City Council Chambers
29844 Haun Road
Menifee, CA 92586
City of Menifee
Finance Committee
Meeting Agenda
Lesa Sobek, Committee Member
Dean Deines, Committee Member
Tuesday, December 13, 2022
2:00 PM Regular Meeting
AGENDA
1. CALL TO ORDER
2. ROLL CALL
3. PRESENTATIONS: None
4. PUBLIC COMMENTS
5. APPROVAL OF MEETING MINUTES
5.1 October 4, 2022 Minutes
6. DISCUSSION ITEMS
6.1 Proposed Formation for Community Facilities District No. 2023-2 Cimarron Ridge Recommended Action:
1. Review the proposed Community Facilities District No. 2023-2 Cimarron Ridge by Pulte Homes to finance the costs of certain public improvements for the development of a residential tract containing 756 units located within the City, south of McLaughlin Road, west of Byers Road, and north of Sotelo Road and recommend submittal to the City C ouncil for approval at a future City Council meeting.
6.2 City of Menifee’s Current Outstanding Debt Summary Recommended Action:
1. Receive and file summary report of City of Menifee’s current Outstanding Debt.
7. STAFF COMMENTS
8. COMMITTEE REPORTS/COMMENTS ON COMMITTEE ACTIVITIES.
9. FUTURE AGENDA ITEMS
> Update on CFD City Premium Policy (Deines, October 4, 2022) Target Date: TBD
> Annual Review refunding and/or refinancing for CFDs (Deines, October 4, 2022) Target Date: TBD
> Future Meeting Date(s):
• Tuesday, January 10, 2023 2:00 p.m.
• Tuesday, March 14, 2023 2:00 p.m.
• Tuesday, May 9, 2023 2:00 p.m.
• Tuesday, July 11, 2023 2:00 p.m.
• Tuesday, September 12, 2023 2:00 p.m.
• Tuesday, November 14, 2023 2:00 p.m.
10. ADJO
URNMENT
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.
City Council Chambers
29844 Haun Road
Menifee, CA 92586
City of Menifee
Finance Committee
Meeting Agenda
Lesa Sobek, Committee Member
Dean Deines, Committee Member
Tuesday, October 4, 2022
2:00 PM Regular Meeting
MINUTES
1. CALL TO ORDER: The Meeting was called to order at 9:02 a.m.
2. ROLL CALL: Committee Members Deines and Sobek were present.
3. PRESENTATIONS: None.
4. PUBLIC COMMENTS: None.
5. APPROVAL OF MEETING MINUTES: The following minutes were approved 2-0.
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.
Finance Committee member, Lesa Sobek, requested all meetings begin at 2:00 p.m. The Committee approved all Finance Committee meeting dates for 2023 and asked that they be placed on their respective calendars.
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.
Mr. Spicer, Spicer Consulting Group, presented the background information and the prepared documents for the McCall Mesa CFD project. The Committee asked questions about the process of the bond sale . The Committee discussed the City premium. The Committee approved the recommendation unanimously.
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.
Mr. Spicer, Spicer Consulting Group, presented the background information and the prepared documents for the Rockport Ranch CFD project. The Committee asked questions about the process of the CFD formation. The Committee discussed the City p remium. The Committee approved the recommendation unanimously.
7. STAFF COMMENTS: None.
8. COMMITTEE REPORTS/COMMENTS ON COMMITTEE ACTIVITIES
Committee member Dean Deines requested future committee agenda items: (1) Annual review of CFD’s eligibility for possible refunding and/or refinancing and (2) CFD City premium policy.
Committee member Lesa Sobek requested future committee agenda item: (1) Details of the City’s outstanding debt services of $21 million.
9. FUTURE AGENDA ITEMS
9.1 Next Meeting Date(s): November 29, 2022 at 3:00 p.m.
Rescheduled to December 13, 2022 at 2:00 p.m.
10. ADJOURNMENT: The Meeting was adjourned at 9:49 a.m.
CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2023-2, Cimmaron Ridge by Pulte Homes
MEETING DATE: December 13, 2022
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Director of Finance REVIEWED BY: Regina Funderburk, Chief Financial Officer
RECOMMENDED ACTION
1. Review the pro posed Community Facilities District No . 2023 -2, Cimmaron Ridge by Pulte Homes to finance the costs of certain public improvements for the development of a residential tract containing 756 units located within the City, south of McLaughlin Road, west of Byers Road , and north of Sotelo Road and recommend submittal to the City Council for approval at a future City Council meeting.
DISCUSSION
The developer, Pulte Homes, owns a residen tial tract containi ng 756 proposed lots within the City of Menifee. Pulte Homes has requested that the City form a C ommunity Facilities District No. 202 3-2, Cimmaron Ridge in accordance with the Mello- Roos Community Facility Act of 1982, as amended, to fin ance the costs of certain public improvement s through the levy of a special tax and the issuance of bonds in the approximate amount of $16,665,000. The CFD will be formed with two (2) improvement areas , Improvement Area 1 (IA 1) consisting of Tract Nos. 36658-1 thru 36658-4 and Improvement Area 2 (IA 2) consi sting of Tracts 36658-4 thru 36658-
7. This item is to review the proposed formation of CFD No. 2023-2, Cimmaron Ridge.
ATTACHMENTS
1. Proforma Summary
2. Proforma
3. Project Maps
4. Boundary Map
5. Maintenance Exhibit
6. CFD Application
CFD 2023‐2 (Cimarron Ridge)
Proforma Summary Sheet
Applicant: Pulte Home Company, LLC
Project Description
Improvement Area 1
Tax Zones 3 Separate Tax Zones
Acreage Gross: 110.52; Net: 77.61
Development Description Detached Single Family Residential Number of Units (50 min) 424 Units
Estimated Home Size Range 1,959 SF to 3,988 SF
Average Home Size 2,809 SF
Average Estimated Home Price $573,744
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $502 to $1,562
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2015‐2 Tax Zone 26
Maintenance CFD Rate $941/Unit
Improvement Area 2
Tax Zones 3 Separate Tax Zones
Acreage Gross: 98.36; Net: 55.19
Development Description Detached Single Family Residential Number of Units (50 min) 332 Units
Estimated Home Size Range 1,579 SF to 3,337 SF
Average Home Size 2,113 SF
Average Estimated Home Price $546,123
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $1,222 to $1,899
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2015‐2 Tax Zone 26
Maintenance CFD Rate $941/Unit
Age Qualified in Zone 2 247 Units
Total
Tax Zones 6 Separate Tax Zones
Acreage Gross: 208.88; Net: 132.80
Number of Units (50 min) 756 Units
Attachment 1
Bond Sizing Assumptions
Improvement Area 1
Average Coupon 5.25%
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 $428,826
Improvement Area 2
Average Coupon 5.25%
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 $578,873
