CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron)
Preliminary Bond Analysis
As of 10/9/2024
Preliminary Bond Compliance Table
Requirement 2023-2 IA 1
1. Value to Lien(1)
4.00:1 14.15:1
2. Delinquency Levels Less than 5% 0.00%
3. Effective Tax Rate(2)
2.00% 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 April 19, 2023
District Assessed Value
(1) N/A
Bond Structure 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 68% 53 197 7 232 Lots
Remaining 136 Lots Projected Closed of 288 Lots 81%
Permitted of 288 Lots 100%
2. Special Tax Levy & Delinquency Status
No. Parcels(1) FY 2023-24 Levy Delinquencies(2)
39 $36,134 $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
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $648,868 $7,326 $3,873 $1,027 $12,226 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 4,610,000 $
Facilities Special Tax Levy FY 23-24 36,134 $
Total Sources 4,646,134 $
Uses Total
Debt Service Reserve Fund 402,646 $
Capitalized Interest -$
Underwriter's Discount 92,200 $
Cost of Issuance 250,000 $
Project Fund Proceeds 3,865,154 $
Total Uses 4,610,000$
Net Bond Funds 36,134 $
Criteria
Estimated Average Tax Bill for FY 25-26
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 1246789 1 0 1 2 1 3 1 4 1 5
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 to 2,701 to 3,101 to Over Under 3,350 to 3,550 to Over Under 2,300 to Over 2,300 2,500 2,900 3,300 3,300 3,350 3,550 3,750 3,750 2,300 2,600 2,600 Estimated Home Size 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 Estimated Home Price $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%) $5,899.90 $5,899.90 $6,189.90 $6,449.90 $6,599.90 $6,889.90 $7,379.90 $7,529.90 $7,789.90 $5,549.90 $5,899.90 $6,189.90 $6,488.68 Metro Water West (0.00700%) $41.30 $41.30 $43.33 $45.15 $46.20 $48.23 $51.66 $52.71 $54.53 $38.85 $41.30 $43.33 $45.42 Menifee School (0.05080%) $299.71 $299.71 $314.45 $327.65 $335.27 $350.01 $374.90 $382.52 $395.73 $281.93 $299.71 $314.45 $329.63 Perris Union HS (0.06850%) $404.14 $404.14 $424.01 $441.82 $452.09 $471.96 $505.52 $515.80 $533.61 $380.17 $404.14 $424.01 $444.47 Mt. San Jacinto Jr. College (0.00268%) $15.81 $15.81 $16.59 $17.29 $17.69 $18.46 $19.78 $20.18 $20.88 $14.87 $15.81 $16.59 $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 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $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 $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 Eastern Municipal Water District CFD 2018‐81 $1,225.00 $1,285.00 $1,315.00 $1,315.00 $1,315.00 $1,450.00 $1,515.00 $1,515.00 $1,515.00 $1,700.00 $1,725.00 $1,725.00 $1,456.51 Menifee Union School District CFD 2020‐1 $797.99 $871.86 $947.80 $1,064.33 $1,162.13 $871.86 $1,162.13 $1,211.03 $1,320.27 $913.47 $933.24 $970.69 $1,010.89 CFD No. 2017‐1 Zone 22 ‐ Maint Services FY 2025‐26 $1,154.80 $1,154.80 $1,154.80 $1,154.80 $1,154.80 $934.69 $934.69 $934.69 $934.69 $934.69 $934.69 $934.69 $1,032.52 CFD No. 2023‐2 IA 1 ‐ FY 2025‐26 Special Tax** $833.36 $902.03 $998.78 $1,045.60 $1,112.19 $1,302.58 $1,435.75 $1,469.04 $1,523.15 $264.26 $750.13 $877.06 $1,026.74 Subtotal Special Assessments and Taxes $4,384.67 $4,587.20 $4,789.91 $4,953.25 $5,117.63 $4,932.64 $5,421.08 $5,503.27 $5,666.62 $4,185.94 $4,716.57 $4,880.95 $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 $1 2,225.77 Annual Prop. Tax Rates as % of Home Price 1.87% 1.91% 1.90% 1.90% 1.90% 1.84% 1.86% 1.86% 1.86% 1.88% 1.93% 1.92% 1.88% Unit Mix 37 23 20 25 23 20 22 25 23 25 24 21 288 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $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 (2)Administration $31,212
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverag $25,072 $16,870 $16,243 $21,255 $20,800 $21,183 $25,684 $29,863 $28,486 $5,372 $14,639 $14,976 $240,445 II. Total Estimated Home Square Footage: 72,483 55,292 56,480 78,125 78,430 51,000 77,440 92,475 91,103 48,975 57,696 59,304 818,803 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $4,610,000 Underwriter Discount (2.00%) $92,200
Reserve Fund (Maximum Annual Debt Service) $402,646
Capitalized Interest (6 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $744,846 Net Bond Proceeds $3,865,154
12 3
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
