CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 12345789 1 0 1 1 1 2 1 3
Plan 5500 5500 5500 5500 5500 5500 6/7000 6/7000 6/7000 6/7000 6/7000 6/7000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 1,900 to 2,101 to 2,301 to 2,501 to Over Under 2,100 to 2,401 to 2,701 to 3,001 to Over 1,900 2,100 2,300 2,500 2,700 2,700 2,100 2,400 2,700 3,000 3,300 3,300 Estimated Home Size 1,800 2,000 2,200 2,500 2,800 3,100 2,000 2,300 2,600 2,900 3,200 3,500 2,800 Estimated Home Price $556,000 $582,000 $595,000 $615,000 $630,000 $649,000 $576,000 $602,000 $626,000 $637,000 $653,000 $696,000 $635,134 Ad‐Valorem Tax Rate (1.00%) $5,560.00 $5,820.00 $5,950.00 $6,150.00 $6,300.00 $6,490.00 $5,760.00 $6,020.00 $6,260.00 $6,370.00 $6,530.00 $6,960.00 $6,351.34 Metro Water West (0.00350%) $19.46 $20.37 $20.83 $21.53 $22.05 $22.72 $20.16 $21.07 $21.91 $22.30 $22.86 $24.36 $22.23 Menifee School (0.06319%) $351.34 $367.77 $375.98 $388.62 $398.10 $410.10 $363.97 $380.40 $395.57 $402.52 $412.63 $439.80 $401.34 Perris Union HS (0.08859%) $492.56 $515.59 $527.11 $544.83 $558.12 $574.95 $510.28 $533.31 $554.57 $564.32 $578.49 $616.59 $562.67 Mt. San Jacinto Jr. College (0.01320%) $73.39 $76.82 $78.54 $81.18 $83.16 $85.67 $76.03 $79.46 $82.63 $84.08 $86.20 $91.87 $83.84 Subtotal GO Bond Debt $6,496.75 $6,800.55 $6,952.46 $7,186.15 $7,361.42 $7,583.44 $6,730.44 $7,034.25 $7,314.68 $7,443.22 $7,630.17 $8,132.62 $7,421.42 Perris Union High School District CFD 92‐1 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 $316.86 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD $398.14 $442.38 $486.62 $552.97 $619.33 $685.69 $442.38 $508.73 $575.09 $641.45 $707.80 $774.16 $619.33 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 Proposed CFD No. 2022‐3 ‐ Facilities Special Tax** $2,841.33 $3,013.00 $3,073.34 $3,179.46 $3,234.60 $3,324.08 $2,962.02 $3,111.84 $3,243.97 $3,273.10 $3,336.56 $3,624.75 $3,276.60 Subtotal Special Assessments and Taxes $4,627.76 $4,843.66 $4,948.24 $5,120.72 $5,242.22 $5,398.05 $4,792.68 $5,008.86 $5,207.35 $5,302.83 $5,432.65 $5,787.20 $5,284.22 Total Annual Property Taxes $11,124.51 $11,644.22 $11,900.70 $12,306.87 $12,603.64 $12,981.49 $11,523.13 $12,043.11 $12,522.03 $12,746.05 $13,062.83 $13,919.82 $1 2,705.64 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Unit Mix ‐ 21 21 21 ‐ 21 ‐ ‐ 29 29 30 29 201 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $0 $63,273 $64,540 $66,769 $0 $69,806 $0 $0 $94,075 $94,920 $100,097 $105,118 $658,597 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $0 $54,901 $56,000 $57,934 $0 $60,569 $0 $0 $81,627 $82,360 $86,852 $91,209 $571,452 II. Total Estimated Home Square Footage: ‐ 42,000 46,200 52,500 ‐ 65,100 ‐ ‐ 75,400 84,100 96,000 101,500 562,800 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $11,245,000 Underwriter Discount (1.50%) $168,675