Estimated Sources and Uses
Sources
Par Bond Amount $16,665,000
Uses
Reserve Fund $1,452,596
Capitalized Interest $437,456
Underwriter Discount $333,300
Cost of Issuance $500,000
Improvement Fund $13,941,648
Allocation of Improvement Fund
Description % of Total Total
City Fees 42% $5,832,202
City Facilities 29% $4,089,996
City Additional Facilities (20%) 8% $1,166,440
Eastern Municipal Water District Fees 11% $1,553,476
Eastern Municipal Water District Facilities 9% $1,299,534 EMWD Facilities Unfunded $3,531,303
Proposed Schedule
Finance Committee December 13, 2022
Resolution of Intention March 1, 2023
Public Hearing April 19, 2023
2nd Reading Ordinance May 3, 2023
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
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
Min Lot Sizes 5000 5000 5000 5000 5000 5000 10000 10000 10000 10000 5000 5000 5000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 2,500 to 2,701 to 2,901 to 3,101 to Over Under 3,550 to 3,751 to Over Under 2,500 to Over 2,500 2,700 2,900 3,100 3,300 3,300 3,550 3,750 3,950 3,950 2,500 2,700 2,700 Estimated Home Size 2,404 2,614 2,824 2,975 3,125 3,410 3,520 3,727 3,858 3,988 1,959 2,600 2,824 2,809 Estimated Home Price $534,000 $545,750 $557,500 $567,250 $577,000 $594,000 $646,000 $655,500 $664,250 $673,000 $521,000 $539,250 $557,500 $573,744 Ad‐Valorem Tax Rate (1.00%) $5,340.00 $5,457.50 $5,575.00 $5,672.50 $5,770.00 $5,940.00 $6,460.00 $6,555.00 $6,642.50 $6,730.00 $5,210.00 $5,392.50 $5,575.00 $5,737.44 Metro Water West (0.00350%) $18.69 $19.10 $19.51 $19.85 $20.20 $20.79 $22.61 $22.94 $23.25 $23.56 $18.24 $18.87 $19.51 $20.08 Menifee School (0.06201%) $331.13 $338.42 $345.71 $351.75 $357.80 $368.34 $400.58 $406.48 $411.90 $417.33 $323.07 $334.39 $345.71 $355.78 Perris Union HS (0.08859%) $473.07 $483.48 $493.89 $502.53 $511.16 $526.22 $572.29 $580.71 $588.46 $596.21 $461.55 $477.72 $493.89 $508.28 Mt. San Jacinto Jr. College (0.01320%) $70.49 $72.04 $73.59 $74.88 $76.16 $78.41 $85.27 $86.53 $87.68 $88.84 $68.77 $71.18 $73.59 $75.73 Subtotal GO Bond Debt $6,233.38 $6,370.54 $6,507.70 $6,621.51 $6,735.32 $6,933.76 $7,540.76 $7,651.65 $7,753.79 $7,855.93 $6,081.63 $6,294.67 $6,507.70 $6,697.31 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 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 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 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 Vallewide Regional Facility LMD 88‐1 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 Eastern Municipal Water District CFD 2018‐81 $1,285.00 $1,285.00 $1,315.00 $1,315.00 $1,315.00 $1,315.00 $1,515.00 $1,515.00 $1,515.00 $1,515.00 $1,700.00 $1,725.00 $1,725.00 $1,526.53 Menifee Union School District CFD 2020‐1 $838.00 $874.00 $911.00 $911.00 $1,023.00 $1,117.00 $1,117.00 $1,164.00 $1,269.00 $1,269.00 $878.00 $915.00 $933.00 $981.50 City of Menifee CFD No. 2015‐2 ‐ Maint Services $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 Proposed CFD No. 2023‐2 ‐ Facilities Special Tax**
$1,066.00 $1,127.00 $1,158.00 $1,239.00 $1,209.00 $1,256.00 $1,489.00 $1,521.00 $1,489.00 $1,562.00 $502.00 $592.00 $726.00 $1,011.38 Subtotal Special Assessments and Taxes $4,447.05 $4,544.05 $4,642.05 $4,723.05 $4,805.05 $4,946.05 $5,379.05 $5,458.05 $5,531.05 $5,604.05 $4,338.05 $4,490.05 $4,642.05 $4,777.46 Total Annual Property Taxes $10,680.43 $10,914.59 $11,149.75 $11,344.56 $11,540.37 $11,879.81 $12,919.81 $13,109.70 $13,284.84 $13,459.98 $10,419.68 $10,784.72 $11,149.75 $11,474.78 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% Unit Mix 65 ‐ 22 ‐ 23 24 58 29 ‐ 29 116 ‐ 58 424 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $69,290 $0 $25,476 $0 $27,807 $30,144 $86,362 $44,109 $0 $45,298 $58,232 $0 $42,108 $428,826 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage)
$58,584 $0 $21,540 $0 $23,511 $25,487 $73,018 $37,294 $0 $38,299 $49,235 $0 $35,602 $362,569 II. Total Estimated Home Square Footage: 156,260 ‐ 62,128 ‐ 71,875 81,840 204,160 108,083 ‐ 115,652 227,244 ‐ 163,792 1,191,034 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $7,040,000 Underwriter Discount (2.00%) $140,800
Reserve Fund (Maximum Annual Debt Service) $613,626
Capitalized Interest (6 mos.) $184,800
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,189,226 Net Bond Proceeds $5,850,774
12 3
Attachment 2
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2 Tax Zone 3
134 Lots 116 Lots 174 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 32.72 40.15 37.65 Less: Exempt Acres 10.72 11.75 10.44 Net Taxable Acres 22.00 28.40 27.21 II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $152,717 $175,769 $100,340 Net Taxable Acres 22.00 28.40 27.21 Less: Contingency Factor (5%) 1.10 1.42 1.36 Net Taxable Acres (Adjusted) 20.90 26.98 25.85 Undeveloped Property Tax Rate per Acre $7,307 $6,516 $3,882 Total Exempt Acreage 11.82 13.17 11.80 III. Calculation of Backup Special Tax Rate:
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
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 2,500 1 $1,066 65 $69,290 $77,974
2,500 to 2,700 1 $1,127 0 $0 $0
2,701 to 2,900 1 $1,158 22 $25,476 $26,391
2,901 to 3,100 1 $1,239 0 $0 $0
3,101 to 3,300 1 $1,209 23 $27,807 $27,807
Greater than
to 3,300 1 $1,256 24 $30,144 $30,144
Ave Backup Tax Rate per Unit 1 $1,200 134
Non‐residential Property 1 $7,307
Less than to 3,550 2 $1,489 58 $86,362 $92,514
3,551 to 3,750 2 $1,521 29 $44,109 $46,257
3,751 to 3,950 2 $1,489 0 $0 $0
Greater than
to 3,950 2 $1,562 29 $45,298 $46,257
Ave Backup Tax Rate per Unit 2 $1,595 11 6
Non‐residential Property 2 $6,516
Less than to 2,500 3 $502 116 $58,232 $70,412
2,501 to 2,700 3 $592 0 $0 $0
Greater than 2,700 3 $726 58 $42,108 $42,108
Ave Backup Tax Rate per Unit 3 $607 174
Non‐residential Property 3 $3,882
424 $428,826 $459,863
Tax Rate for Bonding $395,330
Sizing at Max tax rate $9,500,000
Future Facilities (rounded up) $8,000,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
Use of Bond Proceeds
756 Lots 424 Lots 332 Lots
FUNDING REQUIREMENTS Per Lot Total IA 1 IA 2
City Fees
Law Enforcement $1,390 $1,050,840 $589,360 $461,480
Fire Facility $647 $489,132 $274,328 $214,804
Circulation $7,090 $5,360,040 $3,006,160 $2,353,880
Circulation Fee Credits ($2,588) ($1,956,866) ($1,097,502) ($859,364) General Government $1,176 $889,056 $498,624 $390,432
Park Improvements $1,723 $1,302,588 $730,552 $572,036
Park Improvement Fee Credit ($1,723) ($1,302,588) ($730,552) ($572,036) Subtotal DIF $7,715 $5,832,202 $3,270,970 $2,561,232
City Projects $1,543 $1,166,440 $654,194 $512,246
