Agenda packet — Finance Committee, March 26, 2024

City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4
AGENDA
Finance Committee
Regular Meeting Agenda
Tuesday, March 26, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief
Financial Officer
Stephanie Roseen, Acting
City Clerk
REGULAR MEETING (2:00 PM)

1. CALL TO ORDER

2. ROLL CALL

3. PUBLIC COMMENTS (NONAGENDA ITEMS)
This is the time for members of the public to address the Committee Members about items which are NOT listed on the agenda. The Ralph M. Brown Act limits the Committee’s ability to respon d to comments on nonagendized matters at the time such comments are made. Each speaker will be limited to three minutes on any single item.

4. APPROVAL OF MINUTES NONE

5. DISCUSSION ITEMS

5.1 Proposed Bond Issuance for Community Facilities District No. 20221, Quartz Ranch RECOMMENDED ACTION

1. Review the proposed Series 2 bond issue request for Community Facilities District No. 20221, Quartz Ranch by Lennar Homes, to finance the costs of certain public improvements for the development of a residential tract containing 379 units located south of La Piedra Road, on both the east and west sides of Evans Road;and

2. Recommend the Finance Department 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.

5.2 Proposed Formation of Community Facilities District No. 20242, Golden Meadows RECOMMENDED ACTION

1. Review the proposed Community Facilities District No. 20242, Golden Meadows by Richland Communities, to finance certain costs of public improvements within the 552lot singlefamily residential development located east of Evans Road, north of Wickerd Road, west of Ascot Way and south of Garbani Road, and recommend whether the proposal should be forwarded to City Council for consideration.

5.3 Proposed Formation of Community Facilities District No. 20243, River Walk Village RECOMMENDED ACTION

1. Review the proposed Community Facilities District No. 20243, River Walk Village by Richmond American Homes, to finance certain costs of public improvements within the 198unit singlefamily residential development located north of Lazy Creek Road and west of Bradley Road and recommend whether the proposal should be forwarded to City Council for consideration.

5.4 City of Menifee Investment Portfolio: Investment Opportunity Review RECOMMENDED ACTION

1. Recommendation for investment of additional $50 million into the investment portfolio with Chandler Asset Management and transfer of securities purchased by Piper Sandler & Co. to Chandler Asset Management.

6. STAFF COMMENTS

7. COMMITTEE MEMBER UPDATES AND COMMENTS

8. FUTURE AGENDA ITEMS

9. ADJOURNMENT
Decorum Policy Notes
The Committee anticipates and encourages public participation at its meetings, both on agenda items and during the public comments period. Please turn your cell phones off, refrain from talking in the audience or outbursts that may be disruptive. We encourage participation and ask for a mutual respect for the proceedings.

Staff Reports
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 Department, at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours.

Compliance with the Americans with Disabilities Act
If you need special assistance to participate in this meeting, you should contact the City Clerk Department at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours. Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting.

Menifee Finance Committee
March 26, 2024

Page 1 of 79 ends

1. CALL TO ORDER

2. ROLL CALL

4. APPROVAL OF MINUTES NONE

5. DISCUSSION ITEMS

5.1 Proposed Bond Issuance for Community Facilities District No. 20221, Quartz Ranch RECOMMENDED ACTION

5.2 Proposed Formation of Community Facilities District No. 20242, Golden Meadows RECOMMENDED ACTION

5.3 Proposed Formation of Community Facilities District No. 20243, River Walk Village RECOMMENDED ACTION

5.4 City of Menifee Investment Portfolio: Investment Opportunity Review RECOMMENDED ACTION

6. STAFF COMMENTS

7. COMMITTEE MEMBER UPDATES AND COMMENTS

8. FUTURE AGENDA ITEMS

Menifee Finance Committee
March 26, 2024

Page 2 of 79 ends

1. CALL TO ORDER

2. ROLL CALL

4. APPROVAL OF MINUTES NONE

5. DISCUSSION ITEMS

5.1 Proposed Bond Issuance for Community Facilities District No. 20221, Quartz Ranch RECOMMENDED ACTION

5.2 Proposed Formation of Community Facilities District No. 20242, Golden Meadows RECOMMENDED ACTION

5.3 Proposed Formation of Community Facilities District No. 20243, River Walk Village RECOMMENDED ACTION

5.4 City of Menifee Investment Portfolio: Investment Opportunity Review RECOMMENDED ACTION

6. STAFF COMMENTS

7. COMMITTEE MEMBER UPDATES AND COMMENTS

8. FUTURE AGENDA ITEMS

Menifee Finance Committee
March 26, 2024

Page 3 of 79 ends

CITY OF MENIFEE
SUBJECT: Proposed Bond Issuance for Community Facilities District No. 2022-1, Quartz Ranch
MEETING DATE: March 26, 2024
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed Series 2 bond issue request for Community Facilities District No. 2022- 1, Quartz Ranch by Lennar Homes, to finance the costs of certain public improvements for the development of a residential tract containing 379 units located south of La Piedra Road, on both the east and west sides of Evans Road; and

DISCUSSION
The developer, Lennar Homes, owns a residential tract approved for 379 homes within the City.

The tract is located south of La Piedra Road, on both the east and west sides of Evans Road.

On March 11, 2024, the City received a request from the developer to move forward with the issuance of Series 2 bonds for Community Facilities District No. 2022-1, Quartz Ranch (CFD No. 2022-1) to fund eligible facilities. The City’s tax consultant, Spicer Consulting Group, estimates that $9,765,000 in bonds could be issued. The first series of bonds was issued in July 2023, totaling $11,525,000. Total proceeds from the two issuances would be less than the CFD’s bond authorization limit of $27 million.

As of March 1, 2024, of the 379 lots, building permits have been issued for 319 homes, 225 homes have sold and closed, and 65 have sold and are in escrow. With 84% of the building permits Item: 5.1
Item Page Number: 1
Menifee Finance Committee March 26, 2024 Page 4 of 79

City of Menifee Staff Report
Proposed Bond Issuance for Community Facilities District No. 2022-1 (Quartz Ranch) March 26, 2024

Page 2 of 2 ends

2 1
0 2
issued and 59% of the homes sold and closed, the builder is requesting to issue the Series 2 bonds.

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 rate. The development has a strong value-to-lien ratio of 11.89:1, greater than the City’s policy of 4:1 and an estimated tax rate ranging from 1.73% to 1.89%, which is less than the City’s 2% limit. The first year the CFD taxes were levied was Fiscal Year 2023/2024 and the district has a 1.58% delinquency rate, which is below the 5% limit established in bond covenants.

Based on current interest rates, it is anticipated that the Series 2 bonds would finance approximately $8.5 million in eligible facilities and fees within the boundaries of the City of Menifee, Eastern Municipal Water District, Menifee Union School District, and Perris Union High School District.

Table 1: Summary of CFD 2022-1 (Quartz Ranch) Activity:

Description Date
Finance Committee CFD Formation Review February 22, 2022 Resolution of Intention April 6, 2022
Resolutions of CFD Formation (City Council Approval) May 18, 2022 / June 1, 2022 Request for Bond Issuance Series 1 Review March 14, 2023 Resolution Authorizing the Issuance of Bonds June 21, 2023 Bonds Issued July 18, 2023
Finance Committee Bond Issuance Review March 26, 2024

FISCAL IMPACT
There is no fiscal impact associated with the recommended action.

ATTACHMENTS

1. CFD 2022-1 Parity Proforma Summary

2. CFD 2022-1 Project Map

3. CFD 2022-1 Prelim Bond Sale 2 Analysis

4. CFD 2022-1 Boundary Map

5. CFD 2022-1 Annex 29 Maintenance Exhibit

6. CFD 2022-1 Series 2 Bond Issue Request
Item: 5.1
Item Page Number: 2
Menifee Finance Committee March 26, 2024 Page 5 of 79

CFD 2022‐1 (Quartz Ranch)
Proforma Summary Sheet – 2024 Parity Bonds
Applicant: Lennar Homes
Assumptions
Average Coupon 4.75%
Priority Administration $30,600
Cost of Issuance $250,000
Capitalized Interest Period None
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Est. Total Special Tax Revenues – FY 2024‐25 $1,223,356 Estimated Sources and Uses
Sources
Par Bond Amount $9,765,000
Uses
Reserve Fund $839,359
Capitalized Interest $0
Underwriter Discount $170,888
Cost of Issuance $250,000
Improvement Fund $8,504,753
Allocation of Improvement Fund
Description Total Funded 2023A Bonds Remaining Eligible City Facilities $5,645,550
City Fees $2,867,514
City Premium $573,503
EMWD Fees $6,398,657
Menifee USD Fees $3,594,144
Perris UHSD Fees $1,074,505
Total $20,162,873 $10,295,836 $9,867,037
City Policy
Acreage Gross: 80.37; Net: 80.14
Development Description Detached Single Family Residential Number of Units (50 min) 379 Units
Estimated Home Size Range 1,823 SF to 4,134 SF
Average Home Size 2,559 SF
Average Estimated Home Price $667,797
Total Effective Tax Rate (2.00% Max) 1.83%
CFD Tax Rate Range $2,893 to $4,039
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Annexed, CFD 2017‐1
Maintenance CFD Rate $779/Unit
Item: 5.1
Item Page Number: 3
Menifee Finance Committee March 26, 2024 Page 6 of 79

DOUGLAS
CREST
CIR
EVANS
RD

MURRIETA RD
CHERRY
BIRCH
AVE
LA

PIEDRA RD

PENNY HEDGE DR

BRADLEY RD

HOLLAND RD

PROJECT MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-1
(QUARTZ RANCH)
Item: 5.1
Item Page Number: 4
Menifee Finance Committee March 26, 2024 Page 7 of 79

CITY OF MENIFEE
Community Facilities District No. 2022‐1
(Quartz Ranch)
Preliminary Bond Analysis ‐ Parity
As of 3/5/2024
Preliminary Bond Compliance Table
Criteria

1. Value to Lien(1)

2. Delinquency Levels

3. Effective Tax Rate(2)
Requirement

4.00:1
Less than 5%

2.00% 1.73% ‐ 1.89%
2022‐1

11.89:1

1.58%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes Estimated FY 2024‐25 enrollment.

1. General Information & Development Status
District Formation Date
District Assessed Value(1)
Bond Structure
May 19, 2022
N/A
100% Assigned
Estimated Preliminary Par Amount(2)
Preliminary Value to Lien(3)
$9,765,000

11.89:1
(1) District Appraised Value information as of 8/5/2022 (2) Par amount estimated based on estimated 4.75% Interest Rate. (3) Value to Lien is based upon estimated sizing information and Proposed Home Prices. 3/1/2024 Ownership Status As Of
Tract No. Land Owner Map Recordation
Several Lennar Homes 11/15/2018
No. Lots @ Permits Issued as of Developed
Percentage
84%
Sold & In
Escrow to Date
65 Sold & Closed
to Date
Ave Monthly
Absorption
7 Five Month
Projection
325 Lots
86%
Buildout 3/1/2024
379 Lots 319 Lots 225
Projected Closed
Projected Permitted 91%

2. Special Tax Levy & Delinquency Status
Delinquencies(1)No. Parcels FY 2023‐24 Levy
$686,902216 1.58%
(1) Delinquency information as of 3/1/2024 for FY 2023‐24.

3. Bond Issuance Impact to Property Owners
Avg Home
Value(1)
Estimated Average Tax Bill for FY 24‐25
Other Taxes CFD Tax Total Tax
$1,124 $3,228 $12,207
Ad‐Valorem Tax
$7,855
ETR
$667,797
(1) Based upon Sales Price provided by Lennar on March 1, 2024.

1.83%
Item: 5.1
Item Page Number: 5
Menifee Finance Committee March 26, 2024 Page 8 of 79

4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity:

Funded by 2023A Series Bonds
Eligible to be Funded
$
$
20,162,873
10,295,836
$9,867,037
Sources Total
Bond Proceeds: Par Amount
Facilities Special Tax Levy FY 24‐25(1)
Total Sources
$
$
$
9,765,000
‐
9,765,000
Uses Total
Project Fund Proceeds
Underwriter's Discount
Capitalized Interest
Debt Service Reserve Fund
Cost of Issuance
Total Uses
$
$
$
$
$
$
8,504,753
170,888
‐
839,359
250,000
9,765,000
Net Bond Funds $ ‐
Item: 5.1
Item Page Number: 6
Menifee Finance Committee March 26, 2024 Page 9 of 79

CITY OF MENIFEE
Community Facilities District No. 2022‐1
(Quartz Ranch)
Tract Nos. Several
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Plan 1 2 3 4 5 6 12 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under
1,900
1,900 to
2,100
2,101 to
2,300
2,301 to
2,500
2,501 to
2,700
2,701 to
2,900
Over
3,900
Average Home Size
Average Base Price
1,823 1,950 2,244 2,426 2,623 2,783 4,134 2,529
$555,960 $587,811 $673,959 $685,345 $649,207 $685,052 $881,156 $667,797 Ad‐Valorem Tax Rate (1.00%)
Metro Water West (0.00350%)
Menifee School (0.06063%)
Perris Union HS (0.08173%)
EMWD IMP U‐35 (0.00860%)
EMWD IMP U‐36 (0.00860%)
Mt. San Jacinto Jr. College (0.01320%)
$5,559.60
$19.46
$337.08
$454.39
$47.81
$5,878.11
$20.57
$356.39
$480.42
$50.55
$6,739.59
$23.59
$408.62
$550.83
$57.96
$6,853.45
$23.99
$415.52
$560.13
$58.94
$6,492.07
$22.72
$393.61
$530.60
$55.83
$6,850.52
$23.98
$415.35
$559.89
$58.91
$8,811.56
$30.84
$534.24
$720.17
$75.78
$6,677.97
$23.37
$404.89
$545.79
$57.43
$47.81
$73.39
$50.55
$77.59
$57.96
$88.96
$58.94
$90.47
$55.83
$85.70
$58.91
$90.43
$75.78
$116.31
$57.43
$88.15
Subtotal GO Bond Debt $6,539.54 $6,914.19 $7,927.51 $8,061.44 $7,636.36 $8,057.99 $10,364.69 $7,855.03 Flood Control Stormwater / Cleanwater / Santa Ana
EMWD Standby
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
$3.78
$11.00
Perris Union HS CFD 92‐1
CFD No. 2017‐1 ‐ Maintenance Services*
CFD No. 2022‐1 ‐ Facilities Special Tax**
$330.00
$779.00
$2,893.35
$330.00
$779.00
$3,001.55
$4,125.33
$330.00
$779.00
$3,041.09
$4,164.87
$330.00
$779.00
$3,118.08
$4,241.86
$330.00
$779.00
$3,311.59
$4,435.37
$330.00
$779.00
$3,341.76
$4,465.54
$330.00
$779.00
$4,039.00
$5,162.78
$330.00
$779.00
$3,227.85
$4,351.63Subtotal Special Assessments and Taxes $4,017.13 Total Annual Property Taxes $10,556.67 $11,039.52 $12,092.38 $12,303.30 $12,071.74 $12,523.54 $15,527.47 $12,206.66 Annual Prop. Tax Rates as % of Home Price
Unit Mix

1.90%
31 1.88%
58 1.79%
55 1.80%
54 1.86%
61 1.83%
90 1.76%
30 1.83%
379
(1)Total CFD ‐ Annual Tax Collections
(2)Administration
$89,694 $174,090 $167,260 $168,376 $202,007 $300,759 $121,170 $1,223,356 $30,600
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage)
II. Total Estimated Home Square Footage:
* Escalates at greater of 2% or CPI
$79,500
56,513
$154,305
113,100
$148,251
123,420
$149,241
131,004
$179,049
160,003
$266,578
250,470
$107,399
124,020
$1,084,324
958,530
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2024 Bond Amount (4.75% Interest, 30 Year Term, 29 Year Amortization) $9,765,000 Underwriter Discount (1.75%)
Reserve Fund (Maximum Annual Debt Service)
Capitalized Interest (0 mos.)
$170,888
$839,359
$0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs Net Bond Proceeds
$1,260,247
$8,504,753
Item: 5.1
Item Page Number: 7
Menifee Finance Committee March 26, 2024 Page 10 of 79

CITY OF MENIFEE
Community Facilities District No. 2022‐1
(Quartz Ranch)
Tract Nos. Several
Revenue Coverage ‐ Assigned Tax Rate
Period
Ending
Gross
Revenues
Priority
Admin
Series 2023A
Debt Service
Net Debt
Service
Debt Service
CoverageYear Principal Coupon

