Agenda packet — Finance Committee, November 12, 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, November 12, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna A. Aguilar, Meeting Clerk
REGULAR MEETING (2:00 PM)

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

4. 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.

5. APPROVAL OF MINUTES

5.1 September 10, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Fiscal Year 2023/24 Annual Financial Audit Update
RECOMMENDED ACTION

1. Receive and file presentation of City of Menifee Annual Financial Audit Process Overview Presentation for Fiscal Year 2023/24; and

2. Provide feedback on future year(s) financial audit updates.

6.2 Proposed Formation of Community Facilities District No. 20251 by JPMB Investments
RECOMMENDED ACTION

1. Review the proposed Community Facilities District (“CFD”) No. 20251, composed of 96 singlefamily homes within Tract 38128 to finance certain costs of public improvements within the development and recommend submittal to the City Council for consideration.

6.3 Proposed Formation of Community Facilities District No. 20252, Quartz Trail, by Lennar Homes
RECOMMENDED ACTION

1. Review the proposed Community Facilities District (“CFD”) No. 20252, Quartz Trail, by Lennar Homes to finance certain costs of public improvements for the development of a residential tract containing 80 lots located north of Corson Avenue and east of Evans Road and recommend submittal to the City Council for consideration.

6.4 Proposed Formation of Community Facilities District No. 20254, Heritage Village, by Foremost Pacific Group
RECOMMENDED ACTION

1. Review the proposed Community Facilities District (“CFD”) No. 20254, Heritage Village, to finance certain costs of public improvements for the development of 162 townhomes located north of Rouse Road and west of Menifee Road and recommend submittal to the City Council for consideration.

6.5 Proposed Bond Issuance for Community Facilities District No. 20232 Improvement Area 1, Cimarron Ridge
RECOMMENDED ACTION

1. Review the proposed bond issue request for Community Facilities District No. 20232 Improvement Area 1, Cimarron Ridge by Pulte Homes, to finance the costs of certain public improvements in connection with the development of 424 homes in a community located south of Rouse Road and west of Byers Road within the City; and

2. Recommend that the Finance Department proceed with the 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.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

10. 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
November 12, 2024

Page 1 of 191 ends

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

5. APPROVAL OF MINUTES

5.1 September 10, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Fiscal Year 2023/24 Annual Financial Audit Update
RECOMMENDED ACTION

1. Receive and file presentation of City of Menifee Annual Financial Audit Process Overview Presentation for Fiscal Year 2023/24; and

2. Provide feedback on future year(s) financial audit updates.

6.2 Proposed Formation of Community Facilities District No. 20251 by JPMB Investments
RECOMMENDED ACTION

6.3 Proposed Formation of Community Facilities District No. 20252, Quartz Trail, by Lennar Homes
RECOMMENDED ACTION

6.4 Proposed Formation of Community Facilities District No. 20254, Heritage Village, by Foremost Pacific Group
RECOMMENDED ACTION

6.5 Proposed Bond Issuance for Community Facilities District No. 20232 Improvement Area 1, Cimarron Ridge
RECOMMENDED ACTION

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

Menifee Finance Committee
November 12, 2024

Page 2 of 191 ends

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

5. APPROVAL OF MINUTES

5.1 September 10, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Fiscal Year 2023/24 Annual Financial Audit Update
RECOMMENDED ACTION

1. Receive and file presentation of City of Menifee Annual Financial Audit Process Overview Presentation for Fiscal Year 2023/24; and

2. Provide feedback on future year(s) financial audit updates.

6.2 Proposed Formation of Community Facilities District No. 20251 by JPMB Investments
RECOMMENDED ACTION

6.3 Proposed Formation of Community Facilities District No. 20252, Quartz Trail, by Lennar Homes
RECOMMENDED ACTION

6.4 Proposed Formation of Community Facilities District No. 20254, Heritage Village, by Foremost Pacific Group
RECOMMENDED ACTION

6.5 Proposed Bond Issuance for Community Facilities District No. 20232 Improvement Area 1, Cimarron Ridge
RECOMMENDED ACTION

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

Menifee Finance Committee
November 12, 2024

Page 3 of 191 ends

Menifee Finance Committee
September 10, 2024

Page 1 of 2 ends

City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4 MINUTES
Finance Committee
Regular Meeting Minutes
Tuesday, September 10, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna A. Aguilar, Management Analyst
REGULAR MEETING (2:00 PM)

1. CALL TO ORDER
Mayor Pro Tem Deines called the meeting to order at 2:00 PM.

2. ROLL CALL
Mayor Pro Tem Deines and Councilmember Sobek were present.

3. PRESENTATIONS NONE

4. 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 respond to comments on nonagendized matters at the time such comments are made. Each speaker will be limited to three minutes on any single item.

5. APPROVAL OF MINUTES
The following minutes were approved unanimously:

5.1 July 9, 2024, Minutes

6. DISCUSSION ITEMS

6.1 STAX Property Finder Application
Chief Financial Officer Travis Hickey introduced the item. City Consultants Shane Spicer and Jonathan Short from Spicer Consulting provided a short demonstration of the STAX Property Finder online portal. Councilmember Sobek and Mayor Pro Tem Deines requested that a presentation on this item be given to the City Council when the application has been made available to residents.

ACTION

1. Received and filed a report on STAX Property Finder, an online portal available to property owners to access current tax information.

Item: 5.1
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 4 of 191

Menifee Finance Committee
September 10, 2024

Page 2 of 2 ends

6.2 City of Menifee Investment Portfolio Overview
Chief Financial Officer Travis Hickey introduced the item. City Consultant, Elena Sampson from Chandler Asset Management provided a short PowerPoint presentation to the Finance Committee on the City’s investment portfolio.

ACTION

1. Received and filed a presentation on the City of Menifee’s Investment Portfolio.

7. STAFF COMMENTS
None.

8. COMMITTEE MEMBER UPDATES AND COMMENTS
None.

9. FUTURE AGENDA ITEMS
None.

10. ADJOURNMENT
The meeting was adjourned at 3:01 PM.
______________________________
Edna Aguliar,
Management Analyst
Item: 5.1
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 5 of 191

CITY OF MENIFEE
SUBJECT: Fiscal Year 2023/24 Annual Financial Audit Update MEETING DATE: November 12, 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

1. Receive and file the City of Menifee Annual Financial Audit Process Overview Presentation for Fiscal Year 2023/24; and

2. Provide feedback on future year(s) financial audit updates.

DISCUSSION
The City of Menifee (“City”) organizes its annual operations into individual fiscal years, defined as the 12- month period from July 1 st to June 30 th of the following year. In preparation for each upcoming new year, and as part of its financial planning, the City strategically organizes its upcoming revenue and expenditure plan through the annual budget process and beginning Fiscal Year (“FY”) 2023-24 as a biennial or 2-year budget process. Once the fiscal year begins, the City’s financial management continues under the governance of all applicable local, state, and federal regulations. Further, financial transactions are recorded in conformance with Generally Accepted Accounting Principles (“GAAP”) as set forth by the Governmental Accounting Standards Board (“GASB”).

Following the close of each fiscal year, the City’s external auditors, currently Rogers, Anderson, Malody & Scott, LLP (“RAMS”), conduct an audit of the City’s financial records and assist in the compilation of the Annual Comprehensive Financial Report (“ACFR”). The purpose and value of external financial reporting is standardized financial reporting and accountability. The goal of a financial statement audit is to provide users and the public in general with reasonable assurance from an independent source that the information presented in the agency’s statements is reliable. Additionally, any entity spending $750,000 or more in any fiscal year of direct or pass- through federal funds, is subject to the Single Audit. A Single Audit includes an audit of the organization’s financial statements and compliance with Federal award requirements for those programs identified as "major programs". During completion of the main financial audit and/or Item: 6.1
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 6 of 191

City of Menifee Staff Report
Fiscal Year 2023/24 Annual Financial Audit Update
November 12, 2024

Page 2 of 3 ends

2 4
6 4
Single Audit, the external auditors, may identify any significant deficiencies (a deficiency or combination of deficiencies in internal controls), material weaknesses (failings in internal controls) and or findings (significant concern about the agency control over public resources or other issues). The engagement culminates with the auditors issuing an opinion on the overall financial statements. The highest level of opinion an auditor can issue is known as an “unmodified” opinion, indicating their conclusion that the financial statements are presented fairly in all material respects. Additionally, from time-to-time new GASB statements are issued to reflect new financial reporting standards. The City is responsible for adhering to any existing and new applicable GASB statements as part of its overall financial reporting and management.

Table 1 provides a summary of the key components, purpose, and timeline of the annual financial audit process.

Table 1: Annual Financial Audit Process Overview
Annual Audit Step Description Purpose Tentative Timeline Interim Audit Process
Initiates financial audit
process, with onsite/hybrid
review of FY2023/24 financial
transactions and processes.

Established tentative audit
completion timeline for the fall.

May/June of ending
fiscal year.

Year End/Financial Audit
Following internal close-out
processes, final
comprehensive onsite/hybrid
review including trial
balance(s).

October
Single Audit
Reviews how well the City
managed federal grants and
ensures applicable rules for
dollars associated with the
grant or award were followed.

October/November
Financial Statements/ACFR &
Single Audit Report
Preparation and review of
Financial Statements. November/December
Council Receive & File
Receive presentation by
Finance Department and
external audit team on
Financial Statements of the
fiscal year ended, and
financial position based on
completed fiscal year.

January
FY2023/24 Audit Summary:

For FY2023/24, audit efforts began in the spring of 2024. The external audit team from RAMS met with Finance Department Management Staff during the Interim Audit process and provided feedback on the various processes reviewed, as well as set a tentative audit completion timeline for the fall.

Item: 6.1
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 7 of 191

City of Menifee Staff Report
Fiscal Year 2023/24 Annual Financial Audit Update
November 12, 2024

Page 3 of 3 ends

2 4
6 4
Unique to the FY2023/24 audit year, is the City’s new Enterprise Resource Planning (“ERP”) project. While much of the year and transactions were processed through the City’s previous solution, Tyler Eden, final year-end processes and close out will occur in the new ERP (“Munis/Menifee Metro”).

During FY2023/24, including the American Rescue Plan (“ARP”) expenditures, the City did expend more than $750,000 in federal funds, therefore the City will be subject to the Single Audit.

The City’s non-ARP federal grant expenditures exceeded $750,000 for the year.

During the months of November and December, staff will work on the development of the ACFR, including the Financial Statements and accompanying Management Discussion and Analysis (“MD&A”), Single Audit report, and staff report for the City Council to receive and file in January 2025. As an agency, the City continues to prioritize strong financial management and reporting practices, understanding the importance of accountability and transparency to the public. Staff will continue to work on strengthening and streamlining processes, striving to obtain an unmodified opinion on its annual financial audit.

Future Year(s) Financial Audit Updates:

As part of strengthening the financial reporting process, staff has asked the auditors to attend the November 12, 2025, Finance Committee meeting to engage with the Finance Committee members about the audit process. The goal is to open lines of communication directly between the auditors and governing board in a less formal and more interactive way prior to the typical receive and file report presented at the conclusion of the audit.

As previously mentioned, the FY2023/24 financial audit process is well underway, with the interim audit completed earlier in the spring. Staff is requesting feedback from the Finance Committee for future year(s) updates of when the Committee would like to be updated on the financial audit process. Options include in the early spring in preparation for the first step of the audit (Interim) to begin, in the fall after interim has been completed, and final audit reviews are underway, or prior to presentation of the completed financial audit to City Council.

ATTACHMENTS

1. FY2023/24 Audit Presentation
Item: 6.1
Item Page Number: 3
Menifee Finance Committee November 12, 2024 Page 8 of 191

City of Menifee
FY2023/24 AUDIT PROCESS PRESENTATION
FOR THE YEAR ENDED JUNE 30, 2024
PRESENTED BY: ROGERS, ANDERSON, MALODY & SCOTT , LLP
NOVEMBER 12, 2024
Item: 6.1
Item Page Number: 4
Menifee Finance Committee November 12, 2024 Page 9 of 191

City of Menifee
Audit objective
◦ Express opinions on management’s financial
statements
◦ After gathering and evaluating sufficient, appropriate audit evidence, provide:
◦ Reasonable assurance, not absolute, the financial statements are free of material misstatement
◦ Opinions as to whether the financial statements are fairly presented, in all material respects, in accordance with Generally Accepted Accounting Principles
-1-
Item: 6.1
Item Page Number: 5
Menifee Finance Committee November 12, 2024 Page 10 of 191

City of Menifee
Audit standards followed:
◦ Generally Accepted Auditing Standards (GAAS)
◦ Generally Accepted Government Auditing Standards (GAGAS) ◦ Uniform Guidance – Single Audit
-2-
Item: 6.1
Item Page Number: 6
Menifee Finance Committee November 12, 2024 Page 11 of 191

City of Menifee
Responsibilities
◦ Management:
◦ Financial statements
◦ Complete accurate financial records
◦ Comprehensive framework of internal control, including controls to prevent and detect fraud
◦ Governing body:
◦ Fiduciary
◦ Ensure management fulfills obligations for internal control and financial reporting
-3-
Item: 6.1
Item Page Number: 7
Menifee Finance Committee November 12, 2024 Page 12 of 191

City of Menifee
◦ Auditor responsibilities:
◦ Obtain reasonable assurance that the financial statements are free of material misstatement
◦ Examine, on a test basis, evidence supporting amounts and disclosures
◦ Assess accounting principles used, estimates made and evaluate the overall financial statement presentation.
◦ Express opinions on the City’s financial statements
-4-
Item: 6.1
Item Page Number: 8
Menifee Finance Committee November 12, 2024 Page 13 of 191

City of Menifee
◦ Audit process:
◦ Update understanding of the City and review controls over various transaction cycles (inquiries, inspect documents, perform walkthroughs, etc.)
◦ Conduct detailed audit of financial records
◦ Inspect relevant documentation (bank statements, invoices, cash receipts, etc.)
◦ Inquire about various or unusual transactions and events, if any ◦ Confirm cash and investment balances
◦ Perform analytical procedures (looking for significant variances or unusual transaction; comparing to budgeted amounts, etc.) ◦ Use Data Analytics on cash disbursements
◦ Read minutes of board meetings
-5-
Item: 6.1
Item Page Number: 9
Menifee Finance Committee November 12, 2024 Page 14 of 191

City of Menifee
Final opinion over financial statements:
◦ Unmodified (highest level of assurance)
◦ Financial statements are fairly presented in all material respects ◦ Significant accounting policies have been consistently applied ◦ Estimates are reasonable
◦ Disclosures are properly reflected
◦ Other required reporting
◦ GAGAS report on internal control (Yellow Book)
◦ SAS 114 – Communications with those charged with governance ◦ Uniform Guidance (Single Audit)
◦ GANN Limit – Appropriations AUP report
◦ Report on material weaknesses and/or significant deficiencies -6-
Item: 6.1
Item Page Number: 10
Menifee Finance Committee November 12, 2024 Page 15 of 191

City of Menifee
Questions?
-7-
Item: 6.1
Item Page Number: 11
Menifee Finance Committee November 12, 2024 Page 16 of 191

CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-1 by JPMB Investments, LLC
MEETING DATE: November 12, 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 (“CFD”) No. 2025-1, composed of 96 single-family homes within Tract 38128 to finance certain costs of public improvements within the development and recommend submittal to the City Council for consideration.

DISCUSSION
JPMB Investments, LLC (“Developer”) is proposing to develop 96 lots within a yet-to-be-named residential tract that sits west of Byers Road and north of Rouse Road in the City of Menifee. The Developer has requested the City of Menifee form CFD No. 2025-1 in accordance with the Mello- Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements within the development would be financed by the levy of a special tax and the issuance of bonds in the approximate amount of $6.6 million.

ATTACHMENTS

1. CFD 2025-1 Proforma Summary

2. CFD 2025-1 Project Map

3. CFD 2025-1 Proforma

4. CFD 2025-1 Boundary Map

5. CFD 2017-1 Annexation 26 Maintenance Exhibit

6. CFD 2025-1 Facilities CFD Application
Item: 6.2
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 17 of 191

CFD 2025‐1 (JPMB TR 38128)
Proforma Summary Sheet
Applicant: JPMB Investments, LLC
Project Description
Acreage Gross: 28.38; Net: 16.84
Development Description Detached Single-Family Residential Number of Units (50 min) 96 Units
Estimated Home Size Range 2,200 SF to 3,250 SF
Average Home Size 2,773 SF
Average Estimated Home Price $610,260
Total Effective Tax Rate (2.00% Max) 1.97%
CFD Tax Rate Range $3,779 to $4,444
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 26
Maintenance CFD Rate $1,239/Unit
Bond Sizing Assumptions
Average Coupon 5.00%
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 $397,076
Estima
ted Sources and Uses
Sources
Par Bond Amount $6,555,000
Uses
Reserve Fund $567,838
Capitalized Interest $0
Underwriter Discount $131,100
Cost of Issuance $250,000
Improvement Fund $5,606,062
Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees & Facilities 49% $2,754,779 $2,754,779
City Premium (20%) 7% $388,013 $388,013
Eastern Municipal Water District 44% $2,952,761 $2,463,270 Totals $5,970,215 $5,606,062
Unfunded $489,491
Item: 6.2
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 18 of 191

Proposed Schedule
Finance Committee November 12, 2024
Resolution of Intention January 15, 2025
Public Hearing March 5, 2025
2nd Reading Ordinance March 19, 2025
Item: 6.2
Item Page Number: 3
Menifee Finance Committee November 12, 2024 Page 19 of 191

REYNOLDS RD
GOETZ
RD

GEARY ST

MCLAUGHLIN RD

ROUSE R D

T URF WOOD ST

SKYWARD TRL
CALLE

EMILIANO
CALLE

GREGORIO
VALLEY
BLVD

OUR WAY

QUARTZ LN

BYERS RD

BOULDER ROCK PL

GOLDENROD
AVE
SOTELO
RD

NOVA LN

CIMARRONHILLSRD

TROY LN
^_

MENIFEE
RD

ETHANAC RD

SHERMAN RD

MURRIETA RD

MCLAUGHLIN RD
OREGON
PL

JUNO ST

CHAMPIONS DR

MONUM ENT PKWY

SUNCITYBLVD
CANNON
DR
VALLEY
BLVD
CASAB

ONITA AVE

GOLDENROD AVE

GEARY ST

ALD ERGATE DR
EASTDR

JUNIPERO RDASPEL RD

BARNETT RD
§¨¦215

CHAMBERS AVE
VELADR

POTOMAC DR

LUPIN PL

LASFLORES DR
CFD NO. 2025-1
(JPMB TR 38128)

PROJECT MAP
Item: 6.2
Item Page Number: 4
Menifee Finance Committee November 12, 2024 Page 20 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Plan 123456 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,350 to 2,551 to 2,751 to 2,951 to Over 2,350 2,550 2,750 2,950 3,150 3,150
Estimated Home Size 2,200 2,500 2,650 2,800 3,100 3,250 2,773 Estimated Home Price $570,000 $590,000 $600,000 $610,000 $635,000 $645,000 $610,260 Ad‐Valorem Tax Rate (1.00%) $5,700.00 $5,900.00 $6,000.00 $6,100.00 $6,350.00 $6,450.00 $6,102.60 Metro Water West (0.00700%) $39.90 $41.30 $42.00 $42.70 $44.45 $45.15 $42.72 Perris Union HS (0.06850%) $390.45 $404.15 $411.00 $417.85 $434.98 $441.83 $418.03 Mt. San Jacinto Jr. College (0.00268%) $15.28 $15.81 $16.08 $16.35 $17.02 $17.29 $16.35 Subtotal GO Bond Debt $6,145.63 $6,361.26 $6,469.08 $6,576.90 $6,846.44 $6,954.26 $6,579.71 Flood Control Stormwater / Cleanwater / Santa Ana $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 EMWD Standby $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 Proposed CFD No. 2017‐1 Zone 26 ‐ Maint Svcs* $1,239.00 $1,239.00 $1,239.00 $1,239.00 $1,239.00 $1,239.00 $1,239.00 Proposed CFD No. 2025‐1 ‐ Facilities Special Tax** $3,779.17 $3,956.54 $4,045.22 $4,133.90 $4,355.61 $4,444.29 $4,136.21 Subtotal Special Assessments and Taxes $5,054.87 $5,232.24 $5,320.92 $5,409.60 $5,631.31 $5,719.99 $5,411.91 Total Annual Property Taxes $11,200.50 $11,593.50 $11,790.00 $11,986.50 $12,477.75 $12,674.25 $11,991.62 Annual Prop. Tax Rates as % of Home Price 1.97% 1.97% 1.97% 1.97% 1.97% 1.97% 1.97% Unit Mix 19                    19                  ‐                  19                   20                   19                  96 (1)Total CFD ‐ Annual Tax Collections $71,804 $75,174 $0 $78,544 $87,112 $84,441 $397,076 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $60,345 $63,177 $0 $66,009 $73,210 $70,965 $333,706 II. Total Estimated Home Square Footage: 41,800           47,500          ‐                  53,200           62,000           61,750          266,250 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2024 Bond Amount (5.60% Interest, 30 Year Term, 29 Year Amortization) $6,555,000 Underwriter Discount (2.00%) $131,100
Reserve Fund (Maximum Annual Debt Service) $567,838
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $948,938 Net Bond Proceeds $5,606,062
Item: 6.2
Item Page Number: 5
Menifee Finance Committee       November 12, 2024        Page 21 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 38128
96 Lots
(JPMB ‐ TR 38128)
I. Calculation of Net Taxable Acres:

Gross Acreage 28.38
Less: Exempt Acres 11.54
Net Taxable Acres 16.84
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $397,076
Net Taxable Acres 16.84
Less: Contingency Factor (10%) 1.68
Net Taxable Acres (Adjusted) 15.15
Undeveloped Property Tax Rate per Acre $26,205
Total Exempt Acreage 13.23
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 16.84
Undeveloped Property Tax Rate per Acre $26,205
Total Units 96
Backup Special Tax per Unit $4,596
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $397,076
Total Net Acres (Square Feet) 660,058
Backup Special Tax Rate per Lot Square Foot $0.6016
Item: 6.2
Item Page Number: 6
Menifee Finance Committee November 12, 2024 Page 22 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,350 $3,779 19 $71,804 $87,321
2,350 to 2,550 $3,957 19 $75,174 $87,321
2,551 to 2,750 $4,045 0 $0 $0
2,751 to 2,950 $4,134 19 $78,544 $87,321
2,951 to 3,150 $4,356 20 $87,112 $91,917
Greater than 3,150 $4,444 19 $84,441 $87,321
Non‐residential Property $26,205
Backup Tax Rate per Unit $4,596
Backup Tax Rate per S.F. $0.6016
96 $397,076 $441,201
Tax Rate for Bonding $373,819
Sizing at Max tax rate $7,000,000
Future Facilities (rounded up) $6,000,000
Range of Home Sizes
Item: 6.2
Item Page Number: 7
Menifee Finance Committee November 12, 2024 Page 23 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Use of Bond Proceeds
CFD 2023‐3 Tract Nos. 38128
96 Lots
FUNDING REQUIREMENTS Per Lot (JPMB ‐ TR 38128)
City Fees
Law Enforcement $1,012 $97,152
Fire Facilities $708 $67,968
Circulation $7,764 $745,344
General Govt $1,287 $123,552
Parks and Recreation $1,885 $180,960
Quimby $7,553 $725,088
Subtotal City Fees $20,209 $1,940,064
City Premium (20%) $4,042 $388,013
Total City Fees $24,251 $2,328,077
City Facilities
Street Improvements $8,487 $814,715
Total City Facilities $8,487 $814,715
Total City Facilities and Fees $32,737 $3,142,792
EMWD Fees
Sewer Financial Participation Charge $3,476 $333,696
Sewer Treatment Plant Capacity Charge $6,589 $632,544
Water Financial Participation Charge $7,416 $711,936
Water Supply Development Fee $403 $38,688
1" Meter Drop‐In Fee $392 $37,632
Total EMWD Fees $18,276 $1,754,496
EMWD Facilities
Water Improvements $12,482 $1,198,265
Total EMWD Facilities $12,482 $1,198,265
Total EMWD Facilities and Fees $30,758 $2,952,761
Total Cost $63,495 $6,095,553
Potential Project Funds Available $5,606,062
ALLOCATION OF PROCEEDS % Per Lot Total
City Fees 35% $9,852 $1,940,064
City Premium 7% $4,042 $388,013
Other Agency 44% $25,659 $2,463,270
Total Funded by Bond Proceeds 100% $48,039 $5,606,062
UNFUNDED REQUIREMENTS
Unfunded Requirement $489,491
Total Fees to be Funded by Developer $489,491
Item: 6.2
Item Page Number: 8
Menifee Finance Committee November 12, 2024 Page 24 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $397,076 $30,000 $5,000 5.00% $327,750 $332,750 110.32% 2 9/1/2027 $405,018 $30,600 $10,000 5.00% $327,500 $337,500 110.94% 3 9/1/2028 $413,118 $31,212 $15,000 5.00% $327,000 $342,000 111.67% 4 9/1/2029 $421,381 $31,836 $25,000 5.00% $326,250 $351,250 110.90% 5 9/1/2030 $429,808 $32,473 $35,000 5.00% $325,000 $360,000 110.37% 6 9/1/2031 $438,404 $33,122 $40,000 5.00% $323,250 $363,250 111.57% 7 9/1/2032 $447,172 $33,785 $50,000 5.00% $321,250 $371,250 111.35% 8 9/1/2033 $456,116 $34,461 $60,000 5.00% $318,750 $378,750 111.33% 9 9/1/2034 $465,238 $35,150 $75,000 5.00% $315,750 $390,750 110.07% 10 9/1/2035 $474,543 $35,853 $85,000 5.00% $312,000 $397,000 110.50% 11 9/1/2036 $484,034 $36,570 $95,000 5.00% $307,750 $402,750 111.10% 12 9/1/2037 $493,714 $37,301 $110,000 5.00% $303,000 $413,000 110.51% 13 9/1/2038 $503,589 $38,047 $125,000 5.00% $297,500 $422,500 110.19% 14 9/1/2039 $513,661 $38,808 $140,000 5.00% $291,250 $431,250 110.11% 15 9/1/2040 $523,934 $39,584 $155,000 5.00% $284,250 $439,250 110.27% 16 9/1/2041 $534,412 $40,376 $170,000 5.00% $276,500 $446,500 110.65% 17 9/1/2042 $545,101 $41,184 $190,000 5.00% $268,000 $458,000 110.03% 18 9/1/2043 $556,003 $42,007 $205,000 5.00% $258,500 $463,500 110.89% 19 9/1/2044 $567,123 $42,847 $225,000 5.00% $248,250 $473,250 110.78% 20 9/1/2045 $578,465 $43,704 $245,000 5.00% $237,000 $482,000 110.95% 21 9/1/2046 $590,034 $44,578 $270,000 5.00% $224,750 $494,750 110.25% 22 9/1/2047 $601,835 $45,470 $290,000 5.00% $211,250 $501,250 111.00% 23 9/1/2048 $613,872 $46,379 $315,000 5.00% $196,750 $511,750 110.89% 24 9/1/2049 $626,149 $47,307 $345,000 5.00% $181,000 $526,000 110.05% 25 9/1/2050 $638,672 $48,253 $370,000 5.00% $163,750 $533,750 110.62% 26 9/1/2051 $651,446 $49,218 $400,000 5.00% $145,250 $545,250 110.45% 27 9/1/2052 $664,475 $50,203 $430,000 5.00% $125,250 $555,250 110.63% 28 9/1/2053 $677,764 $51,207 $465,000 5.00% $103,750 $568,750 110.16% 29 9/1/2054 $691,319 $52,231 $500,000 5.00% $80,500 $580,500 110.09% 30 9/1/2055 $705,146 $53,275 $535,000 5.00% $55,500 $590,500 110.39% 31 9/1/2056 $719,249 $54,341 $575,000 5.00% $28,750 $603,750 110.13% Total $16,827,871 $1,271,383 $6,555,000 $7,513,000 $14,068,000 110.58% Item: 6.2
Item Page Number: 9
Menifee Finance Committee November 12, 2024 Page 25 of 191