Total City Fees $9,257 $6,998,642 $3,925,165 $3,073,478 City Facilities
City Traffic Signals $1,710 $1,292,870 $542,568 $750,302 McLaughlin Street $1,506 $1,138,721 $477,877 $660,844
Park Improvements $3,220 $2,434,493 $1,021,663 $1,412,830 Design, Planning, & Engineering $482 $364,739 $153,067 $211,672 Total City Facilities $6,919 $5,230,823 $2,195,175 $3,035,648 Total City Fees and Facilities $16,177 $12,229,465 $6,120,340 $6,109,125 EWMD Fees
Water Financial Participation $6,845 $5,174,820 $2,902,280 $2,272,540 Sewer Financial Participation $3,208 $2,425,248 $1,360,192 $1,065,056 Sewer Treatment Plant Capacity Charge $6,081 $4,597,236 $2,578,344 $2,018,892 Water Supply Development Fee $377 $285,012 $159,848 $125,164 Meter Fee $372 $281,232 $157,728 $123,504
Irrigation Meter Fees 1.5" (Qty: 6 Meters) $247 $186,420 $104,553 $81,867 Less: Estimated EMWD CFD Funding ($15,075) ($11,396,492) ($6,391,683) ($5,004,809) Total EMWD Fees $2,055 $1,553,476 $871,262 $682,214
EMWD Facilities
Water Tank Improvements $4,244 $3,208,704 $1,346,570 $1,862,134 Design, Planning, & Engineering (15%) $637 $481,306 $201,985 $279,320 Total EMWD Facilities $4,881 $3,690,010 $1,548,555 $2,141,454 Total EMWD Fees and Facilities $6,936 $5,243,486 $2,419,817 $2,823,669 Total Cost $18,231 $17,472,951 $8,540,157 $8,932,794
Potential Project Funds Available $13,941,648 $5,850,774 $8,090,874 ALLOCATION OF PROCEEDS % Per Lot Total IA 1 IA 2
City Projects 8% $1,543 $1,166,440 $654,194 $512,246
City Fees 42% $7,715 $5,832,202 $3,270,970 $2,561,232
City Facilities 29% $5,410 $4,089,996 $1,054,348 $3,035,648 EMWD Fees 11% $2,055 $1,553,476 $871,262 $682,214
EMWD Facilities 9% $1,719 $1,299,534 $0 $1,299,534
Total Funded by Bond Proceeds 100% $16,722 $13,941,648 $5,850,774 $8,090,874 UNFUNDED REQUIREMENTS
Total to be Funded by Developer $3,531,303 $2,689,383 $841,920 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
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 $437,403 $30,600 $0 5.25% $184,800 $184,800 $0 N/A 2 9/1/2025 $446,151 $31,212 $5,000 5.25% $369,600 $374,600 110.77% 3 9/1/2026 $455,074 $31,836 $15,000 5.25% $369,338 $384,338 110.12% 4 9/1/2027 $464,175 $32,473 $20,000 5.25% $368,550 $388,550 111.11% 5 9/1/2028 $473,459 $33,122 $30,000 5.25% $367,500 $397,500 110.78% 6 9/1/2029 $482,928 $33,785 $40,000 5.25% $365,925 $405,925 110.65% 7 9/1/2030 $492,586 $34,461 $50,000 5.25% $363,825 $413,825 110.71% 8 9/1/2031 $502,438 $35,150 $60,000 5.25% $361,200 $421,200 110.94% 9 9/1/2032 $512,487 $35,853 $75,000 5.25% $358,050 $433,050 110.06% 10 9/1/2033 $522,737 $36,570 $85,000 5.25% $354,113 $439,113 110.72% 11 9/1/2034 $533,191 $37,301 $100,000 5.25% $349,650 $449,650 110.28% 12 9/1/2035 $543,855 $38,047 $115,000 5.25% $344,400 $459,400 110.10% 13 9/1/2036 $554,732 $38,808 $130,000 5.25% $338,363 $468,363 110.15% 14 9/1/2037 $565,827 $39,584 $145,000 5.25% $331,538 $476,538 110.43% 15 9/1/2038 $577,143 $40,376 $160,000 5.25% $323,925 $483,925 110.92% 16 9/1/2039 $588,686 $41,184 $180,000 5.25% $315,525 $495,525 110.49% 17 9/1/2040 $600,460 $42,007 $200,000 5.25% $306,075 $506,075 110.35% 18 9/1/2041 $612,469 $42,847 $220,000 5.25% $295,575 $515,575 110.48% 19 9/1/2042 $624,719 $43,704 $240,000 5.25% $284,025 $524,025 110.88% 20 9/1/2043 $637,213 $44,578 $265,000 5.25% $271,425 $536,425 110.48% 21 9/1/2044 $649,957 $45,470 $290,000 5.25% $257,513 $547,513 110.41% 22 9/1/2045 $662,956 $46,379 $315,000 5.25% $242,288 $557,288 110.64% 23 9/1/2046 $676,215 $47,307 $345,000 5.25% $225,750 $570,750 110.19% 24 9/1/2047 $689,740 $48,253 $375,000 5.25% $207,638 $582,638 110.10% 25 9/1/2048 $703,535 $49,218 $405,000 5.25% $187,950 $592,950 110.35% 26 9/1/2049 $717,605 $50,203 $435,000 5.25% $166,688 $601,688 110.92% 27 9/1/2050 $731,957 $51,207 $470,000 5.25% $143,850 $613,850 110.90% 28 9/1/2051 $746,596 $52,231 $510,000 5.25% $119,175 $629,175 110.36% 29 9/1/2052 $761,528 $53,275 $550,000 5.25% $92,400 $642,400 110.25% 30 9/1/2053 $776,759 $54,341 $590,000 5.25% $63,525 $653,525 110.54% 31 9/1/2054 $776,759 $54,341 $620,000 5.25% $32,550 $652,550 110.71% Total $18,521,339 $1,295,724 $7,040,000 $8,362,725 $184,800 $15,217,925 110.12% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tax Zone 1
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage
1 9,162 0.21 46 8,612 0.20 91 5,914 0.14 2 7,935 0.18 47 9,627 0.22 92 5,901 0.14 3 7,921 0.18 48 12,314 0.28 93 5,742 0.13 4 7,201 0.17 49 14,905 0.34 94 5,229 0.12 5 7,692 0.18 50 8,749 0.20 95 7,367 0.17 6 7,581 0.17 51 6,117 0.14 96 7,075 0.16 7 7,963 0.18 52 5,793 0.13 97 7,096 0.16 8 8,642 0.20 53 6,744 0.15 98 7,058 0.16 9 8,581 0.20 54 7,270 0.17 99 7,076 0.16 10 8,650 0.20 55 7,673 0.18 100 7,042 0.16 11 8,691 0.20 56 8,402 0.19 101 7,040 0.16 12 8,713 0.20 57 6,649 0.15 102 7,621 0.17 13 8,060 0.19 58 7,239 0.17 103 7,638 0.18 14 8,353 0.19 59 5,547 0.13 104 8,304 0.19 15 8,062 0.19 60 5,460 0.13 105 7,265 0.17 16 8,366 0.19 61 5,513 0.13 106 6,665 0.15 17 12,481 0.29 62 5,567 0.13 107 6,662 0.15 18 9,255 0.21 63 5,620 0.13 108 6,390 0.15 19 9,068 0.21 64 5,673 0.13 109 6,724 0.15 20 9,401 0.22 65 5,735 0.13 110 6,726 0.15 21 8,643 0.20 66 6,764 0.16 111 6,358 0.15 22 8,974 0.21 67 8,126 0.19 112 6,350 0.15 23 8,016 0.18 68 5,619 0.13 113 6,013 0.14 24 7,550 0.17 69 5,581 0.13 114 8,065 0.19 25 6,535 0.15 70 5,000 0.11 115 7,450 0.17 26 5,980 0.14 71 5,000 0.11 116 7,455 0.17 27 6,165 0.14 72 5,000 0.11 117 8,013 0.18 28 6,194 0.14 73 5,000 0.11 118 8,079 0.19 29 6,083 0.14 74 5,000 0.11 119 7,453 0.17 30 6,059 0.14 75 5,000 0.11 120 7,423 0.17 31 6,145 0.14 76 5,070 0.12 121 7,418 0.17 32 6,115 0.14 77 10,679 0.25 122 9,296 0.21 33 6,061 0.14 78 8,203 0.19 123 6,485 0.15 34 6,367 0.15 79 9,260 0.21 124 6,669 0.15 35 6,478 0.15 80 7,929 0.18 125 6,970 0.16 36 6,646 0.15 81 7,013 0.16 126 7,097 0.16 37 6,034 0.14 82 6,274 0.14 127 6,665 0.15 38 7,245 0.17 83 7,998 0.18 128 6,161 0.14 39 8,238 0.19 84 6,510 0.15 129 6,222 0.14 40 7,313 0.17 85 6,051 0.14 130 6,249 0.14 41 7,226 0.17 86 6,080 0.14 131 6,227 0.14 42 6,582 0.15 87 6,047 0.14 132 6,062 0.14 43 7,450 0.17 88 6,036 0.14 133 5,780 0.13 44 8,448 0.19 89 6,055 0.14 134 5,561 0.13 45 7,371 0.17 90 6,019 0.14
Totals 345,696 7.94 310,523 7.13 302,056 6.93 ‐ ‐ Grand 958,275 22.00
TR 36658‐1
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tax Zone 2
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage
1 10,215 0.23 46 11,062 0.25 91 10,091 0.23 2 10,222 0.23 47 10,723 0.25 92 10,216 0.23 3 10,240 0.24 48 10,006 0.23 93 10,120 0.23 4 10,468 0.24 49 10,039 0.23 94 10,167 0.23 5 10,028 0.23 50 10,341 0.24 95 10,192 0.23 6 10,460 0.24 51 10,345 0.24 96 10,087 0.23 7 12,052 0.28 52 10,306 0.24 97 10,102 0.23 8 11,773 0.27 53 10,314 0.24 98 10,031 0.23 9 10,015 0.23 54 10,178 0.23 99 11,557 0.27 10 10,285 0.24 55 10,449 0.24 100 10,312 0.24 11 10,444 0.24 56 10,184 0.23 101 10,014 0.23 12 10,523 0.24 57 10,219 0.23 102 10,007 0.23 13 10,189 0.23 58 10,207 0.23 103 10,002 0.23 14 10,471 0.24 59 10,416 0.24 104 10,079 0.23 15 10,336 0.24 60 12,805 0.29 105 10,049 0.23 16 10,345 0.24 61 12,477 0.29 106 10,032 0.23 17 10,427 0.24 62 10,186 0.23 107 10,376 0.24 18 10,561 0.24 63 11,410 0.26 108 10,217 0.23 19 10,558 0.24 64 11,745 0.27 109 10,053 0.23 20 10,291 0.24 65 12,362 0.28 110 12,884 0.30 21 10,143 0.23 66 10,366 0.24 111 13,583 0.31 22 13,021 0.30 67 10,967 0.25 112 10,154 0.23 23 13,934 0.32 68 11,034 0.25 113 10,244 0.24 24 10,168 0.23 69 10,798 0.25 114 10,092 0.23 25 10,028 0.23 70 10,626 0.24 115 10,085 0.23 26 10,021 0.23 71 10,341 0.24 116 10,489 0.24 27 10,074 0.23 72 10,235 0.23
28 10,064 0.23 73 10,320 0.24
29 10,047 0.23 74 10,373 0.24
30 10,050 0.23 75 10,400 0.24
31 10,051 0.23 76 10,428 0.24
32 10,300 0.24 77 10,512 0.24
33 12,302 0.28 78 10,308 0.24
34 13,332 0.31 79 10,062 0.23
35 21,720 0.50 80 10,124 0.23
36 10,710 0.25 81 10,165 0.23
37 10,884 0.25 82 10,188 0.23
38 10,601 0.24 83 10,421 0.24
39 10,719 0.25 84 10,143 0.23
40 10,821 0.25 85 10,005 0.23
41 10,267 0.24 86 10,006 0.23
42 10,314 0.24 87 10,735 0.25
43 10,123 0.23 88 10,043 0.23
44 10,093 0.23 89 10,372 0.24
45 11,148 0.26 90 10,104 0.23
Totals 490,838 11.27 474,850 10.90 271,235 6.23 ‐ ‐ ‐ ‐ Grand 1,236,923 28.40
TR 36658‐2
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tax Zone 3
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 6,340 0.15 46 5,586 0.13 91 9,173 0.21 12 7,218 0.17 57 6,181 0.14 2 5,998 0.14 47 7,754 0.18 92 9,552 0.22 13 6,720 0.15 58 6,993 0.16 3 6,009 0.14 48 5,927 0.14 93 12,670 0.29 14 6,680 0.15 59 5,794 0.13 4 5,548 0.13 49 5,826 0.13 94 6,086 0.14 15 663 0.02 60 5,790 0.13 5 5,674 0.13 50 5,826 0.13 95 5,462 0.13 16 6,441 0.15 61 5,822 0.13 6 5,868 0.13 51 5,826 0.13 96 5,257 0.12 17 5,815 0.13 62 5,856 0.13 7 5,830 0.13 52 5,848 0.13 97 6,652 0.15 18 9,614 0.22 63 5,716 0.13 8 13,048 0.30 53 5,510 0.13 98 5,948 0.14 19 13,477 0.31 64 5,646 0.13 9 10,439 0.24 54 5,847 0.13 99 6,202 0.14 20 7,246 0.17 65 5,630 0.13 10 6,537 0.15 55 6,134 0.14 100 7,548 0.17 21 7,423 0.17 66 13,470 0.31 11 6,892 0.16 56 5,637 0.13 101 7,140 0.16 22 6,222 0.14 67 7,716 0.18 12 6,936 0.16 57 5,698 0.13 102 8,475 0.19 23 5,924 0.14 68 6,688 0.15 13 6,949 0.16 58 5,781 0.13 103 8,312 0.19 24 10,284 0.24 69 5,473 0.13 14 6,962 0.16 59 5,822 0.13 104 7,113 0.16 25 18,780 0.43 70 5,888 0.14 15 6,974 0.16 60 5,889 0.14 26 9,605 0.22 71 5,928 0.14 16 6,987 0.16 61 6,072 0.14 27 6,802 0.16 72 5,611 0.13 17 6,942 0.16 62 5,482 0.13 28 6,889 0.16 73 7,582 0.17 18 6,313 0.14 63 8,037 0.18 29 6,899 0.16 74 9,890 0.23 19 5,648 0.13 64 10,371 0.24 30 6,857 0.16 75 6,239 0.14 20 9,809 0.23 65 6,255 0.14 31 6,814 0.16 76 5,518 0.13 21 10,344 0.24 66 6,429 0.15 32 7,549 0.17 77 5,404 0.12 22 6,554 0.15 67 6,350 0.15 33 6,380 0.15 78 5,331 0.12 23 6,606 0.15 68 6,343 0.15 34 6,018 0.14 79 5,259 0.12 24 6,341 0.15 69 6,222 0.14 35 5,926 0.14 80 5,186 0.12 25 6,282 0.14 70 5,570 0.13 36 5,832 0.13 81 5,430 0.12 26 6,523 0.15 71 8,539 0.20 37 5,954 0.14 27 6,141 0.14 72 13,068 0.30 38 5,912 0.14 28 7,372 0.17 73 7,712 0.18 39 8,460 0.19 29 8,546 0.20 74 5,865 0.13 40 7,189 0.17 30 6,445 0.15 75 6,282 0.14 41 7,282 0.17 31 6,442 0.15 76 6,351 0.15 42 7,371 0.17 32 6,440 0.15 77 6,816 0.16 43 7,362 0.17 33 6,438 0.15 78 6,645 0.15 44 7,550 0.17 34 6,693 0.15 79 6,795 0.16 45 7,678 0.18 35 6,691 0.15 80 6,180 0.14 46 6,853 0.16 36 6,688 0.15 81 12,886 0.30 47 6,696 0.15 37 7,213 0.17 82 13,823 0.32 48 6,537 0.15 38 5,522 0.13 83 5,576 0.13 49 6,374 0.15 39 5,099 0.12 84 6,363 0.15 50 6,646 0.15 40 5,097 0.12 85 5,562 0.13 51 5,468 0.13 41 5,094 0.12 86 5,586 0.13 52 5,065 0.12 42 5,092 0.12 87 5,558 0.13 53 5,053 0.12 43 5,090 0.12 88 5,534 0.13 54 5,046 0.12 44 5,088 0.12 89 5,506 0.13 55 5,065 0.12 45 5,086 0.12 90 5,484 0.13 56 5,061 0.12 Totals 300,630 6.90 302,173 6.94 105,590 2.42 316,700 7.27 160,041 3.67 ‐ ‐ Grand 1,185,134 27.21
TR 36658‐3T R 36658‐4
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tract Nos. 36658‐4 thru 36658‐7
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
Plan 5000 5000 5000 5000 (AQ) 5000 (AQ) 5000 (AQ) 5000 (AQ) 5000 (AQ) 6500 6500 6500 6500 6500 6500 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 2,500 to Over Under 1,700 to 1,901 to 2,101 to Over Under 2,500 to 2,701 to 2,901 to 3,101 to Over 2,500 2,700 2,700 1,700 1,900 2,100 2,300 2,300 2,500 2,700 2,900 3,100 3,300 3,300 Estimated Home Size 2,404 2,614 2,824 1,579 1,731 2,056 2,172 2,313 2,304 2,641 2,844 3,047 3,192 3,337 2,113 Estimated Home Price $503,800 $515,300 $526,800 $517,000 $525,000 $543,000 $549,500 $558,500 $568,000 $585,000 $593,000 $601,000 $611,000 $621,000 $546,123 Ad‐Valorem Tax Rate (1.00%) $5,038.00 $5,153.00 $5,268.00 $5,170.00 $5,250.00 $5,430.00 $5,495.00 $5,585.00 $5,680.00 $5,850.00 $5,930.00 $6,010.00 $6,110.00 $6,210.00 $5,461.23 Metro Water West (0.00350%) $17.63 $18.04 $18.44 $18.10 $18.38 $19.01 $19.23 $19.55 $19.88 $20.48 $20.76 $21.04 $21.39 $21.74 $19.11 Perris Union HS (0.08859%) $446.32 $456.50 $466.69 $458.01 $465.10 $481.04 $486.80 $494.78 $503.19 $518.25 $525.34 $532.43 $541.28 $550.14 $483.81 Mt. San Jacinto Jr. College (0.01320%) $66.50 $68.02 $69.54 $68.24 $69.30 $71.68 $72.53 $73.72 $74.98 $77.22 $78.28 $79.33 $80.65 $81.97 $72.09 Subtotal GO Bond Debt $5,568.45 $5,695.56 $5,822.67 $5,714.35 $5,802.77 $6,001.72 $6,073.57 $6,173.04 $6,278.05 $6,465.95 $6,554.37 $6,642.79 $6,753.32 $6,863.85 $6,036.24 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $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 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 Vallewide Regional Facility LMD 88‐1 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 Eastern Municipal Water District CFD 2018‐81 $1,200.00 $1,250.00 $1,300.00 $1,275.00 $1,275.00 $1,300.00 $1,300.00 $1,325.00 $1,325.00 $1,350.00 $1,350.00 $1,375.00 $1,375.00 $1,400.00 $1,303.01 Romoland School District CFD 2018‐1 $873.00 $946.00 $955.00 $0.00 $0.00 $0.00 $0.00 $0.00 $832.00 $946.00 $955.00 $1,000.00 $1,000.00 $1,109.00 $247.01 City of Menifee CFD No. 2015‐2 ‐ Maint Services $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 $897.59 Proposed CFD No. 2023‐2 ‐ Facilities Special Tax** $1,248.00 $1,222.00 $1,260.00 $1,640.00 $1,700.00 $1,809.00 $1,857.00 $1,899.00 $1,706.00 $1,711.00 $1,769.00 $1,767.00 $1,851.00 $1,802.00 $1,731.55 Subtotal Special Assessments and Taxes $4,255.85 $4,352.85 $4,449.85 $3,849.85 $3,909.85 $4,043.85 $4,091.85 $4,158.85 $4,797.85 $4,941.85 $5,008.85 $5,076.85 $5,160.85 $5,245.85 $4,216.41 Total Annual Property Taxes $9,824.30 $10,048.41 $10,272.52 $9,564.20 $9,712.62 $10,045.57 $10,165.42 $10,331.89 $11,075.90 $11,407.80 $11,563.22 $11,719.64 $11,914.17 $12,109.70 $10,252.65 Annual Prop. Tax Rates as % of Home Price 1.95% 1.95% 1.95% 1.85% 1.85% 1.85% 1.85% 1.85% 1.95% 1.95% 1.95% 1.95% 1.95% 1.95% 1.88% Unit Mix 7 ‐ 4 50 101 32 32 32 18 18 ‐ 19 ‐ 19 332 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $8,736 $0 $5,040 $82,000 $171,700 $57,888 $59,424 $60,768 $30,708 $30,798 $0 $33,573 $0 $34,238 $574,873 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $7,527 $0 $4,343 $70,655 $147,945 $49,879 $51,203 $52,361 $26,460 $26,537 $0 $28,928 $0 $29,501 $495,339 II. Total Estimated Home Square Footage: 16,828 ‐ 11,296 78,950 174,831 65,792 69,504 74,016 41,472 47,538 ‐ 57,893 ‐ 63,403 701,523 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $9,625,000 Underwriter Discount (2.00%) $192,500
Reserve Fund (Maximum Annual Debt Service) $838,970
Capitalized Interest (6 mos.) $252,656
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,534,126 Net Bond Proceeds $8,090,874
12 3
Attachment 2
DRAFT v2CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 2
(Cimarron Ridge)
Tract Nos. 36658-4 thru 36658-7
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2 Tax Zone 3
11 Lots 247 Lots 74 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 16.47 59.23 22.66
Less: Exempt Acres 14.27 21.94 6.96
Net Taxable Acres 2.20 37.29 15.70
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $13,776 $431,780 $129,317 Net Taxable Acres 2.20 37.29 15.70
Less: Contingency Factor (5%) 0.11 1.86 0.78
Net Taxable Acres (Adjusted) 2.09 35.43 14.91
Undeveloped Property Tax Rate per Acre $6,585 $12,187 $8,672 Total Exempt Acreage 14.38 23.80 7.75
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) 2.20 37.29 15.70
Undeveloped Property Tax Rate per Acre $6,585 $12,187 $8,672 Total Units 11 247 74
Backup Special Tax per Unit $1,318 $1,840 $1,840
DRAFT v1CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 2
(Cimarron Ridge)
Tract Nos. 36658-4 thru 36658-7
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 2,500 1 $1,200 7 $8,400 $9,227
2,500 to 2,700 1 $1,250 0 $0 $0
Greater than to 2,700 1 $1,300 4 $5,200 $5,273
Ave Backup Tax Rate per Unit 1 $1,318 11
Non‐residential Property 1 $6,585
Less than to 1,700 2 $1,275 50 $63,750 $92,003
1,701 to 1,900 2 $1,275 101 $128,775 $185,845
1,901 to 2,100 2 $1,300 32 $41,600 $58,882
2,101 to 2,300 2 $1,300 32 $41,600 $58,882
Greater than to 2,300 2 $1,325 32 $42,400 $58,882
Ave Backup Tax Rate per Unit 2 $1,840 247
Non‐residential Property 2 $12,187
Less than to 2,500 3 $1,325 18 $23,850 $33,112
2,501 to 2,700 3 $1,350 18 $24,300 $33,112
2,701 to 2,900 3 $1,350 0 $0 $0
2,901 to 3,100 3 $1,375 19 $26,125 $34,952
3,101 to 3,300 3 $1,375 0 $0 $0
Greater than 3,300 3 $1,400 19 $26,600 $34,952
Ave Backup Tax Rate per Unit 3 $1,840 74
Non‐residential Property 3 $8,672
332 $432,600 $605,121
Tax Rate for Bonding $527,383
Sizing at Max tax rate $12,000,000
Future Facilities (rounded up) $10,500,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tract Nos. 36658‐4 thru 36658‐7
Use of Bond Proceeds
756 Lots 424 Lots 332 Lots
FUNDING REQUIREMENTS Per Lot Total IA 1 IA 2
City Fees
Law Enforcement $1,390 $1,050,840 $589,360 $461,480
Fire Facility $647 $489,132 $274,328 $214,804
Circulation $7,090 $5,360,040 $3,006,160 $2,353,880
Circulation Fee Credits ($2,588) ($1,956,866) ($1,097,502) ($859,364) General Government $1,176 $889,056 $498,624 $390,432
Park Improvements $1,723 $1,302,588 $730,552 $572,036
Park Improvement Fee Credit ($1,723) ($1,302,588) ($730,552) ($572,036) Subtotal DIF $7,715 $5,832,202 $3,270,970 $2,561,232
City Projects $1,543 $1,166,440 $654,194 $512,246
Total City Fees $9,257 $6,998,642 $3,925,165 $3,073,478 City Facilities
City Traffic Signals $1,710 $1,292,870 $542,568 $750,302 McLaughlin Street $1,506 $1,138,721 $477,877 $660,844
Park Improvements $3,220 $2,434,493 $1,021,663 $1,412,830 Design, Planning, & Engineering $482 $364,739 $153,067 $211,672 Total City Facilities $6,919 $5,230,823 $2,195,175 $3,035,648 Total City Fees and Facilities $16,177 $12,229,465 $6,120,340 $6,109,125 EWMD Fees
Water Financial Participation $6,845 $5,174,820 $2,902,280 $2,272,540 Sewer Financial Participation $3,208 $2,425,248 $1,360,192 $1,065,056 Sewer Treatment Plant Capacity Charge $6,081 $4,597,236 $2,578,344 $2,018,892 Water Supply Development Fee $377 $285,012 $159,848 $125,164 Meter Fee $372 $281,232 $157,728 $123,504
Irrigation Meter Fees 1.5" (Qty: 6 Meters) $247 $186,420 $104,553 $81,867 Less: Estimated EMWD CFD Funding ($15,075) ($11,396,492) ($6,391,683) ($5,004,809) Total EMWD Fees $2,055 $1,553,476 $871,262 $682,214
EMWD Facilities
Water Tank Improvements $4,244 $3,208,704 $1,346,570 $1,862,134 Design, Planning, & Engineering (15%) $637 $481,306 $201,985 $279,320 Total EMWD Facilities $4,881 $3,690,010 $1,548,555 $2,141,454 Total EMWD Fees and Facilities $6,936 $5,243,486 $2,419,817 $2,823,669 Total Cost $18,231 $17,472,951 $8,540,157 $8,932,794
Potential Project Funds Available $13,941,648 $5,850,774 $8,090,874 ALLOCATION OF PROCEEDS % Per Lot Total IA 1 IA 2
City Projects 8% $1,543 $1,166,440 $654,194 $512,246
City Fees 42% $7,715 $5,832,202 $3,270,970 $2,561,232
City Facilities 29% $5,410 $4,089,996 $1,054,348 $3,035,648 EMWD Fees 11% $2,055 $1,553,476 $871,262 $682,214
EMWD Facilities 9% $1,719 $1,299,534 $0 $1,299,534
Total Funded by Bond Proceeds 100% $16,722 $13,941,648 $5,850,774 $8,090,874 UNFUNDED REQUIREMENTS
Total to be Funded by Developer $3,531,303 $2,689,383 $841,920 CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tract Nos. 36658‐4 thru 36658‐7