4.75%
Interest
$463,8381 9/1/2024
9/1/2025
9/1/2026
9/1/2027
9/1/2028
9/1/2029
9/1/2030
9/1/2031
9/1/2032
9/1/2033
9/1/2034
9/1/2035
9/1/2036
9/1/2037
9/1/2038
9/1/2039
9/1/2040
9/1/2041
9/1/2042
9/1/2043
9/1/2044
9/1/2045
9/1/2046
9/1/2047
9/1/2048
9/1/2049
9/1/2050
9/1/2051
9/1/2052
9/1/2053
9/1/2054
$686,902 $30,000 $596,250
$605,250
$618,750
$631,500
$643,500
$654,750
$670,250
$684,750
$698,250
$710,750
$727,250
$737,500
$756,750
$769,500
$786,000
$801,000
$819,500
$831,250
$851,500
$864,750
$886,250
$900,500
$922,750
$937,500
$960,000
$974,750
$997,000
$1,016,250
$1,037,500
$1,060,500
$0
$0 $463,838 N/A
2 3
4 5
6 7
8 9
$1,223,351
$1,247,818
$1,272,775
$1,298,230
$1,324,195
$1,350,679
$1,377,692
$1,405,246
$1,433,351
$1,462,018
$1,491,258
$1,521,083
$1,551,505
$1,582,535
$1,614,186
$1,646,470
$1,679,399
$1,712,987
$1,747,247
$1,782,192
$1,817,836
$1,854,192
$1,891,276
$1,929,102
$1,967,684
$2,007,037
$2,047,178
$2,088,122
$2,129,884
$2,172,482
$30,600
$31,212
$31,836
$32,473
$33,122
$33,785
$34,461
$35,150
$35,853
$36,570
$37,301
$38,047
$38,808
$39,584
$40,376
$41,184
$42,007
$42,847
$43,704
$44,578
$45,470
$46,379
$47,307
$48,253
$49,218
$50,203
$51,207
$52,231
$53,275
$54,341
$10,000
$20,000
$30,000
$45,000
$55,000
$70,000
$80,000
$95,000

4.75%

4.75%
$463,838
$463,363
$462,413
$460,988
$458,850
$456,238
$452,913
$449,113
$444,600
$439,138
$433,200
$426,075
$418,238
$409,450
$399,713
$389,025
$377,150
$364,088
$349,838
$334,163
$317,300
$298,775
$278,825
$256,975
$233,700
$208,288
$181,213
$152,000
$120,650
$87,163
$473,838
$483,363
$492,413
$505,988
$513,850
$526,238
$532,913
$544,113
$559,600
$564,138
$583,200
$591,075
$603,238
$614,450
$624,713
$639,025
$652,150
$664,088
$679,838
$689,163
$707,300
$718,775
$738,825
$746,975
$768,700
$778,288
$796,213
$812,000
$825,650
$1,922,163
110.53%
110.39%
110.41%
110.11%
110.48%
110.06%
110.31%
110.28%
110.01%
110.38%
110.09%
110.03%
110.20%
110.18%
110.39%
110.06%
110.38%
110.20%
110.29%
110.30%
110.24%
110.13%
110.00%
110.19%
110.04%
110.23%
110.12%
110.08%
110.10%
110.20%
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 30
$115,000
$125,000
$150,000
$165,000
$185,000
$205,000
$225,000
$250,000
$275,000
$300,000
$330,000
$355,000
$390,000
$420,000
$460,000
$490,000
$535,000
$570,000
$615,000
$660,000
$705,000
$1,835,000
Total $50,315,911 $1,271,383 $24,152,000 $9,765,000 $11,051,113 $20,816,113 110.20% Item: 5.1
Item Page Number: 8
Menifee Finance Committee March 26, 2024 Page 11 of 79

CITY OF MENIFEE
Community Facilities District No. 2022-1
(Quartz Ranch)
Tract Nos. Several
Sample Tax Bill FY 2023-24
Canyon View
Plan 2 Plan 3
2,701 to 2,701 to Greater than
Meadow Walk
Plan 3
Ridgeline
Plan Type Plan 1 Plan 4 Plan 1 Plan 2 Plan 4 Plan 5 Plan 1 Plan 2 2,101 to
Plan 3 Plan 4
CFD Tax Category 2,501 to Less than 1,900 to 2,101 to 2,301 to 2,501 to 1,900 to 2,301 to 2,701 to 2,700 S.F. 2,900 S.F. 2,900 S.F. 3,900 S.F. 1,900 S.F. 2,100 S.F. 2,300 S.F. 2,500 S.F. 2,700 S.F. 1,823 1,950 2,203 2,419 2,590
$555,960 $586,000 $624,990 $623,790 $647,410
2,100 S.F. 2,300 S.F. 2,500 S.F. 2,900 S.F.
1,950 2,287 2,437 2,767
$582,870 $721,131 $752,495 $688,395
Home Size 2,649 2,767 2,809 4,134
Ave Sale Price (1) $650,605 $672,370 $680,200 $889,695
Ad Valorem Property Taxes:

Ad-Valorem Tax Rate (1.00%)
Metro Water West (0.00350%)
Menifee School (0.06063%)
$6,506
$23
$394
$532
$56
$6,724
$24
$408
$550
$58
$6,802
$24
$412
$556
$58
$8,897 $5,560
$19
$337
$454
$48
$5,860
$21
$355
$479
$50
$6,250
$22
$379
$511
$54
$6,238
$22
$378
$510
$54
$6,474
$23
$393
$529
$56
$5,829
$20
$353
$476
$50
$7,211
$25
$437
$589
$62
$7,525
$26
$456
$615
$65
$6,884
$24
$417
$563
$59
$31
$539
$727
$77
$77
$117
Perris Union HS (0.08173%)
EMWD IMP U-35 (0.00860%)
EMWD IMP U-36 (0.00860%)
Mt. San Jacinto Jr. College (0.01320%)
$56
$86
$58
$89
$58
$90
$48
$73
$50
$77
$54
$82
$54
$82
$56
$85
$50
$77
$62
$95
$65
$99
$59
$91
Total General Property Taxes $7,653 $7,909 $8,001 $10,465 $6,540 $6,893 $7,352 $7,337 $7,615 $6,856 $8,482 $8,851 $8,097 Assessment, Special Taxes & Parcel Charges:

Flood Control Stormwater / Cleanwater / Santa Ana
EMWD Standby
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
$4
$11
Perris Union HS CFD 92-1 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 $330 CFD No. 2017-1 Tax Zone 29 - Maintenance Services
CFD No. 2022-1 - Facilities Special Tax
$779 $779 $779 $779 $779 $779 $779 $779 $779 $779 $779 $779 $779 $3,247 $3,276 $3,276 $3,960 $2,837 $2,943 $2,981 $3,057 $3,247 $2,943 $2,981 $3,057 $3,276 Total Assessments & Special Taxes $4,370 $4,399 $4,399 $5,083 $3,960 $4,066 $4,104 $4,180 $4,370 $4,066 $4,104 $4,180 $4,399 Projected Total Property Tax
Projected Effective Tax Rate
$12,023 $12,308 $12,400 $15,549 $10,500 $10,959 $11,456 $11,518 $11,986 $10,923 $12,587 $13,032 $12,497

1.85% 1.83% 1.82% 1.75% 1.89% 1.87% 1.83% 1.85% 1.85% 1.87% 1.75% 1.73% 1.82% Item: 5.1
Item Page Number: 9
Menifee Finance Committee March 26, 2024 Page 12 of 79

CITY OF MENIFEE
Community Facilities District No. 2022‐1
(Quartz Ranch)
Several
Use of Bond Proceeds
CFD 2022‐1 Several
379 Lots
FUNDING REQUIREMENTS Per Lot (Quartz Ranch)
City Fees
Law Enforcement
Fire Facilities
Circulation
$231 $87,549
$232,706
$1,769,930
$386,959
$58,366
$614
$4,670
$1,021
$154
General Govt
Public Use
Parks ‐ Land $215 $81,485
Parks ‐ Improvement
Subtotal City Fees
City Premium (20%)
Total City Fees
$661 $250,519
$2,867,514
$573,503
$3,441,017
$7,566
$1,513
$9,079
City Facilities
Traffic Signals (Holland & Evans)
Street & Traffic Signals (Murrieta & La Piedra (i.e. Mountain View)) Traffic Signal Land Acq. (Murrieta & La Piedra / Evans & Holland) Innerconnect ‐ between Evans and La Piedra
Traffic Signals (Evans & La Piedra)
$1,227
$1,660
$264
$311
$145
$465,000
$629,000
$100,000
$118,000
$55,000
Utility Undergrounding ‐ Rule 20 $1,451
$7,916
$1,946
$14,920
$550,000
$3,000,000
$737,550
$5,654,550
Park Improvements
Design, Engineering, Etc.

Total City Facilities
Total City Facilities and Fees $23,999 $9,095,567
EMWD Fees
Sewer Financial Participation Charge
Sewer Treatment Plant Capacity Charge
Water Financial Participation Charge
Water Supply Development Fee
Meter Fee
$3,208
$6,845
$6,081
$372
$1,215,832
$2,594,255
$2,304,699
$140,988
$377 $142,883
Total EMWD Fees $16,883 $6,398,657
Menifee Union School District Fees
Net School Fees
MUSD School Site Purchase Funding
Total School District Fees
$1,832
$7,652
$9,483
$694,144
$2,900,000
$3,594,144
Perris Union High School District Fees
PUHSD School Site Purchase Funding
Total School District Fees
$2,835
$2,835
$1,074,505
$1,074,505
Total Cost $50,365 $20,162,873
Less: Funded with Series 2023A Bonds ($10,295,836)
ELIGIBLE TO BE FUNDED SERIES 2024A BONDS $9,867,037
Potential Project Funds Available $8,504,753
Item: 5.1
Item Page Number: 10
Menifee Finance Committee March 26, 2024 Page 13 of 79

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Item: 5.1
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Item: 5.1
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Item: 5.1
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Item: 5.1
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Item: 5.1
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Item: 5.1
Item Page Number: 19
Menifee Finance Committee March 26, 2024 Page 22 of 79

28202 CABOT RD | SUITE 620 | LAGUNA NIGUEL, CA 92677
PHONE: (949) 542-7070 | FAX: (949) 542-7076
www.zimmermangroup.com

March 4, 2024

Margarita Cornejo
Deputy Finance Director
City of Menifee
29844 Haun Road
Menifee, CA 92586
T. (951) 723-3716
E. [email protected]

RE: Series 2 Bond Issuance Request, CFD No. 2022-1 (Quartz Ranch)

Dear Ms. Cornejo,

On behalf of Lennar Homes (“Developer”), we are requesting the City of Menifee (“City”) to move forward with the issuance of the second series of bonds (“Series 2 Bonds”) for CFD No. 2022-1 (Quartz Ranch) (“CFD”). The CFD is includes 379 lots within Tract Map No s. 28786, 28791, 28792, 28793, & 28794 (the “Project”). As you may recall, the City Council approved the issuance of the first series of bonds in June 2023.

Developer would like to now move forward with the issue the second and final series of bonds for the Project (“Series 2 Bonds”). A summary of the development status of the Project is included in the table below.

CFD No. 2022-1 (Quartz Ranch)
Development Status* Units % of Total
Closed Homes 252 66%
Completed Homes (8 Models) 8 2%
Under Construction 84 22%
Finished Lots ** 35 9%
Series 2 Bonds - Total Units 379 100%
*Represents project development status as of May 1, 2024. **Total of 344 units classified as Developed Property for tax year 2024-2025.

The attached Exhibit A shows the estimated bond sizing and debt service schedule for the Series 2 Bonds, which results in approximately $8.4M in construction proceeds. The construction proceeds would fund City impact fees and facilities, EMWD facilities, and Menifee Union School District facilities as shown in the "Allocation of Improvement Fund" section of Exhibit A. Now that interest rates have dropped, we believe it's on optimal time to move forward with the Series 2 Bonds.

We appreciate your review of this request and look forward to working with the City team again. If you have any questions, please contact me at (949) 542-7072.

Sincerely,

John Zimmerman
Principal

CC: Shane Spicer, Spicer Consulting Group
Bryce Flemming, Lennar Homes – Project Manager
William Sacriste, Lennar Homes – Director of Forward Planning Geoff Smith, Lennar Homes – Vice President
Item: 5.1
Item Page Number: 20
Menifee Finance Committee March 26, 2024 Page 23 of 79

EXHIBIT A
Lennar Homes - Quartz Ranch
City of Menifee CFD No. 2022-1 (Quartz Ranch)
Series 2 Bond Sizing and Debt Service Schedule
March 4, 2024

ISSUANCE ASSUMPTIONS ESTIMATED SOURCES AND USES ALLOCATION OF IMPROVEMENT FUND Closing Date 7/1/2024 Sources Per Unit Total
Special Tax Escalation 2.000% Par Bond Amount 9,655,000$ City Fees & Facilities 10,983$ 4,162,423$ Annual Admin Expense 30,000$ EMWD Fees 9,070 3,437,503 Admin Expense Escalation 2.000% Uses MUSD Fees 2,015 763,559 Debt Service Coverage 110.000% Reserve Fund 833,268$ Contingency - - Underwriter Discount 1.750% Capitalized Interest 74,285 Total 22,067$ 8,363,484$ Issuance Costs Estimate 215,000$ Underwriter Discount 168,963 Capitalized Interest (Months) 2.00 Costs Of Issuance 215,000 * Allocation is preliminary and subject to change.

Special Tax Revenue 2023-24 (Buildout) 1,190,904$ Improvement Fund 8,363,484 Total Uses 9,655,000$

BOND DEBT SERVICE
Period Special Tax Series 1 Capitalized Net Debt Combined Debt Service Ending Revenue Admin Debt Service Principal Yield Interest Interest Service Debt Service Coverage 9/1/2024 1,190,904$ 30,000$ 596,250$ -$ 0.000% 74,285$ 74,285$ -$ 596,250$ NA 9/1/2025 1,214,722 30,600 605,250 25,000 2.382% 445,713 - 470,713 1,075,963 110.05% 9/1/2026 1,239,017 31,212 618,750 30,000 2.582% 445,117 - 475,117 1,093,867 110.42% 9/1/2027 1,263,797 31,836 631,500 40,000 2.852% 444,343 - 484,343 1,115,843 110.41% 9/1/2028 1,289,073 32,473 643,500 55,000 2.992% 443,202 - 498,202 1,141,702 110.06% 9/1/2029 1,314,854 33,122 654,750 65,000 2.992% 441,556 - 506,556 1,161,306 110.37% 9/1/2030 1,341,151 33,785 670,250 75,000 3.192% 439,611 - 514,611 1,184,861 110.34% 9/1/2031 1,367,974 34,461 684,750 90,000 3.322% 437,217 - 527,217 1,211,967 110.03% 9/1/2032 1,395,334 35,150 698,250 100,000 3.442% 434,228 - 534,228 1,232,478 110.36% 9/1/2033 1,423,241 35,853 710,750 115,000 3.583% 430,786 - 545,786 1,256,536 110.41% 9/1/2034 1,451,705 36,570 727,250 130,000 3.824% 426,665 - 556,665 1,283,915 110.22% 9/1/2035 1,480,740 37,301 737,500 150,000 4.025% 421,694 - 571,694 1,309,194 110.25% 9/1/2036 1,510,354 38,047 756,750 165,000 4.163% 415,657 - 580,657 1,337,407 110.09% 9/1/2037 1,540,561 38,808 769,500 185,000 4.270% 408,788 - 593,788 1,363,288 110.16% 9/1/2038 1,571,373 39,584 786,000 205,000 4.358% 400,888 - 605,888 1,391,888 110.05% 9/1/2039 1,602,800 40,376 801,000 225,000 4.440% 391,954 - 616,954 1,417,954 110.19% 9/1/2040 1,634,856 41,184 819,500 245,000 4.302% 381,964 - 626,964 1,446,464 110.18% 9/1/2041 1,667,553 42,007 831,250 275,000 4.362% 371,424 - 646,424 1,477,674 110.01% 9/1/2042 1,700,904 42,847 851,500 295,000 4.422% 359,429 - 654,429 1,505,929 110.10% 9/1/2043 1,734,922 43,704 864,750 325,000 4.472% 346,384 - 671,384 1,536,134 110.10% 9/1/2044 1,769,621 44,578 886,250 345,000 4.522% 331,850 - 676,850 1,563,100 110.36% 9/1/2045 1,805,013 45,470 900,500 380,000 4.632% 316,249 - 696,249 1,596,749 110.20% 9/1/2046 1,841,113 46,379 922,750 405,000 4.632% 298,647 - 703,647 1,626,397 110.35% 9/1/2047 1,877,936 47,307 937,500 445,000 4.632% 279,888 - 724,888 1,662,388 110.12% 9/1/2048 1,915,494 48,253 960,000 475,000 4.632% 259,275 - 734,275 1,694,275 110.21% 9/1/2049 1,953,804 49,218 974,750 515,000 4.632% 237,273 - 752,273 1,727,023 110.28% 9/1/2050 1,992,880 50,203 997,000 555,000 4.969% 213,419 - 768,419 1,765,419 110.04% 9/1/2051 2,032,738 51,207 1,016,250 595,000 4.969% 185,841 - 780,841 1,797,091 110.26% 9/1/2052 2,073,393 52,231 1,037,500 640,000 4.969% 156,275 - 796,275 1,833,775 110.22% 9/1/2053 2,114,861 53,275 1,060,500 685,000 4.969% 124,473 - 809,473 1,869,973 110.25% 9/1/2054 2,157,158 54,341 - 1,820,000 4.969% 90,436 - 1,910,436 1,910,436 110.07% Total 50,469,848 1,271,383 9,655,000 4.750% 10,454,531 74,285 20,035,245 110.01% Footnotes:
(a) Includes net school fees and school site purchase price. See CFD Eligible Costs exhibit.

