2,398 161 5,202 201 5,281 12 6,507 52 7,062 92 6,013 132 6,016 222 3,038 262 3,576 302 2,398 162 5,202 202 5,020 13 6,540 53 7,028 93 9,447 133 6,032 223 4,612 263 3,724 303 4,247 163 2,383 203 5,080 14 6,513 54 7,050 94 7,692 134 6,025 224 3,764 264 3,685 304 3,576 164 6,103 204 5,044 15 7,057 55 7,050 95 6,596 135 6,026 225 3,764 265 3,771 305 3,857 165 6,544 205 5,074 16 8,921 56 7,050 96 6,596 136 6,551 226 3,586 266 6,150 166 6,790 206 5,169 17 8,169 57 7,018 97 6,614 137 6,600 227 3,576 267 2,398 167 6,036 207 5,264 18 7,071 58 7,062 98 6,600 138 6,600 228 4,247 268 2,398 168 6,078 208 5,358 19 7,080 59 7,062 99 6,600 139 6,600 229 2,398 269 4,247 169 5,571 209 5,505 20 7,080 60 7,041 100 6,600 140 6,600 230 2,399 270 3,576 170 5,647 21 7,080 61 7,020 101 6,818 141 8,353 231 6,793 271 3,655 171 5,538 22 7,080 62 7,030 102 6,553 142 6,047 232 3,826 272 3,894 172 5,561 23 7,080 63 6,538 103 6,604 143 6,000 233 3,497 273 3,470 173 10,452 24 7,080 64 6,500 104 6,604 144 6,000 234 3,481 274 3,949 174 8,989 25 7,080 65 6,500 105 6,604 145 6,000 235 3,593 275 4,116 175 8,984 26 7,080 66 6,502 106 6,546 146 6,000 236 4,244 276 4,568 176 7,130 27 7,430 67 6,611 107 6,500 147 6,000 237 2,398 277 2,398 177 5,167 28 7,736 68 6,617 108 6,558 148 6,000 238 2,398 278 2,398 178 5,777 29 9,937 69 6,543 109 6,558 149 7,057 239 4,247 279 4,247 179 5,790 30 8,475 70 6,586 110 6,558 240 3,576 280 3,576 180 5,529 31 6,690 71 6,538 111 6,515 241 3,576 281 3,674 181 5,196 32 6,087 72 6,545 112 6,500 242 3,576 282 3,857 182 5,013 33 6,000 73 6,560 113 6,286 243 3,576 283 3,576 183 5,028 34 6,000 74 6,528 114 6,120 244 4,247 284 4,247 184 5,453 35 6,388 75 6,505 115 6,024 245 2,398 285 2,398 185 5,590 36 7,031 76 6,563 116 6,042 246 2,398 286 2,398 186 5,719 37 8,590 77 6,507 117 6,038 247 4,247 287 3,931 187 5,779 38 9,601 78 7,706 118 6,039 248 3,576 288 3,576 188 5,740 39 7,032 79 9,444 119 6,039 249 3,576 289 3,576 189 5,606 40 7,054 80 6,690 120 6,698 Zone 1 Square Footage 346,266 Zone 1 Square Footage 356,615 Zone 2 Square Footage 1,020,699 Zone 1 Acres 7.95 Zone 1 Acres 8.19 Zone 2 Acres 23.43 Zone 1 Units 96 Zone 1 Units 60 Zone 2 Units 149 Zone 1 Average Lot Size 3,607 Zone 1 Average Lot Size 5,944 Zone 2 Average Lot Size 6,850 Notes:
(a) Square footage based on Tentative Tract Map No. 37131.
Tax Zone 1
ATTACHMENT #6
40 EXHIBIT E
Proposed City of Menifee CFD No. 2022-X
Lennar Homes - Rockport Ranch (TR No. 37131)
Preliminary List of CFD Eligible Facilities
September 20, 2022
Total Units 305
Per Unit Total
City of Menifee Fees (a)
Law Enforcement 250$ 76,250$
Fire Facilities 665 202,825
Circulation 5,060 1,543,300
General Government 1,106 337,330
Parks - Land Acquisition 1,116 340,380
Subtotal City DIF fees (b) 8,197$ 2,500,085$
City Fee Premium 1,639 500,017
Fiscal Impact Mitigation Fee 12,809 3,906,674
Total City Fees 22,645$ 6,906,776$
City Improvements
Undergrounding - Rule 20, Rockport / Old Newport and Tres Lagos 4,552$ 1,388,231$ Total City Improvements 4,552$ 1,388,231$
EMWD Fees & Facilities (b)
Water Financial Participation Charge 6,845$ 2,087,725$ Sewer Financial Participation Charge 3,208 978,440 Sewer Treatment Plant Capacity Charge 6,081 1,854,705 Meter Fee 377 114,985
Water Development Fee 372 113,460
Irrigation Meter Fees 1.5" (Qty: 6 Meters, Estimate) 491 149,820 Total EMWD Fees 17,374$ 5,299,135$
Menifee School District Fees (c) 10,154$ 3,096,952$ *Assumes mutual agreement that 1995 Mitigation Agreement no longer applicable.
Total Eligible Facilities 54,725$ 16,691,094$
Footnotes
(a) Represents the City of Menifee DIF Fees dated July 1, 2018. (c) Represents MUSD school fee of $3.45 per SF plus a 20% premium for CFD participation. (b) Represents EMWD's connection and capacity fees effective 1/1/2020.
ATTACHMENT #6
41