CITY OF MENIFEE
Community Facilities District No. 2023-1
(Rockport Ranch)
Preliminary Bond Analysis
As of 5/20/2024
Preliminary Bond Compliance Table
Requirement 2023-1
1. Value to Lien(1)
4.00:1 12.56:1
2. Delinquency Levels Less than 5% 0.00%
3. Effective Tax Rate(2)
2.00% 1.78% - 1.84%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes FY 2023-24 enrollment.
1. General Information & Development Status
District Formation Date June 7, 2023
District Assessed Value
(1) N/A
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2)
$9,100,000
Preliminary Value to Lien(3)
12.56:1
(1) District Assessed Value information not available via Riverside County as of 5/21/2024 (2) Par amount estimated based on estimated 5.50% Interest Rate. (3) Value to Lien is based upon estimated sizing information and Proposed Home Prices. 5/9/2024 Ownership Status As Of
Tract No. Land Owner Map Recordation
37131-1 Lennar Home 3/28/2023
No. Lots @
Buildout
Permits Issued as of
5/1/2024
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
305 Lots 181 Lots 59% 47 110 7 145 Lots
Remaining 124 Lots Projected Closed of 181 Lots 80%
Permitted of 181 Lots 100%
2. Special Tax Levy & Delinquency Status
No. Parcels(1) FY 2023-24 Levy Delinquencies(2)
9 $24,677 $0
(1) Nine developed units levied on one parent parcel.
(2) Delinquency information is as of 5/1/2024.
3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $631,632 $7,321 $924 $3,220 $11,465 1.82%
(1) Based upon Sales Price provided by Lennar on May 20, 2024.
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: $14,497,565
Sources Total
Bond Proceeds: Par Amount 9,100,000 $
Facilities Special Tax Levy FY 23-24 24,677 $
Total Sources 9,124,677 $
Uses Total
Debt Service Reserve Fund 846,140 $
Capitalized Interest -$
Underwriter's Discount 182,000 $
Cost of Issuance 250,000 $
Project Fund Proceeds 7,821,860 $
Total Uses 9,100,000$
Net Bond Funds 24,677 $
Criteria
Estimated Average Tax Bill for FY 24-25
CITY OF MENIFEE
Community Facilities District No. 2023‐1
(Rockport Ranch)
Tract No. 37131
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 1 24124568 1 2
Plan 1 231123245 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,900 to Over Under 1,900 to 2,301 to 2,501 to 2,701 to 3,101 to Over 1,900 2,050 2,200 1,900 2,100 2,500 2,700 2,900 3,300 3,900 Estimated Home Size 1,860 1,987 2,207 1,764 1,939 2,443 2,612 2,752 3,146 4,136 2,481 Estimated Home Price $530,545 $552,335 $574,105 $554,245 $623,730 $635,570 $648,020 $648,405 $726,830 $859,540 $631,632 Ad‐Valorem Tax Rate (1.00%) $5,305.45 $5,523.35 $5,741.05 $5,542.45 $6,237.30 $6,355.70 $6,480.20 $6,484.05 $7,268.30 $8,595.40 $6,316.32 Metro Water West (0.00350%) $18.57 $19.33 $20.09 $19.40 $21.83 $22.24 $22.68 $22.69 $25.44 $30.08 $22.11 Menifee School (0.06063%) $321.67 $334.88 $348.08 $336.04 $378.17 $385.35 $392.89 $393.13 $440.68 $521.14 $382.96 Perris Union HS (0.08173%) $433.61 $451.42 $469.22 $452.98 $509.77 $519.45 $529.63 $529.94 $594.04 $702.50 $516.23 Mt. San Jacinto Jr. College (0.01320%) $70.03 $72.91 $75.78 $73.16 $82.33 $83.90 $85.54 $85.59 $95.94 $113.46 $83.38 Subtotal GO Bond Debt $6,149.33 $6,401.89 $6,654.22 $6,424.03 $7,229.40 $7,366.64 $7,510.94 $7,515.40 $8,424.40 $9,962.58 $7,320.99 Perris Union High School District CFD 92‐1 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 $330.00 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 EMWD Standby $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 $556.00 Proposed CFD No. 2023‐1 ‐ Facilities Special Tax** $2,646.90 $2,719.32 $2,807.04 $2,797.86 $2,978.40 $3,156.90 $3,259.92 $3,471.06 $3,788.28 $4,862.34 $3,219.80 Subtotal Special Assessments and Taxes $3,569.62 $3,642.04 $3,729.76 $3,720.58 $3,901.12 $4,079.62 $4,183.64 $4,395.78 $4,715.00 $5,793.06 $4,143.84 Total Annual Property Taxes $9,718.95 $10,043.93 $10,383.98 $10,144.61 $11,130.52 $11,446.26 $11,694.58 $11,911.18 $13,139.40 $15,755.64 $11,464.83 Annual Prop. Tax Rates as % of Home Price 1.83% 1.82% 1.81% 1.83% 1.78% 1.80% 1.80% 1.84% 1.81% 1.83% 1.82% Unit Mix 15 14 30 15 12 25 21 19 15 15 181 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $39,704 $38,070 $84,211 $41,968 $35,741 $78,923 $68,458 $65,950 $56,824 $72,935 $582,784 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $34,236 $32,828 $72,615 $36,189 $30,819 $68,054 $59,031 $56,868 $48,999 $62,891 $502,531 II. Total Estimated Home Square Footage: 27,900 27,818 66,210 26,460 23,268 61,075 54,852 52,288 47,190 62,040 449,101 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.50% Interest, 30 Year Term, 29 Year Amortization) $9,100,000 Underwriter Discount (2.00%) $182,000
Reserve Fund (Maximum Annual Debt Service) $846,140
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,278,140 Net Bond Proceeds $7,821,860
12 CITY OF MENIFEE
Community Facilities District No. 2023‐1
(Rockport Ranch)
Tract No. 37131
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2025 $582,784 $30,000 $0 5.50% $500,500 $500,500 110.45% 2 9/1/2026 $594,440 $30,600 $10,000 5.50% $500,500 $510,500 110.45% 3 9/1/2027 $606,329 $31,212 $20,000 5.50% $499,950 $519,950 110.61% 4 9/1/2028 $618,455 $31,836 $30,000 5.50% $498,850 $528,850 110.92% 5 9/1/2029 $630,824 $32,473 $45,000 5.50% $497,200 $542,200 110.36% 6 9/1/2030 $643,441 $33,122 $55,000 5.50% $494,725 $549,725 111.02% 7 9/1/2031 $656,310 $33,785 $70,000 5.50% $491,700 $561,700 110.83% 8 9/1/2032 $669,436 $34,461 $85,000 5.50% $487,850 $572,850 110.84% 9 9/1/2033 $682,825 $35,150 $105,000 5.50% $483,175 $588,175 110.12% 10 9/1/2034 $696,481 $35,853 $120,000 5.50% $477,400 $597,400 110.58% 11 9/1/2035 $710,411 $36,570 $140,000 5.50% $470,800 $610,800 110.32% 12 9/1/2036 $724,619 $37,301 $160,000 5.50% $463,100 $623,100 110.31% 13 9/1/2037 $739,111 $38,047 $180,000 5.50% $454,300 $634,300 110.53% 14 9/1/2038 $753,893 $38,808 $205,000 5.50% $444,400 $649,400 110.11% 15 9/1/2039 $768,971 $39,584 $225,000 5.50% $433,125 $658,125 110.83% 16 9/1/2040 $784,351 $40,376 $255,000 5.50% $420,750 $675,750 110.10% 17 9/1/2041 $800,038 $41,184 $280,000 5.50% $406,725 $686,725 110.50% 18 9/1/2042 $816,038 $42,007 $310,000 5.50% $391,325 $701,325 110.37% 19 9/1/2043 $832,359 $42,847 $340,000 5.50% $374,275 $714,275 110.53% 20 9/1/2044 $849,006 $43,704 $375,000 5.50% $355,575 $730,575 110.23% 21 9/1/2045 $865,987 $44,578 $410,000 5.50% $334,950 $744,950 110.26% 22 9/1/2046 $883,306 $45,470 $445,000 5.50% $312,400 $757,400 110.62% 23 9/1/2047 $900,972 $46,379 $485,000 5.50% $287,925 $772,925 110.57% 24 9/1/2048 $918,992 $47,307 $530,000 5.50% $261,250 $791,250 110.17% 25 9/1/2049 $937,372 $48,253 $575,000 5.50% $232,100 $807,100 110.16% 26 9/1/2050 $956,119 $49,218 $620,000 5.50% $200,475 $820,475 110.53% 27 9/1/2051 $975,242 $50,203 $670,000 5.50% $166,375 $836,375 110.60% 28 9/1/2052 $994,746 $51,207 $725,000 5.50% $129,525 $854,525 110.42% 29 9/1/2053 $1,014,641 $52,231 $785,000 5.50% $89,650 $874,650 110.03% 30 9/1/2054 $1,034,934 $53,275 $845,000 5.50% $46,475 $891,475 110.12% Total $23,642,433 $1,217,042 $9,100,000 $11,207,350 $20,307,350 110.43% CITY OF MENIFEE
Community Facilities District No. 2023‐1
(Rockport Ranch)
Tract No. 37131
Use of Bond Proceeds
Eligible Preliminary
FUNDING REQUIREMENTS Per Lot 305 181 Lots
City Fees
Law Enforcement $1,390 $423,950 $251,590
Fire Facilities $647 $197,335 $117,107
Circulation $7,090 $2,162,450 $1,283,290
General Govt $1,176 $358,680 $212,856
Storm Drainage (Area B‐B) $1,906 $581,330 $344,986
Parks ‐ Land $1,723 $525,515 $311,863
Subtotal City Fees $13,932 $4,249,260 $2,521,692
City Premium (20%) $2,786 $849,852 $849,852
Fiscal Impact Mitigation Fee $12,809 $3,906,674 $2,318,387 Total City Fees $29,527 $9,005,786 $5,689,931
City Facilities
City Street Improvements $4,902 $1,495,000 $0
Overhead Elecrical Utility Undergrounding $4,721 $1,440,000 $0 Total City Facilities $9,623 $2,935,000 $0
Total City Facilities and Fees $39,150 $11,940,786 $5,689,931 EMWD Fees
Sewer Financial Participation Charge $3,391 $1,034,255 $613,771 Sewer Treatment Plant Capacity Charge $6,428 $1,960,540 $1,163,468 Water Financial Participation Charge $7,235 $2,206,675 $354,691 Water Supply Development Fee $392 $119,560 $0
Irrigation Meter Fees 1.5" $491 $149,820 $0
Meter Fee $377 $114,985 $0
Total EMWD Fees $18,314 $5,585,835 $2,131,930
Menifee Union School District Fees
Menifee Union School District Fees $8,881 $2,708,812 $0 Total School District Fees $8,881 $2,708,812 $0
Total Cost $66,346 $20,235,433 $7,821,861
Potential Project Funds Available $14,674,053 $7,821,860 ALLOCATION OF PROCEEDS % Per Lot Total Total
City Premium 11% $2,786 $849,852 $849,852
City Fees 62% $13,932 $8,155,934 $4,840,079
City Facilities 0% $0 $2,935,000 $0
Other Agency 27% $11,779 $2,733,267 $2,131,930
Total Funded by Bond Proceeds 100% $28,497 $14,674,053 $7,821,861 UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0 ($0)
Unfunded Requirement $5,561,380 $0
Total Fees to be Funded by Developer $5,561,380 $0