Agency (Facilites) *
DRAFT
Item: 5.1
Item Page Number: 21
Menifee Finance Committee March 26, 2024 Page 24 of 79

CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2024-2, Golden Meadows
MEETING DATE: March 26, 2024
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed Community Facilities District No. 2024-2, Golden Meadows by Richland Communities, to finance certain costs of public improvements within the 552-lot single-family residential development located east of Evans Road, north of Wickerd Road, west of Ascot Way and south of Garbani Road, and recommend whether the proposal should be forwarded to City Council for consideration.

DISCUSSION
The developer, Richland Communities, owns a residential tract containing 552 lots located east of Evans Road, north of Wickerd Road, west of Ascot Way and south of Garbani Road in the City of Menifee. Richland Communities has requested that the City form Community Facilities District No. 2024-2 (Golden Meadows), in accordance with the Mello-Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements necessitated by the development would be financed by the levy of a special tax and the issuance of an estimated $20.85 million in bonds.

This development will be divided into four improvement areas, each of which would have its own bond issuance. The CFD proceeds would be used to build city facilities, pay city fees and pay Eastern Municipal Water District fees.

ATTACHMENTS

1. CFD 2024-2 Proforma Summary

2. CFD 2024-2 Project Map

3. CFD 2024-2 Phase Exhibit

4. CFD 2024-2 IA1 Proforma
Item: 5.2
Item Page Number: 1
Menifee Finance Committee March 26, 2024 Page 25 of 79

City of Menifee Staff Report
Proposed Formation of Community Facilities District No. 2024-2 (Golden Meadows) March 26, 2024

Page 2 of 2 ends

2 1
0 3

5. CFD 2024-2 IA2 Proforma

6. CFD 2024-2 IA3 Proforma

7. CFD 2024-2 IA4 Proforma

8. CFD 2024-2 Boundary Map

9. CFD 2017-1 Annexation 11 Maintenance Exhibit

10. CFD 2024-2 Use of Proceeds

11. CFD 2024-2 Application
Item: 5.2
Item Page Number: 2
Menifee Finance Committee March 26, 2024 Page 26 of 79

CFD 2024‐2 (Golden Meadow)
Proforma Summary Sheet
Applicant: Richland Communities
Project Description
Improvement Area 1 – TR 31194‐1
Acreage Gross: 45.21; Net: 20.99
Development Description Detached Single Family Residential Number of Units (50 min) 109 Units
Estimated Home Size Range 2,350 SF to 2,450 SF
Average Home Size 2,384 SF
Average Estimated Home Price $621,378
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $2,562 to $2,735
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 11
Maintenance CFD Rate $1,000/Unit
Improvement Area 2 – TR 31194‐2
Acreage Gross: 36.71; Net: 25.28
Development Description Detached Single Family Residential Number of Units (50 min) 109 Units
Estimated Home Size Range 2,850 SF to 3,150 SF
Average Home Size 2,962 SF
Average Estimated Home Price $696,400
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $3,081 to $3,462
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 11
Maintenance CFD Rate $1,000/Unit
Improvement Area 3 – TR 31194‐3
Acreage Gross: 25.73; Net: 18.94
Development Description Detached Single Family Residential Number of Units (50 min) 94 Units
Estimated Home Size Range 2,550 SF to 2,750 SF
Average Home Size 2,651 SF
Average Estimated Home Price $656,362
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $2,822 to $2,955
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 11
Maintenance CFD Rate $1,000/Unit
Item: 5.2
Item Page Number: 3
Menifee Finance Committee March 26, 2024 Page 27 of 79

Improvement Area 4 – TR 31194‐4
Acreage Gross: 87.73; Net: 28.82
Development Description Detached Single Family Residential Number of Units (50 min) 240 Units
Estimated Home Size Range 1,445 SF to 1,867 SF
Average Home Size 1,626 SF
Average Estimated Home Price $512,750
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $1,611 to $1,870
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 11
Maintenance CFD Rate $1,000/Unit
Total
Improvement Areas 4 Total IAs
Acreage Gross: 195.38; Net: 94.03
Number of Units (50 min) 552 Units
Bond Sizing Assumptions
Improvement Are
a 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 $88,300
Total Special Tax Revenues $285,659
Estimated Sources and Uses
Sources
Par Bond Amount $4,415,000
Uses
Reserve Fund $397,885
Capitalized Interest $110,375
Underwriter Discount $88,300
Cost of Issuance $250,000
Improvement Fund $3,568,440
Item: 5.2
Item Page Number: 4
Menifee Finance Committee March 26, 2024 Page 28 of 79

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 $353,031
Estimated Sources and Uses
Sources
Par Bond Amount $5,585,000
Uses
Reserve Fund $503,455
Capitalized Interest $139,625
Underwriter Discount $111,700
Cost of Issuance $250,000
Improvement Fund $4,580,220
Improvement Area 3
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 $273,470
Estimated Sources and Uses
Sources
Par Bond Amount $4,200,000
Uses
Reserve Fund $378,405
Capitalized Interest $105,000
Underwriter Discount $84,000
Cost of Issuance $250,000
Improvement Fund $3,382,595

Item: 5.2
Item Page Number: 5
Menifee Finance Committee March 26, 2024 Page 29 of 79

Improvement Area 4
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 $414,240
Estimated Sources and Uses
Sources
Par Bond Amount $6,645,000
Uses
Reserve Fund $599,028
Capitalized Interest $166,125
Underwriter Discount $132,900
Cost of Issuance $250,000
Improvement Fund $5,496,947

Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees 35% $6,020,664 $6,020,664
City Facilities 30% $5,134,876 $5,134,876
City Additional Facilities (20%) 7% $1,204,133 $1,204,133 Eastern Municipal Water District* 27% $10,088,352 $4,668,532 Totals $22,448,022 $17,028,202

Unfunded $5,419,820

Proposed Schedule
Finance Committee March 26, 2024
Resolution of Intention June 5, 2024
Public Hearing July 17, 2024
2nd Reading Ordinance August 7, 2024

Item: 5.2
Item Page Number: 6
Menifee Finance Committee March 26, 2024 Page 30 of 79

SCOTT RD
BYERS
RD

WALDON RD

BRADLEY
RD
BYERS
ST

MURRIETA
RD

ANTELOPE
RD

WRIGHTRD

CRAIG AVE

TUPELO RD
GEARY
ST

GAR BANI
RD

SHERMAN
RD

MALLORY CT

BET H DR

WICKERD RD

NIKKI LN

BUNDY CANYON RD
EVANS
RD

ZEIDERS RD
ASCOT
WAY
HAUN
RD

ROLLING HILLS DR

HELEM LN
§¨¦215
^_

NEWPORT RD

HOLLAND RD

PALOMAR RDLA PIEDRA RD

RIO VISTA DR
HAUN

RD ROCKPORT RD

ANTELOPERD

COTTONWOODCAN YON RD
WRIG
HT

RDBUNDY

CANYON RD SCOTT RD

GARBANI RD

SHERMAN RD

WICKERD RD

ASCOT WAY

CANYON HILLSRD

N EWPORT
RD

MURRIETA
RD

CRAIG AVE
§¨¦215
CFD NO. 2024-2 (GOLDEN MEADOWS)

PROJECT MAP
Item: 5.2
Item Page Number: 7
Menifee Finance Committee March 26, 2024 Page 31 of 79

