CFD 2025‐4 (Heritage Village)
Proforma Summary Sheet
Applicant: Foremost Pacific Group
Project Description
Acreage Gross: 7.52; Net: 6.85
Development Description Attached Row Townhome Residential Units Number of Units (50 min) 162 Units
Estimated Home Size Range 918 SF to 1,336 SF
Average Home Size 1,154 SF
Average Estimated Home Price $428,333
Total Effective Tax Rate (2.00% Max) 1.85%
CFD Tax Rate Range $2,732 to $3,196
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 29
Maintenance CFD Rate $274/Unit
Bond Sizing Assumptions
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 0‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $484,326
Estimated Sources and Uses
Sources
Par Bond Amount $8,115,000
Uses
Reserve Fund $702,586
Capitalized Interest $0
Underwriter Discount $162,300
Cost of Issuance $250,000
Improvement Fund $7,000,114
Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Fees & Facilities 49% $3,573,422 $3,573,422
City Premium (20%) 5% $599,684 $599,684
Eastern Municipal Water District 46% $2,832,581 $2,827,008 Totals $7,005,687 $7,000,114
Unfunded $5,573
Proposed Schedule
Finance Committee November 12, 2024
Resolution of Intention January 15, 2025
Public Hearing March 5, 2025
2nd Reading Ordinance March 19, 2025