Reserve Fund (Maximum Annual Debt Service) $949,708
Capitalized Interest (6 mos.) $281,125
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,649,508 Net Bond Proceeds $9,595,492
1 (Old 2) 2 (Old 3)
CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1 Tax Zone 2
84 Lots 117 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 21.37 52.18
Less: Exempt Acres 8.16 31.11
Net Taxable Acres 13.21 21.07
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $264,387 $394,210
Net Taxable Acres 13.21 21.07
Less: Contingency Factor (10%) 1.32 2.11 Net Taxable Acres (Adjusted) 11.89 18.96 Undeveloped Property Tax Rate per Acre $22,230 $20,791
Total Exempt Acreage 9.48 33.22
III. Calculation of Backup Special Tax Rate:
Backup Special Tax Rate per Unit TR 37409‐4T R 37409‐5 Total Taxable Acres (Adjusted) 13.21 8.85 Undeveloped Property Tax Rate per Acre $22,230 $20,791
Total Units 84 49
Backup Special Tax per Unit $3,497 $3,755
Backup Special Tax Rate per Unit TR 37409‐7
Total Taxable Acres (Adjusted) 8.99
Undeveloped Property Tax Rate per Acre $20,791
Total Units 51
Backup Special Tax per Unit $3,665
Backup Special Tax Rate per Unit TR 37408‐4
IA Share IA 1
Total Taxable Acres (Adjusted) 8.07
Bond Amou Undeveloped Property Tax Rate per Acre $19,319 Subtotal Undeveloped Tax $155,904
IA Share IA 2
Total Taxable Acres (Adjusted) 3.22
Undeveloped Property Tax Rate per Acre $20,791
Subtotal Undeveloped Tax $66,947
Total Undeveloped Tax $222,851
Total Units 59
Backup Special Tax per Unit $3,777
CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Zone Tax Rate Units Collectable Tax Max Tax Rates
Less than to 1,900 1 $2,841 0 $0 $0
1,901 to 2,100 1 $3,013 21 $63,273 $73,442
2,101 to 2,300 1 $3,073 21 $64,540 $73,442
2,301 to 2,500 1 $3,179 21 $66,769 $73,442
2,501 to 2,700 1 $3,235 0 $0 $0
Greater than
to 2,700 1 $3,324 21 $69,806 $73,442
Ave Backup Tax Rate per Unit 1 $3,497 84
Non‐residential Property 1 $22,230
Less than to 2,100 2 $2,962 0 $0 $0
2,101 to 2,400 2 $3,112 0 $0 $0
2,401 to 2,700 2 $3,244 29 $94,075 $108,239
2,701 to 3,000 2 $3,273 29 $94,920 $108,239
3,001 to 3,300 2 $3,337 30 $100,097 $111,972
Greater than
3,300 2 $3,625 29 $105,118 $108,239
Ave Backup Tax Rate per Unit 2 $3,732 117
Non‐residential Property 2 $20,791
201 $658,597 $730,456
Tax Rate for Bonding $636,779
Sizing at Max tax rate $13,000,000
Future Facilities (rounded up) $11,500,000
Range of Home Sizes
CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tract Nos. 37408 & 37409