Exhib
it B
PHAS
E 4TR.
31194PHASE
1TR. 31194-1
PHASE
3TR. 31194-3
PHAS
E 2TR.
31194-2
Item: 5.2
Item Page Number: 8
Menifee Finance Committee March 26, 2024 Page 32 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 1
(Golden Meadows)
TR 31194 Phase 1
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Class 12 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under Over
2,400 2,400
Estimated Home Size 2,350 2,450 2,384
Estimated Home Price $614,250 $635,250 $621,378
Ad‐Valorem Tax Rate (1.00%) $6,142.50 $6,352.50 $6,213.78 Metro Water West (0.00350%) $21.50 $22.23 $21.75
EMWD IMP U‐35 (0.00860%) $52.83 $54.63 $53.44
EMWD IMP U‐36 (0.00860%) $52.83 $54.63 $53.44
Menifee School (0.06063%) $372.42 $385.15 $376.74
Perris Union HS (0.08173%) $502.03 $519.19 $507.85
Mt. San Jacinto Jr. College (0.01320%) $81.08 $83.85 $82.02 Subtotal GO Bond Debt $7,225.18 $7,472.19 $7,309.03
Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 Flood Control Stormwater / Santa Ana $3.78 $3.78 $3.78 EMWD Standby $15.00 $15.00 $15.00
MWD Standby charge $6.94 $6.94 $6.94
County CFD 05‐8 $1,142.00 $1,142.00 $1,142.00
CFD No. 2017‐1 ‐ Maintenance Services $1,000.00 $1,000.00 $1,000.00 Proposed CFD No. 2024‐2 ‐ Facilities Special Tax** $2,562.00 $2,735.00 $2,620.72 Subtotal Special Assessments and Taxes $5,059.72 $5,232.72 $5,118.44 Total Annual Property Taxes $12,284.90 $12,704.91 $12,427.47 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% Unit Mix 72 37 109 (1)Total CFD ‐ Annual Tax Collections $184,464 $101,195 $285,659 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $150,083 $82,334 $232,417 II. Total Estimated Home Square Footage: 169,200 90,650 ‐ III. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $4,415,000 Underwriter Discount (2.00%) $88,300
Reserve Fund (125% Average) $397,885
Capitalized Interest (6 mos.) $110,375
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $846,560 Net Bond Proceeds $3,568,440
Item: 5.2
Item Page Number: 9
Menifee Finance Committee March 26, 2024 Page 33 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 1
(Golden Meadows)
TR 31194 Phase 1
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
109 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 45.21
Less: Exempt Acres 24.22
Net Taxable Acres 20.99
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $285,659
Net Taxable Acres 20.99
Less: Contingency Factor (10%) 2.10
Net Taxable Acres (Adjusted) 18.89
Undeveloped Property Tax Rate per Acre $15,122
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 20.99
Undeveloped Property Tax Rate per Acre $15,122
Total Units 109
Backup Special Tax per Unit $2,912
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $285,659
Total Net Acres (Square Feet) 822,848
Backup Special Tax Rate per Lot Square Foot $0.3472
Item: 5.2
Item Page Number: 10
Menifee Finance Committee March 26, 2024 Page 34 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 1
(Golden Meadows)
TR 31194 Phase 1
Calculation of Bond Sizing and Total Tax Rates
Tax Zone 1
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,400 $2,562 72 $184,46 4 $209,658
Greater than 2,400 $2,735 37 $101,195 $107,741
Non‐residential Property $15,122
Backup Tax Rate per Unit $2,912
Backup Tax Rate per S.F. $0.3472
109 $285,659 $317,399
Tax Rate for Bonding $261,272
Sizing at Max tax rate $6,200,000
Future Facilities (rounded up) $5,500,000
Range of Home Sizes
Item: 5.2
Item Page Number: 11
Menifee Finance Committee March 26, 2024 Page 35 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 1
(Golden Meadows)
TR 31194 Phase 1
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 $285,659 $30,000 $0 5.25% $115,894 $115,894 $0 N/A 2 9/1/2025 $291,372 $30,600 $5,000 5.25% $231,788 $236,788 110.13% 3 9/1/2026 $297,200 $31,212 $10,000 5.25% $231,525 $241,525 110.13% 4 9/1/2027 $303,144 $31,836 $15,000 5.25% $231,000 $246,000 110.29% 5 9/1/2028 $309,206 $32,473 $20,000 5.25% $230,213 $250,213 110.60% 6 9/1/2029 $315,391 $33,122 $25,000 5.25% $229,163 $254,163 111.06% 7 9/1/2030 $321,698 $33,785 $30,000 5.25% $227,850 $257,850 111.66% 8 9/1/2031 $328,132 $34,461 $40,000 5.25% $226,275 $266,275 110.29% 9 9/1/2032 $334,695 $35,150 $45,000 5.25% $224,175 $269,175 111.28% 10 9/1/2033 $341,389 $35,853 $55,000 5.25% $221,813 $276,813 110.38% 11 9/1/2034 $348,217 $36,570 $60,000 5.25% $218,925 $278,925 111.73% 12 9/1/2035 $355,181 $37,301 $70,000 5.25% $215,775 $285,775 111.23% 13 9/1/2036 $362,285 $38,047 $80,000 5.25% $212,100 $292,100 111.00% 14 9/1/2037 $369,530 $38,808 $90,000 5.25% $207,900 $297,900 111.02% 15 9/1/2038 $376,921 $39,584 $100,000 5.25% $203,175 $303,175 111.27% 16 9/1/2039 $384,459 $40,376 $110,000 5.25% $197,925 $307,925 111.74% 17 9/1/2040 $392,149 $41,184 $125,000 5.25% $192,150 $317,150 110.66% 18 9/1/2041 $399,992 $42,007 $135,000 5.25% $185,588 $320,588 111.67% 19 9/1/2042 $407,991 $42,847 $150,000 5.25% $178,500 $328,500 111.15% 20 9/1/2043 $416,151 $43,704 $165,000 5.25% $170,625 $335,625 110.97% 21 9/1/2044 $424,474 $44,578 $180,000 5.25% $161,963 $341,963 111.09% 22 9/1/2045 $432,964 $45,470 $195,000 5.25% $152,513 $347,513 111.50% 23 9/1/2046 $441,623 $46,379 $215,000 5.25% $142,275 $357,275 110.63% 24 9/1/2047 $450,455 $47,307 $235,000 5.25% $130,988 $365,988 110.15% 25 9/1/2048 $459,465 $48,253 $255,000 5.25% $118,650 $373,650 110.05% 26 9/1/2049 $468,654 $49,218 $275,000 5.25% $105,263 $380,263 110.30% 27 9/1/2050 $478,027 $50,203 $295,000 5.25% $90,825 $385,825 110.89% 28 9/1/2051 $487,587 $51,207 $320,000 5.25% $75,338 $395,338 110.38% 29 9/1/2052 $497,339 $52,231 $345,000 5.25% $58,538 $403,538 110.30% 30 9/1/2053 $507,286 $53,275 $370,000 5.25% $40,425 $410,425 110.62% 31 9/1/2054 $517,432 $54,341 $400,000 5.25% $21,000 $421,000 110.00% Total $11,820,410 $1,241,383 $4,415,000 $5,134,238 $9,549,238 110.78% Item: 5.2
Item Page Number: 12
Menifee Finance Committee March 26, 2024 Page 36 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 1
(Golden Meadows)
TR 31194 Phase 1
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage
1 10,426 0.24        51 6,381 0.15         101 7,809 0.18 2 10,366 0.24        52 6,489 0.15         102 10,411 0.24 3 12,926 0.30        53 6,488 0.15         103 8,053 0.18 4 7,615 0.17        54 6,488 0.15         104 7,729 0.18 5 6,400 0.15        55 6,489 0.15         105 10,575 0.24 6 6,403 0.15        56 6,218 0.14         106 6,862 0.16 7 6,400 0.15        57 6,000 0.14         107 6,715 0.15 8 6,400 0.15        58 6,183 0.14         108 6,843 0.16 9 6,970 0.16        59 10,121 0.23         109 7,463 0.17 10 7,539 0.17        60 8,657 0.20
11 6,540 0.15        61 13,546 0.31
12 6,540 0.15        62 13,374 0.31
13 6,540 0.15        63 15,326 0.35
14 6,554 0.15        64 9,767 0.22
15 10,292 0.24        65 7,764 0.18
16 8,673 0.20        66 8,867 0.20
17 7,671 0.18        67 7,531 0.17
18 8,025 0.18        68 6,912 0.16
19 6,894 0.16        69 6,713 0.15
20 7,340 0.17        70 6,791 0.16
21 9,560 0.22        71 7,714 0.18
22 9,396 0.22        72 13,033 0.30
23 8,879 0.20        73 15,396 0.35
24 14,582 0.33        74 8,399 0.19
25 9,076 0.21        75 7,490 0.17
26 7,922 0.18        76 7,239 0.17
27 8,235 0.19        77 7,200 0.17
28 8,397 0.19        78 7,200 0.17
29 8,373 0.19        79 7,200 0.17
30 7,487 0.17        80 7,200 0.17
31 7,877 0.18        81 7,200 0.17
32 6,670 0.15        82 7,200 0.17
33 6,233 0.14        83 7,311 0.17
34 6,519 0.15        84 11,124 0.26
35 7,670 0.18        85 7,915 0.18
36 8,184 0.19        86 8,540 0.20
37 8,792 0.20        87 10,149 0.23
38 8,972 0.21        88 8,795 0.20
39 8,974 0.21        89 8,623 0.20
40 8,974 0.21        90 7,210 0.17
41 10,064 0.23        91 8,180 0.19
42 9,282 0.21        92 7,492 0.17
43 8,758 0.20        93 6,731 0.15
44 7,442 0.17        94 8,245 0.19
45 7,923 0.18        95 7,599 0.17
46 11,739 0.27        96 6,904 0.16
47 10,650 0.24        97 8,233 0.19
48 6,472 0.15        98 12,478 0.29
49 6,519 0.15        99 13,603 0.31
50 6,467 0.15        100 11,505 0.26
Totals 412,602           9.47       429,213    9.85        72,460      1.66 Grand Total 914,275             20.99
Item: 5.2
Item Page Number: 13
Menifee Finance Committee       March 26, 2024        Page 37 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 2
(Golden Meadows)
TR 31194 Phase 2
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Class 123 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,900 to Over 2,900 3,100 3,100
Estimated Home Size 2,850 2,920 3,150 2,962
Estimated Home Price $677,250 $691,950 $723,450 $696,400 Ad‐Valorem Tax Rate (1.00%) $6,772.50 $6,919.50 $7,234.50 $6,964.00 Metro Water West (0.00350%) $23.70 $24.22 $25.32 $24.37 EMWD IMP U‐35 (0.00860%) $58.24 $59.51 $62.22 $59.89
EMWD IMP U‐36 (0.00860%) $58.24 $59.51 $62.22 $59.89
Menifee School (0.06063%) $410.62 $419.53 $438.63 $422.23 Perris Union HS (0.08173%) $553.52 $565.53 $591.28 $569.17 Mt. San Jacinto Jr. College (0.01320%) $89.40 $91.34 $95.50 $91.92 Subtotal GO Bond Debt $7,966.22 $8,139.13 $8,509.65 $8,191.48 Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 $330.00 Flood Control Stormwater / Santa Ana $3.78 $3.78 $3.78 $3.78 EMWD Standby $15.00 $15.00 $15.00 $15.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
County CFD 05‐8 $1,142.00 $1,142.00 $1,142.00 $1,142.00 CFD No. 2017‐1 ‐ Maintenance Services $1,000.00 $1,000.00 $1,000.00 $1,000.00 Proposed CFD No. 2024‐2 ‐ Facilities Special Tax** $3,081.00 $3,202.00 $3,462.00 $3,238.82 Subtotal Special Assessments and Taxes $5,578.72 $5,699.72 $5,959.72 $5,736.54 Total Annual Property Taxes $13,544.94 $13,838.85 $14,469.37 $13,928.02 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% Unit Mix 27 54 28 109 (1)Total CFD ‐ Annual Tax Collections $83,187 $172,908 $96,936 $353,031 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $69,198 $143,831 $80,635 $293,665 II. Total Estimated Home Square Footage: 76,950 157,680 88,200 ‐ III. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $5,585,000 Underwriter Discount (2.00%) $111,700
Reserve Fund (125% Average) $503,455
Capitalized Interest (6 mos.) $139,625
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,004,780 Net Bond Proceeds $4,580,220
Item: 5.2
Item Page Number: 14
Menifee Finance Committee March 26, 2024 Page 38 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 2
(Golden Meadows)
TR 31194 Phase 2
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
109 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 36.71
Less: Exempt Acres 11.43
Net Taxable Acres 25.28
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $353,031
Net Taxable Acres 25.28
Less: Contingency Factor (10%) 2.53
Net Taxable Acres (Adjusted) 22.75
Undeveloped Property Tax Rate per Acre $15,517
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 25.28
Undeveloped Property Tax Rate per Acre $15,517
Total Units 109
Backup Special Tax per Unit $3,599
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $353,031
Total Net Acres (Square Feet) 991,013
Backup Special Tax Rate per Lot Square Foot $0.3562
Item: 5.2
Item Page Number: 15
Menifee Finance Committee March 26, 2024 Page 39 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 2
(Golden Meadows)
TR 31194 Phase 2
Calculation of Bond Sizing and Total Tax Rates
Tax Zone 1
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,900 $3,081 27 $83,187 $97,16 4
2,900 to 3,100 $3,202 54 $172,90 8 $194,329
Greater than 3,100 $3,462 28 $96,936 $100,763
Non‐residential Property $15,517
Backup Tax Rate per Unit $3,599
Backup Tax Rate per S.F. $0.3562
109 $353,031 $392,257
Tax Rate for Bonding $329,324
Sizing at Max tax rate $7,800,000
Future Facilities (rounded up) $6,500,000
Range of Home Sizes
Item: 5.2
Item Page Number: 16
Menifee Finance Committee March 26, 2024 Page 40 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 2
(Golden Meadows)
TR 31194 Phase 2
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 $353,031 $30,000 $0 5.25% $146,606 $146,606 $0 N/A 2 9/1/2025 $360,092 $30,600 $5,000 5.25% $293,213 $298,213 110.49% 3 9/1/2026 $367,293 $31,212 $10,000 5.25% $292,950 $302,950 110.94% 4 9/1/2027 $374,639 $31,836 $15,000 5.25% $292,425 $307,425 111.51% 5 9/1/2028 $382,132 $32,473 $25,000 5.25% $291,638 $316,638 110.43% 6 9/1/2029 $389,775 $33,122 $30,000 5.25% $290,325 $320,325 111.34% 7 9/1/2030 $397,570 $33,785 $40,000 5.25% $288,750 $328,750 110.66% 8 9/1/2031 $405,522 $34,461 $50,000 5.25% $286,650 $336,650 110.22% 9 9/1/2032 $413,632 $35,150 $60,000 5.25% $284,025 $344,025 110.02% 10 9/1/2033 $421,905 $35,853 $65,000 5.25% $280,875 $345,875 111.62% 11 9/1/2034 $430,343 $36,570 $80,000 5.25% $277,463 $357,463 110.16% 12 9/1/2035 $438,950 $37,301 $90,000 5.25% $273,263 $363,263 110.57% 13 9/1/2036 $447,729 $38,047 $100,000 5.25% $268,538 $368,538 111.16% 14 9/1/2037 $456,683 $38,808 $115,000 5.25% $263,288 $378,288 110.46% 15 9/1/2038 $465,817 $39,584 $130,000 5.25% $257,250 $387,250 110.07% 16 9/1/2039 $475,133 $40,376 $140,000 5.25% $250,425 $390,425 111.35% 17 9/1/2040 $484,636 $41,184 $155,000 5.25% $243,075 $398,075 111.40% 18 9/1/2041 $494,329 $42,007 $175,000 5.25% $234,938 $409,938 110.34% 19 9/1/2042 $504,215 $42,847 $190,000 5.25% $225,750 $415,750 110.97% 20 9/1/2043 $514,300 $43,704 $210,000 5.25% $215,775 $425,775 110.53% 21 9/1/2044 $524,585 $44,578 $230,000 5.25% $204,750 $434,750 110.41% 22 9/1/2045 $535,077 $45,470 $250,000 5.25% $192,675 $442,675 110.60% 23 9/1/2046 $545,779 $46,379 $270,000 5.25% $179,550 $449,550 111.09% 24 9/1/2047 $556,694 $47,307 $295,000 5.25% $165,375 $460,375 110.65% 25 9/1/2048 $567,828 $48,253 $320,000 5.25% $149,888 $469,888 110.57% 26 9/1/2049 $579,185 $49,218 $345,000 5.25% $133,088 $478,088 110.85% 27 9/1/2050 $590,768 $50,203 $375,000 5.25% $114,975 $489,975 110.33% 28 9/1/2051 $602,584 $51,207 $405,000 5.25% $95,288 $500,288 110.21% 29 9/1/2052 $614,636 $52,231 $435,000 5.25% $74,025 $509,025 110.49% 30 9/1/2053 $626,928 $53,275 $470,000 5.25% $51,188 $521,188 110.07% 31 9/1/2054 $639,467 $54,341 $505,000 5.25% $26,513 $531,513 110.09% Total $14,608,225 $1,241,383 $5,585,000 $6,497,925 $12,082,925 110.63% Item: 5.2
Item Page Number: 17
Menifee Finance Committee March 26, 2024 Page 41 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 2
(Golden Meadows)
TR 31194 Phase 2
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage
1 15,011 0.34        51 9,565 0.22         101 8,604 0.20 2 10,069 0.23        52 10,521 0.24         102 9,034 0.21 3 12,503 0.29        53 9,549 0.22         103 8,923 0.20 4 10,207 0.23        54 11,475 0.26         104 8,606 0.20 5 9,282 0.21        55 10,245 0.24         105 7,866 0.18 6 14,132 0.32        56 9,493 0.22         106 7,993 0.18 7 27,848 0.64        57 8,349 0.19         107 8,353 0.19 8 18,584 0.43        58 8,169 0.19         108 8,042 0.18 9 12,500 0.29        59 9,622 0.22         109 8,764 0.20 10 13,174 0.30        60 9,658 0.22
11 13,687 0.31        61 8,312 0.19
12 14,658 0.34        62 7,700 0.18
13 14,059 0.32        63 8,270 0.19
14 13,200 0.30        64 8,376 0.19
15 12,976 0.30        65 8,490 0.19
16 12,364 0.28        66 8,362 0.19
17 12,987 0.30        67 8,250 0.19
18 12,704 0.29        68 7,416 0.17
19 14,117 0.32        69 7,613 0.17
20 8,673 0.20        70 12,265 0.28
21 15,901 0.37        71 11,694 0.27
22 15,342 0.35        72 10,523 0.24
23 13,278 0.30        73 7,779 0.18
24 10,036 0.23        74 7,562 0.17
25 8,477 0.19        75 7,811 0.18
26 13,182 0.30        76 8,180 0.19
27 11,283 0.26        77 7,209 0.17
28 9,580 0.22        78 7,613 0.17
29 8,423 0.19        79 8,080 0.19
30 8,618 0.20        80 8,080 0.19
31 9,634 0.22        81 8,473 0.19
32 9,153 0.21        82 7,994 0.18
33 8,985 0.21        83 10,704 0.25
34 8,762 0.20        84 11,102 0.25
35 8,588 0.20        85 9,183 0.21
36 7,507 0.17        86 8,515 0.20
37 8,068 0.19        87 8,616 0.20
38 8,152 0.19        88 11,197 0.26
39 8,679 0.20        89 9,967 0.23
40 9,902 0.23        90 8,202 0.19
41 10,289 0.24        91 8,629 0.20
42 7,597 0.17        92 8,150 0.19
43 8,571 0.20        93 8,368 0.19
44 8,457 0.19        94 10,419 0.24
45 8,344 0.19        95 11,488 0.26
46 10,082 0.23        96 10,180 0.23
47 11,787 0.27        97 9,053 0.21
48 8,709 0.20        98 11,262 0.26
49 9,278 0.21        99 10,526 0.24
50 10,194 0.23        100 9,089 0.21
Totals 567,593           13.03     457,348    10.50      76,185      1.75 Grand Total 1,101,126          25.28
Item: 5.2
Item Page Number: 18
Menifee Finance Committee       March 26, 2024        Page 42 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 3
(Golden Meadows)
TR 31194 Phase 3
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Class 123 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,600 to Over 2,600 2,750 2,750
Estimated Home Size 2,550 2,650 2,750 2,651
Estimated Home Price $645,750 $656,250 $666,750 $656,362 Ad‐Valorem Tax Rate (1.00%) $6,457.50 $6,562.50 $6,667.50 $6,563.62 Metro Water West (0.00350%) $22.60 $22.97 $23.34 $22.97 EMWD IMP U‐35 (0.00860%) $55.53 $56.44 $57.34 $56.45
EMWD IMP U‐36 (0.00860%) $55.53 $56.44 $57.34 $56.45