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 $586,370 $30,600 $0 5.25% $252,656 $252,656 $0 N/A 2 9/1/2025 $598,098 $31,212 $10,000 5.25% $505,313 $515,313 110.01% 3 9/1/2026 $610,060 $31,836 $20,000 5.25% $504,788 $524,788 110.18% 4 9/1/2027 $622,261 $32,473 $30,000 5.25% $503,738 $533,738 110.50% 5 9/1/2028 $634,706 $33,122 $40,000 5.25% $502,163 $542,163 110.96% 6 9/1/2029 $647,400 $33,785 $55,000 5.25% $500,063 $555,063 110.55% 7 9/1/2030 $660,348 $34,461 $70,000 5.25% $497,175 $567,175 110.35% 8 9/1/2031 $673,555 $35,150 $85,000 5.25% $493,500 $578,500 110.36% 9 9/1/2032 $687,026 $35,853 $100,000 5.25% $489,038 $589,038 110.55% 10 9/1/2033 $700,767 $36,570 $115,000 5.25% $483,788 $598,788 110.92% 11 9/1/2034 $714,782 $37,301 $135,000 5.25% $477,750 $612,750 110.56% 12 9/1/2035 $729,078 $38,047 $155,000 5.25% $470,663 $625,663 110.45% 13 9/1/2036 $743,660 $38,808 $175,000 5.25% $462,525 $637,525 110.56% 14 9/1/2037 $758,533 $39,584 $200,000 5.25% $453,338 $653,338 110.04% 15 9/1/2038 $773,703 $40,376 $220,000 5.25% $442,838 $662,838 110.63% 16 9/1/2039 $789,177 $41,184 $245,000 5.25% $431,288 $676,288 110.60% 17 9/1/2040 $804,961 $42,007 $270,000 5.25% $418,425 $688,425 110.83% 18 9/1/2041 $821,060 $42,847 $300,000 5.25% $404,250 $704,250 110.50% 19 9/1/2042 $837,481 $43,704 $330,000 5.25% $388,500 $718,500 110.48% 20 9/1/2043 $854,231 $44,578 $360,000 5.25% $371,175 $731,175 110.73% 21 9/1/2044 $871,316 $45,470 $395,000 5.25% $352,275 $747,275 110.51% 22 9/1/2045 $888,742 $46,379 $430,000 5.25% $331,538 $761,538 110.61% 23 9/1/2046 $906,517 $47,307 $470,000 5.25% $308,963 $778,963 110.30% 24 9/1/2047 $924,647 $48,253 $510,000 5.25% $284,288 $794,288 110.34% 25 9/1/2048 $943,140 $49,218 $555,000 5.25% $257,513 $812,513 110.02% 26 9/1/2049 $962,003 $50,203 $600,000 5.25% $228,375 $828,375 110.07% 27 9/1/2050 $981,243 $51,207 $645,000 5.25% $196,875 $841,875 110.47% 28 9/1/2051 $1,000,868 $52,231 $695,000 5.25% $163,013 $858,013 110.56% 29 9/1/2052 $1,020,885 $53,275 $750,000 5.25% $126,525 $876,525 110.39% 30 9/1/2053 $1,041,303 $54,341 $810,000 5.25% $87,150 $897,150 110.01% 31 9/1/2054 $1,041,303 $54,341 $850,000 5.25% $44,625 $894,625 110.32% Total $24,242,856 $1,265,124 $9,625,000 $11,434,106 $20,806,450 110.44% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tax Zone 1
Lot Summary
Lot SF Acreage
1 10,327 0.24
2 8,567 0.20
3 6,800 0.16
4 9,204 0.21
5 13,445 0.31
6 6,965 0.16
7 7,983 0.18
8 7,536 0.17
9 7,745 0.18
10 7,690 0.18
11 9,658 0.22
Totals 95,92 0 2.20 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Grand 95,920 2.20
TR 36658‐4
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tax Zone 2
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 5,830 0.13 51 6,092 0.14 101 7,484 0.17 151 5,374 0.12 1 9,569 0.22 51 6,786 0.16 2 5,549 0.13 52 6,092 0.14 102 10,582 0.24 2 7,615 0.17 52 7,901 0.18 3 5,616 0.13 53 6,092 0.14 103 5,922 0.14 3 7,637 0.18 53 6,334 0.15 4 5,678 0.13 54 6,092 0.14 104 6,055 0.14 4 7,235 0.17 54 6,128 0.14 5 5,495 0.13 55 6,092 0.14 105 5,980 0.14 5 7,203 0.17 55 6,127 0.14 6 5,281 0.12 56 8,286 0.19 106 5,831 0.13 6 7,171 0.16 56 6,045 0.14 7 6,006 0.14 57 7,779 0.18 107 5,880 0.13 7 7,196 0.17 57 7,024 0.16 8 5,063 0.12 58 5,590 0.13 108 5,980 0.14 8 7,203 0.17 58 6,088 0.14 9 5,142 0.12 59 5,147 0.12 109 5,940 0.14 9 7,221 0.17 59 6,164 0.14 10 5,574 0.13 60 5,147 0.12 110 5,997 0.14 10 7,899 0.18 60 6,192 0.14 11 5,041 0.12 61 5,147 0.12 111 5,919 0.14 11 6,669 0.15 61 6,191 0.14 12 5,000 0.11 62 5,498 0.13 112 5,794 0.13 12 6,591 0.15 62 6,210 0.14 13 5,000 0.11 63 5,474 0.13 113 9,548 0.22 13 7,208 0.17 63 6,084 0.14 14 5,062 0.12 64 5,497 0.13 114 9,267 0.21 14 8,619 0.20 64 6,709 0.15 15 6,320 0.15 65 5,522 0.13 115 7,163 0.16 15 8,592 0.20 65 10,795 0.25 16 6,024 0.14 66 5,455 0.13 116 5,426 0.12 16 7,124 0.16 66 8,720 0.20 17 6,435 0.15 67 5,147 0.12 117 5,294 0.12 17 6,519 0.15 67 6,104 0.14 18 5,422 0.12 68 5,497 0.13 118 5,442 0.12 18 6,632 0.15 68 6,162 0.14 19 6,575 0.15 69 5,147 0.12 119 5,949 0.14 19 7,125 0.16 69 6,195 0.14 20 6,274 0.14 70 5,147 0.12 120 8,438 0.19 20 9,424 0.22 70 5,943 0.14 21 6,274 0.14 71 5,497 0.13 121 10,839 0.25 21 7,152 0.16 71 9,740 0.22 22 6,274 0.14 72 5,147 0.12 122 7,483 0.17 22 6,650 0.15 72 16,514 0.38 23 7,153 0.16 73 6,179 0.14 123 5,508 0.13 23 6,727 0.15 73 6,339 0.15 24 7,084 0.16 74 6,707 0.15 124 5,377 0.12 24 6,147 0.14 74 7,869 0.18 25 6,528 0.15 75 5,535 0.13 125 5,353 0.12 25 5,549 0.13 75 8,517 0.20 26 7,009 0.16 76 5,575 0.13 126 5,267 0.12 26 5,547 0.13 76 6,578 0.15 27 6,285 0.14 77 5,256 0.12 127 5,641 0.13 27 5,653 0.13 77 6,201 0.14 28 6,494 0.15 78 5,369 0.12 128 5,341 0.12 28 6,327 0.15 78 8,424 0.19 29 5,469 0.13 79 5,483 0.13 129 5,236 0.12 29 7,145 0.16 79 14,393 0.33 30 6,653 0.15 80 5,479 0.13 130 5,292 0.12 30 5,610 0.13 80 7,111 0.16 31 9,012 0.21 81 5,575 0.13 131 6,592 0.15 31 8,430 0.19 81 7,089 0.16 32 6,304 0.14 82 6,988 0.16 132 5,953 0.14 32 15,382 0.35 82 6,775 0.16 33 5,000 0.11 83 6,387 0.15 133 6,086 0.14 33 15,325 0.35 83 7,182 0.16 34 5,683 0.13 84 11,303 0.26 134 6,082 0.14 34 6,188 0.14 84 7,039 0.16 35 8,500 0.20 85 5,444 0.12 135 5,959 0.14 35 6,214 0.14 85 7,002 0.16 36 5,109 0.12 86 5,567 0.13 136 5,559 0.13 36 6,308 0.14 86 7,003 0.16 37 5,059 0.12 87 5,700 0.13 137 5,550 0.13 37 6,550 0.15 87 7,044 0.16 38 5,059 0.12 88 5,799 0.13 138 5,550 0.13 38 6,768 0.16 88 7,123 0.16 39 5,268 0.12 89 5,816 0.13 139 5,550 0.13 39 7,815 0.18 89 7,077 0.16 40 7,607 0.17 90 5,832 0.13 140 5,550 0.13 40 7,730 0.18 90 6,804 0.16 41 6,676 0.15 91 5,849 0.13 141 5,916 0.14 41 6,782 0.16 91 6,835 0.16 42 6,676 0.15 92 5,865 0.13 142 5,235 0.12 42 6,786 0.16 92 6,850 0.16 43 6,628 0.15 93 5,881 0.14 143 5,000 0.11 43 6,384 0.15 93 6,866 0.16 44 6,676 0.15 94 5,936 0.14 144 5,000 0.11 44 6,083 0.14 94 6,881 0.16 45 6,530 0.15 95 5,914 0.14 145 5,000 0.11 45 8,959 0.21 95 7,023 0.16 46 6,092 0.14 96 5,930 0.14 146 5,000 0.11 46 7,727 0.18 96 9,635 0.22 47 6,092 0.14 97 5,947 0.14 147 5,000 0.11 47 7,510 0.17 48 6,092 0.14 98 5,965 0.14 148 5,000 0.11 48 9,622 0.22 49 6,092 0.14 99 6,004 0.14 149 5,436 0.12 49 7,936 0.18 50 6,092 0.14 100 5,898 0.14 150 5,797 0.13 50 6,179 0.14 Totals 303,857 6.98 295,767 6.79 306,043 7.03 5,374 0.12 373,637 8.58 339,816 7.80 Grand 1,624,494 37.29
TR 36658‐5 TR 36658‐6
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2023‐2 IA 2
(Cimarron Ridge)
Tax Zone 3
Lot Summary
Lot SF Acreage Lot SF Acreage
1 9,179 0.21 46 7,853 0.18
2 9,065 0.21 47 7,556 0.17
3 8,149 0.19 48 10,238 0.24
4 7,460 0.17 49 14,113 0.32
5 7,395 0.17 50 9,950 0.23
6 6,998 0.16 51 8,187 0.19
7 7,096 0.16 52 8,538 0.20
8 9,103 0.21 53 8,767 0.20
9 21,063 0.48 54 8,676 0.20
10 18,394 0.42 55 7,470 0.17
11 14,931 0.34 56 6,930 0.16
12 9,156 0.21 57 6,839 0.16
13 10,156 0.23 58 6,905 0.16
14 13,051 0.30 59 6,958 0.16
15 12,019 0.28 60 6,892 0.16
16 12,249 0.28 61 7,006 0.16
17 15,924 0.37 62 7,024 0.16
18 11,231 0.26 63 11,965 0.27
19 13,171 0.30 64 12,659 0.29
20 11,055 0.25 65 8,158 0.19
21 9,760 0.22 66 8,143 0.19
22 9,652 0.22 67 7,269 0.17