CITY OF MENIFEE DRAFT v2
Community Facilities District No. 2025‐1
(JPMB ‐ TR 38128)
Tract Nos. 38128
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage
1 7,200 0.17           41 7,248 0.17           81 7,215 0.17 2 7,215 0.17           42 7,204 0.17           82 7,215 0.17 3 7,215 0.17           43 7,215 0.17           83 7,615 0.17 4 7,215 0.17           44 7,215 0.17           84 8,123 0.19 5 7,215 0.17           45 7,215 0.17           85 9,286 0.21 6 7,215 0.17           46 7,215 0.17           86 7,678 0.18 7 7,215 0.17           47 7,277 0.17           87 7,215 0.17 8 7,215 0.17           48 8,445 0.19           88 7,215 0.17 9 7,215 0.17           49 7,800 0.18           89 7,215 0.17 10 7,215 0.17           50 7,800 0.18           90 7,863 0.18 11 7,215 0.17           51 7,800 0.18           91 7,228 0.17 12 8,066 0.19           52 7,800 0.18           92 7,239 0.17 13 9,504 0.22           53 7,800 0.18           93 7,232 0.17 14 11,072 0.25           54 7,800 0.18           94 7,232 0.17 15 8,880 0.20           55 7,800 0.18           95 7,835 0.18 16 7,740 0.18           56 8,082 0.19           96 7,218 0.17 17 7,215 0.17           57 7,785 0.18
18 7,548 0.17           58 7,215 0.17
19 7,240 0.17           59 7,215 0.17
20 9,368 0.22           60 7,215 0.17
21 8,054 0.18           61 7,215 0.17
22 7,966 0.18           62 7,215 0.17
23 7,475 0.17           63 7,215 0.17
24 7,682 0.18           64 7,215 0.17
25 8,341 0.19           65 7,643 0.18
26 11,544 0.27           66 8,413 0.19
27 9,130 0.21           67 7,800 0.18
28 7,282 0.17           68 7,800 0.18
29 7,211 0.17           69 7,800 0.18
30 7,215 0.17           70 7,800 0.18
31 7,215 0.17           71 7,800 0.18
32 7,215 0.17           72 7,800 0.18
33 7,215 0.17           73 7,800 0.18
34 7,215 0.17           74 8,247 0.19
35 7,215 0.17           75 7,759 0.18
36 7,215 0.17           76 7,215 0.17
37 7,215 0.17           77 7,215 0.17
38 7,215 0.17           78 7,215 0.17
39 7,215 0.17           79 7,215 0.17
40 7,213 0.17           80 7,215 0.17
Totals 310,031          7.12          302,743    6.95          120,624    2.77          ‐              ‐                  ‐              ‐ Grand Total 733,398        16.84
Item: 6.2
Item Page Number: 10
Menifee Finance Committee       November 12, 2024        Page 26 of 191

CITY OF MENIFEE DRAFT v2
CFD No. 2017-1 (Maintenance Services)
Applicant Development Name Tract No. Res/Comm Date
JPMB JPMB 38128 Res 8/27/2024 Units Net Acres
Steve Sungku Han & Hae Suk Han Gross Acres Net Acres Units Annex No. 96 16.84 Co-Trustees 28.38 16.84 96 Annex 26
Description Measure Tax A Total Tax B Total Per Unit Grand Total Street Frontage SF 52,025 $15,945.40 - $0.00 $15,945.40 Trees Qty 128 $10,008.00 - $0.00 $10,008.00 Other Qty - $0.00 - $0.00 $0.00 Subtotal $270.35 $25,953.40 $0.00 $0.00 $270.35 $25,953.40 39 Watt, 6100 Lumens Qty 30 $5,984.16 - $0.00 $5,984.16 100 Watt, 12,300 Lumens Qty 11 $2,577.89 - $0.00 $2,577.89 Traffic Signal Qty 0.077 $562.51 - $0.00 $562.51 Other Qty - $0.00 - $0.00 $0.00 Subtotal $95.05 $9,124.56 $0.00 $0.00 $95.05 $9,124.56
Street Sweeping LF 11,500 $5,394.94 $0.00 $5,394.94 Sidewalks - (20 year replacement) SF 64,665 $12,621.44 - $0.00 $12,621.44 Pavement Management SF 207,200 $13,176.37 - $0.00 $13,176.37 Subtotal $324.92 $31,192.75 $0.00 $0.00 $324.92 $31,192.75 Detention/Debris Basin SF 40,357 $12,369.22 - $0.00 $12,369.22 Storm Drains Pipe LF 2,385 $621.59 - $0.00 $621.59 Curb Inlet Catch Basin EA 13 $4,564.07 - $0.00 $4,564.07 Other Qty - $0.00 - $0.00 $0.00 Subtotal $182.86 $17,554.88 $0.00 $0.00 $182.86 $17,554.88 Neighborhood (5 ac. Per 1,000) 3.164 pph Acre 1.52 $23,275.65 - $0.00 $23,275.65 Subtotal $242.45 $23,275.65 $0.00 $0.00 $242.45 $23,275.65 Graffiti
Abatement Unit 96 $440.74 - $0.00 $440.74 Subtotal $4.59 $440.74 $0.00 $0.00 $4.59 $440.74
Total Direct Costs $1,120.23 $107,541.98 $0.00 $0.00 $1,120.23 $107,541.98 Description Tax A Total Tax B Total Total
Reserves (10%) - Does Not include Parks, Pavement, or Sidewalk $5,846.85 $0.00 $5,846.85 Auditor-Controller Fees ($135/Yr) $135.00 $0.00 $135.00 Admin (5%) - Minimum $750 $5,377.10 $0.00 $5,377.10
Total Soft Costs $118.32 $11,358.95 $0.00 $0.00 $118.32 $11,358.95 Grand Total $1,238.55 $118,900.93 $0.00 $0.00 $1,238.55 $118,900.93 Rate/Cost Rate Total Rate Total Rate Total
Per Unit $1,238.55 $118,900.93 $0.00 $0.00 $1,238.55 $118,900.93 Per Acre $7,060.63 $118,900.93 $0.00 $0.00 $7,060.63 $118,900.93 LandLightingStreetsDrainSoft Costs
Tax A Tax B ALL
Item: 6.2
Item Page Number: 11
Menifee Finance Committee November 12, 2024 Page 27 of 191

PROPOSED BOUNDARY MAP
SHEET 1 OF 1 SHEET
COMMUNITY FACILITIES DISTRICT NO. 2025-1
(JPMB TR 38128)

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. 2025-1
(JPMB TR 38128), 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.

McLaughlin Rd
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____. Troy Ln
______________________________

CITY CLERK

CITY OF MENIFEE
330-230-023
330-230-024
þ
74CFD 2025-1
_þ
74 § ¦
215
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 2024-25. 0 375 750 1,500 Feet
Item: 6.2
Item Page Number: 12
Menifee Finance Committee November 12, 2024 Page 28 of 191

BONN DRIVE

ST O P ST O P LANDSCAPE MAINTENANCE LEGEND
CFD MAINTAINED STREETSCAPE & WATER QUALITY BASIN - 92,382 SQ. FT/ (2.12 ACRES) HOA MAINTAINED SIDEYARDS AND SIDEYARD SLOPES LANDSCAPE - 16,388 SQ. FT/ (0.38 ACRES) HOA MAINTAINED PARK - 55,992 SQ. FT/ (1.28 ACRES)

CLEVE STREET
HOA MAINTAINED EVA ACCESS ROAD - 4,670 SQ. FT/ (0.10 ACRES) PRIVATE HOMEOWNER MAINTAINED SLOPE LANDSCAPE - 43,767 SQ. FT/ (1.00 ACRES)

PRIVATE HOMEOWNER MAINTAINED LOT AND PARKWAY LANDSCAPE
TRACT 38128 TRAFFIC RECOMMENDATIONSRecommendation #1 -Install traffic signal at Chambers Avenue and Murrieta Road (#6). Projectresponsibility would be a fair-share cost of $21,210, or 7.07% of the estimated costof the traffic signal.Recommendation #2 -Construct Byers Road as a two-lane Collector along street frontage.Recommendation #3A -Construct Byers Road as a two-lane Collector from the southern project boundary toRouse Road.Recommendation #3B - GLADBECK STREET Construct the intersection of Byers Road and Rouse Road to connect the north legand the east leg. Implementation should consider future connection to the west byothers.Recommendation #4 -Seek City approval of the restrictive condition minimum sight distance of 200 feet atthe intersection of Street "C" and Street "F". Initial coordination with the City indicatesapproval of this condition.Recommendation #5 -Provide 5-foot of red curb on each side of EVA driveways to discourage individualsfrom parking too close to the driveway pan. If there is less than 25 feet between theEVA driveway and a residential driveway for the nearby lots, red curb isrecommended all the way to the next driveway.

LOT 99 POCKET PARK IMPROVEMENTS TO INCLUDEMEANDERING DECOMPOSED GRANITE TRAIL, "POP-OUTS"FOR BENCHES, TRASH CANS AND WHEEL CHAIRACCESS, AND MOW CURBS. LANDSCAPE TO INCLUDEMEADOW GRASS AREA AND DROUGHT TOLERANT SHRUBS,GROUNDCOVER AND TREES. (REFER TO CFD MAINTAINEDPOCKET PARK EXHIBIT, SHEET 4 0F 10, FOR MORE DETAIL.) 2125 T U R N B E R R Y L A N EC O R O N A , CA., 928 81 "Landscaping for the project shall be designed to comply withthe City's Water Efficient Landscape Ordinance and with theGuidelines for Implementation of the Water EfficientLandscape Ordinance." T: 9 5 1 . 9 9 0 . 3 3 81S A N H A M E L @ H O T M A I L. C O MS H E E T 10 OF 10 Item: 6.2
Item Page Number: 13
Menifee Finance Committee November 12, 2024 Page 29 of 191

City of Menifee
Proposed Community Facilities District
Special Funding District Application Packet
Tract No.
$SULO5, 2024
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Item: 6.2
Item Page Number: 14
Menifee Finance Committee November 12, 2024 Page 30 of 191

City of Menifee
Special Funding District Application Packet
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-30%,QYHVWPHQWV//&
$SULO 5, 2024
Table of Contents
׎Special Funding District Application Form
׎Exhibits
׎Exhibit : Total Tax Rate Analysis
׎Exhibit : Facilities List
׎Exhibit : Proposed Special Tax
׎Exhibit : Summary of Acreage, Undeveloped and Backup
Special Tax Rates
׎Exhibit : Lot Summary
׎Exhibit : Tract Map
׎Exhibit : Title Report
Item: 6.2
Item Page Number: 15
Menifee Finance Committee November 12, 2024 Page 31 of 191

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■
TBD
West of Byes Road in between Rouse Road and McLaughlin Road. Tentative Tract No. 38128.

Gross Acres: 28.38.
330-230-023
330-230-024
38128
■
■
■
City of Menifee
■
✔
Item: 6.2
Item Page Number: 16
Menifee Finance Committee November 12, 2024 Page 32 of 191

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 ([KLELW$WWDFKHG
C. Base Sale Price Information 6HH([KLELW$WWDFKHG 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
Steve Sungku Han & Hae Suk Han, as Co-Trustees
3913 Malibu Vista Drive Malibu, CA 90265
DPFG
Nick Abdulla
Senior Associate
26840 Aliso Viejo Parkway, Suite 110, Aliso Viejo, CA 92656 (949) 388-9269 Ext. 1162
(949) 388-9272
[email protected]
Proactive Engineering Consultants
Ati Eskandari, P.E.

Associate - Principal Project Manager
200 E. Main Street Suite 300, Corona, CA 92882
(951) 280 - 3310
[email protected]
96 16.84

11.54 See Exhibit 1 Attached
4 sales
for the Han Family Trust Dated February 27, 2003
Item: 6.2
Item Page Number: 17
Menifee Finance Committee November 12, 2024 Page 33 of 191

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
ڧFHA 伫 VA 伫 VARIABLE
ڧOTHER

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

28.38 Gross Acres. Q3 2025
Detached
See Exhibit 1 Attached
See Exhibit 1 Attached
See Exhibit 1 Attached
4 closings per month starting Q3 2025
■ TBD
Spicer Consulting Group
Spicer Consulting Group
Yes
Eastern Municipal Water District
Water and sewer fees and facilities.

Director of Finance
Thomas Hays
2270 Trumble Road, Perris, CA 92570
(951) 928 - 3777 Ext. 4952
[email protected]
7,640
Item: 6.2
Item Page Number: 18
Menifee Finance Committee November 12, 2024 Page 34 of 191

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) 侊 Yes 侊䢢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 2025-26
Fiscal Year 2056-57
0 See Exhibit 3.

See Exhibit 1.

See Exhibit 2.

Item: 6.2
Item Page Number: 19
Menifee Finance Committee November 12, 2024 Page 35 of 191

Exhibit 1
Arroyo Vista Partners
Tract No. 38128
Proposed City of Menifee CFD with EMWD JCFA
Bond Sizing and Total Tax Rate Analysis - 5.00% Interest Rate and 1.91% Total Tax Rate I. Home Prices and Combined Tax Rates:

LAND USE INFORMATION TOTAL TAX RATE ANALYSIS
Proposed 0 FY 23/24 ESTIMATED
City Facilities Estimated Ad Valorem Other Fixed City of Menifee Proposed Total Total CFD Home Unit Base Tax Rate Charges & Maintenance CFD City Facilities CFD Total Tax Facilities CFD Tract No. Plan Tax Category Size (Sq Ft) Count Sales Price (1.09843%) Assess. Special Tax Special Tax Taxes Rate Revenues (a) (a) (a) (a) (a) (b) (c) (d) (e)
38128 1 ≤ 2,350 2,200 19 570,000$ 6,261$ 37$ 700$ 3,872$ 10,869$ 1.91% 73,560$ 38128 2 2,350 - 2,549 2,500 19 590,000 6,481 37 700 4,033 11,251 1.91% 76,632 38128 3 2,750 - 2,949 2,800 19 610,000 6,700 37 700 4,195 11,632 1.91% 79,705 38128 4 2,950 - 3,149 3,100 20 635,000 6,975 37 700 4,397 12,109 1.91% 87,942 38128 5 ≥ 3,150 3,250 19 645,000 7,085 37 700 4,478 12,300 1.91% 85,081 Total/ Wtd. Avg. 2,773 96 610,260$ 6,703$ 37$ 700$ 4,197$ 11,637$ 1.91% 402,920$ II. Proposed City CFD Bond Sizing & Construction Proceeds: Total Revenue available for Debt Service [(Taxes for Bonding less Admin Expenses of $30,000)/ 110% Debt Service Coverage)] 339,018$ Bond Amount (5.00% Interest, 30 Year Term and 29 Year Amortization, 2% Escalating Special Taxes) 6,560,000$ Underwriter Discount (Minimum of $50,000 or 2.0%) (131,200) Reserve Fund (125% of the Avg. Annual Debt Service) (573,055) Capitalized Interest (0 months) -
Incidental Costs (248,108)
Total Net Construction Proceeds 5,607,638$
Per Unit 58,413$
III. Allocation of Net Construction Proceeds:

City of Menifee Per Unit Total
City of Menifee Premium - To be Retained by City (20% of DIF) (100% of $367,114) 3,824$ 367,114$ City of Menifee DIF (100% of $15,344 per unit) 15,344 1,473,048 City of Menifee Facilities (100% of $814,715 ESTIMATE) 8,487 814,715 Sub-total - City of Menifee 27,655$ 2,654,877$ Eastern Municipal Water District (2024 Fees)
EMWD Water and Sewer Fees (100% of $18,276 per unit) 18,276$ 1,754,496$ EMWD 1800 Pressure Zone Facilities Contribution (100% of $12,482 per unit) 12,482 1,198,265 Sub-total - EMWD 30,758$ 2,952,761$
Total Net Construction Proceeds 58,413$ 5,607,638$ IV. NET BENEFIT TO BUILDER - PROPOSED CITY CFD:

City of Menifee DIF (100% of $15,344 per unit) 15,344$ 1,473,048$ City of Menifee Facilities (100% of $814,715 ESTIMATE) 8,487 814,715 EMWD Water and Sewer Fees (100% of $18,276 per unit) 18,276 1,754,496 EMWD 1800 Pressure Zone Facilities Contribution (100% of $12,482 per unit) 12,482 1,198,265 NET CONSTRUCTION PROCEEDS TO BUILDER 54,589$ 5,240,524$ V. Footnotes:
(a) Product mix and pricing provided by Arroyo Vista Partners on 2/23/24. (b) Includes 1.00% plus the following:
- A tax of 0.08173% is charged for fiscal year 2023-2024 by the Perris Union High School District to pay debt service for outstanding bonds within the district. - A tax of 0.01320% is charged for fiscal year 2023-2024 by the Mt. San Jacinto Junior College to pay debt service for outstanding bonds within the district. - A tax of 0.00350% is charged for fiscal year 2023-2024 by the Metropolitan Water District to pay debt service for outstanding bonds within the district. (c) Includes the following:
- MWD charges a standby fee at a rate of $6.94 per acre, or $6.94 per parcel if less than an acre. - EMWD charges a standby fee at a rate of $26.00 per acre, or $26.00 per parcel if less than an acre. - Riverside County Flood Control and Water Conservation District annual assessment of $3.75 per unit. (d)
(e) Represents the proposed Special Tax for the City of Menifee CFD to finance City DIF and facilities, EMWD water and sewer fees, and 1800 Pressure Zone Facilities Contribution.

Represents the PRELIMINARY ESTIMATE for the special tax of the City of Menifee CFD for the maintenance of the basin, public landscaping, streetlights, traffic signals, streets, graffiti abatement and other public improvements. This special tax escalates each fiscal year by the greater of 2% or the percentage increase in the CPI for Los Angeles-Riverside-Orange County. This ESTIMATE is subject to change until a maintenance exhibit is prepared and a budget is prepared by the City.

Item: 6.2
Item Page Number: 20
Menifee Finance Committee November 12, 2024 Page 36 of 191

City of Menifee DIF Rate Per Units Total
Eligible DIF as of 7/1/23 [1]
Law Enforcement 925$ DU 96 88,800$
Fire 647 DU 96 62,112
Circulation 7,097 DU 96 681,312
General Government 1,176 DU 96 112,896
Parks - Improvements 1,723 DU 96 165,408
Quimby EST. 7,553 DU 96 725,040
Quimby Credit EST. (3,776) DU 96 (362,520) City 20% Premium 3,824 DU 96 367,114
Total City Development Impact Fees 19,168$ 1,840,162$ City of Menifee Facilities Total
Street Improvements 814,715$
Total City Facilities 814,715$
Eastern Municipal Water District Fees ("EMWD") Rate Per Units Total 2024 Fees
Water Financial Participation Fee 7,416$ DU 96 711,936$ Sewer Financial Participation Fee 3,476 DU 96 333,696 Sewer Treatment Capacity Fee 6,589 DU 96 632,544 Water Supply Development Fee 403 DU 96 38,688 Water Meter Fee (1" Meter) 392 DU 96 37,632 Total EMWD Fees 18,276$ 1,754,496$
EMWD 1800 Pressure Zone ("PZ") Water System [2] Rate Per Units Total EMWD 1800 PZ Pariticpation Fee 12,482$ DU 96 1,198,265$ Total EMWD Participation Fees 12,482$ 1,198,265$ Total City DIF/Facilities, EMWD Fees and Facilities 5,607,638$ [1] Note that animal shelter, master planning and nexus study, and library fees are not CFD eligible. [2] Per the Cost Sharing Agreement dated 1/5/2023 for the 1800 Pressure Zone Water System Facilities, the Developer for Tract 38128 will contribute a total of $1,198,264.99.

Exhibit 2
Tract No. 38128
Arroyo Vista Partners
Proposed City of Menifee CFD with EMWD JCFA
Preliminary List of Authorized Facilities
Item: 6.2
Item Page Number: 21
Menifee Finance Committee November 12, 2024 Page 37 of 191

Land Use Category Taxable Unit
Developed Floor
Area
Proposed Special
Tax
1 - Residential Property DU ≤ 2,350 3,872$
2 - Residential Property DU 2,350 - 2,549 4,033
3 - Residential Property DU 2,550 - 2,749 4,114
4 - Residential Property DU 2,750 - 2,949 4,195
5 - Residential Property DU 2,950 - 3,149 4,397
6 - Residential Property DU ≥ 3,150 4,478
Exhibit 3
Arroyo Vista Partners
Tract No. 38128
Proposed City of Menifee CFD with EMWD JCFA
Proposed Special Tax for Developed Property
Item: 6.2
Item Page Number: 22
Menifee Finance Committee November 12, 2024 Page 38 of 191

I. Calculation of Net Taxable Acres:

Gross Acreage 28.38
Less: Other (Streets, etc.) 11.54
Net Taxable Acres 16.84
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues 402,920$
Net Taxable Acres 16.84
Less: Contingency Factor (

1.68)
Net Taxable Acres (Adjusted) 15.16
Undeveloped Property Tax Rate per Acre 26,584$
Exempt Acres 13.22
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Net Taxable Acres 15.16
Undeveloped Property Tax Rate per Acre 26,584$
Total Undeveloped Property Tax 402,920$
Total Units 96
Backup Special Tax per Unit 4,197$
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues 402,920$
Total Net Acres (Square Feet) 660,217
Backup Special Tax per Lot Square Foot 0.6103$
Exhibit 4
Tract No. 38128
Proposed City of Menifee CFD with EMWD JCFA
Summary of Acreage, Undeveloped Property
Item: 6.2
Item Page Number: 23
Menifee Finance Committee November 12, 2024 Page 39 of 191

Lot No.

Lot Area
(Sq. Ft.) Lot No.

Lot Area
(Sq. Ft.)
1 7,200 51 7,800
2 7,215 52 7,800
3 7,215 53 7,800
4 7,215 54 7,800
5 7,215 55 7,800
6 7,215 56 8,082
7 7,215 57 7,785
8 7,215 58 7,215
9 7,215 59 7,215
10 7,215 60 7,215
11 7,215 61 7,215
12 8,066 62 7,215
13 9,504 63 7,215
14 11,072 64 7,215
15 8,880 65 7,643
16 7,740 66 8,413
17 7,215 67 7,800
18 7,548 68 7,800
19 7,240 69 7,800
20 9,368 70 7,800
21 8,054 71 7,800
22 7,966 72 7,800
23 7,475 73 7,800
24 7,682 74 8,247
25 8,341 75 7,759
26 11,544 76 7,215
27 9,130 77 7,215
28 7,282 78 7,215
29 7,211 79 7,215
30 7,215 80 7,215
31 7,215 81 7,215
32 7,215 82 7,215
33 7,215 83 7,615
34 7,215 84 8,123
35 7,215 85 9,286
36 7,215 86 7,678
37 7,215 87 7,215
38 7,215 88 7,215
39 7,215 89 7,215
40 7,213 90 7,863
41 7,248 91 7,228
42 7,204 92 7,239
43 7,215 93 7,232
44 7,215 94 7,232
45 7,215 95 7,835
46 7,215 96 7,218
47 7,277 Total Net SF 733,398
48 8,445 Total Net Acres 16.84
49 7,800
50 7,800 Gross Acres 28.38
Exhibit 5
Tract No. 38128
Proposed City of Menifee CFD with EMWD JCFA
Lot Area Summary
Item: 6.2
Item Page Number: 24
Menifee Finance Committee November 12, 2024 Page 40 of 191

CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-2, Quartz Trail, by Lennar Homes
MEETING DATE: November 12, 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 (“CFD”) No. 2025-2, Quartz Trail, by Lennar Homes to finance certain costs of public improvements for the development of a residential tract containing 80 lots located north of Corson Avenue and east of Evans Road and recommend submittal to the City Council for consideration.

DISCUSSION
The developer, Lennar Homes, is proposing to develop 80 lots within a residential tract that sits north of Corson Avenue and east of Evans Road in the City of Menifee. Lennar has requested the City form CFD No. 2025-2 in accordance with the Mello-Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements within the development would be financed by the levy of a special tax and the issuance of bonds in the approximate amount of $5.6 million.

ATTACHMENTS

1. CFD 2025-2 Proforma Summary

2. CFD 2025-2 Project Map

3. CFD 2025-2 Proforma

4. CFD 2025-2 Boundary Map

6. CFD 2017-2 Annexation 13 Maintenance Exhibit

7. CFD 2025-2 Facilities CFD Application
Item: 6.3
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 41 of 191

CFD 2025‐2 (Quartz Trail)
Proforma Summary Sheet
Applicant: Lennar Homes
Project Description
Acreage Gross: 25.89; Net: 18.19
Development Description Detached Single Family Residential Number of Units (50 min) 80 Units
Estimated Home Size Range 2,767 SF to 4,134 SF
Average Home Size 3,334 SF
Average Estimated Home Price $751,995
Total Effective Tax Rate (2.00% Max) 1.81%
CFD Tax Rate Range $3,960 to $4,994
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 13
Maintenance CFD Rate $606/Unit

Bond Sizing Assumptions
Average Coupon 5.00%
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 $345,479

Estimated Sources and Uses
Sources
Par Bond Amount $5,630,000
Uses
Reserve Fund $487,425
Capitalized Interest $0
Underwriter Discount $112,600
Cost of Issuance $250,000
Improvement Fund $4,779,975

Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees & Facilities 49% $2,338,254 $2,338,254
City Premium (20%) 5% $253,780 $253,780
Eastern Municipal Water District 46% $2,919,162 $2,187,941 Totals $5,511,196 $4,779,975

Unfunded $731,221

Item: 6.3
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 42 of 191

Proposed Schedule
Finance Committee November 12, 2024
Resolution of Intention January 15, 2025
Public Hearing March 5, 2025
2nd Reading Ordinance March 19, 2025

Item: 6.3
Item Page Number: 3
Menifee Finance Committee November 12, 2024 Page 43 of 191

EVANS
RD

MURRIETA
RD

CORSON AVE

CRAIG AVE

HOLLAND RD

BRADLEY
RD
^_

NEWPORT RDNORMANDY RD

LAZY CREEK RD CHAMPIONS DR
CASAB

ONITA AVE

ALD ERGATE DR
HAUN
RD

KELLER RD

PALOMAR RD
M
C
BOB
RD
ANTELO
PE
RD

MELMORE LN

CANYON LAKE DRN

NEWPORT RD

CANYON HILLS RD

RAILROAD CAN Y ONRD

POTOMAC DR

LUPIN PL
EVANS
RD

FLAXLEAF DR

LASFLORES DR

STERN DR

MURRIETA RD

HILLSID E DR
WRIG
HT

RDBUNDY

CANYON R D

BYERS STCRAIG AVE

GEARY STHEMLOCK ST

FIR ST DEBON ST

ELROY RD
CFD NO. 2025-2
(QUARTZ TRAIL)

PROJECT MAP
Item: 6.3
Item Page Number: 4
Menifee Finance Committee November 12, 2024 Page 44 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Plan 12345678 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,800 to 3,001 to 3,201 to 3,401 to 3,601 to 3,801 to Over 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,000
Estimated Home Size 2,767 2,889 3,010 3,217 3,423 3,660 3,897 4,134 3,334 Estimated Home Price $700,990 $590,000 $709,990 $610,000 $749,000 $782,000 $815,000 $848,000 $751,995 $7,009.90 $5,900.00 $7,099.90 $6,100.00 $7,490.00 $7,820.00 $8,150.00 $8,480.00 $7,519.95 $49.07 $41.30 $49.70 $42.70 $52.43 $54.74 $57.05 $59.36 $52.64 $480.18 $404.15 $486.34 $417.85 $513.07 $535.67 $558.28 $580.88 $515.12 $18.79 $15.81 $19.03 $16.35 $20.07 $20.96 $21.84 $22.73 $20.15 $356.10 $299.72 $360.67 $309.88 $380.49 $397.26 $414.02 $430.78 $382.01 $60.29 $50.74 $61.06 $52.46 $64.41 $67.25 $70.09 $72.93 $64.67 $60.29 $50.74 $61.06 $52.46 $64.41 $67.25 $70.09 $72.93 $64.67 $8,034.61 $6,762.46 $8,137.76 $6,991.70 $8,584.89 $8,963.13 $9,341.37 $9,719.61 $8,619.22 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00
$21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94
$606.00 $606.00 $606.00 $606.00 $606.00 $606.00 $606.00 $606.00 $606.00 $3,959.51 $3,178.34 $4,022.85 $3,319.10 $4,297.41 $4,529.67 $4,761.93 $4,994.19 $4,318.49 $4,597.45 $3,816.28 $4,660.79 $3,957.04 $4,935.35 $5,167.61 $5,399.87 $5,632.13 $4,956.43 $12,632.06 $10,578.74 $12,798.56 $10,948.74 $13,520.24 $14,130.74 $14,741.24 $15,351.74 $13,575.65

1.80% 1.79% 1.80% 1.79% 1.81% 1.81% 1.81% 1.81% 1.81%
Ad‐Valorem Tax Rate (1.00%)
Metro Water East (0.00700%)
Perris Union HS (0.06850%)
Mt. San Jacinto College (0.00268%)
Menifee Union School (0.05080%)
EMWD IMP U‐35 (0.00860%)
EMWD IMP U‐36 (0.00860%)
Subtotal GO Bond Debt
Perris Union HS CFD 92‐1
Flood Control Stormwater
EMWD Standby
MWD Standby charge
CFD No. 2017‐1 Zone 13 ‐ Maint Svcs*
Proposed CFD No. 2025‐2 ‐ Fac Special Tax**
Subtotal Special Assessments and Taxes
Total Annual Property Taxes
Annual Prop. Tax Rates as % of Home Price
Unit Mix 20 ‐ 20 ‐ 20 ‐ ‐ 20 80
(1)Total CFD ‐ Annual Tax Collections $79,190 $0 $80,457 $0 $85,948 $0 $0 $99,884 $345,479 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Special Taxes ‐ (2)Admin. / 110% Cov) $65,740 $0 $66,791 $0 $71,350 $0 $0 $82,919 $286,799 II. Total Estimated Home Square Footage: 55,340 ‐ 60,200 ‐ 68,460 ‐ ‐ 82,680 266,680 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2025 Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $5,630,000 Underwriter Discount (2.00%) $112,600
Reserve Fund (Maximum Annual Debt Service) $487,425
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $850,025 Net Bond Proceeds $4,779,975
Item: 6.3
Item Page Number: 5
Menifee Finance Committee November 12, 2024 Page 45 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 36803
80 Lots
(Quartz Trail)
I. Calculation of Net Taxable Acres:

Gross Acreage 25.89
Less: Exempt Acres 7.70
Net Taxable Acres 18.19
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $345,479
Net Taxable Acres 18.19
Less: Contingency Factor (10%) 1.82
Net Taxable Acres (Adjusted) 16.37
Undeveloped Property Tax Rate per Acre $21,103
Total Exempt Acreage 9.52
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 18.19
Undeveloped Property Tax Rate per Acre $21,103
Total Units 80
Backup Special Tax per Unit $4,798
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $345,479
Total Net Acres (Square Feet) 713,121
Backup Special Tax Rate per Lot Square Foot $0.4845
Item: 6.3
Item Page Number: 6
Menifee Finance Committee November 12, 2024 Page 46 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 2,800 $3,960 20 $79,190 $95,966
2,800 to 3,000 $3,178 0 $0 $0
3,001 to 3,200 $4,023 20 $80,457 $95,966
3,201 to 3,400 $3,319 0 $0 $0
3,401 to 3,600 $4,297 20 $85,948 $95,966
3,601 to 3,800 $4,530 0 $0 $0
3,801 to 4,000 $4,762 0 $0 $0
Greater than 4,000 $4,994 20 $99,884 $99,884
Non‐residential Property $21,103
Backup Tax Rate per Unit $4,798
Backup Tax Rate per S.F. $0.4845
80 $345,479 $387,782
Tax Rate for Bonding $325,256
Sizing at Max tax rate $7,700,000
Future Facilities (rounded up) $7,000,000
Range of Home Sizes
Item: 6.3
Item Page Number: 7
Menifee Finance Committee November 12, 2024 Page 47 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Use of Bond Proceeds
CFD 2025‐2 Tract Nos. 36803
80 Lots
FUNDING REQUIREMENTS Per Lot (Quartz Trail)
City Fees
Law Enforcement $1,012 $80,960
Fire Facilities $708 $56,640
Circulation $7,764 $621,120
General Govt $1,287 $102,960
Parks and Recreation $1,885 $150,800
Quimby $2,921 $233,700
Storm Drain A‐B Watershed $284 $22,720
Subtotal City Fees $15,861 $1,268,900
City Premium (20%) $3,172 $253,780
Total City Fees $19,033 $1,522,680
City Facilities
Landscape and Trail Improvements $3,125 $250,000
Street Improvements $10,242 $819,354
Total City Facilities $13,367 $1,069,354
Total City Facilities and Fees $32,400 $2,592,034
EMWD Fees
Sewer Financial Participation Charge $3,476 $278,080
Sewer Treatment Plant Capacity Charge $6,589 $527,120
Water Financial Participation Charge $7,416 $593,280
Water Supply Development Fee $403 $32,240
1" Meter Drop‐In Fee $377 $30,160
Total EMWD Fees $18,261 $1,460,880
EMWD Facilities
Water Improvements $5,599 $447,929
Sewer Improvements $4,371 $349,704
Recycled Water Improvements $8,258 $660,649
Total EMWD Facilities $18,229 $1,458,282
Total EMWD Facilities and Fees $36,490 $2,919,162
Total Cost $68,890 $5,511,196
Potential Project Funds Available $4,779,975
ALLOCATION OF PROCEEDS % Per Lot Total
City Facilities 22% $13,367 $1,069,354
City Fees 27% $9,852 $1,268,900
City Premium 5% $3,172 $253,780
Other Agency 46% $27,349 $2,187,941
Total Funded by Bond Proceeds 100% $53,740 $4,779,975
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0
Unfunded Requirement $731,221
Total Fees to be Funded by Developer $731,221
Item: 6.3
Item Page Number: 8
Menifee Finance Committee November 12, 2024 Page 48 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $345,479 $30,000 $5,000 5.00% $281,500 $286,500 110.11% 2 9/1/2027 $352,389 $30,600 $10,000 5.00% $281,250 $291,250 110.49% 3 9/1/2028 $359,437 $31,212 $15,000 5.00% $280,750 $295,750 110.98% 4 9/1/2029 $366,625 $31,836 $20,000 5.00% $280,000 $300,000 111.60% 5 9/1/2030 $373,958 $32,473 $30,000 5.00% $279,000 $309,000 110.51% 6 9/1/2031 $381,437 $33,122 $35,000 5.00% $277,500 $312,500 111.46% 7 9/1/2032 $389,066 $33,785 $45,000 5.00% $275,750 $320,750 110.77% 8 9/1/2033 $396,847 $34,461 $55,000 5.00% $273,500 $328,500 110.32% 9 9/1/2034 $404,784 $35,150 $65,000 5.00% $270,750 $335,750 110.09% 10 9/1/2035 $412,880 $35,853 $75,000 5.00% $267,500 $342,500 110.08% 11 9/1/2036 $421,137 $36,570 $85,000 5.00% $263,750 $348,750 110.27% 12 9/1/2037 $429,560 $37,301 $95,000 5.00% $259,500 $354,500 110.65% 13 9/1/2038 $438,151 $38,047 $105,000 5.00% $254,750 $359,750 111.22% 14 9/1/2039 $446,914 $38,808 $120,000 5.00% $249,500 $369,500 110.45% 15 9/1/2040 $455,853 $39,584 $130,000 5.00% $243,500 $373,500 111.45% 16 9/1/2041 $464,970 $40,376 $145,000 5.00% $237,000 $382,000 111.15% 17 9/1/2042 $474,269 $41,184 $160,000 5.00% $229,750 $389,750 111.12% 18 9/1/2043 $483,754 $42,007 $175,000 5.00% $221,750 $396,750 111.34% 19 9/1/2044 $493,430 $42,847 $195,000 5.00% $213,000 $408,000 110.44% 20 9/1/2045 $503,298 $43,704 $210,000 5.00% $203,250 $413,250 111.21% 21 9/1/2046 $513,364 $44,578 $230,000 5.00% $192,750 $422,750 110.89% 22 9/1/2047 $523,631 $45,470 $250,000 5.00% $181,250 $431,250 110.88% 23 9/1/2048 $534,104 $46,379 $270,000 5.00% $168,750 $438,750 111.16% 24 9/1/2049 $544,786 $47,307 $295,000 5.00% $155,250 $450,250 110.49% 25 9/1/2050 $555,682 $48,253 $320,000 5.00% $140,500 $460,500 110.19% 26 9/1/2051 $566,795 $49,218 $340,000 5.00% $124,500 $464,500 111.43% 27 9/1/2052 $578,131 $50,203 $370,000 5.00% $107,500 $477,500 110.56% 28 9/1/2053 $589,694 $51,207 $400,000 5.00% $89,000 $489,000 110.12% 29 9/1/2054 $601,488 $52,231 $430,000 5.00% $69,000 $499,000 110.07% 30 9/1/2055 $613,518 $53,275 $460,000 5.00% $47,500 $507,500 110.39% 31 9/1/2056 $625,788 $54,341 $490,000 5.00% $24,500 $514,500 111.07% Total $14,641,219 $1,271,383 $5,630,000 $6,443,750 $12,073,750 110.73% Item: 6.3
Item Page Number: 9
Menifee Finance Committee November 12, 2024 Page 49 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Lot Summary
Lot SF Acreage Lot SF Acreage
1 9,583 0.22           41 8,276 0.19
2 13,068 0.30           42 8,276 0.19
3 12,197 0.28           43 8,276 0.19
4 13,504 0.31           44 8,276 0.19
5 13,504 0.31           45 8,276 0.19
6 7,841 0.18           46 10,454 0.24
7 8,276 0.19           47 10,454 0.24
8 9,148 0.21           48 10,019 0.23
9 8,276 0.19           49 12,632 0.29
10 8,276 0.19           50 13,068 0.30
11 8,276 0.19           51 8,712 0.20
12 8,276 0.19           52 7,405 0.17
13 11,326 0.26           53 8,276 0.19
14 11,326 0.26           54 8,276 0.19
15 11,326 0.26           55 8,276 0.19
16 11,326 0.26           56 8,276 0.19
17 11,326 0.26           57 8,276 0.19
18 11,326 0.26           58 9,148 0.21
19 11,326 0.26           59 10,890 0.25
20 11,326 0.26           60 8,276 0.19
21 13,068 0.30           61 8,276 0.19
22 17,860 0.41           62 8,276 0.19
23 11,326 0.26           63 8,276 0.19
24 10,454 0.24           64 10,019 0.23
25 8,276 0.19           65 9,583 0.22
26 8,276 0.19           66 8,276 0.19
27 8,276 0.19           67 8,276 0.19
28 12,632 0.29           68 9,148 0.21
29 15,682 0.36           69 8,276 0.19
30 22,216 0.51           70 13,068 0.30
31 9,148 0.21           71 10,890 0.25
32 13,068 0.30           72 7,405 0.17
33 8,712 0.20           73 7,841 0.18
34 8,276 0.19           74 8,712 0.20
35 8,276 0.19           75 9,148 0.21
36 8,276 0.19           76 9,583 0.22
37 8,276 0.19           77 9,148 0.21
38 8,276 0.19           78 8,712 0.20
39 8,712 0.20           79 8,712 0.20
40 8,712 0.20           80 8,276 0.19
Totals 428,630          9.84          363,726    8.35                       ‐             ‐              ‐                  ‐              ‐                  ‐ Grand Total 792,356        18.19
Item: 6.3
Item Page Number: 10
Menifee Finance Committee       November 12, 2024        Page 50 of 191

CITY OF MENIFEE DRAFT v2
CFD No. 2017-1 (Maintenance Services)
Applicant Development Name Tract No. Res/Comm Date
Foremost Pacific Group Estrella 36803 Residential 7/1/2022 Units Net Acres Gross Acres Net Acres Units Annex No. 80 18.07
Prepared by - John Zimmerman 29.29 18.07 80 13 Description Measure Tax A Total Tax B Total Per Unit Grand Total Street Frontage SF 27,730 $7,644.73 - $0.00 $7,644.73 Trees Qty 75 $2,153.79 - $0.00 $2,153.79 Subtotal $122.48 $9,798.52 $0.00 $0.00 $122.48 $9,798.52 LED Qty 15 $2,768.49 - $0.00 $2,768.49
Other Qty
- $0.00 - $0.00 $0.00
Subtotal $34.61 $2,768.49 $0.00 $0.00 $34.61 $2,768.49
Street Sweeping LF 3,384 $1,166.15 $0.00 $1,166.15 Sidewalks - (20 year replacement) SF 25,305 $1,453.37 - $0.00 $1,453.37 Pavement Management SF 114,406 $5,519.49 - $0.00 $5,519.49 Subtotal $101.74 $8,139.01 $0.00 $0.00 $101.74 $8,139.01 Detention/Debris Basin SF - $0.00 30,188 $8,322.37 $8,322.37 Storm Drains Pipe LF 2,161 $352.49 219 $35.72 $388.21 Curb Inlet Catch Basin EA 1 $280.00 5 $1,400.00 $1,680.00 WQ Outlet Structure EA - $0.00 4 $1,837.90 $1,837.90 Other Qty - $0.00 - $0.00 $0.00
Subtotal $7.91 $632.49 $144.95 $11,595.98 $152.86 $12,228.47 Neighborhood (5 ac. Per 1,000) 3.164 pph Acre 1.27 $17,445.32 - $0.00 $17,445.32 Subtotal $218.07 $17,445.32 $0.00 $0.00 $218.07 $17,445.32 DG SF 8,878 $509.90 - $0.00 $509.90 Fencing LF 1,480 $1,154.14 - $0.00 $1,154.14 Other LF - $0.00 - $0.00 $0.00
Subtotal $20.80 $1,664.04 $0.00 $0.00 $20.80 $1,664.04
Graffiti
Abatement Unit 80 $262.82 - $0.00 $262.82 Subtotal $3.29 $262.82 $0.00 $0.00 $3.29 $262.82
Total Direct Costs $508.88 $40,710.70 $144.95 $11,595.98 $653.83 $52,306.68 Description Tax A Total Tax B Total Total
Reserves (10%) - Does Not include Parks, Pavement, or Sidewalk $1,629.25 $1,159.60 $2,788.85 Auditor-Controller Fees ($135/Yr) $135.00 $135.00 $270.00 Admin (5%) - Minimum $750 $2,035.53 $750.00 $2,785.53
Total Soft Costs $47.50 $3,799.79 $25.56 $2,044.60 $73.05 $5,844.38 Grand Total $556.38 $44,510.48 $170.51 $13,640.58 $726.89 $58,151.06 Rate/Cost Rate Total Rate Total Rate Total
Per Unit $556.38 $44,510.48 $170.51 $13,640.58 $726.89 $58,151.06 Per Acre $2,463.23 $44,510.48 $754.87 $13,640.58 $3,218.10 $58,151.06 TrailsSoft Costs
Tax A Tax B ALL
LandLightStreetsDrainParks
Item: 6.3
Item Page Number: 11
Menifee Finance Committee November 12, 2024 Page 51 of 191

PROPOSED BOUNDARY MAP
SHEET 1 OF 2 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2025-2
(QUARTZ TRAIL)

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. 2025-2
(QUARTZ TRAIL), 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
5 6 7 8 9 BY: _______________________________
DEPUTY
10 11 124
3 34
35 FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS ____ DAY OF ________, 20____.
20 21 22 23 24 25 26
27 13
14 15
36 37
38 39
40 2
1 19
18 17
16 73
32 31 30 29 28
33 ______________________________

CITY CLERK

CITY OF MENIFEE
72 71
74 75 76 77
81 80 79 7883 828570
69 68 67 66 65 64 63 62 61 60
51 52 53 54 55 56 57 58 59
50 þ
74 84
49 48 47 46 45þ
74 44 43 4142
§ ¦215
LEGENDMENIFEECFD 2025-2
_ CITY BOUNDARY

CFD BOUNDARY

PARCEL LINE

XXX-XXX-XXX ASSESSOR PARCEL NUMBER

REFERENCE NUMBER
-
1 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 2024-25. 0 250 500 1,000 Feet
Item: 6.3
Item Page Number: 12
Menifee Finance Committee November 12, 2024 Page 52 of 191

PROPOSED BOUNDARY MAP
SHEET 2 OF 2 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2025-2
(QUARTZ TRAIL)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
REFERENCE # APN REFERENCE # APN REFERENCE # APN REFERENCE # APN 1 2
358790001
358790002
358790003
358790004
358790005
358790006
358790007
358790008
358790009
358790010
358790011
358790012
358790013
358790014
358790015
358790016
358790017
358790018
358790019
358790020
358790021
358790022
23 24
25 26
27 28
29 30
31 32
33 34
35 36
37 38
39 40
41 42
43 358790023
358790024
358790025
358790026
358790027
358790028
358790029
358790030
358790031
358790032
358790033
358790034
358790035
358800001
358800002
358800003
358800004
358800005
358800006
358800007
358800008
44 45
46 47
48 49
50 51
52 53
54 55
56 57
58 59
60 61
62 63
64 358800009
358800010
358800011
358800012
358800013
358800014
358800015
358800016
358800017
358800018
358800019
358800020
358800021
358800022
358800023
358800024
358800025
358800026
358800027
358800028
358800029
65 66
67 68
69 70
71 72
73 74
75 76
77 78
79 80
81 82
83 84
85 358800030
358800031
358800032
358800033
358800034
358800035
358800036
358800037
358800038
358800039
358800040
358800041
358800042
358800043
358800044
358800045
358800046
358800047
358800048
358800049
358800050
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
Item: 6.3
Item Page Number: 13
Menifee Finance Committee November 12, 2024 Page 53 of 191

PlayBooster®
(5-12 years)
Max Fall Height: 72 inches
SPA

MAJESTIC GAS
ECHELON WDV600
POOL
HC
LIFT
HC
LIFT
1A1A
1B1B
1C1C
2A2A
3A3A
4A4A
4B4B
6A6A
5A5A
R.O.W.

SIDEWALK

SIDEWALK
R.O.W.

R.O.W.

L.L.

R.O.W.

C.B. C.B.

SAND

FILTER PER
CIVIL

DRAINAGE

UTILITY

EASEMENT

PER CIVIL

FOREBAY
PER
CIVIL
PAVING
WALK
WALK
WALK
WALK
WALK
WALK
STEPS

SIDEWALK

SIDEWALK
L.L.

L.L.

R.O.W.

L.L.

R.O.W.

EASEMENT
D.G. TRAIL
R.O.W.

R.O.W.

R.O.W. L.L.

BOUNDARY
R.O.W.

R.O.W.

EASEMENT
D.G. TRAILEASEMENT
D.G. TRAIL

BOUNDARY
R.O.W.

R.O.W.

R.O.W.R.O.W.

R.O.W.

BOUNDARY

BOUNDARY
R.O.W.

R.O.W.

EASEMENT
D.G. TRAIL

EASEMENT
D.G. TRAIL
R.O.W.

L.L.

BOUNDARY
L.L.

R.O.W.

L.L.

R.O.W.

L.L.

R.O.W.
ec tse Arc hiL andscap t
(909) 949-6159 / fax (909) 985-3405
Upland, California 91786-4297
1793 W. Arrow Highway
E

PROFESSIONAL
O
S
S S A
D E

T A I C
I G
S
N
N

CFD MAINTENANCE EXHIBIT
ESTRELLA AT MENIFEE VALLEY - TRACT #36803 - FOREMOST PACIFIC GROUP CITY OF MENIFEE JUNE 28, 2022
NEWPORT RD.

MENIFEE RD.

HAUN RD.

SCOTT RD.BUNDY CYN. RD.

HOLLAND RD.HOLLAND RD.

EVANS RD.

MURRIETA RD.

CORSON AVE.

CRAIG AVE.

SHEET: 1 OF 2
MATCHLINE 'A', SEE SHEET 2
STREET 82,890 s.f. 31,516 s.f. 114,406 s.f.

C.F.D. MAINTENANCE AREA
SIDEWALK 17,515 s.f. 7,790 s.f. 25,305 s.f.

STREETSCAPE 24,915 s.f. 2,815 s.f. 27,730 s.f.

COMMUNITY TRAIL 8,878 s.f. 8,878 s.f.

STREET LIGHT 11 ea. 4 ea. 15 ea.

PROJECT / TRACT LIMIT LINE
STREET TREE 58 ea. 17 ea. 75 ea.

CURB & GUTTER 2,131 l.f. 1,253 l.f. 3,384 l.f.

Streets
Holland Rd. & Evans Rd Corson Ave TOTAL
CITY STORM DRAIN LINES ± 2,161 l.f.

CITY OF MENIFEE MAINTAINED
Storm Drain 36" - 1160 l.f.

Storm Drain 42" - 674 l.f.

Storm Drain 48" - 327 l.f.

STORM DRAIN INLET 1 EA

STREET LIGHT,
TYP.

STORM

DRAIN INLET

MAINTAINED

BY CITY OF

MENIFEE

STORM DRAIN
LINE

EXTERIOR CURB
INLET,

MAINTAINED BY

CITY OF MENIFEE

INTERIOR CURB

INLET, SEE HOA

MAINTENANCE

EXHIBIT

CATCH BASIN,

MAINTAINED BY

CITY OF MENIFEE

PROJECT /

TRACT LIMIT
LINE
CURB
/
GUTTER

COMMUNITY
TRAIL

SIDEWALK
Item: 6.3
Item Page Number: 14
Menifee Finance Committee November 12, 2024 Page 54 of 191

ec tse Arc hiL andscap t
(909) 949-6159 / fax (909) 985-3405
Upland, California 91786-4297
1793 W. Arrow Highway
E

PROFESSIONAL
O
S
S S A
D E

T A I C
I G
S
N
N

CFD MAINTENANCE EXHIBIT
ESTRELLA AT MENIFEE VALLEY - TRACT #36803 - FOREMOST PACIFIC GROUP CITY OF MENIFEE JUNE 28, 2022
NEWPORT RD.

MENIFEE RD.

HAUN RD.

SCOTT RD.BUNDY CYN. RD.

HOLLAND RD.HOLLAND RD.

EVANS RD.

MURRIETA RD.

CORSON AVE.

CRAIG AVE.

SHEET: 2 OF 2
MATCHLINE 'A', SEE SHEET 1

CITY STORM DRAIN LINES

CITY OF MENIFEE MAINTAINED
Storm Drain 36" - 1160 l.f.

Storm Drain 42" - 674 l.f.

Storm Drain 48" - 327 l.f.

STORM
DRAIN
OUTLET
STORM
DRAIN
LINE

COUNTY STORM DRAIN LINES

RIVERSIDE COUNTY FLOOD

CONTROL MAINTAINED
Storm Drain 48" - 117 l.f.

STORM DRAIN OUTLET 1 EA

CITY OF MENIFEE

MAINTAINED
RCFC

MAINTAINED
NOTE : SEE OFFSITE STREET

AND DRAINAGE IMPROVEMENT

PLANS FOR STORM DRAIN LINE
DATA
Item: 6.3
Item Page Number: 15
Menifee Finance Committee November 12, 2024 Page 55 of 191

OPTIONAL SLIDER DOORTILE

TILE

GAS METER

GAS METER
TILE

OPTIONAL SLIDER DOORTILE

TILE

OPTIONAL SLIDER DOORTILE

TILE

OPTIONAL SLIDER DOORTILE

TILE

OPTIONAL SLIDER DOOR
TILE

TILE

PER LOT CONDITION

TILE

GAS METER

OPTIONAL SLIDER DOOR
TILE

TILE

GAS METER

PER LOT CONDITION

OPTIONAL SLIDER DOORTILE

GAS METER
TILE

TILE

GAS METER

GAS METER
UP
TEXT
UP
17R
UPTEXT
UP
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UPTEXT
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UP
TEXT
UP17R
UP
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UP17R
UPTEXT
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UPTEXT
UP17R
UP
TEXT
UP17R
UPTEXT
UP
17R
UP
TEXT
UP
17R
UPTEXT
UP
17R
UP
TEXT
UP
17R
PlayBooster®
(5-12 years)
Max Fall Height: 72 inches
SPA
X

XXXXXXX
XXXX

X X X X X X X X X X X X
X X X

X X X X

XXXXXXXXXX
BIKE
LANE

STOPSTOP
STOP

STOPSTOPSTOP
BIKE
LANE
BIKE
LANE
BIKE
LANE
BIKE
LANE
STOP

MAJESTIC GAS
ECHELON WDV600
POOL
HC
LIFT
HC
LIFT
1A1A
1B1B
1C1C
2A2A
3A3A
4A4A
4B4B
6A6A
5A5A
ec tse Arc hiL andscap t
(909) 949-6159 / fax (909) 985-3405
Upland, California 91786-4297
1793 W. Arrow Highway
E

PROFESSIONAL
O
S
S S A
D E

T A I C
I G
S
N
N
H.O.A. MAINTENANCE EXHIBIT
ESTRELLA AT MENIFEE VALLEY - TRACT #36803 - FOREMOST PACIFIC GROUP CITY OF MENIFEE JUNE 28, 2022
NEWPORT RD.

MENIFEE RD.

HAUN RD.

SCOTT RD.BUNDY CYN. RD.

HOLLAND RD.HOLLAND RD.

EVANS RD.

MURRIETA RD.

CORSON AVE.

CRAIG AVE.

SHEET: 1 OF 2

MATCHLINE 'A', SEE CFDMAINTANCE EXHIBIT

STORM DRAIN
INLET

MAINTAINED

BY CITY OF

MENIFEE

STORM DRAIN
LINE

MAINTAINED

BY CITY OF

MENIFEE

EXTERIOR CURB
INLET

MAINTAINED BY

CITY OF MENIFEE

INTERIOR CURB
INLET (3)

CATCH BASIN

PROJECT /

TRACT LIMIT
LINE
CURB
/
GUTTER

SIDEWALK

STORM DRAIN
OUTLET

INTRACT STORM
DRAIN LINES (3)

INTERIOR

STREET LIGHT,
TYP.

SEWER

EASEMENT
Item: 6.3
Item Page Number: 16
Menifee Finance Committee November 12, 2024 Page 56 of 191

ec tse Arc hiL andscap t
(909) 949-6159 / fax (909) 985-3405
Upland, California 91786-4297
1793 W. Arrow Highway
E

PROFESSIONAL
O
S
S S A
D E

T A I C
I G
S
N
H.O.A. MAINTENANCE EXHIBIT
ESTRELLA AT MENIFEE VALLEY - TRACT #36803 - FOREMOST PACIFIC GROUP CITY OF MENIFEE JUNE 28, 2022 SHEET: 2 OF 2 H.O.A. MAINTENANCE AREA
INTERIOR STREETS 145,276 s.f.

INTERIOR SIDEWALK 44,676 s.f.

ENTRIES STREETSCAPE 6,466 s.f.

COMMUNITY PARK 17,787 s.f.

INTERIOR STREET LIGHT 30 ea

PROJECT / TRACT LIMIT LINE
STORM DRAIN OUTLET 1 ea
FRONT YARDS 161,407 s.f.

WATER QUALITY BASIN 30,188 s.f.

INTERIOR CURB INLET 3 ea
CATCH BASIN 4 ea
EXTERIOR CURB INLET 1 ea
CURB 7,685 l.f.

GUTTER including street crossings 7,842 l.f.

SEE
C.F.D. MAINTENANCE

EXHIBIT
CITY STORM DRAIN LINES ± 2,161 l.f.

CITY OF MENIFEE MAINTAINED
STORM DRAIN INLET 1 EA
SEWER EASEMENT @ BASIN 3,160 s.f.

INTRACT HOA DRAIN LINES ± 219 l.f.
6" CONCRETE (CLASS A) 1,653 s.f.

INTERIOR PARK & REC LIGHT 8 ea
Item: 6.3
Item Page Number: 17
Menifee Finance Committee November 12, 2024 Page 57 of 191

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 req
uired for each zone or improvement area.