Menifee School (0.06063%) $391.52 $397.88 $404.25 $397.95 Perris Union HS (0.08173%) $527.77 $536.35 $544.93 $536.44 Mt. San Jacinto Jr. College (0.01320%) $85.24 $86.63 $88.01 $86.64 Subtotal GO Bond Debt $7,595.70 $7,719.21 $7,842.71 $7,720.52 Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 $330.00 Flood Control Stormwater / Santa Ana $3.78 $3.78 $3.78 $3.78 EMWD Standby $15.00 $15.00 $15.00 $15.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
County CFD 05‐8 $1,142.00 $1,142.00 $1,142.00 $1,142.00 CFD No. 2017‐1 ‐ Maintenance Services $1,000.00 $1,000.00 $1,000.00 $1,000.00 Proposed CFD No. 2024‐2 ‐ Facilities Special Tax** $2,822.00 $2,908.00 $2,995.00 $2,909.26 Subtotal Special Assessments and Taxes $5,319.72 $5,405.72 $5,492.72 $5,406.98 Total Annual Property Taxes $12,915.42 $13,124.93 $13,335.43 $13,127.50 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% Unit Mix 31 31 32 94 (1)Total CFD ‐ Annual Tax Collections $87,482 $90,148 $95,840 $273,470 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $70,805 $72,962 $77,569 $221,336 II. Total Estimated Home Square Footage: 79,050 82,150 88,000 ‐ III. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $4,200,000 Underwriter Discount (2.00%) $84,000
Reserve Fund (125% Average) $378,405
Capitalized Interest (6 mos.) $105,000
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $817,405 Net Bond Proceeds $3,382,595
Item: 5.2
Item Page Number: 19
Menifee Finance Committee March 26, 2024 Page 43 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 3
(Golden Meadows)
TR 31194 Phase 3
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
94 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 25.73
Less: Exempt Acres 6.79
Net Taxable Acres 18.94
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $273,470
Net Taxable Acres 18.94
Less: Contingency Factor (10%) 1.89
Net Taxable Acres (Adjusted) 17.05
Undeveloped Property Tax Rate per Acre $16,041
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 18.94
Undeveloped Property Tax Rate per Acre $16,041
Total Units 94
Backup Special Tax per Unit $3,233
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $273,470
Total Net Acres (Square Feet) 742,635
Backup Special Tax Rate per Lot Square Foot $0.3682
Item: 5.2
Item Page Number: 20
Menifee Finance Committee March 26, 2024 Page 44 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 3
(Golden Meadows)
TR 31194 Phase 3
Calculation of Bond Sizing and Total Tax Rates
Tax Zone 1
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,600 $2,822 31 $87,482 $100,20 8
2,600 to 2,750 $2,908 31 $90,148 $100,20 8
Greater than 2,750 $2,995 32 $95,840 $103,440
Non‐residential Property $16,041
Backup Tax Rate per Unit $3,233
Backup Tax Rate per S.F. $0.3682
94 $273,470 $303,856
Tax Rate for Bonding $248,960
Sizing at Max tax rate $5,900,000
Future Facilities (rounded up) $5,000,000
Range of Home Sizes
Item: 5.2
Item Page Number: 21
Menifee Finance Committee March 26, 2024 Page 45 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 3
(Golden Meadows)
TR 31194 Phase 3
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 $273,470 $30,000 $0 5.25% $110,250 $110,250 $0 N/A 2 9/1/2025 $278,939 $30,600 $5,000 5.25% $220,500 $225,500 110.13% 3 9/1/2026 $284,518 $31,212 $10,000 5.25% $220,238 $230,238 110.02% 4 9/1/2027 $290,209 $31,836 $10,000 5.25% $219,713 $229,713 112.48% 5 9/1/2028 $296,013 $32,473 $20,000 5.25% $219,188 $239,188 110.18% 6 9/1/2029 $301,933 $33,122 $25,000 5.25% $218,138 $243,138 110.56% 7 9/1/2030 $307,972 $33,785 $30,000 5.25% $216,825 $246,825 111.09% 8 9/1/2031 $314,131 $34,461 $35,000 5.25% $215,250 $250,250 111.76% 9 9/1/2032 $320,414 $35,150 $45,000 5.25% $213,413 $258,413 110.39% 10 9/1/2033 $326,822 $35,853 $50,000 5.25% $211,050 $261,050 111.46% 11 9/1/2034 $333,358 $36,570 $60,000 5.25% $208,425 $268,425 110.57% 12 9/1/2035 $340,026 $37,301 $65,000 5.25% $205,275 $270,275 112.01% 13 9/1/2036 $346,826 $38,047 $75,000 5.25% $201,863 $276,863 111.53% 14 9/1/2037 $353,763 $38,808 $85,000 5.25% $197,925 $282,925 111.32% 15 9/1/2038 $360,838 $39,584 $95,000 5.25% $193,463 $288,463 111.37% 16 9/1/2039 $368,055 $40,376 $105,000 5.25% $188,475 $293,475 111.65% 17 9/1/2040 $375,416 $41,184 $120,000 5.25% $182,963 $302,963 110.32% 18 9/1/2041 $382,924 $42,007 $130,000 5.25% $176,663 $306,663 111.17% 19 9/1/2042 $390,583 $42,847 $145,000 5.25% $169,838 $314,838 110.45% 20 9/1/2043 $398,394 $43,704 $160,000 5.25% $162,225 $322,225 110.08% 21 9/1/2044 $406,362 $44,578 $175,000 5.25% $153,825 $328,825 110.02% 22 9/1/2045 $414,489 $45,470 $190,000 5.25% $144,638 $334,638 110.27% 23 9/1/2046 $422,779 $46,379 $205,000 5.25% $134,663 $339,663 110.82% 24 9/1/2047 $431,235 $47,307 $220,000 5.25% $123,900 $343,900 111.64% 25 9/1/2048 $439,859 $48,253 $240,000 5.25% $112,350 $352,350 111.14% 26 9/1/2049 $448,657 $49,218 $260,000 5.25% $99,750 $359,750 111.03% 27 9/1/2050 $457,630 $50,203 $280,000 5.25% $86,100 $366,100 111.29% 28 9/1/2051 $466,782 $51,207 $305,000 5.25% $71,400 $376,400 110.41% 29 9/1/2052 $476,118 $52,231 $325,000 5.25% $55,388 $380,388 111.44% 30 9/1/2053 $485,640 $53,275 $350,000 5.25% $38,325 $388,325 111.34% 31 9/1/2054 $495,353 $54,341 $380,000 5.25% $19,950 $399,950 110.27% Total $11,316,036 $1,241,383 $4,200,000 $4,881,713 $9,081,713 110.93% Item: 5.2
Item Page Number: 22
Menifee Finance Committee March 26, 2024 Page 46 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 3
(Golden Meadows)
TR 31194 Phase 3
Lot Summary
Lot SF Acreage Lot SF Acreage
1 8,268 0.19        51 9,186 0.21
2 9,982 0.23        52 9,129 0.21
3 11,353 0.26        53 9,071 0.21
4 16,094 0.37        54 9,668 0.22
5 15,326 0.35        55 7,311 0.17
6 8,301 0.19        56 7,780 0.18
7 8,833 0.20        57 9,673 0.22
8 8,913 0.20        58 8,974 0.21
9 8,257 0.19        59 8,974 0.21
10 8,176 0.19        60 7,829 0.18
11 9,126 0.21        61 7,632 0.18
12 8,747 0.20        62 7,774 0.18
13 7,885 0.18        63 7,303 0.17
14 8,377 0.19        64 7,090 0.16
15 8,393 0.19        65 7,343 0.17
16 9,175 0.21        66 8,262 0.19
17 10,386 0.24        67 8,724 0.20
18 8,154 0.19        68 7,514 0.17
19 8,009 0.18        69 7,388 0.17
20 9,251 0.21        70 7,323 0.17
21 10,603 0.24        71 7,308 0.17
22 8,831 0.20        72 7,270 0.17
23 7,230 0.17        73 7,428 0.17
24 7,346 0.17        74 8,375 0.19
25 7,605 0.17        75 7,873 0.18
26 7,436 0.17        76 7,150 0.16
27 7,337 0.17        77 7,150 0.16
28 7,562 0.17        78 7,389 0.17
29 7,620 0.17        79 7,790 0.18
30 7,778 0.18        80 7,611 0.17
31 11,859 0.27        81 9,433 0.22
32 8,966 0.21        82 8,725 0.20
33 7,045 0.16        83 7,995 0.18
34 7,171 0.16        84 8,265 0.19
35 7,230 0.17        85 9,275 0.21
36 7,287 0.17        86 9,418 0.22
37 7,345 0.17        87 15,574 0.36
38 7,633 0.18        88 14,358 0.33
39 8,656 0.20        89 13,657 0.31
40 8,257 0.19        90 7,501 0.17
41 8,706 0.20        91 8,276 0.19
42 10,858 0.25        92 7,929 0.18
43 14,427 0.33        93 7,823 0.18
44 9,230 0.21        94 8,109 0.19
45 8,857 0.20
46 8,895 0.20
47 9,037 0.21
48 9,190 0.21
49 9,274 0.21
50 9,243 0.21
Totals 449,520           10.32     375,630    8.62
Grand Total 825,150             18.94
Item: 5.2
Item Page Number: 23
Menifee Finance Committee       March 26, 2024        Page 47 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 4
(Golden Meadows)
TR 31194 Phase 4
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Class 123 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,500 to Over 1,500 1,700 1,700
Estimated Home Size 1,445 1,565 1,867 1,626
Estimated Home Price $498,750 $509,250 $530,250 $512,750 Ad‐Valorem Tax Rate (1.00%) $4,987.50 $5,092.50 $5,302.50 $5,127.50 Metro Water West (0.00350%) $17.46 $17.82 $18.56 $17.95 EMWD IMP U‐35 (0.00860%) $42.89 $43.80 $45.60 $44.10
EMWD IMP U‐36 (0.00860%) $42.89 $43.80 $45.60 $44.10
Menifee School (0.06063%) $302.39 $308.76 $321.49 $310.88 Perris Union HS (0.08173%) $407.63 $416.21 $433.37 $419.07 Mt. San Jacinto Jr. College (0.01320%) $65.84 $67.22 $69.99 $67.68 Subtotal GO Bond Debt $5,866.60 $5,990.10 $6,237.12 $6,031.27 Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 $330.00 Flood Control Stormwater / Santa Ana $3.78 $3.78 $3.78 $3.78 EMWD Standby $15.00 $15.00 $15.00 $15.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
County CFD 05‐8 $1,142.00 $1,142.00 $1,142.00 $1,142.00 CFD No. 2017‐1 ‐ Maintenance Services $1,000.00 $1,000.00 $1,000.00 $1,000.00 Proposed CFD No. 2024‐2 ‐ Facilities Special Tax** $1,611.00 $1,697.00 $1,870.00 $1,160.33 Subtotal Special Assessments and Taxes $4,108.72 $4,194.72 $4,367.72 $3,658.05 Total Annual Property Taxes $9,975.32 $10,184.82 $10,604.84 $9,689.33 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 1.89% Unit Mix 80 80 80 240 (1)Total CFD ‐ Annual Tax Collections $128,880 $135,760 $149,600 $414,240 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $108,678 $114,480 $126,151 $349,309 II. Total Estimated Home Square Footage: 115,600 125,200 149,360 ‐ III. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $6,645,000 Underwriter Discount (2.00%) $132,900
Reserve Fund (125% Average) $599,028
Capitalized Interest (6 mos.) $166,125
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,148,053 Net Bond Proceeds $5,496,947
Item: 5.2
Item Page Number: 24
Menifee Finance Committee March 26, 2024 Page 48 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 4
(Golden Meadows)
TR 31194 Phase 4
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
240 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 87.73
Less: Exempt Acres 58.91
Net Taxable Acres 28.82
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $414,240
Net Taxable Acres 28.82
Less: Contingency Factor (10%) 2.88
Net Taxable Acres (Adjusted) 25.93
Undeveloped Property Tax Rate per Acre $15,973
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 28.82
Undeveloped Property Tax Rate per Acre $15,973
Total Units 240
Backup Special Tax per Unit $1,918
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $414,240
Total Net Acres (Square Feet) 1,129,708
Backup Special Tax Rate per Lot Square Foot $0.3667
Item: 5.2
Item Page Number: 25
Menifee Finance Committee March 26, 2024 Page 49 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 4
(Golden Meadows)
TR 31194 Phase 4
Calculation of Bond Sizing and Total Tax Rates
Tax Zone 1
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,500 $1,611 80 $128,88 0 $153,422
1,500 to 2,750 $1,697 80 $135,76 0 $153,422
Greater than 1,700 $1,870 80 $149,600 $153,422
Non‐residential Property $15,973
Backup Tax Rate per Unit $1,918
Backup Tax Rate per S.F. $0.3667
240 $414,240 $460,267
Tax Rate for Bonding $391,152
Sizing at Max tax rate $9,200,000
Future Facilities (rounded up) $8,000,000
Range of Home Sizes
Item: 5.2
Item Page Number: 26
Menifee Finance Committee March 26, 2024 Page 50 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 4
(Golden Meadows)
TR 31194 Phase 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 $414,240 $30,000 $0 5.25% $174,431 $174,431 $0 N/A 2 9/1/2025 $422,525 $30,600 $5,000 5.25% $348,863 $353,863 110.76% 3 9/1/2026 $430,975 $31,212 $10,000 5.25% $348,600 $358,600 111.48% 4 9/1/2027 $439,595 $31,836 $20,000 5.25% $348,075 $368,075 110.78% 5 9/1/2028 $448,387 $32,473 $30,000 5.25% $347,025 $377,025 110.31% 6 9/1/2029 $457,354 $33,122 $35,000 5.25% $345,450 $380,450 111.51% 7 9/1/2030 $466,502 $33,785 $45,000 5.25% $343,613 $388,613 111.35% 8 9/1/2031 $475,832 $34,461 $60,000 5.25% $341,250 $401,250 110.00% 9 9/1/2032 $485,348 $35,150 $70,000 5.25% $338,100 $408,100 110.32% 10 9/1/2033 $495,055 $35,853 $80,000 5.25% $334,425 $414,425 110.80% 11 9/1/2034 $504,956 $36,570 $95,000 5.25% $330,225 $425,225 110.15% 12 9/1/2035 $515,055 $37,301 $105,000 5.25% $325,238 $430,238 111.04% 13 9/1/2036 $525,356 $38,047 $120,000 5.25% $319,725 $439,725 110.82% 14 9/1/2037 $535,864 $38,808 $135,000 5.25% $313,425 $448,425 110.84% 15 9/1/2038 $546,581 $39,584 $150,000 5.25% $306,338 $456,338 111.10% 16 9/1/2039 $557,513 $40,376 $170,000 5.25% $298,463 $468,463 110.39% 17 9/1/2040 $568,663 $41,184 $190,000 5.25% $289,538 $479,538 110.00% 18 9/1/2041 $580,036 $42,007 $205,000 5.25% $279,563 $484,563 111.03% 19 9/1/2042 $591,637 $42,847 $230,000 5.25% $268,800 $498,800 110.02% 20 9/1/2043 $603,469 $43,704 $250,000 5.25% $256,725 $506,725 110.47% 21 9/1/2044 $615,539 $44,578 $275,000 5.25% $243,600 $518,600 110.10% 22 9/1/2045 $627,850 $45,470 $300,000 5.25% $229,163 $529,163 110.06% 23 9/1/2046 $640,407 $46,379 $325,000 5.25% $213,413 $538,413 110.33% 24 9/1/2047 $653,215 $47,307 $350,000 5.25% $196,350 $546,350 110.90% 25 9/1/2048 $666,279 $48,253 $380,000 5.25% $177,975 $557,975 110.76% 26 9/1/2049 $679,605 $49,218 $410,000 5.25% $158,025 $568,025 110.98% 27 9/1/2050 $693,197 $50,203 $445,000 5.25% $136,500 $581,500 110.58% 28 9/1/2051 $707,061 $51,207 $480,000 5.25% $113,138 $593,138 110.57% 29 9/1/2052 $721,202 $52,231 $520,000 5.25% $87,938 $607,938 110.04% 30 9/1/2053 $735,626 $53,275 $555,000 5.25% $60,638 $615,638 110.84% 31 9/1/2054 $750,338 $54,341 $600,000 5.25% $31,500 $631,500 110.21% Total $17,141,020 $1,241,383 $6,645,000 $7,731,675 $14,376,675 110.59% Item: 5.2
Item Page Number: 27
Menifee Finance Committee March 26, 2024 Page 51 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2 IA 4
(Golden Meadows)
TR 31194 Phase 4
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 8,483 0.19 51 4,000 0.09 101 4,131 0.09 151 6,094 0.14 201 5,161 0.12 2 5,514 0.13 52 4,008 0.09 102 4,148 0.10 152 4,700 0.11 202 4,159 0.10 3 12,313 0.28 53 5,551 0.13 103 4,089 0.09 153 4,583 0.11 203 4,399 0.10 4 7,900 0.18 54 9,247 0.21 104 4,000 0.09 154 4,433 0.10 204 4,364 0.10 5 4,447 0.10 55 5,744 0.13 105 4,000 0.09 155 4,457 0.10 205 4,183 0.10 6 4,091 0.09 56 6,229 0.14 106 4,000 0.09 156 4,777 0.11 206 4,050 0.09 7 4,057 0.09 57 5,617 0.13 107 4,000 0.09 157 4,385 0.10 207 4,436 0.10 8 4,050 0.09 58 5,311 0.12 108 6,192 0.14 158 5,013 0.12 208 4,521 0.10 9 4,050 0.09 59 5,005 0.11 109 5,149 0.12 159 4,734 0.11 209 4,050 0.09 10 4,108 0.09 60 4,761 0.11 110 5,013 0.12 160 4,661 0.11 210 4,050 0.09 11 4,520 0.10 61 4,706 0.11 111 4,710 0.11 161 4,785 0.11 211 4,437 0.10 12 4,520 0.10 62 6,050 0.14 112 5,680 0.13 162 4,728 0.11 212 4,801 0.11 13 4,390 0.10 63 5,006 0.11 113 6,276 0.14 163 4,713 0.11 213 5,345 0.12 14 4,346 0.10 64 4,468 0.10 114 6,704 0.15 164 5,454 0.13 214 5,741 0.13 15 4,334 0.10 65 4,736 0.11 115 6,546 0.15 165 7,287 0.17 215 6,028 0.14 16 4,334 0.10 66 4,936 0.11 116 6,176 0.14 166 4,329 0.10 216 6,553 0.15 17 4,334 0.10 67 4,219 0.10 117 6,073 0.14 167 8,713 0.20 217 4,825 0.11 18 4,334 0.10 68 4,275 0.10 118 6,061 0.14 168 4,575 0.11 218 4,901 0.11 19 4,334 0.10 69 4,000 0.09 119 6,459 0.15 169 5,002 0.11 219 4,792 0.11 20 4,415 0.10 70 4,000 0.09 120 6,441 0.15 170 5,516 0.13 220 5,662 0.13 21 4,912 0.11 71 4,000 0.09 121 6,674 0.15 171 4,644 0.11 221 4,661 0.11 22 5,485 0.13 72 4,475 0.10 122 6,990 0.16 172 4,311 0.10 222 5,430 0.12 23 4,682 0.11 73 4,633 0.11 123 7,069 0.16 173 4,683 0.11 223 4,050 0.09 24 4,445 0.10 74 4,533 0.10 124 7,148 0.16 174 4,543 0.10 224 4,050 0.09 25 4,305 0.10 75 5,695 0.13 125 7,228 0.17 175 4,279 0.10 225 5,090 0.12 26 4,536 0.10 76 8,011 0.18 126 7,306 0.17 176 4,351 0.10 226 5,933 0.14 27 4,379 0.10 77 6,179 0.14 127 7,376 0.17 177 4,272 0.10 227 6,236 0.14 28 4,301 0.10 78 4,991 0.11 128 6,868 0.16 178 4,050 0.09 228 5,749 0.13 29 4,348 0.10 79 4,991 0.11 129 9,832 0.23 179 4,091 0.09 229 6,544 0.15 30 4,344 0.10 80 4,991 0.11 130 11,528 0.26 180 4,771 0.11 230 7,870 0.18 31 4,339 0.10 81 4,991 0.11 131 4,545 0.10 181 5,107 0.12 231 9,391 0.22 32 4,335 0.10 82 5,025 0.12 132 4,689 0.11 182 5,108 0.12 232 8,331 0.19 33 5,090 0.12 83 5,238 0.12 133 5,581 0.13 183 6,276 0.14 233 6,439 0.15 34 4,408 0.10 84 5,124 0.12 134 4,329 0.10 184 5,904 0.14 234 6,313 0.14 35 4,150 0.10 85 5,150 0.12 135 4,439 0.10 185 4,257 0.10 235 9,758 0.22 36 4,187 0.10 86 5,175 0.12 136 4,715 0.11 186 4,081 0.09 236 7,977 0.18 37 7,375 0.17 87 5,200 0.12 137 4,436 0.10 187 4,050 0.09 237 8,072 0.19 38 6,207 0.14 88 5,225 0.12 138 5,354 0.12 188 4,050 0.09 238 8,531 0.20 39 4,405 0.10 89 5,231 0.12 139 6,068 0.14 189 4,050 0.09 239 7,623 0.18 40 4,207 0.10 90 5,195 0.12 140 4,500 0.10 190 4,120 0.09 240 7,461 0.17 41 4,076 0.09 91 5,177 0.12 141 5,985 0.14 191 4,289 0.10 42 4,001 0.09 92 5,201 0.12 142 4,677 0.11 192 4,374 0.10 43 4,000 0.09 93 5,228 0.12 143 4,637 0.11 193 4,309 0.10 44 4,000 0.09 94 8,010 0.18 144 4,538 0.10 194 4,217 0.10 45 4,000 0.09 95 4,973 0.11 145 4,466 0.10 195 4,609 0.11 46 4,000 0.09 96 4,106 0.09 146 4,468 0.10 196 7,949 0.18 47 4,016 0.09 97 4,029 0.09 147 4,481 0.10 197 8,535 0.20 48 4,214 0.10 98 5,031 0.12 148 5,510 0.13 198 4,871 0.11 49 4,000 0.09 99 4,918 0.11 149 4,786 0.11 199 5,054 0.12 50 4,000 0.09 100 4,207 0.10 150 5,542 0.13 200 5,084 0.12 Totals 237,621 5.46 256,802 5.90 281,613 6.46 247,228 5.68 231,967 5.33 Grand Total 1,255,231 28.82
Item: 5.2
Item Page Number: 28
Menifee Finance Committee March 26, 2024 Page 52 of 79

