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
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
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
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
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% 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