23 9,787 0.22 68 6,950 0.16
24 9,390 0.22 69 6,796 0.16
25 8,965 0.21 70 6,667 0.15
26 8,692 0.20 71 6,601 0.15
27 9,109 0.21 72 6,706 0.15
28 7,184 0.16 73 7,319 0.17
29 6,573 0.15 74 8,404 0.19
30 6,561 0.15
31 6,597 0.15
32 6,844 0.16
33 6,731 0.15
34 11,292 0.26
35 11,695 0.27
36 8,715 0.20
37 8,657 0.20
38 8,155 0.19
39 8,212 0.19
40 8,276 0.19
41 7,876 0.18
42 7,507 0.17
43 10,209 0.23
44 12,241 0.28
45 10,714 0.25
Totals 446,239 10.24 237,539 5.45 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Grand 683,778 15.70
TR 36658‐7
CHAMBERS AVE
ETHANAC RD
MCCALL BLVD
MURRIETA RDVALLEY
BLVD
GEARY
ST
BYERS RD
MCLAUGHLIN RD
ROUSE RD
COYOTE
CIR
EVANS RD
CHAM BERS AVE
ROUSE RD
WATSON RD
MCCALL BLVD
SHERMAN RD
PALOMA WAY
PACKARD ST
MATTHEWS RD
EVANS RD
RIDGEMOOR RD
BALDY PEAK DR BRADLEY
RDCONEJO
D R
§¨¦215
·|}þ74
CFD NO. 2023-2
(CIMARRON RIDGE)
PROJECT MAP
^_
Attachment 3
2 7
3 6
5 1
4 8
15 12
9 14
10 11
13 COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
SHEET 1 OF 3 SHEETS
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE), 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 IT Y C LERK
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 2023-2
\_
·|}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 2022-23.
0 1,000 2,000500 Feet
-
PROPOSED BOUNDARY MAP
IMPROVEMENT AREA 1
(SHEET 2)
IMPROVEMENT AREA 2
(SHEET 3)
REF NUM APN
1 330-220-016
2 330-220-017
3 330-220-018
4 330-220-019
5 330-230-045
6 330-230-044
7 330-230-043
8 330-230-042
9 335-070-058
10 335-070-057
11 335-430-028
12 335-070-056
13 335-430-027
14 335-070-055
15 335-070-054
LEGEND
PARCEL LINE
IMPROVEMENT AREA BOUNDARY
CFD BOUNDARY
CITY BOUNDARY
XXX-XXX-XXX ASSESSOR PARCEL NUMBER
1 MAP REFERENCE NUMBER
Attachment 4
CHAMBERS AVE
GOETZ
RD
VALLEY
BLVD
ROUSE RD
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
SHEET 2 OF 3 SHEETS
07 5 0 1 , 5 0 0 375 Feet
-
PROPOSED BOUNDARY MAP
IMPROVEMENT AREA 1
3 2 1
LEGEND
CFD BOUNDARY
IMPROVEMENT AREA BOUNDARY
TAX ZONE BOUNDARY
TAX ZONE1
MCLAUGHLIN RD
VALLEY BLVD
GOLDENROD
AVE
RO
USE RD
TROY LN
BYERSRD
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)
CITY OF MENIFEE,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
SHEET 3 OF 3 SHEETS
0 750 1,500 375 Feet
-
PROPOSED BOUNDARY MAP
IMPROVEMENT AREA 2
3 2
1 LEGEND
CFD BOUNDARY
IMPROVEMENT AREA BOUNDARY
TAX ZONE BOUNDARY
TAX ZONE1
SLOPE & TRAIL MAINTENANCE EXHIBIT
CIMARRON RIDGE TRACT 36658
Attachment 5
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 fo
r each zone or improvement area.
SPECIAL FUNDING DISTRICT
APPLICATION FORM
Proposed Special District: CFD for Facilities
Proposed Name of Project:
SPICER CONSULTING GROUP 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
Attachment 6
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. Number 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. Mailing Information
E. Phone
F. Fax
G. E -Mail
A. Company Name
B. Contact Name
C. Title
D. Mailing Information
E. Phone
F. Fax
G. E -Mail
A. Company Name
B. Contact Name
C. Title
D. Mailing 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 A
Pulte Homes - Cimarron Ridge (Tract No. 36658)
Proposed City of Menifee CFD No. 2022-X (Cimarron)
Effective Tax Rate Analysis and Bond Sizing Analysis
November 3, 2022
Assumptions Estimated Sources & Uses of Funds Allocation of Improvement Fund IA No. 1 IA No. 2 Sources IA No. 1 IA No. 2 Total Description Per Unit Total Weighted Average Coupon 5.25% 5.25% Par Bond Amount 6,910,000$ 9,545,000$ 16,455,000$ City Fees 7,715$ 5,832,202$ Estimated Effective Tax Rate 2.00% 1.87% City Premium (20%) 1,543 1,166,440 Priority Administrative Expense 30,000 $30,000 Uses EMWD Water Tank 4,244 3,208,704 Cost of Issuance 250,000$ $250,000 Reserve Fund 638,624$ 882,370$ 1,520,994$ EMWD Fees 1,808 1,367,056 Capitalized Interest (Months) 6 6 Capitalized Interest 177,344 245,017 422,361 City Improvements 2,789 2,108,143 Special Tax Revenue Escalation 2.00% 2.00% Underwriter Discount 138,200 190,900 329,100 Other (TBD) - - Bond Amortization Term 30 30 Cost of Issuance 250,000 250,000 500,000 Contingency - - Underwriter Discount 2.00% 2.00% Improvement Fund 5,705,832 7,976,713 13,682,545 Total CFD Funding 18,099$ 13,682,545$ Total Special Tax Revenues 428,942$ 579,799$ Total Uses 6,910,000$ 9,545,000$ 16,455,000$ Net Builder Reimb. 16,556$ 12,516,105$
Land Use Information & Total Property Tax Rates Special Tax Revenues Ad Other EMWD CFD MUSD CFD Romoland Proposed City Proposed PA EMWD MUSD City City Home City Special Base Valorem Fixed 2018-81 2020-1 2018-1 City CFD Total Tax Total Tax Unit CFD City CFD No. IA ZN IA IA Zone Size (a) Tax Category Pricing (a) Taxes (b) Chrgs (c) Tax (d) Tax (e) Tax (f) Tax Per Unit Rate % Mix Tax Rev. 1 A 1 1 1 1 1,959 ≤ 2,500 531,000 6,198 1,258 1,225 767 --- 1,066 10,515 1.98% 23 1,066 24,520 1 A 1 1 1 1 3,125 3,101 - 3,300 577,000 6,735 1,258 1,315 1,023 --- 1,208 11,540 2.00% 23 1,208 27,792 1 A 1 1 1 1 3,410 ≥ 3,301 594,000 6,934 1,258 1,315 1,117 --- 1,256 11,880 2.00% 24 1,256 30,149 1 A 1 1 1 1 1,959 ≤ 2,500 521,000 6,082 1,258 1,225 767 --- 1,066 10,398 2.00% 21 1,066 22,388 1 A 1 1 1 1 2,404 ≤ 2,500 534,000 6,233 1,258 1,285 838 --- 1,066 10,680 2.00% 21 1,066 22,388 1 A 1 1 1 1 2,824 2,701 - 2,900 557,500 6,508 1,258 1,315 911 --- 1,158 11,150 2.00% 22 1,158 25,476 2 A 2 1 1 2 2,550 ≤ 3,550 610,000 7,121 1,258 1,450 838 --- 1,489 12,155 1.99% 29 1,489 43,187 2 A 2 1 1 2 3,520 ≤ 3,550 646,000 7,541 1,258 1,515 1,117 --- 1,489 12,920 2.00% 29 1,489 43,187 2 A 2 1 1 2 3,727 3,551 - 3,750 655,500 7,652 1,258 1,515 1,164 --- 1,521 13,110 2.00% 29 1,521 44,122 2 A 2 1 1 2 3,988 ≥ 3,951 673,000 7,856 1,258 1,515 1,269 --- 1,562 13,460 2.00% 29 1,562 45,285 3 B 2 2 1 3 1,959 ≤ 2,500 521,000 6,082 1,258 1,700 878 --- $503 10,420 2.00% 34 503 17,088 3 B 2 2 1 3 2,404 ≤ 2,500 534,000 6,233 1,258 1,725 897 --- $503 10,616 1.99% 35 503 17,590 3 B 2 2 1 3 2,824 ≥ 2,701 557,500 6,508 1,258 1,725 933 --- 727 11,150 2.00% 35 727 25,436 4 B 2 2 1 3 1,959 ≤ 2,500 521,000 6,082 1,258 1,700 878 --- 503 10,420 2.00% 23 503 11,559 4 B 2 2 1 3 2,404 ≤ 2,500 534,000 6,233 1,258 1,725 897 --- 503 10,616 1.99% 24 503 12,062 4 B 2 2 1 3 2,824 ≥ 2,701 557,500 6,508 1,258 1,725 933 --- 727 11,150 2.00% 23 727 16,715 IA No. 1 - Total Wtd Avg. 2,758 572,284$ 6,680$ 1,258$ 1,519$ 958$ -$ 1,012$ 11,427$ 2.00% 424 1,012$ 428,942$ Proposed
EXHIBIT B
Pulte Homes - Cimarron Ridge (Tract No. 36658)
Proposed City of Menifee CFD No. 2022-X (Cimarron)
Preliminary List of CFD Eligible Facilities
August 26, 2022
Total Units 756
Per Unit Total
City of Menifee Fees (a)