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

SPICER CONSULTING GROUP USE ONLY
Date Received: Amount:

Proposed Special District Number:

1. IDENTIFICATION OF SUBJECT PROPERTY
Description of Property (include N, S, E &/or W, borders, acreage & tract number) A. APN(s) and/or Master Parcel Number
Attach Backup (if needed)
Include all Assessor Parcel Numbers to be included in the Special District in their entirety (XXX‐XXX‐XXX‐X)
B. Tract/Tentative Tract Map Number
Enclose copy of map
C. Recorded Lot Line Adjustments
Enclose copy of document(s)
D. Mapping Status □ Approved □ Tentative
E. Environmental Permits Required □ Yes □ No
F. Status of Permits □ Application in Process
G. Conditions of Approval Required □ Yes □ No
By Whom
H. Status of Conditions □ In Process □ Completed
Estrella (TR 36803)
Approximately 30.00 gross acres located in the City of Menifee, north of Corson Avenue, east of Evans Road, and south of Holland Road.
358-790-001 to 035
358-800-001 to 050
36803
■
■
City of Menifee
■
Item: 6.3
Item Page Number: 18
Menifee Finance Committee November 12, 2024 Page 58 of 191

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
(951) 741-7635
[email protected]
(949) 542-7072
(949) 542-7076
[email protected]
6879 Airport Dr., Riverside CA, 92504
(951) 688-0241
(951) 688-0599
[email protected]
80 18.20
N/A (recorded map)

1.85 6 per month
Lennar Homes of California, LLC
Bryce Flemming
Project Manager
Zimmerman Group
John Zimmerman
Principal
4140 Temescal Canyon Rd, Suite 410, Corona CA 92883
Adkan Engineers
Richard Reaves
Registered Civil Engineer
28202 Cabot Rd, Suite 620, Laguna Niguel, CA 92677
Item: 6.3
Item Page Number: 19
Menifee Finance Committee November 12, 2024 Page 59 of 191

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

7. FINANCING STRUCTURES OFFERED TO HOMEBUYERS
□ FHA □ VA □ VARIABLE
□ OTHER

8. FINANCING MECHANICS
Acreage Commence Occupancy
(Quarter & Year)
1 2 3 4
sq. ft.

18.20 Q2 2025
NA
NA
NA
NA
NA
NA
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
TBD
TBD
TBD
TBD
TBD
TBD
Zimmerman Group / Spicer Consulting Group
Zimmerman Group / Spicer Consulting Group
Yes
EMWD
Sewer/Water Fees & Facilities
Thomas Hays
Assistant Chief Financial Officer
PO Box 8300 Perris, CA 92572-8300
(951) 928-3777
[email protected]
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
9,913
Item: 6.3
Item Page Number: 20
Menifee Finance Committee November 12, 2024 Page 60 of 191

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
■
2025-2026
To Be Determined
6 See Exhibit A
See Exhibit A
See Exhibit B
Item: 6.3
Item Page Number: 21
Menifee Finance Committee November 12, 2024 Page 61 of 191

EXHIBIT A
Lennar Homes - Menifee 80 (TR No. 36803)
Proposed City of Menifee CFD No. 2025-1 (Quartz Trail)
Effective Tax Rate Analysis and Bond Sizing
October 7, 2024
Assumptions Estimated Sources & Uses of Funds Allocation of Improvement Fund Est. Tax Rate 1.85% Sources 5,650,000$ Description Per Unit Total Average Int. Rate 5.00% City DIF Fees * 15,861$ 1,268,900$ Admin. Expense 30,000$ Uses City Improvements 16,121 1,289,664 Cost of Issuance 250,000$ Reserve Fund 488,959$ EMWD Fee 18,261 1,460,880 Cap. Int.(Months) 6 Cap. Interest 137,375 EMWD Improvements 5,156 412,441 Und. Discount 2.00% Und Discount 113,000 MUSD School Fees (TBD) - - Special Tax Rev. 345,563$ Issuance Costs 225,000 Contingency - - City Fee Premium 253,780 Total CFD Funding 55,399$ 4,431,885$ Improvement Fund 4,431,885
Total Uses 5,650,000$
Land Use Information & Total Property Tax Rates Special Tax Revenues Ad Other City Proposed Annual Annual
Square Footage Base Valorem Fixed Serv. CFD City of Menifee Total Tax Total Tax Special Special Tax Product Plan Home SF (a) Category Pricing (a) Taxes(b) Chrgs(c) 2017-1 (d) CFD Tax (e) Per Unit Rate % Tax Unit Mix Collections TBD 1 2,767 ≤ 2,800 700,990$ 8,035$ 368$ 605$ 3,961$ 12,968$ 1.85% 3,961$ 20 79,211$ TBD 2 3,010 3,001 - 3,200 709,990 8,138 368 605 4,024 13,135 1.85% 4,024 20 80,478 TBD 3 3,423 3,401 - 3,600 749,000 8,585 368 605 4,298 13,857 1.85% 4,298 20 85,969 TBD 4 4,134 ≥ 4,001 848,000 9,720 368 605 4,995 15,688 1.85% 4,995 20 99,905 CFD Total / Avg 3,334 751,995$ 8,619$ 368$ 605$ 4,320$ 13,912$ 1.85% 4,320$ 80 345,563$ Footnotes:
(a) Product and pricing provided by Lennar Homes.
(b) Ad Valorem taxes total 1.14618% of the assessed value for FY 24-25 (Includes $0 Homeowner Exemption). (c) Estimated other fixed charges and assessments for FY 2024-25: Amount Flood Control…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..4.00$ Perris Union HS CFD No. 92-1…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..336.26 MWD Standby East…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..6.94 EMWD Standby-Combined Charge…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..21.00 Total Fixed Charges 368.20$
(d) Represents the estimated Special Tax for City of Menifee CFD No. 2017-1 (Tax Zone 13) for the 2024-25 tax year, which shall increase by the greater of the Index or 2% annually. (e) Represents the proposed City of Menifee CFD Special Tax for FY 2024-25 tax year, escalating 2% annually. * See fee premium shown under the Sources and Uses of Funds section.

DRAFT
Item: 6.3
Item Page Number: 22
Menifee Finance Committee November 12, 2024 Page 62 of 191

EXHIBIT B
Lennar Homes - Menifee 80 (TR No. 36803)
Proposed City of Menifee CFD No. 2025-1 (Quartz Trail)
Preliminary List of CFD Eligible Facilities
October 7, 2024
Total Units 80
Estimated Project Square Footage 3,334
Per Unit Total
City of Menifee Fees (a)
Law Enforcement 1,012$ 80,960$
Fire Facilities 708 56,640
Transportation 7,764 621,120
General Government 1,287 102,960
Animal Shelter (Not CFD Eligible) - - Parks & Rec 1,885 150,800
Quimby Fees (b) 2,921 233,700
Storm Drain A_B Watershed 284 22,720
Subtotal City DIF fees 15,861$ 1,268,900$
City Fee Premium (20%) 3,172 253,780
Total City Fees 19,034$ 1,522,680$
City of Menifee Improvements (d)
Street Improvements (Holland, Evans, Corson) 10,242 819,354 City Landscape / DG Trails Improvements 3,125 250,000 Total City Improvements 13,367$ 1,069,354$
Total City of Menifee Facilities 32,400$ 2,592,034$ EMWD Fees (c)
Water Financial Participation Charge 7,416$ 593,280$ Sewer Financial Participation Charge 3,476 278,080 Sewer Treatment Plant Capacity Charge 6,589 527,120 Meter Fee 377 30,160
Water Development Fee 403 32,240
Total EMWD Fees 18,261$ 1,460,880$
EMWD Improvements (d)
EMWD Off-Site Water Improvements 5,599$ 447,929$ EMWD Off-Site Sewer Improvements 4,371 349,704 EMWD Off-Site Recycled Water Improvements 8,258 660,649 Total EMWD Improvements 18,229$ 1,458,282$
Total EMWD Facilities 36,490$ 2,919,162$
Total CFD Eligible Facilities 68,890$ 5,511,196$ Footnotes
(a) Represents the City of Menifee DIF fees effective July 1, 2024. (c) Represents the EMWD Fees effective January 1, 2024. (b) Quimby Fee amount provided by Desiree McGriff 4/1/24. (d) EMWD and City improvement completed prior to CFD formation and expected to be acquired after CFD formation and not subject to public works requirements.

DRAFT
Item: 6.3
Item Page Number: 23
Menifee Finance Committee November 12, 2024 Page 63 of 191

Exhibit C
Lennar Homes - Menifee 80 (TR No. 36803)
Proposed City of Menifee CFD No. 2025-1 (Quartz Trail)
Undeveloped Tax Rates and Taxable Acreage
October 7, 2024
CFD Total
Estimated Taxable Acreage (See Ex. D) 18.21
Contengency Percentage 5%
Contengency Acreage 0.91
Adjusted Taxable Acreage 17.30
Projected Special Tax Revenues 345,563.15$
Undeveloped Property Special Tax Per Acre 19,979.00$
Number of Lots 80
Total Estimated Backup Tax 363,742$
Estimated Average Backup Tax Per Lot 4,546.77$
Item: 6.3
Item Page Number: 24
Menifee Finance Committee November 12, 2024 Page 64 of 191

Exhibit D
Lennar Homes - Menifee 80 (TR No. 36803)
Proposed City of Menifee CFD No. 2025-1 (Quartz Trail)
Net Taxabel Acreage
October 7, 2024
Lot Sq. Ft. Lot Sq. Ft. Lot Sq. Ft.
1 9,529 31 9,206 61 8,400 2 13,209 32 13,154 62 8,400 3 12,066 33 8,944 63 8,400 4 13,301 34 8,162 64 10,137 5 13,420 35 8,170 65 9,500 6 7,945 36 8,178 66 8,160 7 8,160 37 8,171 67 8,160 8 9,000 38 8,171 68 9,001 9 8,160 39 8,773 69 8,374 10 8,160 40 8,618 70 13,187 11 8,160 41 8,149 71 10,982 12 8,160 42 8,149 72 8,190 13 11,367 43 8,142 73 8,365 14 11,440 44 8,150 74 9,017 15 11,440 45 8,170 75 9,447 16 11,440 46 10,357 76 9,485 17 11,440 47 10,273 77 9,111 18 11,440 48 9,762 78 8,646 19 11,406 49 12,470 79 8,671 20 11,483 50 12,861 80 8,297 21 12,790 51 8,550
22 17,949 52 9,037
23 11,160 53 8,160
24 10,389 54 8,160
25 8,083 55 8,160
26 8,278 56 8,160
27 8,274 57 8,160
28 12,528 58 9,214
29 15,653 59 10,984
30 22,287 60 8,400
Total SF 793,062
Total Acreage 18.21
Total Lots 80
Footnotes:
(a) Lot acreages based on recorded final tract map.

Tract 36803
Item: 6.3
Item Page Number: 25
Menifee Finance Committee November 12, 2024 Page 65 of 191

CITY OF MENIFEE
SUBJECT: Proposed Formation of Community Facilities District No. 2025-4, Heritage Village, by Foremost Pacific Group
MEETING DATE: November 12, 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 (“CFD”) No. 2025-4, Heritage Village, to finance certain costs of public improvements for the development of 162 townhomes located north of Rouse Road and west of Menifee Road and recommend submittal to the City Council for consideration.

DISCUSSION
The developer, Foremost Pacific Group, is proposing to develop 162 townhomes on land that sits north of Rouse Road and west of Menifee Road in the City of Menifee. Foremost Pacific Group has requested that the City form CFD No. 2025-4 in accordance with the Mello-Roos Community Facilities Act of 1982, as amended. The cost of certain public improvements within the development would be financed by the levy of a special tax and the issuance of bonds, totaling in approximately $8.1 million.

ATTACHMENTS

1. CFD 2025-4 Proforma Summary

2. CFD 2025-4 Project Map

3. CFD 2025-4 Proforma

4. CFD 2025-4 Boundary Map

5. CFD 2017-1 Annexation 29 Maintenance Exhibit

6. CFD 2025-4 Facilities CFD Application
Item: 6.4
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 66 of 191

CFD 2025‐4 (Heritage Village)
Proforma Summary Sheet
Applicant: Foremost Pacific Group
Project Description
Acreage Gross: 7.52; Net: 6.85
Development Description Attached Row Townhome Residential Units Number of Units (50 min) 162 Units
Estimated Home Size Range 918 SF to 1,336 SF
Average Home Size 1,154 SF
Average Estimated Home Price $428,333
Total Effective Tax Rate (2.00% Max) 1.85%
CFD Tax Rate Range $2,732 to $3,196
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 29
Maintenance CFD Rate $274/Unit

Estimated Sources and Uses
Sources
Par Bond Amount $8,115,000
Uses
Reserve Fund $702,586
Capitalized Interest $0
Underwriter Discount $162,300
Cost of Issuance $250,000
Improvement Fund $7,000,114

Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees & Facilities 49% $3,573,422 $3,573,422
City Premium (20%) 5% $599,684 $599,684
Eastern Municipal Water District 46% $2,832,581 $2,827,008 Totals $7,005,687 $7,000,114

Unfunded $5,573

Item: 6.4
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 67 of 191

Proposed Schedule
Finance Committee November 12, 2024
Resolution of Intention January 15, 2025
Public Hearing March 5, 2025
2nd Reading Ordinance March 19, 2025

Item: 6.4
Item Page Number: 3
Menifee Finance Committee November 12, 2024 Page 68 of 191

333-070-069

MOSS LANDING DR

MENIFEE RD

BACK BAY DR

LIDO DRNORTH BAY LN

STOWAWAY DR

MATTHEWS RD

TWIN HARBOR DR

STEAMBOAT DR

UNNAMED

ROUSE RD

SHELTER COVE CT

EMERALD COVE CT

JUNIPERO RD
^_MENIFEE
RD

NEWPORT RD

ETHANAC RD

NORMANDY RD

SHERMAN RD

MURRIETA RD

MCLAUGHLIN RD

LAZY CREEK RD CHAMPIONS DR

SUNCITYBLVD

CANNONDR
VALLEY
BLVD

GEARY ST

ALD ERGATE DR

JUNIPERO RDASPEL RD

BARNETT RD
§¨¦215

CHAMBERS AVE

POTOMAC DR
CFD NO. 2025-4
(HERITAGE VILLAGE)

PROJECT MAP
Item: 6.4
Item Page Number: 4
Menifee Finance Committee November 12, 2024 Page 69 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Plan 123 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,000 to Over 1,000 1,250 1,250
Estimated Home Size 918 1,209 1,336 1,154
Estimated Home Price $395,000 $435,000 $455,000 $428,333 Ad‐Valorem Tax Rate (1.00%) $3,950.00 $4,350.00 $4,550.00 $4,283.33 Metro Water East (0.00700%) $27.65 $30.45 $31.85 $29.98 Perris Union HS (0.06850%) $270.58 $297.98 $311.68 $293.41 Mt. San Jacinto Jr. College (0.00268%) $10.59 $11.66 $12.19 $11.48 Subtotal GO Bond Debt $4,258.81 $4,690.08 $4,905.72 $4,618.20 Flood Control Stormwater $3.75 $3.75 $3.75 $3.75
EMWD Standby $26.00 $26.00 $26.00 $26.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
Valley‐Wide Regional Facilities LMD 88‐1 $5.54 $5.54 $5.54 $5.54 Proposed CFD No. 2017‐1 ‐ Maint Svcs* $274.00 $274.00 $274.00 $274.00 Proposed CFD No. 2025‐4 ‐ Fac Special Tax** $2,732.00 $3,041.00 $3,196.00 $2,989.67 Subtotal Special Assessments and Taxes $3,048.23 $3,357.23 $3,512.23 $3,305.90 Total Annual Property Taxes $7,307.04 $8,047.31 $8,417.95 $7,924.10 Annual Prop. Tax Rates as % of Home Price 1.85% 1.85% 1.85% 1.85% Unit Mix 54                   54                  54                  162 (1)Total CFD ‐ Annual Tax Collections $147,528 $164,214 $172,584 $484,326 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Special Taxes ‐ (2)Admin. / 110% Cov) $125,809 $140,038 $147,176 $413,024 II. Total Estimated Home Square Footage: 49,572           65,286           72,144           187,002 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2025 Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $8,115,000 Underwriter Discount (2.00%) $162,300
Reserve Fund (Maximum Annual Debt Service) $702,586
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,114,886 Net Bond Proceeds $7,000,114
Item: 6.4
Item Page Number: 5
Menifee Finance Committee       November 12, 2024        Page 70 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 38346
162 Lots
(Heritage Village)
I. Calculation of Net Taxable Acres:

Gross Acreage 7.52
Less: Exempt Acres 0.67
Net Taxable Acres 6.85
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues $484,326
Net Taxable Acres 6.85
Less: Contingency Factor (10%) 0.69
Net Taxable Acres (Adjusted) 6.17
Undeveloped Property Tax Rate per Acre $78,561
Total Exempt Acreage 1.36
III. Calculation of Backup Special Tax Rate:

A. Backup Special Tax Rate per Unit
Total Taxable Acres 6.85
Undeveloped Property Tax Rate per Acre $78,561
Total Units 162
Backup Special Tax per Unit $3,322
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $484,326
Total Net Acres (Square Feet) 268,547
Backup Special Tax Rate per Lot Square Foot $1.8035
Item: 6.4
Item Page Number: 6
Menifee Finance Committee November 12, 2024 Page 71 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,000 $2,732 54 $147,528 $179,381
1,000 to 1,250 $3,041 54 $164,214 $179,381
Greater than 1,250 $3,196 54 $172,584 $179,381
Non‐residential Property $78,561
Backup Tax Rate per Unit $3,322
Backup Tax Rate per S.F. $1.8035
162 $484,326 $538,143
Tax Rate for Bonding $461,948
Sizing at Max tax rate $9,000,000
Future Facilities (rounded up) $8,000,000
Range of Home Sizes
Item: 6.4
Item Page Number: 7
Menifee Finance Committee November 12, 2024 Page 72 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Use of Bond Proceeds
CFD 2025‐4 Tract Nos. 38346
162 Lots
FUNDING REQUIREMENTS Per Lot (Heritage Village)
City Fees
Law Enforcement $1,012 $163,944
Fire Facilities $708 $114,696
Circulation $7,764 $1,257,768
General Govt $1,287 $208,494
Parks and Recreation $1,885 $305,370
Quimby $5,853 $948,150
Subtotal City Fees $18,509 $2,998,422
City Premium (20%) $3,702 $599,684
Total City Fees $22,211 $3,598,106
City Facilities
Menifee/Rouse Road Traffic Signal $3,086 $500,000
Design, Planning, Engineering (15%) $463 $75,000
Total City Facilities $3,549 $575,000
Total City Facilities and Fees $25,760 $4,173,106
EMWD Fees
Sewer Financial Participation Charge $3,476 $563,112
Sewer Treatment Plant Capacity Charge $6,589 $1,067,418 Water Financial Participation Charge $5,955 $964,715
Water Supply Development Fee $403 $65,286
1" Meter Drop‐In Fee $392 $63,504
1/5" Irrigation Meter Capacity Fee $416 $67,320
1/5" Irrigation Meter Installation Fee $8 $1,322
Water Frontage Fees $246 $39,904
Total EMWD Fees $17,485 $2,832,581
Total EMWD Facilities and Fees $17,485 $2,832,581
Total Cost $43,245 $7,005,687
Potential Project Funds Available $7,000,114
ALLOCATION OF PROCEEDS % Per Lot Total
City Facilities 8% $3,549 $575,000
City Fees 43% $9,852 $2,998,422
City Premium 9% $3,702 $599,684
Other Agency 40% $17,451 $2,827,008
Total Funded by Bond Proceeds 100% $34,554 $7,000,114
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0
Unfunded Requirement $5,573
Total Fees to be Funded by Developer $5,573
Item: 6.4
Item Page Number: 8
Menifee Finance Committee November 12, 2024 Page 73 of 191

CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $484,326 $30,000 $5,000 5.00% $405,750 $410,750 110.61% 2 9/1/2027 $494,013 $30,600 $15,000 5.00% $405,500 $420,500 110.21% 3 9/1/2028 $503,893 $31,212 $20,000 5.00% $404,750 $424,750 111.28% 4 9/1/2029 $513,971 $31,836 $30,000 5.00% $403,750 $433,750 111.15% 5 9/1/2030 $524,250 $32,473 $40,000 5.00% $402,250 $442,250 111.20% 6 9/1/2031 $534,735 $33,122 $55,000 5.00% $400,250 $455,250 110.18% 7 9/1/2032 $545,430 $33,785 $65,000 5.00% $397,500 $462,500 110.63% 8 9/1/2033 $556,338 $34,461 $75,000 5.00% $394,250 $469,250 111.22% 9 9/1/2034 $567,465 $35,150 $90,000 5.00% $390,500 $480,500 110.78% 10 9/1/2035 $578,814 $35,853 $105,000 5.00% $386,000 $491,000 110.58% 11 9/1/2036 $590,391 $36,570 $120,000 5.00% $380,750 $500,750 110.60% 12 9/1/2037 $602,199 $37,301 $135,000 5.00% $374,750 $509,750 110.82% 13 9/1/2038 $614,242 $38,047 $155,000 5.00% $368,000 $523,000 110.17% 14 9/1/2039 $626,527 $38,808 $170,000 5.00% $360,250 $530,250 110.84% 15 9/1/2040 $639,058 $39,584 $190,000 5.00% $351,750 $541,750 110.66% 16 9/1/2041 $651,839 $40,376 $210,000 5.00% $342,250 $552,250 110.72% 17 9/1/2042 $664,876 $41,184 $235,000 5.00% $331,750 $566,750 110.05% 18 9/1/2043 $678,173 $42,007 $255,000 5.00% $320,000 $575,000 110.64% 19 9/1/2044 $691,737 $42,847 $280,000 5.00% $307,250 $587,250 110.50% 20 9/1/2045 $705,572 $43,704 $305,000 5.00% $293,250 $598,250 110.63% 21 9/1/2046 $719,683 $44,578 $335,000 5.00% $278,000 $613,000 110.13% 22 9/1/2047 $734,077 $45,470 $360,000 5.00% $261,250 $621,250 110.84% 23 9/1/2048 $748,758 $46,379 $390,000 5.00% $243,250 $633,250 110.92% 24 9/1/2049 $763,733 $47,307 $425,000 5.00% $223,750 $648,750 110.43% 25 9/1/2050 $779,008 $48,253 $460,000 5.00% $202,500 $662,500 110.30% 26 9/1/2051 $794,588 $49,218 $495,000 5.00% $179,500 $674,500 110.51% 27 9/1/2052 $810,480 $50,203 $535,000 5.00% $154,750 $689,750 110.23% 28 9/1/2053 $826,689 $51,207 $575,000 5.00% $128,000 $703,000 110.31% 29 9/1/2054 $843,223 $52,231 $615,000 5.00% $99,250 $714,250 110.74% 30 9/1/2055 $860,088 $53,275 $660,000 5.00% $68,500 $728,500 110.75% 31 9/1/2056 $877,290 $54,341 $710,000 5.00% $35,500 $745,500 110.39% Total $20,525,465 $1,271,383 $8,115,000 $9,294,750 $17,409,750 110.59% Item: 6.4
Item Page Number: 9
Menifee Finance Committee November 12, 2024 Page 74 of 191

CITY OF MENIFEE DRAFT v3
CFD No. 2017-1 (Maintenance Services)
Applicant Development Name Tract No. Res/Comm Date
John Zimmerman Heritage Village TR 38346 Res. 10/24/2024 Units Net Acres Principal Gross Acres Net Acres Units Annex No. 162 7.52

7.52 7.52 162 29
Description Measure Tax A Total Tax B Total Per Unit Grand Total Street Frontage SF 13,970 $4,281.74 - $0.00 $4,281.74 Trees Qty 55 $4,300.31 - $0.00 $4,300.31 Other Qty - $0.00 - $0.00 $0.00 Subtotal $52.98 $8,582.05 $0.00 $0.00 $52.98 $8,582.05
200 Watt, 24,600 Lumens Qty 6.000 $1,903.21 - $0.00 $1,903.21 Other Qty - $0.00 - $0.00 $0.00 Subtotal $11.75 $1,903.21 $0.00 $0.00 $11.75 $1,903.21
Street Sweeping LF 1,211 $568.11 $0.00 $568.11 Sidewalks - (20 year replacement) SF 15,770 $3,078.02 - $0.00 $3,078.02 Pavement Management SF 82,151 $5,224.19 - $0.00 $5,224.19 Subtotal $54.76 $8,870.32 $0.00 $0.00 $54.76 $8,870.32
Storm Drains Pipe LF 298 $77.67 1,335 $347.93 $425.60 Bio-Retention Swale SF 623 $77.94 - $0.00 $77.94 Curb Inlet Catch Basin EA 1 $351.08 14 $4,915.15 $5,266.23 Subtotal $3.13 $506.69 $32.49 $5,263.08 $35.62 $5,769.77 Parks
Neighborhood (5 ac. Per 1,000) 3.164 pph Acre 1.22 $18,620.89 - $0.00 $18,620.89 Subtotal $114.94 $18,620.89 $0.00 $0.00 $114.94 $18,620.89 DG SF 3,650 $380.51 - $0.00 $380.51 Fencing LF 608 $1,166.91 - $0.00 $1,166.91 Other LF - $0.00 - $0.00 $0.00 Subtotal $9.55 $1,547.42 $0.00 $0.00 $9.55 $1,547.42
Graffiti
Abatement Unit 162 $743.75 - $0.00 $743.75 Subtotal $4.59 $743.75 $0.00 $0.00 $4.59 $743.75
Total Direct Costs $251.69 $40,774.32 $32.49 $5,263.08 $284.18 $46,037.40 Description Tax A Total Tax B Total Total
Reserves (10%) - Does Not include Parks, Pavement, or Sidewalk $1,385.12 $526.31 $1,911.43 Auditor-Controller Fees ($135/Yr) $135.00 $135.00 $270.00 Admin (5%) - Minimum $750 $2,038.72 $750.00 $2,788.72
Total Soft Costs $21.97 $3,558.84 $8.71 $1,411.31 $30.68 $4,970.15 Grand Total $273.66 $44,333.16 $41.20 $6,674.39 $314.86 $51,007.55 Rate/Cost Rate Total Rate Total Rate Total
Per Unit $273.66 $44,333.16 $41.20 $6,674.39 $314.86 $51,007.55 Per Acre $5,895.37 $44,333.16 $887.55 $6,674.39 $6,782.92 $51,007.55 LandLightingStreetsDrainTrailsSoft Costs
Tax A Tax B ALL
Item: 6.4
Item Page Number: 10
Menifee Finance Committee November 12, 2024 Page 75 of 191

PROPOSED BOUNDARY MAP
SHEET 1 OF 1 SHEET
COMMUNITY FACILITIES DISTRICT NO. 2025-4
(HERITAGE 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. 2025-4
(HERITAGE VILLAGE), 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 331-250-029
331-250-030
þ
74 CFD 2025-4
_þ
74 § ¦
215
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 2024-25. 0 250 500 1,000 Feet
Item: 6.4
Item Page Number: 11
Menifee Finance Committee November 12, 2024 Page 76 of 191

Item: 6.4
Item Page Number: 12
Menifee Finance Committee November 12, 2024 Page 77 of 191

Item: 6.4
Item Page Number: 13
Menifee Finance Committee November 12, 2024 Page 78 of 191

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 req
uired for each zone or improvement area.

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

SPICER CONSULTING GROUP USE ONLY
Date Received: Amount:

Proposed Special District Number:

1. IDENTIFICATION OF SUBJECT PROPERTY
Description of Property (include N, S, E &/or W, borders, acreage & tract number) A. APN(s) and/or Master Parcel Number
Attach Backup (if needed)
Include all Assessor Parcel Numbers to be included in the Special District in their entirety (XXX‐XXX‐XXX‐X)
B. Tract/Tentative Tract Map Number
Enclose copy of map
C. Recorded Lot Line Adjustments
Enclose copy of document(s)
D. Mapping Status □ Approved □ Tentative
E. Environmental Permits Required □ Yes □ No
F. Status of Permits □ Application in Process
G. Conditions of Approval Required □ Yes □ No
By Whom
H. Status of Conditions □ In Process □ Completed
LDW (TR No. 38346)
Approximately 9.54 gross acres located in the City of Menifee, north of Rouse Road, west of Menifee Road, west of Leon Road, and south of Case Road. 331-250-028
331-250-029
331-250-030
38346
■
■
City of Menifee
■
Item: 6.4
Item Page Number: 14
Menifee Finance Committee November 12, 2024 Page 79 of 191

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
714.722.1170
[email protected]
(949) 542-7072
(949) 542-7076
[email protected]
6879 Airport Dr Riverside CA, 92504
(951) 688-0241
(951) 688-0599
[email protected]
162

9.54 .954

2.00 TBD
Rouse 162 Investments, LLC
Bryan A. Bergeron
Vice President – Forward Planning & Land Development
Zimmerman Group
John Zimmerman
Principal
27271 Las Ramblas, #100, Mission Viejo, CA 92691
Adkan Engineers
Richard Reaves
Registered Civil Engineer
28202 Cabot Rd, Suite 620, Laguna Niguel, CA 92677
Item: 6.4
Item Page Number: 15
Menifee Finance Committee November 12, 2024 Page 80 of 191

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

7. FINANCING STRUCTURES OFFERED TO HOMEBUYERS
□ FHA □ VA □ VARIABLE
□ OTHER

8. FINANCING MECHANICS
Acreage Commence Occupancy
(Quarter & Year)
1 2 3 4
sq. ft.

6.85 TBD
NA
NA
NA
NA
NA
NA
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
TBD
TBD
TBD
TBD
TBD
TBD
Zimmerman Group
Zimmerman Group
Yes
EMWD
Sewer/Water Facilities
Thomas Hays
Assistant Chief Financial Officer
PO Box 8300 Perris, CA 92572-8300
(951) 928-3777
[email protected]
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
1,154
Item: 6.4
Item Page Number: 16
Menifee Finance Committee November 12, 2024 Page 81 of 191

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
2025-2026
To Be Determined
6 - 12
See Exhibit A
See Exhibit A
See Exhibit B
Item: 6.4
Item Page Number: 17
Menifee Finance Committee November 12, 2024 Page 82 of 191

Exhibit A
Foremost Pacific Group (TR No. 38346)
Proposed City of Menifee CFD No. 2024-X
Effective Tax Rate and Bond Sizing Analysis
May 21, 2024
City CFD Assumptions: EMWD CFD
Bond Interest Rate...........................................................................................................................................................................5.50% #### Bond Term (Years)...........................................................................................................................................................................30 30 Annual Admin Expense...........................................................................................................................................................................25,000$ ### Capitalized Interest (Months)...........................................................................................................................................................................6.00 ### Underwriter Discount...........................................................................................................................................................................2.00% #### Costs of Issuance...........................................................................................................................................................................225,000$ ### Debt Service Coverage...........................................................................................................................................................................110% 110% Total Special Tax Revenues...........................................................................................................................................................................453,273$ ### Sources & Uses of Proceeds Allocation of Bond Proceeds * Agency - Description Per Unit Total
Sources 7,365,000$
City of Menifee DIF 16,686$ 2,703,085$
Uses City Improvements 3,549 575,000
Reserve Fund 679,242$ EMWD Fees 17,485 2,832,581 Capitalized Interest 198,084 Contingency 29 4,708 Underwriter Discount 147,300 Total CFD Proceeds 37,749$ 6,115,374$ Costs of Issuance 225,000
Improvement Fund 6,115,374$
Total Uses 7,365,000$
* Excludes City Premium, School Premium & Contingency
Land Use and Property Tax Assumptions
Product Assumptions Plan 1 Plan 2 Plan 3 Total / Avg
Home Square Footage (Estimate) (a) 918 1,209 1,336 1,154 Unit Mix (Estimate) (a) 54 54 54 162 Estimated Base Home Price (a) 395,000$ 435,000$ 455,000$ 428,333$ Property Tax Information
Ad Valorem Property Taxes (1.09843%) (b) 4,338.80$ 4,778.17$ 4,997.86$ 4,704.94$ Flood Control Stormwater/Cleanwater (b) 3.75 3.75 3.75 3.75 MWD Standby East (b) 6.94 6.94 6.94 6.94 EMWD Standby - Combined Charge (b) 26.00 26.00 26.00 26.00 Valley-wide Regional Facilities LMD 88-1 (b) 5.54 5.54 5.54 5.54 City of Menifee CFD No. 2017-1 (Maintenance) (ESTIMATE) (d) 400.00 400.00 400.00 400.00 Proposed City of Menifee CFD No. 2024-X (Estimate) (e) 2,545.83 2,848.41 2,999.71 2,797.98 Total Estimated Tax Per Unit 7,326.86$ 8,068.82$ 8,439.80$ 7,945.16$ Total Tax Rate % 1.85% 1.85% 1.85% 1.85%
CFD Tax Revenues
City of Menifee CFD No. 2024-X (Estimate) 2,546$ 2,848$ 3,000$ 2,798$ Total City of Menifee CFD No. 2024-X Revenues 137,475$ 153,814$ 161,984$ 453,273$ Footnotes:
(a) Product and pricing provided by Developer.
(b) Based on 2023-2024 property tax bills for subject property and existing units adjacent to project. (c) Per review of the Title Report and District boundary maps, the project is not subject to the above CFDs or LMDs. (e) Represents the estimated City of Menifee CFD special tax (subject to change). (f) Represents the estimated EMWD CFD special tax (subject to change). (d) Per discussion with the City's tax consultant, represents an illustration of an estimated services tax based on the characteristics of the project, including maintenance for parkway landscape, street lights, streetsweeping, sidewalks, signals, and project share of City- wide parks. The actual amount to be determined based on approved plans and will be subject to the greater of CPI or 2% annual Item: 6.4
Item Page Number: 18
Menifee Finance Committee November 12, 2024 Page 83 of 191

Exhibit B
Foremost Pacific Group (TR No. 38346)
Proposed City of Menifee CFD No. 2024-X
Preliminary List of CFD Eligible Facilities
May 21, 2024
Per Unit Total
Total Residential Units 162
Wtd. Avg. Sq. Ft. 1,154
City of Menifee (a)
Law Enforcement 792$ 128,313$
Fire Facilities 554 89,677
Circulation 3,922 635,362
General Government 1,006 163,050
Animal Shelter 81 13,115
Parks & Recreation 1,475 238,903
Quimby Fees (c) 6,075 984,150
City Capital Facilities 2,781 450,514
Total City DIF fees 16,686$ 2,703,085$
City Improvements
Menifee/Rouse Road Trafiic Signal (Estimate) 3,086$ 500,000$ Design, Planning, Engineering (15%) 463 75,000 Total City Improvements 3,549$ 575,000$
Total City CFD Funding 20,235$ 3,278,085$
EMWD Fees (b)
Water Participation Charge (Qty 2 - 6" Lateral / 4" Meters; 66.67 EMS )5,955$ 964,715$ Sewer Financial Participation Charge 3,476 563,112 Sewer Treatment Plant Capacity Charge 6,589 1,067,418 1" Meter Drop in Fee 392 63,504
Water Supply Development Fee (d) 403 65,286 1/5" Irrigation Meter Capacity Fee (2 Meters) 416 67,320 1/5" Irrigation Meter Installation Fee (2 Meters) 8 1,322 Water Frontage Fees (Northside of Rouse Rd) (b) 246 39,904 Subtotal EMWD Fees 17,485$ 2,832,581$
Total Eligible Facilities 37,720$ 6,110,666$
Footnotes
(a) Represents the City of Menifee DIF Fees effective as of July 1, 2024. (b) Represents the EMWD connections fees applicable January 1, 2024. (c) City Quimby Fee based on 2.43 people per household and a parkland requirement of 5 acres per 1000 and an esimated park value of $500k per acre.