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2025 $658,597 $30,000 $0 5.00% $281,125 $281,125 $0 N/A 2 9/1/2026 $671,769 $30,600 $20,000 5.00% $562,250 $582,250 110.12% 3 9/1/2027 $685,204 $31,212 $30,000 5.00% $561,250 $591,250 110.61% 4 9/1/2028 $698,909 $31,836 $45,000 5.00% $559,750 $604,750 110.31% 5 9/1/2029 $712,887 $32,473 $60,000 5.00% $557,500 $617,500 110.19% 6 9/1/2030 $727,144 $33,122 $75,000 5.00% $554,500 $629,500 110.25% 7 9/1/2031 $741,687 $33,785 $90,000 5.00% $550,750 $640,750 110.48% 8 9/1/2032 $756,521 $34,461 $105,000 5.00% $546,250 $651,250 110.87% 9 9/1/2033 $771,652 $35,150 $125,000 5.00% $541,000 $666,000 110.59% 10 9/1/2034 $787,085 $35,853 $145,000 5.00% $534,750 $679,750 110.52% 11 9/1/2035 $802,826 $36,570 $165,000 5.00% $527,500 $692,500 110.65% 12 9/1/2036 $818,883 $37,301 $190,000 5.00% $519,250 $709,250 110.20% 13 9/1/2037 $835,260 $38,047 $210,000 5.00% $509,750 $719,750 110.76% 14 9/1/2038 $851,966 $38,808 $240,000 5.00% $499,250 $739,250 110.00% 15 9/1/2039 $869,005 $39,584 $265,000 5.00% $487,250 $752,250 110.26% 16 9/1/2040 $886,385 $40,376 $295,000 5.00% $474,000 $769,000 110.01% 17 9/1/2041 $904,113 $41,184 $325,000 5.00% $459,250 $784,250 110.03% 18 9/1/2042 $922,195 $42,007 $355,000 5.00% $443,000 $798,000 110.30% 19 9/1/2043 $940,639 $42,847 $390,000 5.00% $425,250 $815,250 110.12% 20 9/1/2044 $959,452 $43,704 $425,000 5.00% $405,750 $830,750 110.23% 21 9/1/2045 $978,641 $44,578 $460,000 5.00% $384,500 $844,500 110.61% 22 9/1/2046 $998,214 $45,470 $500,000 5.00% $361,500 $861,500 110.59% 23 9/1/2047 $1,018,178 $46,379 $545,000 5.00% $336,500 $881,500 110.24% 24 9/1/2048 $1,038,541 $47,307 $590,000 5.00% $309,250 $899,250 110.23% 25 9/1/2049 $1,059,312 $48,253 $635,000 5.00% $279,750 $914,750 110.53% 26 9/1/2050 $1,080,498 $49,218 $685,000 5.00% $248,000 $933,000 110.53% 27 9/1/2051 $1,102,108 $50,203 $740,000 5.00% $213,750 $953,750 110.29% 28 9/1/2052 $1,124,151 $51,207 $795,000 5.00% $176,750 $971,750 110.41% 29 9/1/2053 $1,146,634 $52,231 $855,000 5.00% $137,000 $992,000 110.32% 30 9/1/2054 $1,169,566 $53,275 $920,000 5.00% $94,250 $1,014,250 110.06% 31 9/1/2055 $1,169,566 $53,275 $965,000 5.00% $48,250 $1,013,250 110.17% Total $27,228,990 $1,240,318 $11,245,000 $12,588,875 $23,552,750 110.34% CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tax Zone 2
Lot Summary
Lot SF Acreage Lot SF Acreage
1 10,504 0.24 46 5,500 0.13
2 7,476 0.17 47 5,500 0.13
3 7,965 0.18 48 5,500 0.13
4 7,156 0.16 49 5,500 0.13
5 7,156 0.16 50 5,500 0.13
6 7,188 0.17 51 5,500 0.13
7 7,558 0.17 52 5,500 0.13
8 6,954 0.16 53 5,500 0.13
9 6,955 0.16 54 5,924 0.14
10 6,955 0.16 55 8,585 0.20
11 6,955 0.16 56 9,340 0.21
12 6,955 0.16 57 6,097 0.14
13 6,955 0.16 58 5,775 0.13
14 6,955 0.16 59 5,775 0.13
15 8,514 0.20 60 6,174 0.14
16 8,514 0.20 61 6,174 0.14