PROPOSED BOUNDARY MAP
SHEET 1 OF 2 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2024-2
(GOLDEN MEADOW)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA

I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2024-2
(GOLDEN MEADOW), OF THE 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. _______________
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
___________________________________

CITY CLERK

CITY OF MENIFEE
BY: _______________________________
DEPUTY

FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS ____ DAY OF ________, 20____.
360-300-003360-300-002
______________________________

CITY CLERK

CITY OF MENIFEE
360-350-001
360-300-006
360-300-004
360-300-009
þ
74 þ
74 Wickerd Rd
§ ¦
215

MENIFEE
LEGENDCFD 2024-2
_

CITY BOUNDARY

CFD BOUNDARY

PARCEL LINE
-

XXX-XXX-XXX ASSESSOR PARCEL NUMBER

THIS BOUNDARY MAP CORRECTLY SHOWS THE LOT OR PARCEL OF LAND INCLUDED WITHIN THE BOUNDARIES OF THE COMMUNITY FACILITIES DISTRICT.

FOR DETAILS CONCERNING THE LINES AND DIMENSIONS OF LOTS OR PARCEL REFER TO THE COUNTY ASSESSOR MAPS FOR FISCAL YEAR 2023-24. 0 500 1,000 2,000 Feet
Item: 5.2
Item Page Number: 29
Menifee Finance Committee March 26, 2024 Page 53 of 79

PROPOSED BOUNDARY MAP
SHEET 2 OF 2 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2024-2
(GOLDEN MEADOW)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
1 4
3 2
LEGEND

CFD BOUNDARY
-

IMPROVEMENT AREA BOUNDARY
IMPROVEMENT AREA10 375 750 1,500 Feet
Item: 5.2
Item Page Number: 30
Menifee Finance Committee March 26, 2024 Page 54 of 79

20'
20'
(FUT.) EVANS RD.
"A" STREET
"C" STREET
"D" STREET
"E" STREET"F" STREET"G"
"H" STREET
"I" STREET
STREET
"K" STREET
"K" STREET
"L" STREET
"M" STREET
"N" STREET
"O" STREET
"P" STREET"Q" STREET
"R" STREET
"S" STREET
"T" STREET
"U" STREET
"V" STREET
"Y" ST
"Z" STREET
STREET"X""W"
"J"STREET
STREET
"B" STREET
"I" STREET"H" STREET

GOLDEN MEADOWS PARKWAY

GARBANI ROAD

GOLDEN MEADOWS
PLOT DATE: 3/1/24PREPARED FOR RICHLAND COMMUNITIES, INC.3161 MICHELSON DRIVE, SUITE 425 IRVINE, CA 92612 PHONE: (949) 383-4134 0'150'300'450'NORTHMAINTENANCE EXHIBIT
CFD PHASE 4 PARK AND CFD BASINS:- PHASE 4 PARK: ALL HARDSCAPE, PLANTING, IRRIGATION AND PARK AMENITIES- CFD BASINS: WATER QUALITY STRUCTURES, LANDSCAPE AND IRRIGATIONHOA PARKS, SLOPES, & BASINS- HOA MAINTAINED- INCLUDES NATIVE OPEN SPACE - LOT E- INCLUDES PLANTING, IRRIGATION, AND AMENITIES AT WETLAND RIPARIAN ZONEWETLAND RIPARIAN ZONE- FLOOD CONTROL MAINTAINED STRUCTURES AND ACCESS ROAD

MAINTENANCE RESPONSIBILITY LEGEND
LOT NUMBER - TYP.LOT LINE - TYP.

PUBLIC INTERIORSTREETS AND SIDEWALKSCFD MAINTAINED
215

GOLDEN MEADOWS
GARBANI RD.GARBANI RD.GARBANI RD.

SCOTT RD.

WICKERD RD.SHERMAN RD.HAUN RD.

MURRIETA RD.

EVANS RD.

CRAIG AVE.

BRADLEY RD.TUPELO RD.

WICKERD RD.WALDON RD.BUNDYCANYONRD.

DAILY RD.TUCKER RD.

BRADLEY RD.

CRAIG AVE.

GARBANI RD.

ESCONDIDO FWY.

EVANS RD.

VICINITY MAP N.T.S.
"AA" STREETSLOPES WITHIN PRIVATELOTS TO BE PRIVATELYMAINTAINED

SLOPES WITHIN PRIVATELOTS TO BE PRIVATELYMAINTAINED SLOPES WITHIN PRIVATELOTS TO BE PRIVATELYMAINTAINED

NATIVE OPEN SPACE - LOT ETO BE HOA MAINTAINED
CFD MAINTENANCE AREASTREET324,199 SF7.4 ACSIDEWALK65,484 SF1.5 AC WQ BASIN(STRUCTURES ONLY)285,313 SF6.5 ACSTREET LIGHTS219 EACFD MAINTENANCE AREA - IN TRACTSTREET865,330 SF 19.9 ACSTREET LENGTH24,850 LFCATCH BASINS56 EASTORM DRAIN(CITY MAINT.)14,987 LF Item: 5.2
Item Page Number: 31
Menifee Finance Committee March 26, 2024 Page 55 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐2
(Golden Meadows)
Use of Bond Proceeds
IA 1I A 2I A 3I A 4 Total
FUNDING REQUIREMENTS Per Lot 109 Lots 109 Lots 94 Lots 240 Lots 552 Lots City Fees
Law Enforcement $925 $100,825 $100,825 $86,950 $222,000 $510,600 Fire Facilities $647 $70,523 $70,523 $60,818 $155,280 $357,144 Circulation $7,097 $773,573 $773,573 $667,118 $1,703,280 $3,917,544 General Govt $1,176 $128,184 $128,184 $110,544 $282,240 $649,152 Less: Transportation Credit ($1,208) ($131,672) ($131,672) ($113,552) ($289,920) ($666,816) Public Use $287 $31,283 $31,283 $26,978 $68,880 $158,424 Parks ‐ Land $1,723 $187,807 $187,807 $161,962 $413,520 $951,096 Parks ‐ Improvement $260 $28,340 $28,340 $24,440 $62,400 $143,520 Subtotal City Fees $10,907 $1,188,863 $1,188,863 $1,025,258 $2,617,680 $6,020,664 City Premium (20%) $2,181 $237,773 $237,773 $205,052 $523,536 $1,204,133 Total City Fees $13,088 $1,426,636 $1,426,636 $1,230,310 $3,141,216 $7,224,797 City Facilities
Steet and Drainage $6,095 $664,371 $664,371 $572,943 $1,462,834 $3,364,519 Prevailing Wage (30%) $1,829 $199,311 $199,311 $171,883 $438,850 $1,009,356 Design, Engineering, Etc. (5%) $305 $33,219 $33,219 $28,647 $73,142 $168,226 Additional City Facilities $1,074 $0 $592,772 $0 $0 $592,772 Total City Facilities $9,302 $896,900 $1,489,672 $773,474 $1,974,827 $5,134,873 Total City Facilities and Fees $22,391 $2,323,536 $2,916,308 $2,003,783 $5,116,043 $12,359,670 EMWD Fees
Sewer Financial Participation Charge $7,416 $808,344 $808,344 $697,104 $1,779,840 $4,093,632 Sewer Treatment Plant Capacity Charge $3,476 $378,884 $378,884 $326,744 $834,240 $1,918,752 Water Financial Participation Charge $6,589 $718,201 $718,201 $619,366 $1,581,360 $3,637,128 Water Supply Development Fee $403 $43,927 $43,927 $37,882 $96,720 $222,456 Meter Fee $392 $42,728 $42,728 $36,848 $94,080 $216,384 Total EMWD Fees $18,276 $1,992,084 $1,992,084 $1,717,944 $4,386,240 $10,088,352 Total Cost $40,667 $4,315,620 $4,908,392 $3,721,727 $9,502,283 $22,448,022 Potential Project Funds Available $3,568,440 $4,580,220 $3,382,595 $5,496,947 $17,028,202 ALLOCATION OF PROCEEDS % Per Lot IA 1 IA 2 IA 3 IA 4 Total City Premium 7% $2,181 $237,773 $237,773 $205,052 $523,536 $1,204,133 City Fees 35% $10,907 $1,188,863 $1,188,863 $1,025,258 $2,617,680 $6,020,664 City Facilities 30% $14,920 $896,900 $1,489,672 $773,474 $1,974,827 $5,134,873 Other Agency 27% $545 $1,244,904 $1,663,912 $1,378,812 $380,904 $4,668,532 Total Funded by Bond Proceeds 100% $28,553 $3,568,440 $4,580,220 $3,382,595 $5,496,947 $17,028,202 UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0 $0 $0 $0 $0
Unfunded Requirement $747,180 $328,172 $339,132 $4,005,336 $5,419,820 Total Fees to be Funded by Developer $747,180 $328,172 $339,132 $4,005,336 $5,419,820 Item: 5.2
Item Page Number: 32
Menifee Finance Committee March 26, 2024 Page 56 of 79

SPECIAL FUNDING DISTRICT

APPLICATION FORM
Proposed Special District: CFD for Facilities
Proposed Name of Project:

CITY USE ONLY
Date Received: Amount:

Proposed Special District Number:

DEPOSIT REQUIREMENTS
Total Deposit of $50,000 required at time application is submitted. $45,000 will be eligible for reimbursement at time bond proceeds are available. $5,000 is non-refundable.

An additional $50,000 will be required for each zone or improvement area.

1. IDENTIFICATION OF SUBJECT PROPERTY
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
Description of Property (include N, S, E &/or W, borders, acreage & tract number) Tract Nos. 31194-1, -2, -3 and -4 , located at the southeast corner of Garbani Road and Evani Road in the City of Menifee. Gross acreage is 205.49.
360-300-002-0
360-300-003-1
360-300-005-3
360-300-006-4
360-300-009-7
360-350-001-4
Tract Nos. 31194-1, -2, -3 and -4 and Parcel Map No. 8433 City of Menifee
Golden Meadows
Item: 5.2
Item Page Number: 33
Menifee Finance Committee March 26, 2024 Page 57 of 79

Special District Application

Page 2 of 4 ends

2. PROPERTY OWNER INFORMATION (Attach Grant Deed)
A. Landowner Name(s)
Attach Backup (if needed)
B. Contact Name
C. Title
D. Mailing Information
E. Phone
F. Fax
G. E-Mail

3. CONSULTANT/APPLICANT INFORMATION
A. Company Name
B. Contact Name
C. Title
D. Mailing Information
E. Phone
F. Fax
G. E-Mail

4. ENGINEERING INFORMATION
A. Company Name
B. Contact Name
C. Title
D. Mailing Information
E. Phone
F. Fax
G. E-Mail

5. PROJECT LAND USE (Per Improvement Area or Zone, When Applicable) A. Number of Taxable Units
B. Proposed Product Mix
C. Base Sale Price Information
D. Number of Taxable Acres
Attach Backup
E. Number of Exempt Acres
Attach Backup
F. Desired Tax Rate Burden %
G. Anticipated Absorption per month
Golden Meadowland, LLC and Golden Hill County, LLC
Brian Hardy
Vice President – Land Entitlement
3161 Michelson Dr., Suite 425, Irvine CA 92612
949-698-2191
[email protected]
DPFG
Chris Cole
Managing Principal
27127 Calle Arroyo Suite 1910, San Juan Capistrano, CA 92675 (949) 218-6020
[email protected]
Hunsaker & Associates
Danielle Fregoso
Project Manager
3 Hughes, Irvine, CA 92618
(949) 583-1010
(949) 583-0759
Proposed to be 570 units in PAs 1-4
TBD
TBD

2.00 Item: 5.2
Item Page Number: 34
Menifee Finance Committee March 26, 2024 Page 58 of 79

Special District Application

Page 3 of 4 ends

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

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
Acreage Commence Occupancy
(Quarter & Year)

1 2 3 4

sq. ft.

91.34 TBD
TBD
Eastern Municipal Water District
Fees and Facilities
Thomas Hays
2270 Trumble Rd,Perris, CA 92570
(951) 928-3777
[email protected]
Item: 5.2
Item Page Number: 35
Menifee Finance Committee March 26, 2024 Page 59 of 79

Special District Application

Page 4 of 4 ends

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
Fiscal Year 2022-23
*Exhibits and Attachments:

Exhibit A: Title Report and Grant Deeds
Exhibit B: Lot Exhibit
Exhibit C: Product Mix, SF,
and Pricing
Exhibit D: Lot Dimensions
Exhibit E: Parcel Map & Plotted Easements
Exhibit F: Conditions of Approval
Exhibit G: Bond Sizing Analysis
Exhibit H: Facilities List
6 Item: 5.2
Item Page Number: 36
Menifee Finance Committee March 26, 2024 Page 60 of 79

CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2024-3, River Walk Village
MEETING DATE: March 26, 2024
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed Community Facilities District No. 2024-3, River Walk Village by Richmond American Homes, to finance certain costs of public improvements within the 198- unit single-family residential development located north of Lazy Creek Road and west of Bradley Road and recommend whether the proposal should be forwarded to City Council for consideration.