Item: 6.4
Item Page Number: 19
Menifee Finance Committee November 12, 2024 Page 84 of 191

Exhibit C
Foremost Pacific Group (TR No. 38346)
Proposed City of Menifee CFD No. 2024-X
Estimated Debt Service and Bond Sizing Schedule
May 21, 2024

ISSUANCE ASSUMPTIONS ESTIMATED SOURCES AND USES
Closing Date 3/1/2024 Sources
Special Tax Revenue Escalation 2.000% Par Bond Amount 7,365,000$ Annual Administration Expense 25,000$
Administration Expense Escalation 2.000% Uses
Debt Service Coverage Ratio 110% Reserve Fund 679,242$
Underwriter Discount Estimate 2.00% Capitalized Interest 198,084 Issuance Costs Estimate 225,000$ Underwriter Discount 147,300 Months of Capitalized Interest 6.00 Costs Of Issuance 225,000 Gross Special Taxes 453,273$ Construction Fund 6,115,374 Gross Special Taxes FY 2018-19 462,339$ Total Uses 7,365,000$

BOND DEBT SERVICE
Period Gross Priority Capitalized Net Debt Debt Service Ending Revenues Admin Principal Yield (a) Interest Interest Service Coverage 9/1/2024 462,339$ 25,000$ -$ 0.000% 198,084$ 198,084$ -$ NA 9/1/2025 471,586 25,500 5,000 1.535% 396,168 - 401,168 111.20% 9/1/2026 481,017 26,010 15,000 1.935% 396,091 - 411,091 110.68% 9/1/2027 490,638 26,530 25,000 2.585% 395,801 - 420,801 110.29% 9/1/2028 500,450 27,061 35,000 3.035% 395,154 - 430,154 110.05% 9/1/2029 510,459 27,602 40,000 3.385% 394,092 - 434,092 111.23% 9/1/2030 520,669 28,154 50,000 3.685% 392,738 - 442,738 111.24% 9/1/2031 531,082 28,717 65,000 3.985% 390,895 - 455,895 110.19% 9/1/2032 541,704 29,291 75,000 4.235% 388,305 - 463,305 110.60% 9/1/2033 552,538 29,877 90,000 4.385% 385,129 - 475,129 110.00% 9/1/2034 563,588 30,475 100,000 4.485% 381,182 - 481,182 110.79% 9/1/2035 574,860 31,084 115,000 4.585% 376,697 - 491,697 110.59% 9/1/2036 586,357 31,706 130,000 4.785% 371,424 - 501,424 110.62% 9/1/2037 598,084 32,340 145,000 4.935% 365,204 - 510,204 110.89% 9/1/2038 610,046 32,987 165,000 5.035% 358,048 - 523,048 110.33% 9/1/2039 622,247 33,647 185,000 5.135% 349,740 - 534,740 110.07% 9/1/2040 634,692 34,320 205,000 5.185% 340,240 - 545,240 110.11% 9/1/2041 647,386 35,006 225,000 5.285% 329,610 - 554,610 110.42% 9/1/2042 660,334 35,706 245,000 5.335% 317,719 - 562,719 111.00% 9/1/2043 673,540 36,420 270,000 5.385% 304,648 - 574,648 110.87% 9/1/2044 687,011 37,149 300,000 5.535% 290,108 - 590,108 110.13% 9/1/2045 700,751 37,892 325,000 5.535% 273,503 - 598,503 110.75% 9/1/2046 714,766 38,649 355,000 5.535% 255,514 - 610,514 110.75% 9/1/2047 729,062 39,422 390,000 5.535% 235,864 - 625,864 110.19% 9/1/2048 743,643 40,211 420,000 5.535% 214,277 - 634,277 110.90% 9/1/2049 758,516 41,015 460,000 5.635% 191,030 - 651,030 110.21% 9/1/2050 773,686 41,835 495,000 5.635% 165,108 - 660,108 110.87% 9/1/2051 789,160 42,672 540,000 5.635% 137,215 - 677,215 110.23% 9/1/2052 804,943 43,526 585,000 5.635% 106,785 - 691,785 110.07% 9/1/2053 821,042 44,396 630,000 5.635% 73,820 - 703,820 110.35% 9/1/2054 837,463 45,284 680,000 5.635% 38,319 - 718,319 110.28% Total 19,593,657 1,059,486 7,365,000 5.500% 9,208,512 198,084 16,375,428 110.00% Item: 6.4
Item Page Number: 20
Menifee Finance Committee November 12, 2024 Page 85 of 191

Exhibit D
Foremost Pacific Group (TR No. 38346)
Proposed City of Menifee CFD No. 2024-X
Derivation of Taxable Acreage and Special Tax for Debt Service May 21, 2024
Developed Property Revenues (See Exhibit A) (1) $453,273 Total Units (2) 162
I. Derivation of Minimum Taxable Acreage
Net Taxable Acreage (a) (3) 6.850
Contingency (Recorded Maps 10%) (4) 0.685
Minimum Taxable Acreage [ (3) - (4) ] (5) 6.165
II. Maximum Special Tax for Debt Service
Undeveloped Property Rate Per Acre [ (1) / (5) ] (6) 73,524$ Estimated Backup Special Tax per Unit [ (3) * (6) / (2) ] $3,108.87 .

Footnotes:
(a) Net Taxable Acreage based on the Net Lot Area per the project Site Plan for TR 38346.

Item: 6.4
Item Page Number: 21
Menifee Finance Committee November 12, 2024 Page 86 of 191

CITY OF MENIFEE
SUBJECT: Proposed Bond Issuance for Community Facilities District No. 2023-2 Improvement Area 1, Cimarron Ridge
MEETING DATE: November 12, 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 bond issuance request for Community Facilities District (“CFD”) No. 2023-2 Improvement Area 1, Cimarron Ridge by Pulte Homes, to finance the costs of certain public improvements in connection with the development of 424 homes in a community located south of Rouse Road and west of Byers Road within the City of Menifee; and

DISCUSSION
Pulte Homes (“Developer”) owns a residential tract approved for a total of 756 homes within the City of Menifee (“City”). The project is divided into two improvement areas, known as Improvement Area 1 (“IA1”), consisting of 424 homes, and Improvement Area 2 (“IA2”), consisting of 332 homes.

Last month, the City received a request from the Developer to move forward with the issuance of bonds for CFD No. 2023-2 IA1, which is situated south of Rouse Road and west of Byers Road, to fund eligible City facilities. This size of this bond issuance (the “Series 1” bonds) would be based on the 288 lots within IA1 for which building permits have been issued. A future bond issuance would cover the cost of facilities for the remaining 136 lots in IA1.

As of early October, of the 288 homes for which building permits have been issued, 197 homes (68%) have sold and closed, and 53 homes (18%) have sold and are in escrow. Based on the Item: 6.5
Item Page Number: 1
Menifee Finance Committee November 12, 2024 Page 87 of 191

City of Menifee Staff Report
Proposed Bond Issuance for CFD 2023-2 IA1, Cimarron Ridge November 12, 2024

Page 2 of 2 ends

2 4
2 0
development’s status, the City’s tax consultant, Spicer Consulting Group, estimates that $4.6 million in bonds could be issued.

A preliminary bond analysis prepared by Spicer Consulting evaluated 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 14.15:1, greater than the City’s policy of 4:1 and an estimated average tax rate ranging of 1.92%, 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 0% delinquency rate, which is below the 5% limit established in bond covenants.

Based on current interest rates, it is anticipated that the IA1 bonds would finance approximately $3.9 million in eligible City of Menifee facilities and fees.

Table 1: Summary of CFD 2023-2 IA1, Cimarron Ridge, Activity:

Description Date
Finance Committee CFD Formation Review December 13, 2022 Resolution of Intention March 15, 2023
Resolutions of CFD Formation
(City Council Approval) April 19, 2023 / May 3, 2023

ATTACHMENTS

1. CFD 2023-2 IA1 Proforma Summary

2. CFD 2023-2 IA1 Project Map

3. CFD 2023-2 IA1 Preliminary Bond Sale Analysis

4. CFD 2023-2 IA1 Boundary Map

5. CFD 2017-1 Annexation 22 Boundary Map

6. CFD 2023-2 Public Hearing Report

7. Bond Issue Request
Item: 6.5
Item Page Number: 2
Menifee Finance Committee November 12, 2024 Page 88 of 191

CFD 2023‐2 IA 1 (Cimarron Ridge)
Proforma Summary Sheet
Applicant: Pulte Homes
Assumptions
Description Amount
Average Coupon 5.00%
Priority Administration $31,212
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 $295,701
Estimated Sources and Uses
Sources
Par Bond Amount $4,610,000
Uses
Reserve Fund   $402,646
Capitalized Interest   $0
Underwriter Discount   $92,200
Cost of Issuance   $250,000
Improvement Fund   $3,865,154
Allocation of Improvement Fund
Description Eligible Costs 2025 Bonds
City Facilities $5,230,823 $1,199,005
City Fees $5,832,202 $2,221,791
City Premium $1,166,440 $444,358
EMWD Fees & Facilities $5,243,486
Perris UHS $2,159,588
Menifee USD $1,155,966
Romoland SD $660,408
Totals $21,448,913 $3,865,154
Unfunded   $17,583,759
Other Items
Acreage Gross: 110.52; Net: 53.84
Development Description Detached Single Family Residential Number of Units (50 min) 288 Developed Units; 424 Total Units Estimated Home Size Range 1,959 SF to 3,961 SF
Average Home Size 2,382 SF
Average Estimated Home Price $648,868
Total Effective Tax Rate (2% Max) 1.88%
CFD Tax Rate Range $264 to $1,523
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD CFD 2017‐1 Tax Zone 22A, 22B, 22C
Maintenance CFD Rate $1,155(A), $935(B & C) per Unit

Item: 6.5
Item Page Number: 3
Menifee Finance Committee November 12, 2024 Page 89 of 191

CHAMBERS AVE

MCLAUGHLIN RD

MANTLE DR

ALABAST ERLOOP

SUNCITYBLVDROUSE RD

BRANDYWINE DR
VALLEY
BLVD

BYERS RD
^_

C HAMBERS AVE

ROUSE RD

WATSON RD

MCCALL BLVD

SHERMAN RD

PALOMA WAY

PACKARD ST

MATTHEWS
RD

EVANS RD
§¨¦215
·|}þ74
CFD NO. 2023-2 (CIMARRON RIDGE)
IMPROVEMENT AREA 1

PROJECT MAP

IMPROVEMENT
AREA 1

IMPROVEMENT
AREA 2
Item: 6.5
Item Page Number: 4
Menifee Finance Committee November 12, 2024 Page 90 of 191

CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron)
Preliminary Bond Analysis
As of 10/9/2024
Preliminary Bond Compliance Table
Criteria Requirement 2023-2 IA 1

14.15:11. Value to Lien (1)

4.00:1
Less than 5%

2.00%

2. Delinquency Levels

3. Effective Tax Rate (2)

0.00%

1.84% - 1.93%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes estimated FY 2025-26 enrollment.

1. General Information & Development Status
District Formation Date
District Assessed Value (1)
Bond Structure
April 19, 2023
N/A
100% Assigned
Estimated Preliminary Par Amount (2)
$0
Preliminary Value to Lien (3)

14.15:1
(1) District Assessed Value information not available via Riverside County as of 10/10/2024 (2) Par amount estimated based on estimated 5.00% Interest Rate. (3) Value to Lien is based upon estimated sizing information, Proposed Home Prices, and estimated bond amounts for EMWD and MUSD. 10/7/2024 Ownership Status As Of
Tract No. Land Owner Map Recordation
36658-1 thru -4 Pulte Home 12/23/2022
No. Lots @
Buildout
Permits Issued as of
10/7/2024
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
424 Lots 288 Lots
136 Lots
68% 53 197 7 232 Lots
81%Remaining Projected Closed of 288 Lots
Permitted of 288 Lots 100%

2. Special Tax Levy & Delinquency Status
No. Parcels (1) FY 2023-24 Levy
$36,134
Delinquencies (2)
39 $0
(1) Four developed units levied on one parent parcel.
(2) Delinquency information is as of 10/1/2024.

3. Bond Issuance Impact to Property Owners
Avg Home Estimated Average Tax Bill for FY 25-26
Other Taxes
CFD Tax Total Tax
$3,873 $1,027 $12,226
Value (1) Ad-Valorem Tax ETR
$648,868 $7,326 1.88%
(1) Based upon Sales Price provided by Pulte on October 7, 2024.

4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: $ 8,341,657
Sources Total
Bond Proceeds: Par Amount
Facilities Special Tax Levy FY 23-24
Total Sources
$
$
$
4,610,000
36,134
4,646,134
Uses Total
Debt Service Reserve Fund
Capitalized Interest
Underwriter's Discount
Cost of Issuance
Project Fund Proceeds
Total Uses
$
$
$
$
$
$
402,646
-
92,200
250,000
3,865,154
4,610,000
Net Bond Funds $ 36,134
Item: 6.5
Item Page Number: 5
Menifee Finance Committee November 12, 2024 Page 91 of 191

CITY OF MENIFEE
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Tax Zone
Class
1 4
2 3
141 2 6 7 8 9 10 12 13 15
Min Lot Sizes 5000 5000 5000 5000 5000 10000 10000 10000 10000 5000 5000 5000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under
2,300
2,300 to
2,500
2,701 to
2,900
3,101 to
3,300
Over
3,300
Under
3,350
3,350 to
3,550
3,550 to
3,750
Over
3,750
Under
2,300
2,300 to
2,600
Over
2,600
Estimated Home Size
Estimated Home Price
1,959 2,404 2,824 3,125 3,410 2,550 3,520 3,699 3,961 1,959 2,404 2,824 2,382 $589,990 $589,990 $618,990 $644,990 $659,990 $688,990 $737,990 $752,990 $778,990 $554,990 $589,990 $618,990 $648,868 Ad‐Valorem Tax Rate (1.00%)
Metro Water West (0.00700%)
Menifee School (0.05080%)
Perris Union HS (0.06850%)
Mt. San Jacinto Jr. College (0.00268%)
$5,899.90
$41.30
$299.71
$404.14
$15.81
$5,899.90
$41.30
$299.71
$404.14
$15.81
$6,189.90
$43.33
$314.45
$424.01
$16.59
$6,449.90
$45.15
$327.65
$441.82
$17.29
$6,599.90
$46.20
$335.27
$452.09
$17.69
$6,889.90
$48.23
$350.01
$471.96
$18.46
$7,379.90
$51.66
$374.90
$505.52
$19.78
$7,529.90
$52.71
$382.52
$515.80
$20.18
$7,789.90
$54.53
$395.73
$533.61
$20.88
$5,549.90
$38.85
$281.93
$380.17
$14.87
$5,899.90
$41.30
$299.71
$404.14
$15.81
$6,189.90
$43.33
$314.45
$424.01
$16.59
$6,488.68
$45.42
$329.63
$444.47
$17.39
Subtotal GO Bond Debt $6,660.87 $6,660.87 $6,988.27 $7,281.81 $7,451.16 $7,778.56 $8,331.76 $8,501.11 $8,794.64 $6,265.73 $6,660.87 $6,988.27 $7,325.60 Perris Union High School District CFD 92‐1
Flood Control Stormwater / Cleanwater / Santa Ana
EMWD Standby
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
$336.26
$3.78
$21.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Vallewide Regional Facility LMD 88‐1
Eastern Municipal Water District CFD 2018‐81
Menifee Union School District CFD 2020‐1
CFD No. 2017‐1 Zone 22 ‐ Maint Services FY 2025‐26
CFD No. 2023‐2 IA 1 ‐ FY 2025‐26 Special Tax**
Subtotal Special Assessments and Taxes
$5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $1,225.00
$797.99
$1,154.80
$833.36
$4,384.67
$1,285.00
$871.86
$1,154.80
$902.03
$4,587.20
$1,315.00
$947.80
$1,154.80
$998.78
$4,789.91
$1,315.00
$1,064.33
$1,154.80
$1,045.60
$4,953.25
$1,315.00
$1,162.13
$1,154.80
$1,112.19
$5,117.63
$1,450.00
$871.86
$934.69
$1,302.58
$4,932.64
$1,515.00
$1,162.13
$934.69
$1,435.75
$5,421.08
$1,515.00
$1,211.03
$934.69
$1,469.04
$5,503.27
$1,515.00
$1,320.27
$934.69
$1,523.15
$5,666.62
$1,700.00
$913.47
$934.69
$264.26
$4,185.94
$1,725.00
$933.24
$934.69
$750.13
$4,716.57
$1,725.00
$970.69
$934.69
$877.06
$4,880.95
$1,456.51
$1,010.89
$1,032.52
$1,026.74
$4,900.17
Total Annual Property Taxes $11,045.54 $11,248.07 $11,778.18 $12,235.06 $12,568.79 $12,711.20 $13,752.84 $14,004.38 $14,461.26 $10,451.66 $11,377.44 $11,869.23 $12,225.77 Annual Prop. Tax Rates as % of Home Price
Unit Mix

1.87%
37 1.91%
23 1.90%
20 1.90%
25 1.90%
23 1.84%
20 1.86%
22 1.86%
25 1.86%
23 1.88%
25 1.93%
24 1.92%
21 1.88%
288
(1)Total CFD ‐ Annual Tax Collections (2% Escalator)
(2)Administration
$30,834 $20,747 $19,976 $26,140 $25,580 $26,052 $31,587 $36,726 $35,032 $6,607 $18,003 $18,418 $295,701 $31,212
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverag
II. Total Estimated Home Square Footage:

III. CFD Bond Sizing & Construction Proceeds:
$25,072
72,483
$16,870
55,292
$16,243
56,480
$21,255
78,125
$20,800
78,430
$21,183
51,000
$25,684
77,440
$29,863
92,475
$28,486
91,103
$5,372
48,975
$14,639
57,696
$14,976
59,304
$240,445
818,803
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $4,610,000 Underwriter Discount (2.00%)
Reserve Fund (Maximum Annual Debt Service)
Capitalized Interest (6 mos.)
$92,200
$402,646
$0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs Net Bond Proceeds
$744,846
$3,865,154
Item: 6.5
Item Page Number: 6
Menifee Finance Committee November 12, 2024 Page 92 of 191

CITY OF MENIFEE
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
Revenue Coverage ‐ Assigned Tax Rate
Debt
Period
Ending
Gross
Revenues
Priority
Admin
Net Debt
Service
Service
CoverageYear Principal
$5,000
Coupon

5.00%
Interest
$230,5001 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
9/1/2055
$295,701 $31,212 $235,500 112.31%
112.29%
110.18%
110.61%
111.18%
111.88%
110.63%
111.70%
110.87%
110.33%
110.04%
111.86%
111.91%
110.37%
110.97%
111.76%
111.04%
110.63%
110.54%
110.72%
111.18%
110.36%
111.42%
111.22%
111.37%
110.41%
111.28%
111.06%
111.23%
110.45%
2 3
4 5
6 7
8 9
$301,615
$307,648
$313,801
$320,077
$326,478
$333,008
$339,668
$346,461
$353,391
$360,458
$367,668
$375,021
$382,521
$390,172
$397,975
$405,935
$414,053
$422,334
$430,781
$439,397
$448,185
$457,148
$466,291
$475,617
$485,130
$494,832
$504,729
$514,823
$525,120
$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
$55,428
$10,000
$20,000
$25,000
$30,000
$35,000
$45,000
$50,000
$60,000
$70,000
$80,000
$85,000
$95,000
$110,000
$120,000
$130,000
$145,000
$160,000
$175,000
$190,000
$205,000
$225,000
$240,000
$260,000
$280,000
$305,000
$325,000
$350,000
$375,000
$405,000

5.00%

5.00%
$230,250
$229,750
$228,750
$227,500
$226,000
$224,250
$222,000
$219,500
$216,500
$213,000
$209,000
$204,750
$200,000
$194,500
$188,500
$182,000
$174,750
$166,750
$158,000
$148,500
$138,250
$127,000
$115,000
$102,000
$88,000
$240,250
$249,750
$253,750
$257,500
$261,000
$269,250
$272,000
$279,500
$286,500
$293,000
$294,000
$299,750
$310,000
$314,500
$318,500
$327,000
$334,750
$341,750
$348,000
$353,500
$363,250
$367,000
$375,000
$382,000
$393,000
$397,750
$406,500
$414,000
$425,250
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 $72,750
$56,500
$39,000
$20,250
Total $11,996,040 $1,266,211 $4,610,000 $5,053,500 $9,663,500 111.03% Item: 6.5
Item Page Number: 7
Menifee Finance Committee November 12, 2024 Page 93 of 191

CITY OF MENIFEE
Community Facilities District No. 2023‐2 IA 1
(Cimarron Ridge)
Tract Nos. 36658‐1 thru 36658‐4
Use of Bond Proceeds
IA 1 and 2
756 Lots
Total
288 Lots
IA 1 PartialFUNDING REQUIREMENTS Per Lot
City Fees
Law Enforcement
Fire Facility
$1,390
$647
$1,050,840 $400,320
$489,132
$5,360,040
($1,956,866)
$889,056
$1,302,588
($1,302,588)
$5,832,202
$1,166,440
$6,998,642
$186,336
$2,041,920
($745,473)
$338,688
Circulation $7,090
($2,588)
$1,176
$1,723
($1,723)
$7,715
$1,543
$9,257
Circulation Fee Credits
General Government
Park Improvements
Park Improvement Fee Credit
Subtotal DIF
$496,224
($496,224)
$2,221,791
$444,358City Premium
Total City Fees $2,666,149
City Facilities
City Traffic Signals
McLaughlin Street
$1,710
$1,506
$3,220
$482
$1,292,870
$1,138,721
$2,434,493
$364,739
$368,537
$324,596
$422,220
$83,651
Park Improvements
Design, Planning, & Engineering
Total City Facilities $6,919 $5,230,823 $1,199,005
Total City Fees and Facilities $16,177 $12,229,465 $3,865,154 EWMD Fees
Water Financial Participation
Sewer Financial Participation
Sewer Treatment Plant Capacity Charge
Water Supply Development Fee
Meter Fee
Irrigation Meter Fees 1.5" (Qty: 6 Meters)
Less: Estimated EMWD CFD Funding
Total EMWD Fees
$6,845
$3,208
$6,081
$377
$372
$247
$5,174,820
$2,425,248
$4,597,236
$285,012
$281,232
$186,420
$0
$0
$0
$0
$0
$0
$0
$0
($15,075)
$2,182
($11,396,492)
$1,553,476
EMWD Facilities
Water Tank Improvements
Design, Planning, & Engineering (15%)
Total EMWD Facilities
$4,244
$637
$4,881
$3,208,704
$481,306
$3,690,010
$0
$0
$0
Total EMWD Fees and Facilities $6,936 $5,243,486 $0
School District Fees
Perris Union High School
Menifee Union School District
Romoland School District
Total School District Fees
$2,857
$1,529
$874
$2,159,588
$1,155,966
$660,408
$0
$0
$0
$0$5,259 $3,975,962
Total Cost $28,372 $21,448,913
$13,443,333
Total
$3,865,154
$3,865,154
IA 1 Partial
Potential Project Funds Available
ALLOCATION OF PROCEEDS % Per Lot
City Premium
City Fees 43%
City Facilities 34%
9% $1,543
$7,715
$6,046
$902
$1,576
$0
$1,166,440
$5,832,202
$4,571,140
$682,214
$1,191,336
$0
$444,358
$2,221,791
$1,199,005
$0EMWD Fees
EMWD Facilities
5%
9%
0%
$0
$0School District Fees
Total Funded by Bond Proceeds 100% $16,206 $13,443,332 $3,865,154

UNFUNDED REQUIREMENTS
Total to be Funded by Developer $8,005,581
Item: 6.5
Item Page Number: 8
Menifee Finance Committee November 12, 2024 Page 94 of 191

PROPOSED BOUNDARY MAP
SHEET 1 OF 3 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED 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.

BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE), OF THE CITY OF MENIFEE, COUNTY OF RIVERSIDE,

STATE OF CALIFORNIA, WAS APPROVED BY THE CITY COUNCIL

OF THE CITY OF MENIFEE AT
THEREOF, HELD ON ______ DAY OF

MCLAUGHLIN RD

A REGULAR MEETING
______, 20____,
BY RESOLUTION NO. _______________ IMPROVEMENT
AREA 2 FEE: _____________ NO.: ______________________
(SHEET 3) 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
þ
74 þ
74 _
CFD 2023-2
§ ¦
215
RD

MENIFEE
LEGEND

PARCEL LINE

IMPROVEMENT
AREA 1
(SHEET 2)

IMPROVEMENT AREA BOUNDARY

CFD BOUNDARY
-

CITY BOUNDARY

THIS BOUNDARY MAP CORRECTLY SHOWS THE BOUNDARIES
OF THE COMMUNITY FACILITIES DISTRICT. FOR DETAILS

CONCERNING THE LINES AND DIMENSIONS OF LOTS OR

PARCEL REFER TO THE COUNTY ASSESSOR'S MAPS FOR
FISCAL YEAR 2022-23.
0 500 1,000 2,000 Feet
Item: 6.5
Item Page Number: 9
Menifee Finance Committee November 12, 2024 Page 95 of 191

PROPOSED BOUNDARY MAP
SHEET 2 OF 3 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
IMPROVEMENT AREA 1
335-070-058
335-070-057
3 335-430-028
335-070-056
335-430-027
2 1
335-070-055 335-070-054
LEGEND
-

TAX ZONE BOUNDARY
1 TAX ZONE
0 375 750 1,500 Feet

XXX-XXX-XXX ASSESSOR PARCEL NUMBER
Item: 6.5
Item Page Number: 10
Menifee Finance Committee November 12, 2024 Page 96 of 191

PROPOSED BOUNDARY MAP
SHEET 3 OF 3 SHEETS
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)

OF THE CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
IMPROVEMENT AREA 2

MCLAUGHLIN RD
330-220-017 330-220-016
2 330-220-019
3 330-230-043
330-230-044
330-230-045
1 330-230-042
LEGEND
-

TAX ZONE BOUNDARY
1 TAX ZONE
0 375 750 1,500 Feet

XXX-XXX-XXX ASSESSOR PARCEL NUMBER
Item: 6.5
Item Page Number: 11
Menifee Finance Committee November 12, 2024 Page 97 of 191

SHEET 1 OF 3 SHEETS
ANNEXATION MAP NO. 22
COMMUNITY FACILITIES DISTRICT NO. 2017-1
(MAINTENANCE SERVICES)

CITY OF MENIFEE

COUNTY OF RIVERSIDE, STATE OF CALIFORNIATHIS MAP SHOWS THE BOUNDARIES OF AREAS TO BE ANNEXED TO COMMUNITY FACILITIES DISTRICT NO. 2017-1
(MAINTENANCE SERVICES), OF THE CITY OF MENIFEE, COUNTY
OF RIVERSIDE, STATE OF CALIFORNIA.

FILED THIS ____ DAY OF _______________, 20____ AT
THE HOUR OF ____ O'CLOCK __M IN BOOK _____

OF MAPS OF ASSESSMENT AND COMMUNITY FACILITIES
DISTRICTS AT PAGE ______ IN THE OFFICE OF THE

COUNTY RECORDER, IN THE COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA.THE BOUNDARIES OF WHICH COMMUNITY FACILITIES

DISTRICT ARE SHOWN AND DESCRIBED ON THE MAP

THEREOF WHICH WAS PREVIOUSLY RECORDED ON
NOVEMBER 7, 2017 IN BOOK 81 OF MAPS OF ASSESSMENT
AND COMMUNITY FACILITIES DISTRICT AT PAGE 69 AND
AS INSTRUMENT NO. 2017-0465706 IN THE OFFICE OF THE
FEE: _____________

PETER ALDANA, ASSESSOR, COUNTY CLERK, RECORDER
NO.: ______________________
22C

COUNTY RECORDER OF THE
STATE OF CALIFORNIA.

COUNTY OF RIVERSIDE, BY: _______________________________ DEPUTY

I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2017-1
(MAINTENANCE SERVICES), OF THE CITY OF MENIFEE, COUNTY

OF RIVERSIDE, STATE OF CALIFORNIA, WAS APPROVED BY THE

FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS _______ DAY OF _________________, 20___.

CITY COUNCIL OF THE CITY OF MENIFEE AT A REGULAR
MEETING THEREOF, HELD ON ______ DAY OF ______,
20____,
BY ITS RESOLUTION NO. _______________
___________________________________

CITY CLERK

CITY OF MENIFEE
___________________________________

CITY CLERK
22A

CITY OF MENIFEE
þ
74 CFD 2017-1
TAX ZONE 22
_

MENIFEE
§ ¦215
þ
79 LEGEND22B 22A§ ¦15

ANNEXATION AREA BOUNDARY

TAX ZONE BOUNDARY
-

PARCEL LINETHIS ANNEXATION MAP CORRECTY 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.

CITY BOUNDARY
22A TAX ZONE
Item: 6.5
Item Page Number: 12
Menifee Finance Committee November 12, 2024 Page 98 of 191

SHEET 2 OF 3 SHEETS
ANNEXATION MAP NO. 22 163
COMMUNITY FACILITIES DISTRICT NO. 2017-1
(MAINTENANCE SERVICES)

CITY OF MENIFEE

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
153 79 78 77 7680
68 75 74 7381
67 828384149 87 86
94 85
95 161 16289 8890152 45
44 43
42 41
40 151 69 70 71
46 72
96 97
98 137
138
92 9391 66 65 64 47
48 49
50 51
118
139 119
120
121
122
99 158
136 117
116
157100140
141
135
134
133
101 39
38 631 115 102
114 103
113
62 61
142
143
144
52 53
37 36
35 34
132 123 104
105 60131
130
124
125
112
145
146
147
148
54 55
111 106
110
107
59 58
57 129 126
128 127 56 33
32 109 108
154 155 159 156165
164
166
160
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
1615
150
7 11
2 10
8 14
6 3
8 10
11 4 5
9 12
LEGEND 13

ANNEXATION AREA BOUNDARY

TAX ZONE BOUNDARY

PARCEL LINE

XXX-XXX-XXX ASSESSOR PARCEL NUMBER

MAP REFRENCE NUMBER

TAX ZONE
1 22A
Item: 6.5
Item Page Number: 13
Menifee Finance Committee November 12, 2024 Page 99 of 191

SHEET 3 OF 3 SHEETS
ANNEXATION MAP NO. 22
COMMUNITY FACILITIES DISTRICT NO. 2017-1
(MAINTENANCE SERVICES)

CITY OF MENIFEE

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
TAX ZONE 22A TAX ZONE 22B TAX ZONE 22C
REF #
3 APN REF #
39 40
41 42
43 44
45 46
47 48
49 50
51 52
53 54
55 56
57 58
59 60
61 62
63 64
65 66
67 68
69 70
APN REF #
71 APN REF #
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
APN REF #
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
APN REF #
13 APN REF # APN
330-220-018
330-220-019
330-230-045
330-230-044
330-230-042
335-070-058
335-070-057
335-070-056
335-430-028
335-530-001
335-530-002
335-530-003
335-530-004
335-530-005
335-530-006
335-530-007
335-530-008
335-540-001
335-540-002
335-540-003
335-540-004
335-540-005
335-540-006
335-540-007
335-541-001
335-541-002
335-541-003
335-541-004
335-541-005
335-541-006
335-541-007
335-541-008
335-541-009
335-541-010
335-541-011
335-541-012
335-541-013
335-541-014
335-541-015
335-541-016
335-542-001
335-542-002
335-542-003
335-542-004
335-542-005
335-542-006
335-542-007
335-542-008
335-542-009
335-542-010
335-542-011
335-542-012
335-542-013
335-542-014
335-542-015
335-542-016
335-542-017
335-542-018
335-542-019
335-542-020
335-542-021
335-542-022
335-542-023
335-542-024
335-542-025
335-542-026
335-542-027
335-543-001
335-543-002
335-543-003
335-543-004
335-543-005
335-543-006
335-543-007
335-543-008
335-543-009
335-543-010
335-543-011
335-543-012
335-543-013
335-531-001
335-531-002
335-531-003
335-531-004
335-531-005
335-532-001
335-532-002
335-532-003
335-533-001
335-533-002
335-544-001
335-544-002
335-544-003
335-544-004
335-544-005
335-544-006
335-544-007
335-544-008
335-544-009
335-544-010
335-544-011
335-544-012
335-544-013
335-533-003
335-533-004
335-533-005
335-533-006
335-533-007
335-533-008
335-533-009
335-533-010
335-533-011
335-533-012
335-532-004
335-532-005
335-532-006
335-532-007
335-532-008
335-532-009
335-532-010
335-532-011
335-532-012
335-532-013
335-532-014
335-532-015
335-532-016
335-532-017
335-532-018
335-532-019
335-532-020
335-532-021
335-534-001
335-534-002
335-534-003
335-534-004
335-534-005
335-534-006
335-534-007
335-534-008
335-534-009
335-534-010
335-534-011
335-534-012
335-535-001
335-530-009
335-534-013
335-531-006
335-531-007
335-532-022
335-544-014
335-542-028
335-542-029
335-542-030
335-541-017
335-541-018
335-541-019
335-543-014
335-535-002
335-530-010
335-534-014
335-534-015
335-430-027
335-070-055
1 2
7 330-220-016
330-220-017
330-230-043
4 72 14
5 73
6 74
8 75
9 76
10 11
12 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 31
32 33
34 35
36 37
38 77
78 79
80 81
82 83
84 85
86 87
88 89
90 91
92 93
94 95
96 97
98 99
100
101
102
Item: 6.5
Item Page Number: 14
Menifee Finance Committee November 12, 2024 Page 100 of 191

C I T Y O F M E N I F E E
Public Hearing Report
COMMUNITY FACILITIES DISTRICT NO. 2023-2
(CIMARRON RIDGE)
APRIL 19, 2023
Item: 6.5
Item Page Number: 15
Menifee Finance Committee November 12, 2024 Page 101 of 191

1 Introduction Page | 1
Background
On March 15, 2023, the City Council (the “City Council”) of the City of Menifee (the “City”), adopted a Resolution of Intention to form Community Facilities District No. 2023-2 (Cimarron Ridge) Improvement Areas 1 and 2 of the City of Menifee (“CFD No. 2023-2” or “District”), Resolution No. 23-1296, pursuant to the provisions of the “Mello-Roos Community Facilities Act of 1982”, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California, (“Act”).

The District is currently comprised of 15 parcels and approximately 209 gross acres to include a total of 756 residential properties at buildout. There are two separate Improvement Areas included within the boundaries of CFD No. 2023-2.

Improvement Area 1 includes three separate Tax Zones, Tax Zones 1 (134 Lots), 2 (116 Lots), and 3 (174 Lots) inclusive of Tract Maps TR 36658-1, TR 36658-2, TR 36658-3, and TR 36658-4 to include a total of 424 proposed detached residential properties at build-out. Improvement Area 2 includes also includes three separate Tax Zones, Tax Zones 1 (11 Lots), 2 (247 Lots), and 3 (74 Lots) inclusive of Tract Maps TR 36658-4, TR 36658-5, TR 36658-6, and TR 36658-7 to include a total of 332 proposed detached residential properties at build-out. The property is located south of McLaughlin, east of Goetz Road, west of Byers Road, and north of Chambers Avenue.

For a map showing the boundaries of CFD No. 2023-2 please see Appendix C.

Purpose of Public Hearing Report
WHEREAS, this Community Facilities District Report (“Report”) is being provided to the City Council and generally contains the following:

1. A brief description of CFD No. 2023-2;

2. A brief description of the Facilities required at the time of formation to meet the needs of CFD No. 2023-2.

3. A brief description of the Boundaries of CFD No. 2023-2; and

4. An estimate of the cost of financing the bonds used to pay for the Facilities, including all costs associated with formation of the District, issuance of bonds, determination of the amount of any special taxes, collection of any special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the City with respect to the District, and any other incidental expenses to be paid through the proposed financing.

For particulars, reference is made to the Resolution of Intention as previously approved and adopted and is included in Appendix D.

City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 16
Menifee Finance Committee November 12, 2024 Page 102 of 191

2 Description of Facilities Page | 2
NOW, THEREFORE, the undersigned, authorized representative of Spicer Consulting Group, LLC, the appointed responsible officer, or person directed to prepare this Report, does hereby submit the following data:

Description of the Facilities
A Community Facilities District may pay for facilities which may include all amounts necessary to eliminate any fixed special assessment liens or to pay, repay, or defease any obligation to pay for any indebtedness secured by any tax, fee, charge, or assessment levied, provide for the purchase, construction, expansion, or rehabilitation for any real or other tangible property with an estimated useful life of five (5) years or longer, which is necessary to meet increased demands placed upon local agencies as a result of development and/or rehabilitation occurring within the District.

The types of facilities that are proposed by CFD No. 2023-2 and financed with the proceeds of special taxes and bonds issued by CFD No. 2023-2 consist of the construction, purchase, modification, rehabilitation, expansion and/or improvement of (i) drainage, library, park, roadway, traffic, administration and general government facilities, animal shelter facilities, fire and safety, and other public facilities of the City, including the foregoing public facilities which are included in the City’s fee programs with respect to such facilities and authorized to be financed under the Mello-Roos Community Facilities Act of 1982, as amended (the “City Facilities”); (ii) water and sewer facilities including the acquisition of capacity in the sewer system and/or water system of the Eastern Municipal Water District which are included in Eastern Municipal Water District’s water and sewer capacity and connection fee programs (the “Water District Facilities”); and (iii) interim and permanent school facilities of Menifee Union School District, Romoland School District and Perris Union High School District, including classrooms, multi-purpose facilities, administration and auxiliary space at school facilities, athletic fields, playgrounds and recreational facilities and improvements thereto, landscaping, access roadways, drainage, sidewalks and gutters and utility lines, furniture, equipment and technology, including technology upgrades and mobile devices and infrastructure therefore, with a useful life of at least five (5) years at such school facilities (the “School Facilities” and together, with the City Facilities and the Water Facilities, the “Facilities”), and all appurtenances and appurtenant work in connection with the foregoing Facilities, including the cost of engineering, planning, designing, materials testing, coordination, construction staking, construction management and supervision for such Facilities .

Incidental Expenses
The Incidental Expenses to be paid from bond proceeds and/or special taxes include:
a)
b)
The cost of engineering, planning and designing the Facilities; and All costs, including costs of the property owner petitioning to form the District, associated with the creation of the District, the issuance of the bonds, the determination of the amount of special taxes to be levied and costs otherwise incurred in order to carry out the authorized purposes of the District; and c) Any other expenses incidental to the construction, acquisition, modification, rehabilitation, completion and inspection of the Facilities.

Capitalized terms used and not defined herein shall have the meaning set forth in the Rate and Method of Apportionment of Special Taxes for the District.

All costs associated with the creation of CFD No. 2023-2, the issuance of bonds, the determination of the amount of special taxes to be levied, costs incurred in order to carry out the authorized purposes of CFD No. 2023-2, including legal fees, fees of consultants, engineering, planning, designing and the annual costs to administer CFD No. 2023-2 and any obligations.

The description of the eligible public facilities, services and incidental expenses above are preliminary and general in nature.

The final plans and specifications approved by the applicable public agency may show substitutes or modifications in order to accomplish the work or serve the new development and any such substitution or modification shall not constitute a change or modification in the proceedings relating to CFD No. 2023-2.

City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 17
Menifee Finance Committee November 12, 2024 Page 103 of 191

3 Cost Estimate Page | 3
Below is the estimated cost of facilities to be provided to the District. a) The cost estimate of facilities, including incidental expenses, to be financed through the issuance of CFD No. 2023- 2 Bonds is estimated to be $5,460,657 for Improvement Area 1 and $7,982,676 for Improvement Area 2 based upon current dollars (Fiscal Year 2022-23).
b) For further particulars please reference Table 3-1 below and incorporated herein by reference. c) Pursuant to Section 53340 of the Act, the proceeds of any special tax levied and collected by CFD No. 2023-2 may be used only to pay for the cost of providing public facilities, services, and incidental expenses. As defined by the Act, incidental expenses include, but are not limited to, the annual costs associated with determination of the amount of special taxes, collection of special taxes, payment of special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the District. The incidental expenses associated with the annual administration of CFD No. 2023-2 are estimated to be $30,000 per Improvement Area in the initial Fiscal Year. However, it is anticipated that the incidental expenses will vary due to inflation and other factors that may not be foreseen today, and the actual incidental expenses may exceed these amounts accordingly.

Table 3-1
Cost Estimate
IA 1 IA 2 Total
City Fees
Law Enforcement
Total Cost
$1,050,840
$489,132
$5,360,040
($1,956,866)
$889,056
$1,302,588
($1,302,588)
$1,166,440
$6,998,642
Bond Allocation(1) Bond Allocation(1) Allocation
$589,360
$274,328
$3,006,160
($1,097,502)
$498,624
$730,552
($730,552)
654194
$461,480
$214,804
$2,353,880
($859,364)
$390,432
$572,036
($572,036)
$512,246
$1,050,840
Fire Facility
Circulation
$489,132
$5,360,040
($1,956,866)
$889,056
$1,302,588
($1,302,588)
$1,166,440
$6,998,642
Less: Circulation Fee Credits
General Government
Park Improvements
Less: Park Improvement Fee Credit
City Facilities
Total City Fees $3,925,165 $3,073,478
IA 1 IA 2 Total
City Facilities Total Cost
$1,292,870
$1,138,721
$2,434,493
$364,739
Bond Allocation(1) Bond Allocation(1) Allocation
City Traffic Signals
McLaughlin Street
Park Improvements
Design, Planning, & Engineering
Total City Facilities
$542,568
$477,877
$506,616
$0
$750,302
$660,844
$1,412,830
$211,672
$1,292,870
$1,138,721
$1,919,446
$211,672
$5,230,823 $1,535,492 $3,035,648 $4,571,140
Total City Fees and Facilities $12,229,465 $5,460,657 $6,109,125 $11,569,782 IA 1 IA 2 Total
Eastern Municipal Water District Fees
Water Financial Participation
Sewer Financial Participation
Sewer Treatment Plant Capacity Charge
Water Supply Development Fee
Meter Fee
Total Cost
$5,174,820
$2,425,248
$4,597,236
$285,012
Bond Allocation(1) Bond Allocation(1) Allocation
$0
$0
$0
$0
$0
$2,272,540
$1,065,056
$2,018,892
$125,164
$2,272,540
$1,065,056
$2,018,892
$125,164
$281,232 $123,504 $123,504
Irrigation Meter Fees 1.5" (Qty: 6 Meters)
Less: Estimated EMWD CFD Funding
Total EMWD Fees
$186,420
($11,396,492)
$1,553,476
$0
$0
$0
$81,867
($5,004,809)
$682,214
$81,867
($5,004,809)
$682,214
City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 18
Menifee Finance Committee November 12, 2024 Page 104 of 191

3 Cost Estimate Page | 4
Table 3-1 (Cont’d)
Cost Estimate
IA 1 IA 2 Total
Allocation
$1,191,336
Eastern Municipal Water District Facilities
Water Tank Improvements
Design, Planning, & Engineering (15%)
Total EMWD Facilities
Total Cost
$3,208,704
$481,306
Bond Allocation(1) Bond Allocation(1)
$0
$0
$0
$1,191,336
$0
$1,191,336
$0
$3,690,010 $1,191,336
IA 1 IA 2 Total
AllocationSchool District Fees Total Cost
$2,159,588
$1,155,966
$660,408
Bond Allocation(1) Bond Allocation(1)
Perris Union High School
Menifee Union School District
Romoland School District
Total School District Fees
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0$3,975,962
Total Eligible Fees/Improvements
Incidental Financing Costs
Total Funded by Bond Proceeds
$21,448,913 $5,460,657
$1,099,343
$6,560,000
$7,982,676
$1,517,324
$9,500,000
$13,443,333
$2,616,667
$16,060,000
Total Funded by Developer $8,005,580
(1) Amounts are allocated based upon estimated bond sizing and may change based upon market conditions at the time of bond issuance. Allocation of bond proceeds between facility types to be determined at the time of bond issuance.

City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 19
Menifee Finance Committee November 12, 2024 Page 105 of 191

4 Proposed Development Page | 5
The CFD No. 2023-2 includes approximately 209 gross acres to include a total of 756 residential properties at buildout. The District is made up of two separate Improvement Areas included within the boundaries of CFD No. 2023-2. Improvement Area 1 includes three separate Tax Zones, Tax Zones 1 (134 Lots), 2 (116 Lots), and 3 (174 Lots) inclusive of Tract Maps TR 36658-1, TR 36658-2, TR 36658-3, and TR 36658-4 to include a total of 424 proposed detached residential properties at build-out. Improvement Area 2 includes also includes three separate Tax Zones, Tax Zones 1 (11 Lots), 2 (247 Lots), and 3 (74 Lots) inclusive of Tract Maps TR 36658-4, TR 36658-5, TR 36658-6, and TR 36658-7 to include a total of 332 proposed detached residential properties at build-out. The property is located south of McLaughlin, east of Goetz Road, west of Byers Road, and north of Chambers Avenue.

As of Fiscal Year 2022-23 the proposed CFD No. 2023-2 includes the following Assessor's Parcel Numbers:

Assessor’s Parcel
Number
Assessor’s Parcel
Number
Assessor’s Parcel
Number
330-220-016
330-220-017
330-220-018
330-220-019
330-230-042
330-230-043
330-230-044
330-230-045
335-070-054
335-070-055
335-070-056
335-070-057
335-070-058
335-430-027
335-430-028
A map showing the boundaries of CFD No. 2023-2 is included in Appendix C.

City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 20
Menifee Finance Committee November 12, 2024 Page 106 of 191

5 Rate and Method of Apportionment Page | 6
The Rate and Method of Apportionment allows each property owner within CFD No. 2023-2 Improvement Area 1 and Improvement Area 2 are to estimate the annual Special Tax amount that would be required for payment. The Rate and Method of Apportionment of the Special Taxes established pursuant to these proceedings, is attached hereto as Appendix A and Appendix B (the “Rate and Methods”). The Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes and shall be subject to the same penalties, the same procedure, sale and lien priority in the case of delinquency; provided, however, that the CFD Administrator may directly bill the Special Taxes, may collect Special Taxes at a different time or in a different manner if necessary to meet the financial obligations of CFD No. 2023-2, and provided further that CFD No. 2023-2 may covenant to foreclose and may actually foreclose on parcels having delinquent Special Taxes as permitted by the Act.

All of the property located within CFD No. 2023-2, unless exempted by law or by the Rate and Methods proposed for CFD No. 2023-2, shall be taxed for the purpose of providing necessary facilities to serve the District. The Boundary Map for CFD No. 2023-2 is attached hereto as Appendix C. Pursuant to Section 53325.3 of the Act, the tax imposed “is a Special Tax and not a special assessment, and there is no requirement that the tax be apportioned on the basis of benefit to any property.” The Special Tax may be based on the benefit received by property, the cost of making facilities or authorized services available or other reasonable basis as determined by the City, although the Special Tax may not be apportioned on an ad valorem basis pursuant to Article XIIIA of the California Constitution. A property owner within the District may choose to prepay in whole or in part the Special Tax. The available method for so doing is described in Section G of the Rate and Methods (“Prepayment of Special Tax”).

For each year that any Bonds are outstanding the Special Tax shall be levied on all parcels subject to the Special Tax. If any delinquent Special Taxes remain uncollected prior to or after all Bonds are retired, the Special Tax may be levied to the extent necessary to reimburse CFD No. 2023-2 for uncollected Special Taxes associated with the levy of such Special Taxes, but the Special Tax shall not be levied after 2069-70 Fiscal Year.

Table 5-1
Assigned Special Tax for Developed Property for Improvement Area 1 – Tax Zone 1 Fiscal Year 2022-23
Assigned Special
Taxable
Unit
Tax Per Taxable
UnitLand Use Category Building Square Footage
Less than 2,300 sq. ft
2,300 sq. ft to 2,500 sq. ft
2,501 sq. ft to 2,700 sq. ft
2,701 sq. ft to 2,900 sq. ft
2,901 sq. ft to 3,100 sq. ft
3,101 sq. ft to 3,300 sq. ft
Greater than 3,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property

6. Single Family Residential Property

7. Single Family Residential Property
RU
RU
RU
RU
RU
RU
RU
Acre
Acre
$801.00
$867.00
$914.00
$960.00
$983.00
$1,005.00
$1,069.00
$5,931.00
$5,931.00

8. Multifamily Property

9. Non-Residential Property N/A
City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 21
Menifee Finance Committee November 12, 2024 Page 107 of 191

5 Rate and Method of Apportionment Page | 7
Table 5-2
Assigned Special Tax for Developed Property for Improvement Area 1 – Tax Zone 2 Fiscal Year 2022-23
Assigned Special
Taxable
Unit
Tax Per Taxable
UnitLand Use Category Building Square Footage
Less than 3,350 sq. ft
3,350 sq. ft to 3,550 sq. ft
3,551 sq. ft to 3,750 sq. ft
Greater than 3,750 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property
RU
RU
RU
RU
Acre
Acre
$1,252.00
$1,380.00
$1,412.00
$1,464.00
$5,949.00
$5,949.00

5. Multifamily Property

6. Non-Residential Property N/A
Table 5-3
Assigned Special Tax for Developed Property for Improvement Area 1 – Tax Zone 3 Fiscal Year 2022-23
Assigned Special
Tax Per Taxable
Unit
Taxable
UnitLand Use Category Building Square Footage
Less than 2,300 sq. ft
2,300 sq. ft to 2,600 sq. ft
Greater than 2,600 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property
RU
RU
RU
Acre
Acre
$254.00
$721.00
$843.00
$4,098.00
$4,098.00

4. Multifamily Property

5. Non-Residential Property N/A
Table 5-4
Assigned Special Tax for Developed Property for Improvement Area 2 – Tax Zone 1 Fiscal Year 2022-23
Assigned Special
Tax Per Taxable
Unit
Taxable
UnitLand Use Category Building Square Footage
Less than 2,300 sq. ft
Greater than 2,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property
RU
RU
Acre
Acre
$1,617.00
$1,920.00
$9,661.00
$9,661.00

3. Multifamily Property

4. Non-Residential Property N/A
City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 22
Menifee Finance Committee November 12, 2024 Page 108 of 191

5 Rate and Method of Apportionment Page | 8
Table 5-5
Assigned Special Tax for Developed Property for Improvement Area 2 – Tax Zone 2 Fiscal Year 2022-23
Assigned Special
Taxable
Unit
Tax Per Taxable
UnitLand Use Category Building Square Footage
Less than 1,700 sq. ft
1,700 sq. ft to 1,900 sq. ft
1,901 sq. ft to 2,100 sq. ft
2,101 sq. ft to 2,300 sq. ft
Greater than 2,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property
RU
RU
RU
RU
RU
Acre
Acre
$1,543.00
$1,625.00
$1,749.00
$1,816.00
$1,873.00
$11,722.00
$11,722.00

6. Multifamily Property

7. Non-Residential Property N/A
Table 5-6
Assigned Special Tax for Developed Property for Improvement Area 2 – Tax Zone 3 Fiscal Year 2022-23
Assigned Special
Tax Per Taxable
Unit
Taxable
UnitLand Use Category Building Square Footage
Less than 2,500 sq. ft
2,500 sq. ft to 2,700 sq. ft
2,701 sq. ft to 2,900 sq. ft
2,901 sq. ft to 3,100 sq. ft
3,101 sq. ft to 3,300 sq. ft
Greater than 3,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property

6. Single Family Residential Property
RU
RU
RU
RU
RU
RU
Acre
Acre
$1,681.00
$1,753.00
$1,790.00
$1,826.00
$1,848.00
$1,869.00
$8,853.00
$8,853.00

7. Multifamily Property

8. Non-Residential Property N/A
Escalation of Special Taxes
On each July 1, commencing on July 1, 2024 the Assigned Special Tax shall increase by two percent (2.0%), of the amount in effect in the prior Fiscal Year.

For particulars as to the Rate and Methods for CFD No. 2023-2, see the attached and incorporated in Appendix A and B.

City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 23
Menifee Finance Committee November 12, 2024 Page 109 of 191

6 Certifications Page | 9
Based on the information provided herein, it is my opinion that the described services herein are those that are necessary to meet increased demands placed upon the City of Menifee as a result of development occurring within the CFD No. 2023- 2 and benefits the lands within said CFD No. 2023-2. Further, it is my opinion that the special tax rates and method of apportionment, as set forth herein, are fair and equitable, uniformly applied and not discriminating or arbitrary.

Date: April 19, 2023 SPICER CONSULTING GROUP, LLC
__________________________

SHANE SPICER

SPECIAL TAX CONSULTANT FOR

CITY OF MENIFEE

RIVERSIDE COUNTY

STATE OF CALIFORNIA
City of Menifee
CFD No. 2023-2 (Cimarron Ridge)
Public Hearing Report
Item: 6.5
Item Page Number: 24
Menifee Finance Committee November 12, 2024 Page 110 of 191

APPENDIX A
Rate and Method of Apportionment
for Improvement Area 1
Item: 6.5
Item Page Number: 25
Menifee Finance Committee November 12, 2024 Page 111 of 191

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES FOR
COMMUNITY FACILITIES DISTRICT NO. 2023‐2 (CIMARRON RIDGE)

OF THE CITY OF MENIFEE
IMPROVEMENT AREA NO. 1
A Special Tax (all capitalized terms are defined in Section A, “Definitions”, below) shall be applicable to each Assessor’s Parcel of Taxable Property located within the boundaries of Improvement Area No. 1 Community Facilities District No. 2023‐2 (Cimarron Ridge) of the City of Menifee ("CFD No. 2023‐2 IA 1").

The amount of Special Tax to be levied in each Fiscal Year on an Assessor’s Parcel shall be determined by the City Council of the City of Menifee, acting in its capacity as the legislative body of CFD No. 2023‐2 IA 1, by applying the appropriate Special Tax for Developed Property, Approved Property, Undeveloped Property, and Provisional Undeveloped Property that is not Exempt Property as set forth below. All of the real property, unless exempted by law or by the provisions hereof in Section F, shall be taxed for the purposes, to the extent and in the manner herein provided.