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $295,701 $31,212 $5,000 5.00% $230,500 $235,500 112.31% 2 9/1/2027 $301,615 $31,836 $10,000 5.00% $230,250 $240,250 112.29% 3 9/1/2028 $307,648 $32,473 $20,000 5.00% $229,750 $249,750 110.18% 4 9/1/2029 $313,801 $33,122 $25,000 5.00% $228,750 $253,750 110.61% 5 9/1/2030 $320,077 $33,785 $30,000 5.00% $227,500 $257,500 111.18% 6 9/1/2031 $326,478 $34,461 $35,000 5.00% $226,000 $261,000 111.88% 7 9/1/2032 $333,008 $35,150 $45,000 5.00% $224,250 $269,250 110.63% 8 9/1/2033 $339,668 $35,853 $50,000 5.00% $222,000 $272,000 111.70% 9 9/1/2034 $346,461 $36,570 $60,000 5.00% $219,500 $279,500 110.87% 10 9/1/2035 $353,391 $37,301 $70,000 5.00% $216,500 $286,500 110.33% 11 9/1/2036 $360,458 $38,047 $80,000 5.00% $213,000 $293,000 110.04% 12 9/1/2037 $367,668 $38,808 $85,000 5.00% $209,000 $294,000 111.86% 13 9/1/2038 $375,021 $39,584 $95,000 5.00% $204,750 $299,750 111.91% 14 9/1/2039 $382,521 $40,376 $110,000 5.00% $200,000 $310,000 110.37% 15 9/1/2040 $390,172 $41,184 $120,000 5.00% $194,500 $314,500 110.97% 16 9/1/2041 $397,975 $42,007 $130,000 5.00% $188,500 $318,500 111.76% 17 9/1/2042 $405,935 $42,847 $145,000 5.00% $182,000 $327,000 111.04% 18 9/1/2043 $414,053 $43,704 $160,000 5.00% $174,750 $334,750 110.63% 19 9/1/2044 $422,334 $44,578 $175,000 5.00% $166,750 $341,750 110.54% 20 9/1/2045 $430,781 $45,470 $190,000 5.00% $158,000 $348,000 110.72% 21 9/1/2046 $439,397 $46,379 $205,000 5.00% $148,500 $353,500 111.18% 22 9/1/2047 $448,185 $47,307 $225,000 5.00% $138,250 $363,250 110.36% 23 9/1/2048 $457,148 $48,253 $240,000 5.00% $127,000 $367,000 111.42% 24 9/1/2049 $466,291 $49,218 $260,000 5.00% $115,000 $375,000 111.22% 25 9/1/2050 $475,617 $50,203 $280,000 5.00% $102,000 $382,000 111.37% 26 9/1/2051 $485,130 $51,207 $305,000 5.00% $88,000 $393,000 110.41% 27 9/1/2052 $494,832 $52,231 $325,000 5.00% $72,750 $397,750 111.28% 28 9/1/2053 $504,729 $53,275 $350,000 5.00% $56,500 $406,500 111.06% 29 9/1/2054 $514,823 $54,341 $375,000 5.00% $39,000 $414,000 111.23% 30 9/1/2055 $525,120 $55,428 $405,000 5.00% $20,250 $425,250 110.45% Total $11,996,040 $1,266,211 $4,610,000 $5,053,500 $9,663,500 111.03% 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 288 Lots
FUNDING REQUIREMENTS Per Lot Total IA 1 Partial
City Fees
Law Enforcement $1,390 $1,050,840 $400,320
Fire Facility $647 $489,132 $186,336
Circulation $7,090 $5,360,040 $2,041,920
Circulation Fee Credits ($2,588) ($1,956,866) ($745,473) General Government $1,176 $889,056 $338,688
Park Improvements $1,723 $1,302,588 $496,224
Park Improvement Fee Credit ($1,723) ($1,302,588) ($496,224) Subtotal DIF $7,715 $5,832,202 $2,221,791
City Premium $1,543 $1,166,440 $444,358
Total City Fees $9,257 $6,998,642 $2,666,149
City Facilities
City Traffic Signals $1,710 $1,292,870 $368,537
McLaughlin Street $1,506 $1,138,721 $324,596
Park Improvements $3,220 $2,434,493 $422,220
Design, Planning, & Engineering $482 $364,739 $83,651
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 $6,845 $5,174,820 $0
Sewer Financial Participation $3,208 $2,425,248 $0
Sewer Treatment Plant Capacity Charge $6,081 $4,597,236 $0 Water Supply Development Fee $377 $285,012 $0
Meter Fee $372 $281,232 $0
Irrigation Meter Fees 1.5" (Qty: 6 Meters) $247 $186,420 $0 Less: Estimated EMWD CFD Funding ($15,075) ($11,396,492) $0 Total EMWD Fees $2,182 $1,553,476 $0
EMWD Facilities
Water Tank Improvements $4,244 $3,208,704 $0
Design, Planning, & Engineering (15%) $637 $481,306 $0
Total EMWD Facilities $4,881 $3,690,010 $0
Total EMWD Fees and Facilities $6,936 $5,243,486 $0
School District Fees
Perris Union High School $2,857 $2,159,588 $0
Menifee Union School District $1,529 $1,155,966 $0
Romoland School District $874 $660,408 $0
Total School District Fees $5,259 $3,975,962 $0
Total Cost $28,372 $21,448,913 $3,865,154
Potential Project Funds Available $13,443,333 $3,865,154 ALLOCATION OF PROCEEDS % Per Lot Total IA 1 Partial
City Premium 9% $1,543 $1,166,440 $444,358
City Fees 43% $7,715 $5,832,202 $2,221,791
City Facilities 34% $6,046 $4,571,140 $1,199,005
EMWD Fees 5% $902 $682,214 $0
EMWD Facilities 9% $1,576 $1,191,336 $0
School District Fees 0% $0 $0 $0
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