DISCUSSION
The developer, Richmond American Homes, owns a residential tract containing 198 lots located north of Lazy Creek Road and west of Bradley Road in the City of Menifee. Richmond American Homes has requested that the City form Community Facilities District No. 2024-3 (River Walk Village), in accordance with the Mello-Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements necessitated by the development would be financed by the levy of a special tax and the issuance of an estimated $4,630,000 in bonds.

The CFD proceeds would be used to build city facilities, pay city fees and pay Menifee Union School District fees.

ATTACHMENTS

1. CFD 2024-3 Proforma Summary

2. CFD 2024-3 Project Map

3. CFD 2024-3 Proforma

4. CFD 2024-3 Boundary Map

5. CFD 2017-1 Annexation 21 Maintenance Exhibit

6. CFD 2024-3 Application
Item: 5.3
Item Page Number: 1
Menifee Finance Committee March 26, 2024 Page 61 of 79

T HORNH ILL DR

NEWPORT RD

PARK AVE

LAZY CREEK RD

BRADLEY

RDBOYNTON
LN

POTOMAC DR
EVANS
RD
W
INTER
HAW
K
RD
DORSEY
ST

CARMEL RD

ANNANDALE
RD

RIO VISTA DR

CABRILLO DR

DESERTHILLSRD

GREENHILL
DR

GOLDMINE CIR

PINCKNEY WAY

COLUMBUS
DR

ANTELOPE
RD

KILLINGTON DR

PRESTWICK
RD

PINEHURST RD

AVENIDA DE REAL

BRADDOCK
RD
VIA

NARAVILLA
§¨¦215
^_

MENIFEE RD

NEWPORT RD

MC C ALL BLVD

HOLLAND RD

GRAND AVE

PALOMAR RD

SIMPSON RD

LA PIEDRA RD

MEAD CT

REDWOOD ST

MATTHEWS RD
HAUN

RD ROCKPORT RD

ANTELOPERD

LA VENTANA RD

MALAGA RD

COTTONWOODCAN YON RD

CANYON HILLSRD

MURRIETA
RD

CRAIG AVE
§¨¦215

VELADR HOGANDR
VALLEY
BLVD

PEBBLEBEACHDR
CFD NO. 2024-3 (RIVER WALK)

PROJECT MAP
Item: 5.3
Item Page Number: 2
Menifee Finance Committee March 26, 2024 Page 62 of 79

CFD 2024‐3 (River Walk Village)
Proforma Summary Sheet
Applicant: Richmond American Homes
Project Description
Acreage Gross: 14.31; Net: 8.44
Development Description Detached Single Family Residential Number of Units (50 min) 198 Units
Estimated Home Size Range 2,191 SF to 3,237 SF
Average Home Size 2,634 SF
Average Estimated Home Price $541,283
Total Effective Tax Rate (2.00% Max) 1.90%
CFD Tax Rate Range $1,406 to $1,553
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 21
Maintenance CFD Rate $315/Unit

Bond Sizing Assumptions
Average Coupon 5.25%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 0‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $292,598

Estimated Sources and Uses
Sources
Par Bond Amount $4,630,000
Uses
Reserve Fund $403,436
Capitalized Interest $0
Underwriter Discount $92,600
Cost of Issuance $250,000
Improvement Fund $3,883,964

Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees 56% $2,166,564 $2,166,564
City Additional Facilities (20%) 11% $433,313 $433,313 Menifee Union School District 33% $1,320,686 $1,284,087 Totals $3,920,563 $3,883,964

Unfunded $36,599

Item: 5.3
Item Page Number: 3
Menifee Finance Committee March 26, 2024 Page 63 of 79

Proposed Schedule
Finance Committee March 26, 2024
Resolution of Intention June 5, 2024
Public Hearing July 17, 2024
2nd Reading Ordinance August 7, 2024

Item: 5.3
Item Page Number: 4
Menifee Finance Committee March 26, 2024 Page 64 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Plan 1234 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,400 to 1,551 to Over 1,400 1,550 1,700 1,700
Estimated Home Size 1,370 1,493 1,649 1,775 1,547
Estimated Home Price $521,990 $531,990 $556,990 $561,990 $541,283 Ad‐Valorem Tax Rate (1.00%) $5,219.90 $5,319.90 $5,569.90 $5,619.90 $5,412.83 Metro Water West (0.00350%) $18.27 $18.62 $19.49 $19.67 $18.94 Menifee School (0.06063%) $316.48 $322.55 $337.70 $340.73 $328.18 Perris Union HS (0.08173%) $426.62 $434.80 $455.23 $459.31 $442.39 Mt. San Jacinto Jr. College (0.01320%) $68.90 $70.22 $73.52 $74.18 $71.45 Subtotal GO Bond Debt $6,050.18 $6,166.08 $6,455.85 $6,513.80 $6,273.79 Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 $330.00 $330.00 Flood Control Stormwater / Cleanwater / Santa Ana $3.76 $3.76 $3.76 $3.76 $3.76 EMWD Standby $26.00 $26.00 $26.00 $26.00 $26.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94
EMWD ‐ Proposed CFD $1,785.00 $1,820.00 $1,905.00 $1,925.00 $1,851.69 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $315.00 $315.00 $315.00 $315.00 $315.00 Proposed CFD No. 2024‐3 ‐ Facilities Special Tax** $1,406.00 $1,443.00 $1,537.00 $1,553.00 $1,477.77 Subtotal Special Assessments and Taxes $3,872.70 $3,944.70 $4,123.70 $4,159.70 $4,011.16 Total Annual Property Taxes $9,922.88 $10,110.78 $10,579.55 $10,673.50 $10,284.95 Annual Prop. Tax Rates as % of Home Price 1.90% 1.90% 1.90% 1.90% 1.90% Unit Mix 50                    59                  66                   23                  198 (1)Total CFD ‐ Annual Tax Collections $70,300 $85,137 $101,442 $35,719 $292,598 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $57,357 $69,462 $82,765 $29,142 $238,725 II. Total Estimated Home Square Footage: 68,500           88,087          108,834         40,825          306,246 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2024 Bond Amount (5.25% Interest, 30 Year Term, 29 Year Amortization) $4,630,000 Underwriter Discount (2.00%) $92,600
Reserve Fund (Maximum Annual Debt Service) $403,436
Capitalized Interest (6 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $746,036 Net Bond Proceeds $3,883,964
Item: 5.3
Item Page Number: 5
Menifee Finance Committee       March 26, 2024        Page 65 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 38219
198 Lots
(River Walk Village)
I. Calculation of Net Taxable Acres:

Gross Acreage 14.31
Less: Exempt Acres 5.87
Net Taxable Acres 8.44
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $292,598
Net Taxable Acres 8.44
Less: Contingency Factor (10%) 0.84
Net Taxable Acres (Adjusted) 7.59
Undeveloped Property Tax Rate per Acre $38,534
Total Exempt Acreage 6.72
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 8.44
Undeveloped Property Tax Rate per Acre $38,534
Total Units 198
Backup Special Tax per Unit $1,642
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $292,598
Total Net Acres (Square Feet) 330,764
Backup Special Tax Rate per Lot Square Foot $0.8846
Item: 5.3
Item Page Number: 6
Menifee Finance Committee March 26, 2024 Page 66 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,400 $1,406 50 $70,300 $82,099
1,400 to 1,550 $1,443 59 $85,137 $96,876
1,551 to 1,700 $1,537 66 $101,442 $108,370
Greater than 1,700 $1,553 23 $35,719 $37,765
Non‐residential Property $38,534
Backup Tax Rate per Unit $1,642
Backup Tax Rate per S.F. $0.8846
198 $292,598 $325,111
Tax Rate for Bonding $268,282
Sizing at Max tax rate $5,500,000
Future Facilities (rounded up) $5,000,000
Range of Home Sizes
Item: 5.3
Item Page Number: 7
Menifee Finance Committee March 26, 2024 Page 67 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
Use of Bond Proceeds
CFD 2023‐3 Tract Nos. 38219
198 Lots
FUNDING REQUIREMENTS Per Lot (River Walk Village)
City Fees
Law Enforcement $925 $183,150
Fire Facilities $647 $128,106
Circulation $7,097 $1,405,206
TIF Credit ($626) ($123,900)
General Govt $1,176 $232,848
Parks ‐ Land $1,723 $341,154
Subtotal City Fees $10,942 $2,166,564
City Premium (20%) $2,188 $433,313
Total City Fees $13,131 $2,599,877
Total City Facilities and Fees $13,131 $2,599,877
Menifee Union School District Fees
Level I School Developer Fee $5,336 $1,056,549
Developer Fee Premium $1,334 $264,137
Total Menifee Union School District Fees $6,670 $1,320,686 Total Cost $19,801 $3,920,563
Potential Project Funds Available $3,883,964
ALLOCATION OF PROCEEDS % Per Lot Total
City Fees 56% $9,852 $2,166,564
City Premium 11% $2,188 $433,313
Other Agency 33% $6,485 $1,284,087
Total Funded by Bond Proceeds 100% $18,526 $3,883,964
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit ($0)
Unfunded Requirement $36,599
Total Fees to be Funded by Developer $36,599
Item: 5.3
Item Page Number: 8
Menifee Finance Committee March 26, 2024 Page 68 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
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 $298,450 $30,000 $0 5.25% $121,538 $121,538 $0 N/A 2 9/1/2025 $304,419 $30,600 $5,000 5.25% $243,075 $248,075 110.38% 3 9/1/2026 $310,507 $31,212 $10,000 5.25% $242,813 $252,813 110.48% 4 9/1/2027 $316,717 $31,836 $15,000 5.25% $242,288 $257,288 110.72% 5 9/1/2028 $323,052 $32,473 $20,000 5.25% $241,500 $261,500 111.12% 6 9/1/2029 $329,513 $33,122 $25,000 5.25% $240,450 $265,450 111.66% 7 9/1/2030 $336,103 $33,785 $35,000 5.25% $239,138 $274,138 110.28% 8 9/1/2031 $342,825 $34,461 $40,000 5.25% $237,300 $277,300 111.20% 9 9/1/2032 $349,682 $35,150 $50,000 5.25% $235,200 $285,200 110.28% 10 9/1/2033 $356,675 $35,853 $55,000 5.25% $232,575 $287,575 111.56% 11 9/1/2034 $363,809 $36,570 $65,000 5.25% $229,688 $294,688 111.05% 12 9/1/2035 $371,085 $37,301 $75,000 5.25% $226,275 $301,275 110.79% 13 9/1/2036 $378,507 $38,047 $85,000 5.25% $222,338 $307,338 110.78% 14 9/1/2037 $386,077 $38,808 $95,000 5.25% $217,875 $312,875 110.99% 15 9/1/2038 $393,798 $39,584 $105,000 5.25% $212,888 $317,888 111.43% 16 9/1/2039 $401,674 $40,376 $120,000 5.25% $207,375 $327,375 110.36% 17 9/1/2040 $409,708 $41,184 $130,000 5.25% $201,075 $331,075 111.31% 18 9/1/2041 $417,902 $42,007 $145,000 5.25% $194,250 $339,250 110.80% 19 9/1/2042 $426,260 $42,847 $160,000 5.25% $186,638 $346,638 110.61% 20 9/1/2043 $434,785 $43,704 $175,000 5.25% $178,238 $353,238 110.71% 21 9/1/2044 $443,481 $44,578 $190,000 5.25% $169,050 $359,050 111.10% 22 9/1/2045 $452,351 $45,470 $205,000 5.25% $159,075 $364,075 111.76% 23 9/1/2046 $461,398 $46,379 $225,000 5.25% $148,313 $373,313 111.17% 24 9/1/2047 $470,626 $47,307 $245,000 5.25% $136,500 $381,500 110.96% 25 9/1/2048 $480,038 $48,253 $265,000 5.25% $123,638 $388,638 111.10% 26 9/1/2049 $489,639 $49,218 $285,000 5.25% $109,725 $394,725 111.58% 27 9/1/2050 $499,432 $50,203 $310,000 5.25% $94,763 $404,763 110.99% 28 9/1/2051 $509,420 $51,207 $335,000 5.25% $78,488 $413,488 110.82% 29 9/1/2052 $519,609 $52,231 $360,000 5.25% $60,900 $420,900 111.04% 30 9/1/2053 $530,001 $53,275 $385,000 5.25% $42,000 $427,000 111.65% 31 9/1/2054 $540,601 $54,341 $415,000 5.25% $21,788 $436,788 111.33% Total $12,648,142 $1,271,383 $4,630,000 $5,496,750 $10,005,213 113.71% Item: 5.3
Item Page Number: 9
Menifee Finance Committee March 26, 2024 Page 69 of 79

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐3
(River Walk Village)
Tract Nos. 38219
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 2,045 0.05 41 1,743 0.04 81 1,935 0.04 121 1,915 0.04 161 1,979 0.05 2 1,637 0.04 42 1,637 0.04 82 1,744 0.04 122 1,733 0.04 162 1,733 0.04 3 1,612 0.04 43 1,598 0.04 83 1,637 0.04 123 1,637 0.04 163 1,636 0.04 4 2,047 0.05 44 2,096 0.05 84 1,629 0.04 124 1,629 0.04 164 1,629 0.04 5 3,208 0.07 45 1,743 0.04 85 1,936 0.04 125 1,775 0.04 165 1,775 0.04 6 3,155 0.07 46 1,637 0.04 86 1,743 0.04 126 1,744 0.04 166 1,744 0.04 7 2,500 0.06 47 1,598 0.04 87 1,636 0.04 127 1,637 0.04 167 1,637 0.04 8 2,734 0.06 48 2,093 0.05 88 1,628 0.04 128 1,629 0.04 168 1,629 0.04 9 2,252 0.05 49 1,743 0.04 89 1,935 0.04 129 1,774 0.04 169 1,775 0.04 10 2,355 0.05 50 1,637 0.04 90 1,744 0.04 130 1,777 0.04 170 1,743 0.04 11 2,321 0.05 51 1,598 0.04 91 1,637 0.04 131 1,650 0.04 171 1,637 0.04 12 2,317 0.05 52 2,090 0.05 92 1,629 0.04 132 1,625 0.04 172 1,612 0.04 13 2,430 0.06 53 1,743 0.04 93 1,936 0.04 133 1,993 0.05 173 1,978 0.05 14 2,654 0.06 54 1,637 0.04 94 1,743 0.04 134 1,735 0.04 174 1,748 0.04 15 2,709 0.06 55 1,598 0.04 95 1,637 0.04 135 1,637 0.04 175 1,637 0.04 16 2,791 0.06 56 2,087 0.05 96 1,629 0.04 136 1,612 0.04 176 1,612 0.04 17 1,738 0.04 57 1,746 0.04 97 1,935 0.04 137 1,979 0.05 177 1,977 0.05 18 1,639 0.04 58 1,637 0.04 98 1,744 0.04 138 1,767 0.04 178 1,739 0.04 19 1,632 0.04 59 1,598 0.04 99 1,637 0.04 139 1,637 0.04 179 1,635 0.04 20 1,872 0.04 60 2,083 0.05 100 1,629 0.04 140 1,612 0.04 180 1,628 0.04 21 2,107 0.05 61 1,722 0.04 101 1,936 0.04 141 1,979 0.05 181 1,774 0.04 22 1,594 0.04 62 1,636 0.04 102 1,743 0.04 142 1,739 0.04 182 1,744 0.04 23 1,634 0.04 63 1,598 0.04 103 1,636 0.04 143 1,637 0.04 183 1,637 0.04 24 1,742 0.04 64 2,081 0.05 104 1,629 0.04 144 1,612 0.04 184 1,629 0.04 25 1,744 0.04 65 2,525 0.06 105 1,935 0.04 145 1,978 0.05 185 1,775 0.04 26 1,637 0.04 66 2,028 0.05 106 1,744 0.04 146 1,743 0.04 186 2,697 0.06 27 1,598 0.04 67 2,049 0.05 107 1,637 0.04 147 1,636 0.04 187 2,088 0.05 28 2,109 0.05 68 2,225 0.05 108 1,629 0.04 148 1,629 0.04 188 2,086 0.05 29 1,743 0.04 69 2,253 0.05 109 1,936 0.04 149 1,775 0.04 189 2,286 0.05 30 1,637 0.04 70 2,278 0.05 110 1,743 0.04 150 1,775 0.04 190 2,535 0.06 31 1,598 0.04 71 2,096 0.05 111 1,637 0.04 151 1,629 0.04 191 2,195 0.05 32 2,106 0.05 72 2,088 0.05 112 1,629 0.04 152 1,637 0.04 192 2,108 0.05 33 1,746 0.04 73 2,671 0.06 113 1,935 0.04 153 1,744 0.04 193 2,106 0.05 34 1,637 0.04 74 1,743 0.04 114 2,014 0.05 154 1,740 0.04 194 2,294 0.05 35 1,598 0.04 75 1,637 0.04 115 1,955 0.04 155 1,637 0.04 195 1,808 0.04 36 2,102 0.05 76 1,629 0.04 116 2,033 0.05 156 1,612 0.04 196 1,646 0.04 37 1,743 0.04 77 1,936 0.04 117 2,214 0.05 157 1,979 0.05 197 1,646 0.04 38 1,637 0.04 78 1,739 0.04 118 2,585 0.06 158 1,767 0.04 198 1,832 0.04 39 1,598 0.04 79 1,634 0.04 119 2,279 0.05 159 1,637 0.04 40 2,100 0.05 80 1,628 0.04 120 1,984 0.05 160 1,612 0.04 Totals 81,058 1.86 74,538 1.71 72,556 1.67 68,994 1.58 70,369 1.62 Grand Total 367,515 8.44
Item: 5.3
Item Page Number: 10
Menifee Finance Committee March 26, 2024 Page 70 of 79