A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Accessory Dwelling Unit” means a residential unit of limited size including a smaller second unit that shares an Assessor’s Parcel with a Single Family Residential Property that has a stand‐alone Residential Unit.
"Acre or Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map or instrument. The square footage of an Assessor’s Parcel is equal to the Acreage multiplied by 43,560. "Act" means the Mello‐Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses" means the following actual or reasonably estimated costs directly related to the administration of CFD No. 2023‐2 IA 1: the costs of computing the Special Taxes and preparing the Special Tax collection schedules (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City or otherwise); the costs of remitting Special Taxes to the Trustee; the costs of the Trustee (including legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2023‐2 IA 1 or any designee thereof of complying with arbitrage rebate requirements; the costs to the City, CFD No. 2023‐2 IA 1 or any designee thereof of complying with disclosure requirements of the City, CFD No. 2023‐2 IA 1 and any major property owner associated with applicable federal and state securities laws and the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2023‐2 IA 1 or any designee thereof related to an appeal of the Special Tax; the costs associated with the release of funds from an escrow account; and the City’s annual administration fees and third party expenses. Administration Expenses shall also include amounts estimated by the CFD Administrator or advanced by the City or CFD No. 2023‐2 IA 1 for any other administrative purposes of CFD No. 2023‐2 IA 1, including attorney’s fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.

City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 1 Item: 6.5
Item Page Number: 26
Menifee Finance Committee November 12, 2024 Page 112 of 191

"Approved Property" means all Assessor’s Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, (ii) that have an assigned Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (iii) that have not been issued a building permit on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied. "Assessor’s Parcel" means a lot or parcel of land designated on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number.
"Assessor’s Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
"Assessor’s Parcel Number" means that number assigned to an Assessor’s Parcel by the County for purposes of identification.
"Assigned Special Tax" means the Special Tax of that name described in Section D below. "Backup Special Tax" means the Special Tax of that name described in Section D below. "Boundary Map" means a recorded map of the CFD which indicates the boundaries of the CFD. "Building Permit" means the first legal document issued by a local agency giving official permission for new construction. For purposes of this definition, “Building Permit” may or may not include any subsequent building permit document(s) authorizing new construction on an Assessor’s Parcel that are issued or changed by the City after the first original issuance, as determined by the CFD Administrator as necessary to fairly allocate Special Tax to the Assessor’s Parcel, provided that following such determination the Maximum Special Tax that may be levied in each Fiscal Year on all Assessor’s Parcels of Taxable Property will be at least 1.1 times annual debt service on all outstanding CFD No. 2023‐2 IA 1 Bonds plus the estimated annual Administrative Expenses for such Fiscal Year. "Building Square Footage" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the Building Permit for such Assessor’s Parcel.
"Calendar Year" means the period commencing January 1 of any year and ending the following December

31. “CFD” or "CFD No. 2023‐2" means Community Facilities District No. 2023‐2 (Cimarron Ridge) established by the City under the Act.
“CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement, and providing for the levy and collection of the Special Taxes. “CFD No. 2023‐2 IA 1" means Improvement Area No. 1 of CFD No. 2023‐2 as identified on the boundary map for CFD No. 2023‐2.
"CFD No. 2023‐2 IA 1 Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long‐term leases, loans from government agencies, or City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 2 Item: 6.5
Item Page Number: 27
Menifee Finance Committee November 12, 2024 Page 113 of 191

loans from banks, other financial institutions, private businesses, or individuals, or long‐term contracts, or any refunding thereof, to which Special Tax of CFD No. 2023‐2 IA 1 have been pledged. “City” means the City of Menifee.
"City Council" means the City Council of the City of Menifee, acting as the Legislative Body of CFD No. 2023‐2 IA 1.
“Condominium Plan" means a condominium plan as set forth in California Civil Code Section 4285. "County" means the County of Riverside.
"Developed Property" means all Assessor’s Parcels: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, (ii) that have an Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (iii) for which a Building Permit for new construction was issued on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied. "Exempt Property" means all Assessor’s Parcels designated as being exempt from Special Taxes as provided for in Section F.
"Final Map" means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a Condominium Plan pursuant to California Civil Code Section 4285 that creates individual lots for which Building Permits may be issued without further subdivision. "Fiscal Year" means the period commencing on July 1st of any year and ending the following June 30th. “Indenture” means the indenture, fiscal agent agreement, resolution or other instrument pursuant to which CFD No. 2023‐2 IA 1 Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. “Land Use Category” means any of the categories listed in Table 1, Table 2, and Table 3 of Section D. "Maximum Special Tax" means for each Assessor’s Parcel, the maximum Special Tax, determined in accordance with Section D below, that can be levied by CFD No. 2023‐2 IA 1 in any Fiscal Year on such Assessor’s Parcel.
“Multifamily Property” means all Assessor’s Parcels of Developed Property for which a Building Permit has been issued for the purpose of constructing a building or buildings comprised of attached Residential Units available for rental by the general public, not for sale to an end user, and under common management, as determined by the CFD Administrator.
"Non‐Residential Property" or “NR” means all Assessor's Parcels for which a building permit(s) was issued or will be issued for a non‐residential use. The CFD Administrator shall make the determination if an Assessor’s Parcel is Non‐Residential Property.
"Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax obligation for an Assessor’s Parcel, as described in Section G.2.

City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 3 Item: 6.5
Item Page Number: 28
Menifee Finance Committee November 12, 2024 Page 114 of 191

"Prepayment Amount" means the amount required to prepay the Special Tax obligation in full for an Assessor’s Parcel, as described in Section G.1.
“Proportionately” means for Taxable Property that is (i) Developed Property, that the ratio of the actual Special Tax levy to the Assigned Special Tax is the same for all Assessor’s Parcels of Developed Property, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Assessor’s Parcels of Approved Property, and (iii) Undeveloped Property, or Provisional Undeveloped Property, that the ratio of the actual Special Tax levy per Acre to the Maximum Special Tax per Acre is the same for all Assessor’s Parcels of Undeveloped Property, or Provisional Undeveloped Property, as applicable.
"Provisional Undeveloped Property" means all Assessor’s Parcels of Taxable Property that would otherwise be classified as Exempt Property pursuant to the provisions of Section F, but cannot be classified as Exempt Property because to do so would be reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in Section F. "Rate and Method of Apportionment" means this Rate and Method of Apportionment of Special Tax for CFD No. 2023‐2 IA 1.
"Residential Property" means all Assessor’s Parcels of Developed Property for which a building permit has been issued for purposes of constructing one or more Residential Units. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the CFD Administrator. An Accessory Dwelling Unit that shares an Assessor’s Parcel with a Single Family Residential Property shall not be considered a Residential Unit for purposes of this Rate and Method of Apportionment.
“Single Family Residential Property” means all Assessor’s Parcels of Residential Property other than Multifamily Property.
“Special Tax” or “Special Taxes” means any of the special taxes authorized to be levied within CFD No. 2023‐2 IA 1 pursuant to the Act to fund the Special Tax Requirement. "Special Tax Requirement" means the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding CFD No. 2023‐2 IA 1 Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, (iv) any amount required to replenish any reserve funds established in association with the CFD No. 2023‐2 IA 1 Bonds, (v) an amount equal to any anticipated shortfall due to Special Tax delinquencies, (vi) for debt service on CFD No. 2023‐2 IA 1 Bonds anticipated to be issued, and (vii) for the collection or accumulation of funds for the acquisition or construction of facilities authorized by CFD No. 2023‐2 IA 1, provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Approved Property or Undeveloped Property as set forth in Steps Two or Three of Section E., less (vii) any amounts available to pay debt service or other periodic costs on the CFD No. 2023‐2 IA 1 Bonds pursuant to the Indenture.
“Tax Zone(s)” means the geographical area(s) within CFD No. 2023‐2 IA 1 identified as Tax Zone 1, Tax Zone 2, or Tax Zone 3 as shown on the Boundary Map.

City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 4 Item: 6.5
Item Page Number: 29
Menifee Finance Committee November 12, 2024 Page 115 of 191

“Tax Zone 1” means all property located within CFD No. 2023‐2 IA 1 and on the Boundary Map as Tax Zone 1.
“Tax Zone 2” means all property located within CFD No. 2023‐2 IA 1 and on the Boundary Map as Tax Zone 2.
“Tax Zone 3” means all property located within CFD No. 2023‐2 IA 1 and on the Boundary Map as Tax Zone 3.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2023‐2 IA 1, which are not Exempt Property.
“Taxable Unit” means either a Residential Unit or an Acre. “Trustee” means the trustee, fiscal agent, or paying agent under the Indenture. "Undeveloped Property" means all Assessor’s Parcels of Taxable Property which are not Developed Property, Approved Property, Provisional Undeveloped Property.

B. SPECIAL TAX
Commencing Fiscal Year 2023‐2024 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property, up to the applicable Maximum Special Tax, to fund the Special Tax Requirement.

C. ASSIGNMENT TO LAND USE CATEGORY FOR SPECIAL TAX
Each Fiscal Year, beginning with Fiscal Year 2023‐2024, each Assessor’s Parcel within CFD No. 2023‐2 IA 1 shall be classified as Taxable Property or Exempt Property. In addition, each Assessor’s Parcel of Taxable Property shall be further classified as Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property. In addition, each Assessor’s Parcel of Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property shall be further classified as being within Tax Zone 1, Tax Zone 2, or Tax Zone 3.

Assessor’s Parcels of Developed Property shall further be classified as Residential Property or Non‐ Residential Property. Each Assessor’s Parcel of Residential Property shall further be classified as Single Family Residential Property or Multifamily Property. Each Assessor’s Parcel of Single Family Residential Property shall be further categorized into Land Use Categories based on its Building Square Footage and assigned to its appropriate Assigned Special Tax rate.

In the event that an Assessor’s Parcel for which one or more Building Permits have been issued and the County has not yet assigned final Assessor’s Parcel Number(s) to the Residential Unit(s) (in accordance with the Final Map or Condominium Plan) on such Assessor’s Parcel, the amount of the Special Tax levy on such Assessor’s Parcel for each Fiscal Year shall be determined as follows: (1) the CFD Administrator shall first determine an amount of the Maximum Special Tax levy for such Assessor’s Parcel, based on the classification of such Assessor’s Parcel as Undeveloped Property; (2) the amount of the Special Tax levy for the Residential Units on such Assessor’s Parcel for which Building Permits have been issued shall be determined based on the Assigned Special Tax rates for Developed Property and shall be taxed as Developed Property in accordance with Step 1 of Section E below; and (3) the amount of the Special Tax City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 5 Item: 6.5
Item Page Number: 30
Menifee Finance Committee November 12, 2024 Page 116 of 191

levy on the Acreage of Taxable Property in such Assessor’s Parcel not subject to the Special Tax levy in clause (2) shall be equal to: (A) the percentage of the Maximum Special Tax rate levied on all other Undeveloped Property multiplied by the total of the amount determined in clause (1), less the amount determined in clause (2).

D. MAXIMUM SPECIAL TAX

1. Developed Property
The Maximum Special Tax for each Assessor’s Parcel of Single Family Residential Property in any Fiscal Year shall be the greater of (i) the Assigned Special Tax or (ii) the Backup Special Tax.

The Maximum Special Tax for each Assessor’s Parcel of Non‐Residential or Multifamily Residential Property shall be the applicable Assigned Special Tax described in Table 1, Table 2, and Table 3 of Section D.
a. Assigned Special Tax
Each Fiscal Year, each Assessor’s Parcel of Single Family Residential Property, Multifamily Property or Non‐Residential shall be subject to an Assigned Special Tax. The Assigned Special Tax applicable to an Assessor's Parcel of Developed Property shall be determined pursuant to Table 1, Table 2, and Table 3 below.

TABLE 1

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 1
(FISCAL YEAR 2023‐2024)
Assigned
Taxable
Unit
RU
Special Tax Per
Taxable Unit
$801.00
Land Use Category Building Square Footage
Less than 2,300 sq. ft
2,300 sq. ft to 2,500 sq. ft
2,501 sq. ft to 2,700 sq. ft
2,701 sq. ft to 2,900 sq. ft
2,901 sq. ft to 3,100 sq. ft
3,101 sq. ft to 3,300 sq. ft
Greater than 3,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property

6. Single Family Residential Property

7. Single Family Residential Property

8. Multifamily Property
RU
RU
RU
RU
RU
RU
Acre
Acre
$867.00
$914.00
$960.00
$983.00
$1,005.00
$1,069.00
$5,931.00
$5,931.009. Non‐Residential Property N/A
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 1 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 6 Item: 6.5
Item Page Number: 31
Menifee Finance Committee November 12, 2024 Page 117 of 191

TABLE 2

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 2
(FISCAL YEAR 2023‐2024)
Assigned
Special Tax Per
Taxable Unit
$1,252.00
Taxable
Unit
RU
RU
RU
RU
Acre
Land Use Category Building Square Footage
Less than 3,350 sq. ft
3,350 sq. ft to 3,550 sq. ft
3,551 sq. ft to 3,750 sq. ft
Greater than 3,750 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Multifamily Property
$1,380.00
$1,412.00
$1,464.00
$5,949.00

6. Non‐Residential Property Acre N/A $5,949.00
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 2 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

TABLE 3

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 3
(FISCAL YEAR 2023‐2024)
Assigned
Taxable
Unit
RU
RU
RU
Acre
Acre
Special Tax Per
Taxable Unit
$254.00
Land Use Category

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Multifamily Property
Building Square Footage
Less than 2,300 sq. ft
2,300 sq. ft to 2,600 sq. ft
Greater than 2,600 sq. ft
N/A
$721.00
$843.00
$4,098.00
$4,098.005. Non‐Residential Property N/A
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 3 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. b. Multiple Land Use Categories
In some instances an Assessor’s Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax levied on an Assessor’s Parcel shall be the sum of the Maximum Special Tax for all Land Use Categories located on the Assessor’s Parcel. The CFD Administrator’s allocation to each type of property shall be final.
c. Backup Special Tax
When a Final Map is recorded, the Administrator shall determine which Tax Zone the Final Map area lies within and the Backup Special Tax for an Assessor’s Parcel within the Final Map classified or to be classified as Single Family Property shall calculated according to the following formula.

B = (U x A) / L
The terms above have the following meanings:

City of Menifee
Community Facilities District No. 2023‐2 (Cimarron Ridge) Page 7 Item: 6.5
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B = Backup Special Tax per per Assessor’s Parcel within the Final Map U = Maximum Special Tax per Acre of Undeveloped Property per Section D.3 below A = Acreage of Single Family Residential Property expected to exist in such Final Map at the time of calculation, as determined by the Administrator
L = Number of Residential Units expected to exist in such Final Map at the time of calculation, as determined by the Administrator.

In the event any portion of the Final Map is changed or modified, the Backup Special Tax for all Assessor’s Parcels within such changed or modified area shall be determined by Table 4 below:

TABLE 4

MAXIMUM SPECIAL TAX PER ACRE
(FISCAL YEAR 2023‐2024)
Maximum Special Tax
Tax Zone per Acre
$5,931
$5,949
$4,098
1 2
3 In the event any superseding Final Map is recorded as a Final Map within the boundaries of the CFD, the Backup Special Tax for all Assessor’s Parcels within such Final Map shall be on the rate per Acre shown in the table above. The Backup Special Tax shall not apply to Multifamily Residential Property, or Non‐Residential Property.

On each July 1, commencing July 1, 2024, the Backup Special Tax rate shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

2. Approved Property
The Maximum Special Tax for each Assessor’s Parcel of Approved Property expected to be classified as Single Family Residential Property shall be the Backup Special Tax computed pursuant to Section D.1.c above.

The Maximum Special Tax for each Assessor’s Parcel of Approved Property expected to be classified as Multifamily Residential Property or Non‐Residential Property shall be $5,931 per Acre for Tax Zone 1, $5,949 per Acre for Tax Zone 2, and $4,098 per Acre for Tax Zone 3.

On each July 1, commencing July 1, 2024, the Maximum Special Tax rate for Approved Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

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3. Undeveloped Property and Provisional Undeveloped Property that is not Exempt Property pursuant to the provisions of Section F
The Maximum Special Tax for each Assessor’s Parcel of Undeveloped Property and Provisional Undeveloped Property that is not Exempt Property shall be equal to the product of $5,931 per Acre for Tax Zone 1, $5,949 per Acre for Tax Zone 2, and $4,098 per Acre for Tax Zone 3, in each case multiplied by the Acreage of such Assessor’s Parcel.

On each July 1, commencing July 1, 2024, the Maximum Special Tax rate for Undeveloped Property and Provisional Undeveloped Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX
Commencing Fiscal Year 2023‐2024 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property in accordance with the following steps:

Step One: The Special Tax shall be levied Proportionately on each Assessor’s Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax rate to satisfy the Special Tax Requirement.

Step Two: If additional moneys are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Approved Property at up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.

Step Three:

Step Four:

Step Five:

If additional moneys are needed to satisfy the Special Tax Requirement after the first two steps have been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.

If additional moneys are needed to satisfy the Special Tax Requirement after the first three steps have been completed, then the Special Tax levy on each Assessor's Parcel of Developed Property for which the Maximum Special Tax is the Backup Special Tax shall be increased Proportionately from the Assigned Special Tax up to 100% of the Backup Special Tax as needed to satisfy the Special Tax Requirement.

If additional moneys are needed to satisfy the Special Tax Requirement after the first four steps have been completed, the Special Tax shall be levied Proportionately on each Assessor’s Parcel of Provisional Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel as needed to satisfy the Special Tax Requirement.

Notwithstanding the above, under no circumstances will the Special Taxes levied in any Fiscal Year against any Assessor’s Parcel of Residential Property as a result of a delinquency in the payment of the Special Tax applicable to any other Assessor’s Parcel be increased by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquency or default.

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F. EXEMPTIONS
The City shall classify as Exempt Property, in the following order of priority, (i) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by the State of California, Federal or other local governments, including school districts, (ii) Assessor’s Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor’s Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by a homeowners' association, (iv) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, (v) Assessor’s Parcels which are privately owned and are encumbered by or restricted solely for public uses, or (vi) Assessor’s Parcels restricted to other types of public uses determined by the City Council, provided that no such classification would reduce the total Acreage of all Taxable Property to less than the amounts shown in Table 5 below.

TABLE 5

MINIMUM TAXABLE ACRES
Tax Zone Acres

22.00 28.40

27.21 1
2 3
Notwithstanding the above, the City Council shall not classify an Assessor’s Parcel as Exempt Property if such classification would reduce the total Acreage of all Taxable Property to less than the Acres shown in Table 5 per Tax Zone. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than the Acres shown in Table 5 per Tax Zone will be classified as Provisional Undeveloped Property, and will be subject to Special Tax pursuant to Step Five in Section E.

G. PREPAYMENT OF SPECIAL TAX
The following additional definitions apply to this Section G:
“CFD Public Facilities” means $6,000,000 expressed in 2023 dollars, which shall increase by the Construction Inflation Index on July 1, 2024, and on each July 1 thereafter, or such lower amount (i) determined by the City Council as sufficient to provide the public facilities under the authorized bonding program for CFD No. 2023‐2 IA 1, or (ii) determined by the City Council concurrently with a covenant that it will not issue any more CFD No. 2023‐2 IA 1 Bonds to be supported by Special Tax levied under this Rate and Method of Apportionment.
“Construction Fund” means an account specifically identified in the Indenture or functionally equivalent to hold funds, which are currently available for expenditure to acquire or construct public facilities eligible to be financed by CFD No. 2023‐2 IA 1.
“Construction Inflation Index” means the annual percentage change in the Engineering News‐Record Building Cost Index for the City of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall City of Menifee
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be another index as determined by the City that is reasonably comparable to the Engineering News‐ Record Building Cost Index for the City of Los Angeles. “Future Facilities Costs” means the CFD Public Facilities minus (i) public facility costs previously funded from the Construction Fund, (ii) public facility costs available to be funded through existing construction or escrow accounts funded by the Outstanding Bonds, and minus (iii) public facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment. “Outstanding Bonds” means all previously issued CFD No. 2023‐2 IA 1 Bonds issued and secured by the levy of Special Tax which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding CFD No. 2023‐2 IA 1 Bonds to be redeemed at a later date with the proceeds of prior prepayments of Special Tax.

1. Prepayment in Full
The Maximum Special Tax obligation may be prepaid and permanently satisfied for (i) Assessor’s Parcels of Developed Property, (ii) Assessor’s Parcels of Approved Property or Undeveloped Property for which a Building Permit has been issued, (iii) Approved Property or Undeveloped Property for which a Building Permit has not been issued and (iv) Assessor’s Parcels of Public Property or Provisional Undeveloped Property that are not Exempt Property pursuant to Section F. The Maximum Special Tax obligation applicable to an Assessor’s Parcel may be fully prepaid and the obligation to pay the Special Tax for such Assessor’s Parcel permanently satisfied as described herein; provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Assessor’s Parcel at the time of prepayment. An owner of an Assessor’s Parcel intending to prepay the Maximum Special Tax obligation for such Assessor’s Parcel shall provide the CFD Administrator with written notice of intent to prepay, and within 5 business days of receipt of such notice, the CFD Administrator shall notify such owner of the amount of the non‐refundable deposit determined to cover the cost to be incurred by the CFD in calculating the Prepayment Amount (as defined below) for the Assessor’s Parcel. Within 15 days of receipt of such non‐refundable deposit, the CFD Administrator shall notify such owner of the Prepayment Amount for the Assessor’s Parcel. Prepayment must be made not less than 60 days prior to the redemption date for any Outstanding Bonds to be redeemed with the proceeds of such prepaid Special Taxes.

The Prepayment Amount (defined below) shall be calculated as follows (capitalized terms are defined below):

Bond Redemption Amount
plus
plus
plus
plus
less
Redemption Premium
Future Facilities Amount
Defeasance Amount
Administrative Fees and Expenses
Reserve Fund Credit
Equals: Prepayment Amount
The Prepayment Amount shall be determined as of the proposed prepayment date as follows:

1. 2.

Confirm that no Special Tax delinquencies apply to such Assessor’s Parcel.

For an Assessor’s Parcel of Developed Property, compute the Maximum Special Tax for the City of Menifee
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Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Maximum Special Tax for the Assessor’s Parcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has not been issued, Public Property, or Provisional Undeveloped Property compute the Maximum Special Tax for the Assessor’s Parcel.

3. Divide the Maximum Special Tax derived pursuant to paragraph 2 by the total amount of Special Taxes that could be levied at the Maximum Special Tax at build out of all Assessor’s Parcels of Taxable Property based on the applicable Maximum Special Tax for Assessor’s Parcels of Developed Property not including any Assessor’s Parcels for which the Special Tax obligation has been previously prepaid.

4. Multiply the quotient derived pursuant to paragraph 3 by the principal amount of the Outstanding Bonds to determine the amount of Outstanding Bonds to be redeemed with the Prepayment Amount (the “Bond Redemption Amount”).

5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).

6. 7.

Determine the Future Facilities Costs.

Multiply the quotient derived pursuant to paragraph 3 by the amount determined pursuant to paragraph 6 to determine the amount of Future Facilities Costs for the Assessor’s Parcel (the “Future Facilities Amount”).

8. Determine the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds on which Outstanding Bonds can be redeemed from Special Tax prepayments.

9. Determine the Special Taxes levied on the Assessor’s Parcel in the current Fiscal Year which have not yet been paid.

10. Determine the amount the CFD Administrator reasonably expects to derive from the investment of the Bond Redemption Amount and the Redemption Premium from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the Prepayment Amount.

11. Add the amounts derived pursuant to paragraphs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the “Defeasance Amount”).

12. Verify the administrative fees and expenses of the CFD, including the cost of computation of the Prepayment Amount, the cost to invest the Prepayment Amount, the cost of redeeming the Outstanding Bonds, and the cost of recording notices to evidence the prepayment of the Maximum Special Tax obligation for the Assessor’s Parcel and the redemption of Outstanding Bonds (the “Administrative Fees and Expenses”).

13. The reserve fund credit (the “Reserve Fund Credit”) shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the City of Menifee
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redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero.

14. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount and the Administrative Fees and Expenses, less the Reserve Fund Credit.

15. From the Prepayment Amount, the Bond Redemption Amount, the Redemption Premium, and Defeasance Amount shall be deposited into the appropriate fund as established under the Indenture and be used to redeem Outstanding Bonds or make debt service payments. The Future Facilities Amount shall be deposited into the Construction Fund. The Administrative Fees and Expenses shall be retained by CFD No. 2023‐2 IA 1.

The Prepayment Amount may be sufficient to redeem other than a $5,000 increment of Outstanding Bonds. In such event, the increment above $5,000 or an integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next redemption from other Special Tax prepayments of Outstanding Bonds or to make debt service payments.

As a result of the payment of the current Fiscal Year’s Special Tax levy as determined pursuant to paragraph 9 above, the CFD Administrator shall remove the current Fiscal Year’s Special Tax levy for the Assessor’s Parcel from the County tax roll. With respect to any Assessor’s Parcel for which the Maximum Special Tax obligation is prepaid, the City Council shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of Maximum Special Tax obligation and the release of the Special Tax lien for the Assessor’s Parcel, and the obligation to pay the Special Tax for such Assessor’s Parcel shall cease.

Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless the amount of Maximum Special Tax that may be levied each Fiscal Year on all Assessor’s Parcels of Taxable Property after the proposed prepayment will be at least 1.1 times annual debt service for such Fiscal Year on the Outstanding Bonds that will remain outstanding after the prepayment plus the estimated annual Administrative Expenses.

Tenders of Outstanding Bonds in prepayment of the Maximum Special Tax obligation may be accepted upon the terms and conditions established by the City Council pursuant to the Act. However, the use of Bond tenders shall only be allowed on a case‐by‐case basis as specifically approved by the City Council.

2. Prepayment in Part
The Maximum Special Tax obligation for an Assessor’s Parcel of Developed Property, Approved Property or Undeveloped Property may be partially prepaid. For purposes of determining the partial prepayment amount, the provisions of Section G.1 shall be modified as provided by the following formula:

PP = ((PE – A) x F) + A
These terms have the following meaning:

PP = Partial Prepayment Amount
PE = the Prepayment Amount calculated according to Section G.1 City of Menifee
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F = the percent by which the owner of the Assessor’s Parcel(s) is partially prepaying the Maximum Special Tax obligation
A = the Administrative Fees and Expenses determined pursuant to Section G.1 The owner of an Assessor’s Parcel who desires to partially prepay the Maximum Special Tax obligation for the Assessor’s Parcel shall notify the CFD Administrator of (i) such owner’s intent to partially prepay the Maximum Special Tax obligation, (ii) the percentage of the Maximum Special Tax obligation such owner wishes to prepay, and (iii) the company or agency that will be acting as the escrow agent, if any. Within 5 days of receipt of such notice, the CFD Administrator shall notify such property owner of the amount of the non‐refundable deposit determined to cover the cost to be incurred by the CFD in calculating the amount of a partial prepayment. Within 15 business days of receipt of such non‐refundable deposit, the CFD Administrator shall notify such owner of the amount of the Partial Prepayment Amount for the Assessor’s Parcel. A Partial Prepayment Amount must be made not less than 60 days prior to the redemption date for the Outstanding Bonds to be redeemed with the proceeds of the Partial Prepayment Amount.

With respect to any Assessor’s Parcel for which the Maximum Special Tax obligation is partially prepaid, the CFD Administrator shall (i) distribute the Partial Prepayment Amount as provided in Paragraph 15 of Section G.1, and (ii) indicate in the records of the CFD that there has been a Partial Prepayment for the Assessor’s Parcel and that a portion of the Maximum Special Tax obligation equal to the remaining percentage (1.00 ‐ F) of the Maximum Special Tax obligation will continue to be levied on the Assessor’s Parcel pursuant to Section E.

H. TERMINATION OF SPECIAL TAX
For each Fiscal Year that any CFD No. 2023‐2 IA 1 Bonds are outstanding the Special Tax shall be levied on all Assessor’s Parcels subject to the Special Tax. The Special Tax shall cease not later than the 2069‐2070 Fiscal Year, however, Special Tax will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all the required interest and principal payments on the CFD No. 2023‐2 IA 1 Bonds have been paid; (ii) all authorized facilities of CFD No. 2023‐2 IA 1 have been acquired and all reimbursements to the developer have been paid, (iii) no delinquent Special Taxes remain uncollected and (iv) all other obligations of CFD No. 2023‐2 IA 1 have been satisfied.

I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2023‐2 IA 1 may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor’s Parcels as permitted by the Act.

J. APPEALS OF SPECIAL TAXES
Any taxpayer may file a written appeal of the Special Taxes on his/her Assessor’s Parcel(s) with the CFD Administrator, provided that the appellant is current in his/her payments of Special Taxes. During pendency of an appeal, all Special Taxes previously levied must be paid on or before the payment date established when the levy was made. The appeal must specify the reasons why the appellant claims the Special Tax is in error. The CFD Administrator shall review the appeal, meet with the appellant if the CFD Administrator deems necessary, and advise the appellant of its determination. If the CFD Administrator City of Menifee
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agrees with the appellant, the CFD Administrator shall grant a credit to eliminate or reduce future Special Taxes on the appellant’s Assessor’s Parcel(s). No refunds of previously paid Special Taxes shall be made.

