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
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
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
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
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% 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
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