Law Enforcement 250$ 189,000$
Fire Facilities 665 502,740
Circulation 5,060 3,825,360
Esitmated Circulation Fee Credits (2,588) (1,956,866) Animal Shelter (Not CFD Eligible) - -
General Government 1,106 836,136
Public Use Facilities - -
Parks - Improvements 1,116 843,696
Park Improvement Fee Credits (1,116) (843,696) Master Planning (Not CFD Eligible) - -
Library Facilities (Not CFD Eligible) - - Subtotal City DIF fees (b) 4,493$ 3,396,370$
City Improvements
City Traffic Signals 1,710$ 1,292,870$
McLaughlin Street 1,506 1,138,721
Park Improvements 3,220 2,434,493
Design, Planning, & Engineering 482 364,739 Total City Improvements 6,919$ 5,230,822$
EMWD Fees & Facilities (b)
Water Financial Participation Charge 6,845$ 5,174,820$ Sewer Financial Participation Charge 3,208 2,425,248 Sewer Treatment Plant Capacity Charge 6,081 4,597,236 Meter Fee 377 285,012
Water Development Fee 372 281,232
Irrigation Meter Fees 1.5" (Qty: 6 Meters) 247 186,420 Less: Estimated EMWD CFD Funding (15,274) (11,547,383) Total EMWD Fees 1,855$ 1,402,585$
Water Tank Improvements 4,244$ 3,208,704$
Design, Planning, & Engineering (15%) 637 481,306 Total EMWD Water Improvements 6,736$ 5,092,595$ Total EMWD Fees & Improvements 8,592$ 6,495,180$ Total Eligible Facilities 20,003$ 15,122,372$
Footnotes
(a) Represents the City of Menifee DIF Fees dated July 1, 2022. (b) Represents EMWD's connection and capacity fees effective 1/1/2022 (Note: Majority of fees to be funded by the EMWD CFD).
CITY OF MENIFEE
SUBJECT: City of Menifee Current Debt Summary
MEETING DATE: December 13, 2022
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Director of Finance REVIEWED BY: Regina Funderburk, Chief Financial Officer
RECOMMENDED ACTION
1. Receive and file summary report on City of Menifee’s current outstanding debt.
DISCUSSION
Pursuant to the C ity of Menifee’s adopted D ebt Issuance and Management Policy ( CC-22), the City is committed to fiscal sustainability by employing long- term fin ancial planning efforts, maintaining appropriate reserves levels, and employing prudent practices in governance, management, budget administration and financial reporting. Debt levels and their related annual costs are important long -term obligations that must be managed within available resources. A disciplined thoughtful approach to debt management includes policies that provide guidelines for the City to manage their collective debt program in line with those resources.
As of December 1, 2022, the C ity of Menifee has outstanding debt in the amount of approximately $22 million represented by the following:
TITLE DESCRIPTION NEED/BENEFIT FUNDING
SOURCE FOR
DEBT
SERVICE
*OUTSTANDING
PRINCIPAL AS OF
DECEMBER 1, 2022
Certificates of
Participation
(COP) (TRIP)
Transportation
Revenue
Certificates of
Participation
Bonds, Series
2012B
(Original Issue
Amount $20,000,000)
During Fiscal Year
2011/12, the City
issued $20 million in
Certificates of
Participation
through the
California
Communities Total
Road Improvement
Program (TRIP).
The proceeds from
this bond issue
Provided funding
for Newport
Road /I-215
Interchange
Project efforts,
alleviating traffic
within City’s
main street.
Measure “A” &
Gas Tax
revenues
$16.3 million
City of Menifee Staff Report
City of Menifee Current Debt Summary
October 4, 2022
TITLE DESCRIPTION NEED/BENEFIT FUNDING
SOURCE FOR
DEBT
SERVICE
*OUTSTANDING
PRINCIPAL AS OF
DECEMBER 1, 2022
were used to fund
various capital road
improvements.
Streetlight
Retrofit Project
(Original Issue
Amount $6,550,000)
In June of 2019, the
City entered into a
financing
agreement with
Banc of America,
facilitated as a
regional effort by
the Western
Riverside Council of
Governments
(WRCOG) working
with Southern
California Edison
(SCE) and local
cities to purchase
and retrofit
approximately 6,300
streetlights from
SCE.
Converted
existing
streetlight
fixtures to
significantly
more energy
efficient LED
fixtures,
reducing annual
electricity costs.
Special Districts
(CSAs, LLMDs,
CFDs, and Gas
Tax)
$5.7 million
* Per refinanced Debt Service Schedules
Funding Sources for Debt Service:
It is important to note that both debt services are paid through special revenues and not general funds.
TRIP: In the case of the TRIP debt, Measure A and Gas Tax funds are used to pay the outstanding debt service. Measure A was enact ed by voters in 1988 , and provides dedicated funding for major highway projects, passenger rail, public transit, motorist assistance, and l ocal streets and roads throughout River side Count y. Sim ilarly, Gas Tax funds are restricted for expenditures related to planning, constructing, and maintaining California's publicly funded roadways and public mass transit systems.
Streetlight Retrofit Project: The debt service of the streetlight retrofit is paid by a com bination of Gas Tax and special assessment districts (CSA, LLMDs, CFDs) . Special assessment districts provide annual dedicated property tax revenue which fund speci fic e ligible maintenance services, including streetlight maintena nce and utility costs. Many of these older special assessment districts were formed without annual CPI adjustments to accommodat e increasing costs, and with increasing ut ility costs, like electricity, cannot continue to support all associated City of Menifee Staff Report
City of Menifee Current Debt Summary
October 4, 2022
costs. The conversion of the streetl ights to LED lights resulted in imme diate costs saving s in utility costs.
Refinancing of Outstanding Debt:
Understanding the i mportance of accomplishing cost savings wherever possible, the City has refinanced both the TRIP debt and Streetlight Retrofi t Project in recent y ears under favorable lower interest rate environments, accomplishing costs savings.
The TRIP debt was refinanced in 2020, resulting in an average annual savings of $199,866 and expected total savings of $4,332,277 over the remainder of the debt service. Similarly, t he Streetlight Retrofit Project was refinanced in 2021 resulting in annu al savings of $30 ,826 and $400,738 in total gross savings over the lifetime of the outstanding debt. The following table provides additional information related to the payment terms of the outstanding debt issuances.
TITLE AVERAGE
INTEREST
RATE
ANNUAL DEBT
SERVICE
FINAL
PAYMENT
DATE
Certificates of Participation (COP)
(TRIP) Transportation Revenue
Certificates of Participation Bonds,
Series 2012B
(Original Issue Amount $20,000,000)
3.14% $1,079,787
(average)
6/2042
Streetlight Retrofit Project
(Original Issue Amount $6,550,000)
2.99% $588,836 6/2034
ATTACHMENTS