The CFD Administrator shall interpret this Rate and Method of Apportionment and make determinations relative to the annual levy and administration of the Special Taxes and any taxpayer who appeals, as herein specified.

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APPENDIX B
Rate and Method of Apportionment
for Improvement Area 2
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RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES FOR
COMMUNITY FACILITIES DISTRICT NO. 2023‐2 (CIMARRON RIDGE)

OF THE CITY OF MENIFEE
IMPROVEMENT AREA NO. 2
A Special Tax (all capitalized terms are defined in Section A, “Definitions”, below) shall be applicable to each Assessor’s Parcel of Taxable Property located within the boundaries of Improvement Area No. 2 Community Facilities District No. 2023‐2 (Cimarron Ridge) of the City of Menifee ("CFD No. 2023‐2 IA 2").

The amount of Special Tax to be levied in each Fiscal Year on an Assessor’s Parcel shall be determined by the City Council of the City of Menifee, acting in its capacity as the legislative body of CFD No. 2023‐2 IA 2, by applying the appropriate Special Tax for Developed Property, Approved Property, Undeveloped Property, and Provisional Undeveloped Property that is not Exempt Property as set forth below. All of the real property, unless exempted by law or by the provisions hereof in Section F, shall be taxed for the purposes, to the extent and in the manner herein provided.

A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Accessory Dwelling Unit” means a residential unit of limited size including a smaller second unit that shares an Assessor’s Parcel with Single Family Residential Property that has a stand‐alone Residential Unit. "Acre or Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map or instrument. The square footage of an Assessor’s Parcel is equal to the Acreage multiplied by 43,560. "Act" means the Mello‐Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses" means the following actual or reasonably estimated costs directly related to the administration of CFD No. 2023‐2 IA 2: the costs of computing the Special Taxes and preparing the Special Tax collection schedules (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City or otherwise); the costs of remitting Special Taxes to the Trustee; the costs of the Trustee (including legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2023‐2 IA 2 or any designee thereof of complying with arbitrage rebate requirements; the costs to the City, CFD No. 2023‐2 IA 2 or any designee thereof of complying with disclosure requirements of the City, CFD No. 2023‐2 IA 2 and any major property owner associated with applicable federal and state securities laws and the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 2023‐2 IA 2 or any designee thereof related to an appeal of the Special Tax; the costs associated with the release of funds from an escrow account; and the City’s annual administration fees and third party expenses. Administration Expenses shall also include amounts estimated by the CFD Administrator or advanced by the City or CFD No. 2023‐2 IA 2 for any other administrative purposes of CFD No. 2023‐2 IA 2, including attorney’s fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.

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"Approved Property" means all Assessor’s Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, (ii) that have an assigned Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (iii) that have not been issued a building permit on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied. "Assessor’s Parcel" means a lot or parcel of land designated on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number.
"Assessor’s Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number.
"Assessor’s Parcel Number" means that number assigned to an Assessor’s Parcel by the County for purposes of identification.
"Assigned Special Tax" means the Special Tax of that name described in Section D below. "Backup Special Tax" means the Special Tax of that name described in Section D below. "Boundary Map" means a recorded map of the CFD which indicates the boundaries of the CFD. "Building Permit" means the first legal document issued by a local agency giving official permission for new construction. For purposes of this definition, “Building Permit” may or may not include any subsequent building permit document(s) authorizing new construction on an Assessor’s Parcel that are issued or changed by the City after the first original issuance, as determined by the CFD Administrator as necessary to fairly allocate Special Tax to the Assessor’s Parcel, provided that following such determination the Maximum Special Tax that may be levied in each Fiscal Year on all Assessor’s Parcels of Taxable Property will be at least 1.1 times annual debt service on all outstanding CFD No. 2023‐2 IA 2 Bonds plus the estimated annual Administrative Expenses for such Fiscal Year. "Building Square Footage" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the Building Permit for such Assessor’s Parcel.
"Calendar Year" means the period commencing January 1 of any year and ending the following December

31. "CFD” or “CFD No. 2023‐2" means Community Facilities District No. 2023‐2 (Cimarron Ridge) established by the City under the Act.
“CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement, and providing for the levy and collection of the Special Taxes. “CFD No. 2023‐2 IA 2" means Improvement Area No. 2 of CFD No. 2023‐2 as identified on the boundary map for CFD No. 2023‐2.
"CFD No. 2023‐2 IA 2 Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long‐term leases, loans from government agencies, or City of Menifee
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loans from banks, other financial institutions, private businesses, or individuals, or long‐term contracts, or any refunding thereof, to which Special Tax of CFD No. 2023‐2 IA 2 have been pledged. “City” means the City of Menifee.
"City Council" means the City Council of the City of Menifee, acting as the Legislative Body of CFD No. 2023‐2 IA 2.
“Condominium Plan" means a condominium plan as set forth in California Civil Code, Section 4285. "County" means the County of Riverside.
"Developed Property" means all Assessor’s Parcels: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, (ii) that have an Assessor’s Parcel Number from the County shown on an Assessor’s Parcel Map for the individual lot included on the Final Map, and (iii) for which a Building Permit for new construction was issued on or before May 1st preceding the Fiscal Year in which the Special Tax is being levied. "Exempt Property" means all Assessor’s Parcels designated as being exempt from Special Taxes as provided for in Section F.
"Final Map" means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a Condominium Plan pursuant to California Civil Code Section 4285 that creates individual lots for which Building Permits may be issued without further subdivision. "Fiscal Year" means the period commencing on July 1st of any year and ending the following June 30th. “Indenture” means the indenture, fiscal agent agreement, resolution or other instrument pursuant to which CFD No. 2023‐2 IA 2 Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. “Land Use Category” means any of the categories listed in Table 1, Table 2, and Table 3 of Section D. "Maximum Special Tax" means for each Assessor’s Parcel, the maximum Special Tax, determined in accordance with Section D below, that can be levied by CFD No. 2023‐2 IA 2 in any Fiscal Year on such Assessor’s Parcel.
“Multifamily Property” means all Assessor’s Parcels of Developed Property for which a Building Permit has been issued for the purpose of constructing a building or buildings comprised of attached Residential Units available for rental by the general public, not for sale to an end user, and under common management, as determined by the CFD Administrator.
"Non‐Residential Property" or “NR” means all Assessor's Parcels for which a building permit(s) was issued or will be issued for a non‐residential use. The CFD Administrator shall make the determination if an Assessor’s Parcel is Non‐Residential Property.
"Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax obligation for an Assessor’s Parcel, as described in Section G.2.

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"Prepayment Amount" means the amount required to prepay the Special Tax obligation in full for an Assessor’s Parcel, as described in Section G.1.
“Proportionately” means for Taxable Property that is (i) Developed Property, that the ratio of the actual Special Tax levy to the Assigned Special Tax is the same for all Assessor’s Parcels of Developed Property, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Assessor’s Parcels of Approved Property, and (iii) Undeveloped Property, or Provisional Undeveloped Property, that the ratio of the actual Special Tax levy per Acre to the Maximum Special Tax per Acre is the same for all Assessor’s Parcels of Undeveloped Property, or Provisional Undeveloped Property, as applicable.
"Provisional Undeveloped Property" means all Assessor’s Parcels of Taxable Property that would otherwise be classified as Exempt Property pursuant to the provisions of Section F, but cannot be classified as Exempt Property because to do so would be reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in Section F. "Rate and Method of Apportionment" means this Rate and Method of Apportionment of Special Tax for CFD No. 2023‐2 IA 2.
"Residential Property" means all Assessor’s Parcels of Developed Property for which a building permit has been issued for purposes of constructing one or more Residential Units. “Residential Unit” or "RU" means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the CFD Administrator. An Accessory Dwelling Unit that shares an Assessor’s Parcel with a Single Family Residential Property shall not be considered a Residential Unit for purposes of this Rate and Method of Apportionment.
“Single Family Residential Property” means all Assessor’s Parcels of Residential Property other than Multifamily Property.
"Special Tax" or “Special Taxes” means any of the special taxes authorized to be levied within CFD No. 2023‐2 IA 2 pursuant to the Act to fund the Special Tax Requirement. "Special Tax Requirement" means the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding CFD No. 2023‐2 IA 2 Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, (iv) any amount required to replenish any reserve funds established in association with the CFD No. 2023‐2 IA 2 Bonds, (v) an amount equal to any anticipated shortfall due to Special Tax delinquencies, (vi) for debt service on CFD No. 2023‐2 IA 2 Bonds anticipated to be issued, and (vii) for the collection or accumulation of funds for the acquisition or construction of facilities authorized by CFD No. 2023‐2 IA 2, provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Approved Property or Undeveloped Property as set forth in Steps Two or Three of Section E., less (vii) any amounts available to pay debt service or other periodic costs on the CFD No. 2023‐2 IA 2 Bonds pursuant to the Indenture.
“Tax Zone(s)” means the geographical area(s) within CFD No. 2023‐2 IA 2 identified as Tax Zone 1, Tax Zone 2, or Tax Zone 3 as shown on the Boundary Map.

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“Tax Zone 1” means all property located within CFD No. 2023‐2 IA 2 and identified on the Boundary Map as Tax Zone 1.
“Tax Zone 2” means all property located within CFD No. 2023‐2 IA 2 and identified on the Boundary Map as Tax Zone 2.
“Tax Zone 3” means all property located within CFD No. 2023‐2 IA 2 and identified on the Boundary Map as Tax Zone 3.
"Taxable Property" means all Assessor’s Parcels within CFD No. 2023‐2 IA 2, which are not Exempt Property.
“Taxable Unit” means either a Residential Unit or an Acre. “Trustee” means the trustee, fiscal agent, or paying agent under the Indenture. "Undeveloped Property" means all Assessor’s Parcels of Taxable Property which are not Developed Property, Approved Property, Provisional Undeveloped Property.

C. ASSIGNMENT TO LAND USE CATEGORY FOR SPECIAL TAX
Each Fiscal Year, beginning with Fiscal Year 2023‐2024, each Assessor’s Parcel within CFD No. 2023‐2 IA 2 shall be classified as Taxable Property or Exempt Property. In addition, each Assessor’s Parcel of Taxable Property shall be further classified as Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property. In addition, each Assessor’s Parcel of Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property shall be further classified as being within Tax Zone 1, Tax Zone 2, or Tax Zone 3.

In the event that an Assessor’s Parcel for which one or more Building Permits have been issued and the County has not yet assigned final Assessor’s Parcel Number(s) to the Residential Unit(s) (in accordance with the Final Map or Condominium Plan) on such Assessor’s Parcel, the amount of the Special Tax levy on such Assessor’s Parcel for each Fiscal Year shall be determined as follows: (1) the CFD Administrator shall first determine an amount of the Maximum Special Tax levy for such Assessor’s Parcel, based on the classification of such Assessor’s Parcel as Undeveloped Property; (2) the amount of the Special Tax levy for the Residential Units on such Assessor’s Parcel for which Building Permits have been issued shall be determined based on the Assigned Special Tax rates for Developed Property and shall be taxed as Developed Property in accordance with Step 1 of Section E below; and (3) the amount of the Special Tax City of Menifee
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D. MAXIMUM SPECIAL TAX

TABLE 1

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 1
(FISCAL YEAR 2023‐2024)
Assigned
Taxable
Unit
RU
RU
Acre
Acre
Special Tax Per
Taxable Unit
$1,617.00
Land Use Category

1. Single Family Residential Property

2. Single Family Residential Property

3. Multifamily Property
Building Square Footage
Less than 2,300 sq. ft
Greater than 2,300 sq. ft
N/A
$1,920.00
$9,661.00
$9,661.004. Non‐Residential Property N/A
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 1 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

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TABLE 2

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 2
(FISCAL YEAR 2023‐2024)
Assigned
Special Tax Per
Taxable Unit
$1,543.00
Taxable
Unit
RU
RU
RU
RU
RU
Acre
Acre
Land Use Category Building Square Footage
Less than 1,700 sq. ft
1,700 sq. ft to 1,900 sq. ft
1,901 sq. ft to 2,100 sq. ft
2,101 sq. ft to 2,300 sq. ft
Greater than 2,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property

6. Multifamily Property
$1,625.00
$1,749.00
$1,816.00
$1,873.00
$11,722.00
$11,722.007. Non‐Residential Property N/A
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 2 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

TABLE 3

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
WITHIN TAX ZONE 3
(FISCAL YEAR 2023‐2024)
Assigned
Taxable
Unit
RU
RU
RU
RU
RU
RU
Acre
Acre
Special Tax Per
Taxable Unit
$1,681.00
$1,753.00
$1,790.00
$1,826.00
$1,848.00
$1,869.00
$8,853.00
$8,853.00
Land Use Category Building Square Footage
Less than 2,500 sq. ft
2,500 sq. ft to 2,700 sq. ft
2,701 sq. ft to 2,900 sq. ft
2,901 sq. ft to 3,100 sq. ft
3,101 sq. ft to 3,300 sq. ft
Greater than 3,300 sq. ft
N/A

1. Single Family Residential Property

2. Single Family Residential Property

3. Single Family Residential Property

4. Single Family Residential Property

5. Single Family Residential Property

6. Single Family Residential Property

7. Multifamily Property

8. Non‐Residential Property N/A
On each July 1, commencing July 1, 2024, the Assigned Special Tax rate for Developed Property in Tax Zone 3 shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. b. Multiple Land Use Categories
In some instances an Assessor’s Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax levied on an Assessor’s Parcel shall be the sum of the Maximum Special Tax for all Land Use Categories located on the Assessor’s Parcel. The CFD Administrator’s allocation to each type of property shall be final.
c. Backup Special Tax
When a Final Map is recorded, the Administrator shall determine which Tax Zone the Final Map area lies within and the Backup Special Tax for an Assessor’s Parcel within the Final Map classified or to be classified as Single Family Property shall calculated according to the following formula.

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B = (U x A) / L
The terms above have the following meanings:

In the event any portion of the Final Map is changed or modified, the Backup Special Tax for all Assessor’s Parcels within such changed or modified area shall be determined by Table 4 below:

TABLE 4

MAXIMUM SPECIAL TAX PER ACRE
(FISCAL YEAR 2023‐2024)
Maximum Special Tax
Tax Zone per Acre
1 2
3 $9,661
$11,722
$8,853
In the event any superseding Final Map is recorded as a Final Map within the boundaries of the CFD, the Backup Special Tax for all Assessor’s Parcels within such Final Map shall be on the rate per Acre shown in the table above. The Backup Special Tax shall not apply to Multifamily Residential Property, or Non‐Residential Property.

On each July 1, commencing July 1, 2024, the Backup Special Tax rate shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

The Maximum Special Tax for each Assessor’s Parcel of Approved Property expected to be classified as Multifamily Residential Property or Non‐Residential Property shall be $9,661 per Acre for Tax Zone 1, $11,722 per Acre for Tax Zone 2, and $8,853 per Acre for Tax Zone 3.

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On each July 1, commencing July 1, 2024, the Maximum Special Tax rate for Approved Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

3. Undeveloped Property and Provisional Undeveloped Property that is not Exempt Property pursuant to the provisions of Section F
The Maximum Special Tax for each Assessor’s Parcel of Undeveloped Property and Provisional Undeveloped Property that is not Exempt Property shall be equal to the product of $9,661 per Acre for Tax Zone 1, $11,722 per Acre for Tax Zone 2, and $8,853 per Acre for Tax Zone 3, in each case multiplied by the Acreage of such Assessor’s Parcel.

Step Three:

Step Four:

Step Five:

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TABLE 5

MINIMUM TAXABLE ACRES
Tax Zone Acres

2.20 37.29

15.70 1
2 3
Notwithstanding the above, the City Council shall not classify an Assessor’s Parcel as Exempt Property if such classification would reduce the total Acreage of all Taxable Property to less than the Acres shown in Table 5 per Tax Zone. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than the Acres shown in Table 5 per Tax Zone will be classified as Provisional Undeveloped Property, and will be subject to Special Tax pursuant to Step Five in Section E.

G. PREPAYMENT OF SPECIAL TAX
The following additional definitions apply to this Section G:
“CFD Public Facilities” means $9,000,000 expressed in 2023 dollars, which shall increase by the Construction Inflation Index on July 1, 2024, and on each July 1 thereafter, or such lower amount (i) determined by the City Council as sufficient to provide the public facilities under the authorized bonding program for CFD No. 2023‐2 IA 2, or (ii) determined by the City Council concurrently with a covenant that it will not issue any more CFD No. 2023‐2 IA 2 Bonds to be supported by Special Tax levied under this Rate and Method of Apportionment.
“Construction Fund” means an account specifically identified in the Indenture or functionally equivalent to hold funds, which are currently available for expenditure to acquire or construct public facilities eligible to be financed by CFD No. 2023‐2 IA 2.

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“Construction Inflation Index” means the annual percentage change in the Engineering News‐Record Building Cost Index for the City of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the City that is reasonably comparable to the Engineering News‐ Record Building Cost Index for the City of Los Angeles. “Future Facilities Costs” means the CFD Public Facilities minus (i) public facility costs previously funded from the Construction Fund, (ii) public facility costs available to be funded through existing construction or escrow accounts funded by the Outstanding Bonds, and (iii) public facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment. “Outstanding Bonds” means all previously issued CFD No. 2023‐2 IA 2 Bonds issued and secured by the levy of Special Tax which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding CFD No. 2023‐2 IA 2 Bonds to be redeemed at a later date with the proceeds of prior prepayments of Special Tax.

1. Prepayment in Full
The Maximum Special Tax obligation may be prepaid and permanently satisfied for (i) Assessor’s Parcels of Developed Property, (ii) Assessor’s Parcels of Approved Property or Undeveloped Property for which a Building Permit has been issued, (iii) Approved Property or Undeveloped Property for which a Building Permit has not been issued and (iv) Assessor’s Parcels of Public Property Provisional Undeveloped Property that are not Exempt Property pursuant to Section F. The Maximum Special Tax obligation applicable to an Assessor’s Parcel may be fully prepaid and the obligation to pay the Special Tax for such Assessor’s Parcel permanently satisfied as described herein; provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Assessor’s Parcel at the time of prepayment. An owner of an Assessor’s Parcel intending to prepay the Maximum Special Tax obligation for such Assessor’s Parcel shall provide the CFD Administrator with written notice of intent to prepay, and within 5 business days of receipt of such notice, the CFD Administrator shall notify such owner of the amount of the non‐refundable deposit determined to cover the cost to be incurred by the CFD in calculating the Prepayment Amount (as defined below) for the Assessor’s Parcel. Within 15 days of receipt of such non‐refundable deposit, the CFD Administrator shall notify such owner of the Prepayment Amount for the Assessor’s Parcel. Prepayment must be made not less than 60 days prior to the redemption date for any Outstanding Bonds to be redeemed with the proceeds of such prepaid Special Taxes.

The Prepayment Amount (defined below) shall be calculated as follows (capitalized terms are defined below):

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1. 2.

Confirm that no Special Tax delinquencies apply to such Assessor’s Parcel.

For an Assessor’s Parcel of Developed Property, compute the Maximum Special Tax for the Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Maximum Special Tax for the Assessor’s Parcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Assessor’s Parcel. For an Assessor’s Parcel of Approved Property or Undeveloped Property for which a Building Permit has not been issued, Public Property or Provisional Undeveloped Property compute the Maximum Special Tax for the Assessor’s Parcel.

5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).

6. 7.

Determine the Future Facilities Costs.

9. Determine the Special Taxes levied on the Assessor’s Parcel in the current Fiscal Year which have not yet been paid.

11. Add the amounts derived pursuant to paragraphs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the “Defeasance Amount”).

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13. The reserve fund credit (the “Reserve Fund Credit”) shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero.

PP = ((PE – A) x F) + A
These terms have the following meaning:

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PP = Partial Prepayment Amount
PE = the Prepayment Amount calculated according to Section G.1 F = the percent by which the owner of the Assessor’s Parcel(s) is partially prepaying the Maximum Special Tax obligation
A = the Administrative Fees and Expenses determined pursuant to Section G.1 The owner of an Assessor’s Parcel who desires to partially prepay the Maximum Special Tax obligation for the Assessor’s Parcel shall notify the CFD Administrator of (i) such owner’s intent to partially prepay the Maximum Special Tax obligation, (ii) the percentage of the Maximum Special Tax obligation such owner wishes to prepay, and (iii) the company or agency that will be acting as the escrow agent, if any. Within 5 days of receipt of such notice, the CFD Administrator shall notify such property owner of the amount of the non‐refundable deposit determined to cover the cost to be incurred by the CFD in calculating the amount of a partial prepayment. Within 15 business days of receipt of such non‐refundable deposit, the CFD Administrator shall notify such owner of the amount of the Partial Prepayment Amount for the Assessor’s Parcel. A Partial Prepayment Amount must be made not less than 60 days prior to the redemption date for the Outstanding Bonds to be redeemed with the proceeds of the Partial Prepayment Amount.

H. TERMINATION OF SPECIAL TAX
For each Fiscal Year that any CFD No. 2023‐2 IA 2 Bonds are outstanding the Special Tax shall be levied on all Assessor’s Parcels subject to the Special Tax. The Special Tax shall cease not later than the 2069‐2070 Fiscal Year, however, Special Tax will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all the required interest and principal payments on the CFD No. 2023‐2 IA 2 Bonds have been paid; (ii) all authorized facilities of CFD No. 2023‐2 IA 2 have been acquired and all reimbursements to the developer have been paid, (iii) no delinquent Special Taxes remain uncollected and (iv) all other obligations of CFD No. 2023‐2 IA 2 have been satisfied.

I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2023‐2 IA 2 may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor’s Parcels as permitted by the Act.

J. APPEALS OF SPECIAL TAXES
Any taxpayer may file a written appeal of the Special Taxes on his/her Assessor’s Parcel(s) with the CFD Administrator, provided that the appellant is current in his/her payments of Special Taxes. During pendency of an appeal, all Special Taxes previously levied must be paid on or before the payment date established when the levy was made. The appeal must specify the reasons why the appellant claims the City of Menifee
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Special Tax is in error. The CFD Administrator shall review the appeal, meet with the appellant if the CFD Administrator deems necessary, and advise the appellant of its determination. If the CFD Administrator agrees with the appellant, the CFD Administrator shall grant a credit to eliminate or reduce future Special Taxes on the appellant’s Assessor’s Parcel(s). No refunds of previously paid Special Taxes shall be made.

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APPENDIX C
Boundary Map
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APPENDIX D
Resolution of Intention
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28202 CABOT RD | SUITE 620 | LAGUNA NIGUEL, CA 92677
PHONE: (949) 542-7070 | FAX: (949) 542-7076
www.zimmermangroup.com
October 8, 2024
Margarita Cornejo
Deputy Finance Director
City of Menifee
29844 Haun Road
Menifee, CA 92586
T. (951) 723-3716
E. [email protected]
RE: Series 1 Bond Issuance Request, CFD No. 2023-2 (Cimarron Ridge) Dear Ms. Cornejo,
On behalf of Pulte Homes (“Developer”), we are requesting the City of Menifee (“City”) move forward with the issuance of a series of bonds (“Bonds”) for Improvement Area No. 1 of CFD No. 2023-2 (Cimarron Ridge) (“CFD”). Improvement Area No. 1 includes 424 lots within Tract Map Nos. 36658-1, -2, -3 and a portion of -4 (the “IA No. 1”). We would like to issue a series of bonds secured by 288 of the 424 lots within IA No. 1 (“Series 1 Bonds”). A summary of the development status in IA No. 1 for the proposed Series 1 Bonds is included in the table below.

CFD No. 2023-2 (Cimarron Ridge) – IA No. 1 (as of 10/7/24) Development Status Units % of Total Series 1
Units
Closed Homes 190 44.8% 190
Completed Homes (7 Models) 7 1.7% 7
Under Construction (51 Sold) 93 21.9% 91
Finished Lots (58 Permitted) 134 31.6% 0
Series 1 Bonds - Total Units 424 100% 288
The attached Exhibit A shows the estimated bond sizing and debt service schedule for the Series 1 Bonds, which results in approximately $4.3M in construction proceeds. The construction proceeds would fund City impact fees and facilities and EMWD facilities. The purpose of issuing two series of bond is to limit the special taxes to be levied on property owned by the Developer. Given that interest rates have remained low and the City’s recent success in selling bonds, w e believe it's on optimal time to move forward with the Series 1 Bonds.

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

Sincerely,
John Zimmerman
Principal
CC: Shane Spicer, Spicer Consulting Group
Patric Lynam, Pulte Homes – Director of Planning
Darren Warren, Pulte Homes – Vice President of Land
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EXHIBIT A
Pulte Homes - Cimarron Ridge (Tract No. 36658)
City of Menifee CFD No. 2023-2 (Cimarron Ridge) - Improvement Area No. 1 Series 1 - Estimated Debt Service & Bond Sizing Schedule October 8, 2024

ISSUANCE ASSUMPTIONS ESTIMATED SOURCES AND USES
Closing Date 3/1/2025 Sources
Special Tax Revenue Escalation 2.000% Par Bond Amount 5,080,000$ Annual Administration Expense 30,000$
Administration Expense Escalation 2.000% Uses
Debt Service Coverage Ratio 110% Reserve Fund 440,657$
Underwriter Discount Estimate 2.000% Capitalized Interest - Issuance Costs Estimate 225,000$ Underwriter Discount 101,600 Months of Capitalized Interest - Costs Of Issuance 225,000 Gross Special Tax Revenues 304,866$ Construction Fund 4,312,743 Total Uses 5,080,000$

BOND DEBT SERVICE
Period Gross Priority Capitalized Net Debt Debt Service Ending Revenues Admin Principal Yield Interest Interest Service Coverage 9/1/2025 304,866$ 30,000$ -$ 1.688% 117,151$ -$ 117,151$ N/A 9/1/2026 310,963 30,600 20,000 1.688% 234,301 - 254,301 110.25% 9/1/2027 317,182 31,212 25,000 1.938% 233,964 - 258,964 110.43% 9/1/2028 323,526 31,836 30,000 2.288% 233,479 - 263,479 110.71% 9/1/2029 329,997 32,473 35,000 2.688% 232,793 - 267,793 111.10% 9/1/2030 336,596 33,122 40,000 2.988% 231,852 - 271,852 111.63% 9/1/2031 343,328 33,785 50,000 3.188% 230,657 - 280,657 110.29% 9/1/2032 350,195 34,461 55,000 3.438% 229,063 - 284,063 111.15% 9/1/2033 357,199 35,150 65,000 3.688% 227,172 - 292,172 110.23% 9/1/2034 364,343 35,853 70,000 3.888% 224,775 - 294,775 111.44% 9/1/2035 371,630 36,570 80,000 4.038% 222,053 - 302,053 110.93% 9/1/2036 379,062 37,301 90,000 4.138% 218,823 - 308,823 110.67% 9/1/2037 386,643 38,047 100,000 4.188% 215,099 - 315,099 110.63% 9/1/2038 394,376 38,808 110,000 4.268% 210,911 - 320,911 110.80% 9/1/2039 402,264 39,584 120,000 4.338% 206,216 - 326,216 111.18% 9/1/2040 410,309 40,376 135,000 4.408% 201,010 - 336,010 110.10% 9/1/2041 418,515 41,184 145,000 4.468% 195,059 - 340,059 110.96% 9/1/2042 426,886 42,007 160,000 4.538% 188,581 - 348,581 110.41% 9/1/2043 435,423 42,847 175,000 4.588% 181,320 - 356,320 110.18% 9/1/2044 444,132 43,704 190,000 4.638% 173,291 - 363,291 110.22% 9/1/2045 453,014 44,578 205,000 4.688% 164,479 - 369,479 110.54% 9/1/2046 462,075 45,470 220,000 4.738% 154,868 - 374,868 111.13% 9/1/2047 471,316 46,379 240,000 4.788% 144,445 - 384,445 110.53% 9/1/2048 480,743 47,307 260,000 4.888% 132,954 - 392,954 110.30% 9/1/2049 490,357 48,253 280,000 4.888% 120,245 - 400,245 110.46% 9/1/2050 500,165 49,218 300,000 4.888% 106,558 - 406,558 110.92% 9/1/2051 510,168 50,203 325,000 4.888% 91,894 - 416,894 110.33% 9/1/2052 520,371 51,207 350,000 4.888% 76,008 - 426,008 110.13% 9/1/2053 530,779 52,231 375,000 4.888% 58,900 - 433,900 110.29% 9/1/2054 541,394 53,275 400,000 4.888% 40,570 - 440,570 110.79% 9/1/2055 552,222 54,341 430,000 4.888% 21,018 - 451,018 110.39% Total 12,920,040 1,271,383 5,080,000 4.75% 5,319,510 - 10,399,510 110.10% Item: 6.5
Item Page Number: 105
Menifee Finance Committee November 12, 2024 Page 191 of 191

Finance CommitteeNovember 12, 2024

Finance Committee
November 12, 2024