17 8,514 0.20 62 6,174 0.14
18 8,086 0.19 63 6,174 0.14
19 7,602 0.17 64 6,174 0.14
20 12,236 0.28 65 6,174 0.14
21 11,594 0.27 66 6,668 0.15
22 7,416 0.17 67 6,668 0.15
23 7,466 0.17 68 6,667 0.15
24 7,096 0.16 69 6,667 0.15
25 6,764 0.16 70 6,499 0.15
26 6,563 0.15 71 6,436 0.15
27 6,501 0.15 72 5,860 0.13
28 6,576 0.15 73 6,250 0.14
29 6,789 0.16 74 6,250 0.14
30 7,179 0.16 75 6,250 0.14
31 7,235 0.17 76 5,750 0.13
32 6,648 0.15 77 5,750 0.13
33 10,077 0.23 78 5,750 0.13
34 14,278 0.33 79 5,750 0.13
35 5,861 0.13 80 5,750 0.13
36 7,945 0.18 81 5,750 0.13
37 6,679 0.15 82 5,500 0.13
38 6,350 0.15 83 5,582 0.13
39 6,350 0.15 84 6,083 0.14
40 6,350 0.15
41 6,350 0.15
42 5,500 0.13
43 5,500 0.13
44 5,500 0.13
45 5,500 0.13
Totals 337,220 7.74 238,420 5.47 ‐ ‐ ‐ ‐ Grand 575,640 13.21
TR 37409‐4
CITY OF MENIFEE CHANGE PROCEEDING DRAFT v1
Community Facilities District No. 2022‐3 IA 2
(Legado)
Tax Zone 3
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 1 10,078 0.23 46 7,350 0.17 1 10,839 0.25 27 8,691 0.20 2 7,915 0.18 47 7,350 0.17 2 8,448 0.19 28 7,300 0.17 3 7,961 0.18 48 8,400 0.19 3 7,350 0.17 29 7,300 0.17 4 7,794 0.18 49 8,390 0.19 4 7,350 0.17 30 7,300 0.17 5 7,270 0.17 5 7,350 0.17 31 7,300 0.17 6 7,350 0.17 6 7,350 0.17 32 7,300 0.17 7 7,382 0.17 7 7,350 0.17 33 7,300 0.17 8 7,382 0.17 8 7,350 0.17 34 7,300 0.17 9 7,381 0.17 9 7,350 0.17 35 7,300 0.17 10 7,381 0.17 10 7,350 0.17 36 7,300 0.17 11 7,382 0.17 11 7,495 0.17 37 7,300 0.17 12 7,382 0.17 12 8,078 0.19 38 8,027 0.18 13 7,382 0.17 13 10,142 0.23 39 7,005 0.16 14 7,381 0.17 14 10,675 0.25 40 7,055 0.16 15 7,559 0.17 15 7,801 0.18 41 7,121 0.16 16 8,278 0.19 16 7,987 0.18 42 7,185 0.16 17 10,884 0.25 17 7,844 0.18 43 7,249 0.17 18 7,586 0.17 18 7,780 0.18 44 7,314 0.17 19 8,380 0.19 19 7,716 0.18 45 7,378 0.17 20 8,333 0.19 20 7,652 0.18 46 7,442 0.17 21 8,263 0.19 21 7,588 0.17 47 7,506 0.17 22 8,194 0.19 22 7,524 0.17 48 7,570 0.17 23 8,125 0.19 23 7,459 0.17 49 7,635 0.18 24 8,055 0.18 24 7,395 0.17 50 7,667 0.18 25 7,986 0.18 25 7,064 0.16 51 7,259 0.17 26 8,615 0.20 26 8,348 0.19
27 7,856 0.18
28 7,350 0.17
29 7,350 0.17
30 7,350 0.17 Lot SF Acreage Lot SF Acreage
31 7,350 0.17 1 7,885 0.18 10 7,850 0.18 32 7,350 0.17 2 8,048 0.18 11 8,030 0.18 33 7,350 0.17 3 7,686 0.18 12 8,069 0.19 34 7,350 0.17 4 7,779 0.18 13 8,066 0.19 35 7,350 0.17 5 7,689 0.18 14 8,160 0.19 36 7,347 0.17 6 7,768 0.18 15 7,824 0.18 37 9,175 0.21 7 7,847 0.18 16 8,559 0.20 38 10,093 0.23 8 10,479 0.24 17 9,247 0.21 39 8,608 0.20 9 9,420 0.22
40 7,729 0.18
41 7,350 0.17
42 7,350 0.17
43 7,350 0.17
44 7,350 0.17
45 7,350 0.17
Totals 354,037 8.13 31,490 0.72 281,236 6.46 250,909 5.76 ‐ ‐ ‐ ‐ Grand 917,672 21.07
TR 37409‐5T R 37409‐7
TR 37408‐4