CITY OF MENIFEE DRAFT v2
CFD No. 2017-1 (Maintenance Services)
Applicant Development Name Tract No. Res/Comm Date
California West Communities River Walk Village 38219 Residential 2/22/2024 Units Net Acres Rick Schoeder Gross Acres Net Acres Units Annex No. 198 6.71 Builder 14.31 6.71 198 21
Description Measure Unit Cost Tax A Total Tax B Total Per Unit Grand Total Street Frontage SF $0.294 5,201 $1,529.09 - $0.00 $1,529.09 Trees Qty $28.72 16 $459.47 - $0.00 $459.47 Subtotal $10.04 $1,988.57 $0.00 $0.00 $10.04 $1,988.57
200 W LED (22,500 Lumen, LPSV) Qty $304.27 3 $912.81 - $0.00 $912.81 Traffic Signal Qty $7,007.50 1.000 $7,007.50 - $0.00 $7,007.50 Other Qty $0.00 - $0.00 - $0.00 $0.00 Subtotal $40.00 $7,920.31 $0.00 $0.00 $40.00 $7,920.31
Street Sweeping LF $0.45 786 $353.70 $0.00 $353.70 Sidewalks - (20 year replacement) SF $0.159 4,427 $703.89 - $0.00 $703.89 Pavement Management SF $0.061 28,967 $1,766.99 - $0.00 $1,766.99 Subtotal $14.27 $2,824.58 $0.00 $0.00 $14.27 $2,824.58
Detention/Debris Basin SF $0.294 - $0.00 19,013 $5,589.82 $5,589.82 Storm Drains Pipe LF $0.250 217 $54.25 5,970 $1,492.50 $1,546.75 Curb Inlet Catch Basin EA $291.31 1 $291.31 15 $4,369.65 $4,660.96 Modular Wetlands Unit EA $1,038.64 1 $1,038.64 - $0.00 $1,038.64 WQ Outlet Structure EA $459.47 - $0.00 1 $459.47 $459.47 Other Qty $0.00 - $0.00 - $0.00 $0.00 Subtotal $6.99 $1,384.20 $60.16 $11,911.45 $67.15 $13,295.65 Neighborhood (5 ac. Per 1,000) 3.164 pph Acre $13,784.23 3.13 $43,172.20 - $0.00 $43,172.20 Subtotal $218.04 $43,172.20 $0.00 $0.00 $218.0 4 $43,172.20 Graffiti
Abatement Unit $4.05 198 $801.90 - $0.00 $801.90 Subtotal $4.05 $801.90 $0.00 $0.00 $4.05 $801.90
Total Direct Costs $293.39 $58,091.76 $60.16 $11,911.45 $353.55 $70,003.21 Description Tax A Total Tax B Total Total
Reserves (10%) - Does Not include Parks, Pavement, or Sidewalk $1,244.87 $1,191.14 $2,436.01 Auditor-Controller Fees ($135/Yr) $135.00 $135.00 $270.00 Admin (5%) - Minimum $750 $2,904.59 $750.00 $3,654.59
Total Soft Costs $21.64 $4,284.46 $10.49 $2,076.14 $32.12 $6,360.60 Grand Total $315.03 $62,376.22 $70.64 $13,987.59 $385.68 $76,363.81 Rate/Cost Rate Total Rate Total Rate Total
Per Unit $315.03 $62,376.22 $70.64 $13,987.59 $385.68 $76,363.81 Per Acre $9,296.01 $62,376.22 $2,084.59 $13,987.59 $11,380.60 $76,363.81 Tax B ALL
LandLightStreetsDrainParksSoft Costs
Tax A
Item: 5.3
Item Page Number: 11
Menifee Finance Committee March 26, 2024 Page 71 of 79

PROPOSED BOUNDARY MAP
SHEET 1 OF 2 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2024-3
(RIVER WALK VILLAGE)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA

I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2024-3
(RIVER WALK), OF THE CITY OF MENIFEE, COUNTY OF

RIVERSIDE, STATE OF CALIFORNIA, WAS APPROVED BY THE CITY

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
___________________________________

CITY CLERK

CITY OF MENIFEE
BY: _______________________________
DEPUTY

FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS ____ DAY OF ________, 20____.
______________________________

CITY CLERK

CITY OF MENIFEE
338-150-046
338-150-031
Lazy Creek Rdþ
74 þ
74 § ¦215
_
CFD 2024-3
LEGEND

MENIFEE

CITY BOUNDARY

CFD BOUNDARY

PARCEL LINE

XXX-XXX-XXX ASSESSOR PARCEL NUMBER
-

THIS BOUNDARY MAP CORRECTLY SHOWS THE LOT OR PARCEL OF LAND INCLUDED WITHIN THE BOUNDARIES OF THE COMMUNITY FACILITIES DISTRICT.

FOR DETAILS CONCERNING THE LINES AND DIMENSIONS OF LOTS OR PARCEL REFER TO THE COUNTY ASSESSOR MAPS FOR FISCAL YEAR 2023-24. 0 375 750 1,500 Feet
Item: 5.3
Item Page Number: 12
Menifee Finance Committee March 26, 2024 Page 72 of 79

RIVERSIDE
60 MORENO VALLEY

BEAUMONT
EMWD

SERVICE AREA

SAN JACINTO
215
PERRIS
74 79
HEMET
"SALT CREEK"
SITE 79R26A(CA)(S)

MURRIETA TEMECULA
15 MCCALL BLVD.

W3-3
W8-18
bus sign W3-3
S R N 1 - S 1
SITE
215

NEWPORT RD
r
b
8u - 3 s a sign

VICINITY MAP NOT TO SCALE
R26A(CA)(S)
3F
T
6INODIIG

CFD MAINTENANCE AREA LEGEND
r3-7r STREET 28,967 S.F. = 0.665 AC.
4,427 S.F. = 0.102 AC.SIDEWALK

STREETSCAPE

STREET TREE
5,201 S.F. = 0.119 AC.
16 EACHAH EA DA HE A D

SI GN AL SI GN
A L
W3-3

STREET LIGHT
CITY STD. 503
3 EACH
STORM DRAIN PIPE 217 L.F.
1 EACHSTORM WATER INLET
4 SIGNAL TRAFFIC LIGHT
3 SIGNAL TRAFFIC LIGHT
2 SIGNAL TRAFFIC LIGHT
w73a(ca)
r8-3a
8 TOTAL

TRAFFIC LIGHTS
w11-2
MODULAR WETLAND (BY OTHER) 1 EACH
NOTE: SYMBOLS AND LINETYPES ARE DIAGRAMMATIC
FP
R26A(CA)(S)
ASSESSOR PARCEL NO. 338-150-046 AND 338-150-031
LEGAL DESCRIPTION DESCRIPTON: LAND IN THE CO. OF RIVERSIDE, STATE

OF CALIFORNIA BEING A PORTION OF PARCEL MAP
6252 AS SHOWN ON MAP FILED IN BOOK 17 PAGE 3 OF
THE PARCEL MAPS OF COUNTY OF RIVERSIDE.

W73A(CA)
r8-3a
0 25' 50' 150'
SCALE: 1" = 50'-0"
462 STEVENS AVE. SUITE 107
CITY OF MENIFEESOLANA BEACH, CA 92075-2042
ENGINEERING DEPARTMENT 1
l
619-294-8484 / FAX 619-574-0626

RIVER WALK
TRACT #38219 1 1
CFD MAINTENANCE - SITE PLAN EXHIBIT CFD23-004
Item: 5.3
Item Page Number: 13
Menifee Finance Committee March 26, 2024 Page 73 of 79

DEPOSIT REQUIREMENTS
Total Deposit of $70,000 required at time application is submitted. $65,000 will be eligible for reimbursement at time bond proceeds are available. $5,000 is non-refundable.

An additional $
70,000 will be required for each zone or improvement area.

SPECIAL FUNDING DISTRICT
APPLICATION FORM
Proposed Special District: CFD for Facilities
Proposed Name of Project:

CITY USE ONLY
Date Received: Amount:

Proposed Special District Number:

1. IDENTIFICATION OF SUBJECT PROPERTY
Description of Property (include N, S, E &/or W, borders, acreage & tract number) A. APN(s) and/or Master Parcel Number
Attach Backup (if needed)
Include all Assessor Parcel Numbers to be included in the Special District in their entirety (XXX‐XXX‐XXX‐X)
B. Tract/Tentative Tract Map Number
Enclose copy of map
C. Recorded Lot Line Adjustments
Enclose copy of document(s)
D. Mapping Status □ Approved □ Tentative
E. Environmental Permits Required □ Yes □ No
F. Status of Permits □ Application in Process
G. Conditions of Approval R
equired □ Yes □ No
By Whom
H. Status of Conditions □ In Process □ Completed
■
River Walk Village
West of Bradley Road in between Potomac Drive and Lazy Creek Road. Tract No. 38219 Gross Acres: 14.31
338-150-031
338-150-046
38219
■
■
■
City of Menifee
■
✔
Item: 5.3
Item Page Number: 14
Menifee Finance Committee March 26, 2024 Page 74 of 79

Special District Application

Page 2 of 4 ends

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
Richmond American Homes of Maryland, Inc., a Maryland corporation Larry Liebel
Project Manager
391 N. Main Street, Suite 205, Corona, CA 92880
(951) 258-4890
[email protected]
DPFG
Russell Sager
Senior Associate
26840 Aliso Viejo Parkway, Suite 110, Aliso Viejo, CA 92656 (949) 388-9269 Ext. 1147
(949) 388-9272
[email protected]
Hunsaker & Associates
Ben Etemadi
Project Manager
3 Hughes, Irvine, CA 92618
(949) 283-2295
(949) 583-0759
[email protected]
198

8.44 6.71
See Exhibit 2.

See Exhibit 8.

Item: 5.3
Item Page Number: 15
Menifee Finance Committee March 26, 2024 Page 75 of 79

Special District Application

Page 3 of 4 ends

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

14.31 Gross Acres.

Q4 2024
Detached
Detached
Detached
Detached
50 59
66 23
521,990
531,990
1,370
1,493
Q4 2024. See Exhibit 8
To be prepared by Spicer Consulting Group, LLC.

See Exhibit 11.

Proposed JCFA with Menifee Union School District
Menifee Union School District
School Mitigation Fees
Key Analytics
Jesse Landre
555 Corporate Drive, Suite 100, Ladera Ranch, CA 92694
(949) 272-0970
[email protected]
556,990
1,649
561,990
1,775
1,547
Item: 5.3
Item Page Number: 16
Menifee Finance Committee March 26, 2024 Page 76 of 79

Special District Application

Page 4 of 4 ends

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
None.

Proposed Eastern Municipal Water District CFD. See Exhibit 2. ■
Fiscal Year 2024-25
Fiscal Year 2066-67
6 See Exhibit 4
See Exhibit 2.

See Exhibit 3
Item: 5.3
Item Page Number: 17
Menifee Finance Committee March 26, 2024 Page 77 of 79

CITY OF MENIFEE
SUBJECT: City of Menifee Investment Portfolio: Investment Opportunity Review
MEETING DATE: March 26, 2024
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Finance Director REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

DISCUSSION
The City of Menifee’s Investment Policy, CC-11, was created in 2008 to establish guidelines for investment operations of the City. Pursuant to the policy, the City of Menifee will foster a prudent and systematic investment program designed to seek the City of Menifee’s objectives of safety, liquidity, and return through a diversified investment portfolio.

The City’s investment operations are under the direction of the City Treasurer, currently designated as the Chief Financial Officer (CFO). The City’s current investment portfolio composition includes investment in the Local Agency Investment Fund (LAIF), California Asset Management Program (CAMP) and engagement of Chandler Asset Management and Piper Sandler & Co. for other longer-term investments.

As of March 2024, the City’s investment portfolio with Chandler Asset Management and Piper Sandler is about $74 million ($63 million with Piper Sandler and $11 million with Chandler Asset Management) and has total cash and investments of approximately $198 million as of January 31, 2024. Over the last several months, the City has analyzed liquid cash needs and reserves and identified an opportunity to add to the City’s existing portfolio. Based on estimated liquid cash needs ranging from $27 million to $48 million, the investment portfolio can be increased by as much as $76 million (total cash and investment balance of $198 million less the $74 million in current longer-term reserves less $48 million liquid reserves).

Item: 5.4
Item Page Number: 1
Menifee Finance Committee March 26, 2024 Page 78 of 79

City of Menifee Staff Report
City of Menifee Investment Portfolio Overview
March 26, 2024

Page 2 of 2 ends

2 1
0 6
The City is recommending moving $50 million into the Chandler Asset Management Account, which would leave the City with approximately $76 million liquid funds for daily operations and active Capital Improvement Program (CIP) projects.

In engaging professional investment firms to support longer-term investment efforts, an agency has two types of firms which can provide such services: 1. an investment advisor or 2. a broker/dealer. An investment advisor provides investment management constrained by the existing Investment Policy and designed to meet or exceed a benchmark agreed upon by the City.

In delivery of services, the investment advisor solicits competitive bids from vetted broker/dealers when purchasing securities, monitors portfolio duration (average maturity), and analyzes credit worthiness of investment securities, among other portfolio management responsibilities.

A broker/dealer does not provide day-to-day management or monitoring of portfolio duration. No competitive bidding is included as part of the process unless other broker/dealers are solicited directly by the City. Additionally, this type of engagement leaves day-to-day management to the City staff. The City’s Investment Policy requires ongoing management of approved broker/dealers. Use of broker/dealer investment firms are often used by agencies with larger treasury/investment divisions and staff often dedicated fully and specialized in investment functions. Lastly, a broker/dealer does not have an established benchmark and cannot be analyzed for quarterly performance – they simply execute specific purchases at the direction of City staff. They are required to ensure that executed transactions are suitable for the City’s, but do not ensure ongoing compliance with the City’s Investment Policy.

Chandler Asset Management currently provides investment services to the City as an investment advisor, and Piper Sandler & Co. provides services as a broker/dealer. With the efforts and time required to effectively manage long-term investments, staff are recommending investing the additional $50 million with Chandler Asset Management. Further, staff recommends moving securities purchased by Piper Sandler to the Chandler Asset Management portfolio for daily management. This strategy will help consolidate and unify investments with one single investment advisor. In using a single advisor, the City is able to monitor performance through quarterly reporting against established benchmarks, and the investment advisor is responsible for ensuring comprehensive adherence with the existing Investment Policy.

FISCAL IMPACT
Chandler Asset Management has offered a reduced fee schedule based on increasing the City’s portfolio level. The proposed fees are as follows: 10 basis points (bps) on the first $25 million, 8bps on the next $25 million, and 6bps on assets under management of more than $50 million.

An amended contract with Chandler Asset Management will be brought forward at a future City Council meeting for approval.

ATTACHMENTS
None.

Item: 5.4
Item Page Number: 2
Menifee Finance Committee March 26, 2024 Page 79 of 79

Finance CommitteeMarch 26, 2024

Finance Committee
March 26, 2024