CFD 2022‐3 (Legado) IA 2 Change Proceeding
Proforma Summary Sheet
Applicant: Lennar Homes
Project Description
Improvement Area 2 ‐ Original
Tax Zones 3 Separate Tax Zones
Acreage Gross: 138.40; Net: 80.65
Development Description Detached Single Family Residential Number of Units (50 min) 531 Units
Estimated Home Size Range 1,300 SF to 3,500 SF
Average Home Size 2,400 SF
Average Estimated Home Price $582,971
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range – FY 24‐25 $2,693 to $3,625
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 12
Maintenance CFD Rate $963/Unit
Proposed Improvement Area 2
Tax Zones 2 Separate Tax Zones
Acreage Gross: 73.55; Net: 34.28
Development Description Detached Single Family Residential Number of Units (50 min) 201 Units
Estimated Home Size Range 1,800 SF to 3,500 SF
Average Home Size 2,800 SF
Average Estimated Home Price $635,134
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range – FY 24‐25 $2,841 to $3,625
Escalation (2.00% Max) Yes, 2.00%
Proposed Improvement Area 3
Tax Zones 3 Separate Tax Zones
Acreage Gross: 64.85; Net: 46.37
Development Description Detached Single Family Residential Number of Units (50 min) 330 Units
Estimated Home Size Range 1,300 SF to 3,500 SF
Average Home Size 2,006 SF
Average Estimated Home Price $584,230
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $2,693 to $3,625
Escalation (2.00% Max) Yes, 2.00%
Total
Tax Zones 5 Separate Tax Zones
Acreage Gross: 138.40; Net: 80.65
Number of Units (50 min) 531 Units
Bond Sizing Assumptions
Original Improvement Area 2 – At Formation
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $1,616,191
Estimated Sources and Uses
Sources
Par Bond Amount $30,180,000
Uses
Reserve Fund $2,548,347
Capitalized Interest $754,500
Underwriter Discount $452,700
Cost of Issuance $250,000
Improvement Fund $26,174,453
Allocation of Improvement Fund
Description % of Total Total
City Fees 13% $3,464,447
City Facilities* 86% $22,480,248
City Additional Facilities (20%) 1% $229,758
Eastern Municipal Water District** 0% $0
Unfunded $14,175,831
*$4,160,362 City Facilities Unfunded
**$9,015,469 EMWD Fees Unfunded
Bond Sizing Assumptions
Proposed Improvement Area 2
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $658,597
Estimated Sources and Uses
Sources
Par Bond Amount $11,245,000
Uses
Reserve Fund $949,708
Capitalized Interest $281,125
Underwriter Discount $168,675
Cost of Issuance $250,000
Improvement Fund $9,595,492
Allocation of Improvement Fund
Description % of Total Total
City Fees 14% $1,311,401
City Facilities* 85% $8,197,121
City Additional Facilities (20%) 1% $86,971
Eastern Municipal Water District** 0% $0
Unfunded $5,678,344
*$2,265,709 City Facilities Unfunded
**$3,412,635 EMWD Fees Unfunded
Proposed Improvement Area 3
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $999,493
Estimated Sources and Uses
Sources
Par Bond Amount $17,365,000
Uses
Reserve Fund $1,466,371
Capitalized Interest $434,125
Underwriter Discount $260,475
Cost of Issuance $250,000
Improvement Fund $14,954,029
Allocation of Improvement Fund
Description % of Total Total
City Fees 14% $2,153,049
City Facilities* 85% $12,658,195
City Additional Facilities (20%) 1% $142,787
Eastern Municipal Water District** 0% $0
Unfunded $10,122,419
*$4,519,585 City Facilities Unfunded
**$5,602,834 EMWD Fees Unfunded
Proposed Schedule
Finance Committee July 9, 2024
Resolution of Intention September 4, 2024
Public Hearing October 16, 2024
2nd Reading Ordinance November 6, 2024