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
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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 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
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
□ FHA □ VA □ VARIABLE
□ OTHER
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
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
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) ☐ 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
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
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 $500k per acre.
Exhibit C
Foremost Pacific Group (TR No. 38346)
Proposed City of Menifee CFD No. 2024-X
Estimated Debt Service and Bond Sizing Schedule
May 21, 2024
ISSUANCE ASSUMPTIONS ESTIMATED SOURCES AND USES
Closing Date 3/1/2024 Sources
Special Tax Revenue Escalation 2.000% Par Bond Amount 7,365,000$ 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%
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.