City of Menifee
Proposed Community Facilities District
Special Funding District Application Packet
Tract No.
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City of Menifee
Special Funding District Application Packet
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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
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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
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City of Menifee
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✔
Special District Application
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
Special District Application
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
Special District Application
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
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Fiscal Year 2025-26
Fiscal Year 2056-57
0 See Exhibit 3.
See Exhibit 1.
See Exhibit 2.
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 $3.75 per unit. (d)
(e) Represents the proposed Special Tax for the City of Menifee CFD to finance City DIF and facilities, EMWD water and sewer fees, and 1800 Pressure Zone Facilities Contribution.
Represents the PRELIMINARY ESTIMATE for the special tax of the City of Menifee CFD for the maintenance of the basin, public landscaping, streetlights, traffic signals, streets, graffiti abatement and other public improvements. This special tax escalates each fiscal year by the greater of 2% or the percentage increase in the CPI for Los Angeles-Riverside-Orange County. This ESTIMATE is subject to change until a maintenance exhibit is prepared and a budget is prepared by the City.
City of Menifee DIF Rate Per Units Total
Eligible DIF as of 7/1/23 [1]
Law Enforcement 925$ 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 $1,198,264.99.
Exhibit 2
Tract No. 38128
Arroyo Vista Partners
Proposed City of Menifee CFD with EMWD JCFA
Preliminary List of Authorized Facilities
Land Use Category Taxable Unit
Developed Floor
Area
Proposed Special
Tax
1 - Residential Property DU ≤ 2,350 3,872$
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
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
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