Agenda packet — Finance Committee, February 25, 2025

City Council Chambers
29844 Haun Road
Menifee, CA 92586
Ricky Estrada, Mayor
Dean Deines, District 4
AGENDA
Finance Committee
Regular Meeting Agenda
Tuesday, February 25, 2025
4:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna A. Aguilar, Meeting Clerk
REGULAR MEETING (4:00 PM)

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

4. PUBLIC COMMENTS (NONAGENDA ITEMS)
This is the time for members of the public to address the Committee Members about items which are NOT listed on the agenda. The Ralph M. Brown Act limits the Committee’s ability to respon d to comments on nonagendized matters at the time such comments are made. Each speaker will be limited to three minutes on any single item.

5. APPROVAL OF MINUTES NONE

6. DISCUSSION ITEMS

6.1 Proposed Bond Issuance for Community Facilities District No. 20222, McLaughlin Village
RECOMMENDED ACTION

1. Review the proposed bond issuance request for Community Facilities District No. 20222, McLaughlin Village by Century Communities, to finance the costs of certain public improvements in connection with the development of 126 homes in a community located south of McLaughlin Road, between Sun City Boulevard and Interstate 215 within the City; and

2. Recommend the finance team to proceed with preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council.

6.2 Proposed Change to Community Facilities District No. 20223, Legado, by Lennar Homes
RECOMMENDED ACTION

1. Review the changes proposed for Community Facilities District No. 20223, Improvement Area 1, by Lennar Homes to amend the financing plan for certain public improvements within the development and recommend submittal to the City Council for consideration.

6.3 Finance Committee 2025 Meeting Schedule
RECOMMENDED ACTION

1. Approve the previously discussed 2025 Finance Committee Meeting dates.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

10. ADJOURNMENT
Decorum Policy Notes
The Committee anticipates and encourages public participation at its meetings, both on agenda items and during the public comments period. Please turn your cell phones off, refrain from talking in the audience or outbursts that may be disruptive. We encourage participation and ask for a mutual respect for the proceedings.

Staff Reports
Materials related to an item on this agenda, including those submitted to the Committee after distribution of the agenda packet, are available for public inspection by contacting the City Clerk Department, at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours.

Compliance with the Americans with Disabilities Act
If you need special assistance to participate in this meeting, you should contact the City Clerk Department at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours. Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting.

Menifee Finance Committee
February 25, 2025

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1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

5. APPROVAL OF MINUTES NONE

6. DISCUSSION ITEMS

6.1 Proposed Bond Issuance for Community Facilities District No. 20222, McLaughlin Village
RECOMMENDED ACTION

2. Recommend the finance team to proceed with preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council.

6.2 Proposed Change to Community Facilities District No. 20223, Legado, by Lennar Homes
RECOMMENDED ACTION

6.3 Finance Committee 2025 Meeting Schedule
RECOMMENDED ACTION

1. Approve the previously discussed 2025 Finance Committee Meeting dates.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

Menifee Finance Committee
February 25, 2025

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CITY OF MENIFEE
SUBJECT: Proposed Bond Issuance for Community Facilities District No. 2022-2, McLaughlin Village
MEETING DATE: February 25, 2025
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed bond issuance request for Community Facilities District (“CFD”) No. 2022-2, McLaughlin Village by Century Communities, to finance the costs of certain public improvements in connection with the development of 126 homes in a community located south of McLaughlin Road, between Sun City Boulevard and Interstate 215 within the City of Menifee (“City”); and

2. Recommend the Finance Department proceed with the preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council.

DISCUSSION
Century Communities (“Developer”) owns a residential tract approved for a total of 126 homes within the City. Last month, the City received a request from the Developer to move forward with the issuance of bonds for CFD No. 2022-2, McLaughlin Village (“Development”) , which is situated south of McLaughlin Road between Sun City Boulevard and Interstate 215, to fund eligible facilities.

As of late January, of the 110 homes for which building permits have been issued, 79 homes (72%) have sold and closed, and 7 homes (6%) have sold and are in escrow. Based on the Development’s status, the City’s tax consultant, Spicer Consulting Group, estimates that $5.1 million in bonds could be issued.

A preliminary bond analysis prepared by Spicer Consulting evaluated the viability of the bond issuance, estimating the valuation, delinquency history, and effective tax rate. The Development has a strong value-to-lien ratio of 13.75:1, greater than the City’s policy of 4:1 and an estimated average tax rate of 1.93%, which is less than the City’s 2% limit. The first year the CFD taxes Item: 6.1
Item Page Number: 1
Menifee Finance Committee February 25, 2025 Page 3 of 94

City of Menifee Staff Report
Proposed Bond Issuance for Community Facilities District No. 2022-2, McLaughlin Village February 25, 2025

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2 5
7 8
were levied was Fiscal Year 2024/2025 and the district has a 3.4% delinquency rate, which is below the 5% limit established in bond covenants.

Based on current interest rates, it is anticipated that the Series 1 bonds would finance approximately $3.9 million in eligible City of Menifee facilities and fees.

Table 1: Summary of CFD 2022-2, McLaughlin Village, Activity:

Description Date
Finance Committee CFD Formation Review April 27, 2022
Resolution of Intention August 3, 2022
Resolutions of CFD Formation (City Council
Approval)
September 21, 2022 /
October 5, 2022

FISCAL IMPACT
There is no fiscal impact associated with the recommended action.

ATTACHMENTS

1. CFD 2022-2 Proforma Summary

2. CFD 2022-2 Project Map

3. CFD 2022-2 Preliminary Bond Sale Analysis

4. CFD 2022-2 Boundary Map

5. CFD 2017-1 Annexation 27 Boundary Map

6. CFD 2022-2 Public Hearing Report

7. Bond Issue Request
Item: 6.1
Item Page Number: 2
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CFD 2022-2 (McLaughlin Village)
Proforma Summary Sheet
Applicant: Century Communities
Assumptions
Description Amount
Average Coupon 5.20%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 3-months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $322,570
Estimated Sources and Uses
Sources
Par Bond Amount $5,080,000
Uses
Reserve Fund $440,118
Capitalized Interest $0
Underwriter Discount $101,600
Cost of Issuance $250,000
Improvement Fund $4,288,282
Allocation of Improvement Fund
Description Originally Proposed 2025 Bonds
City Fees $2,021,040 $2,368,526
City Premium $404,208 $473,705
Romoland School Fees $1,397,438 $1,446,051

Unfunded $65,542 $43,380
Total $3,888,228 $4,331,662
Other Items
Acreage Gross: 14.81; Net: 6.53
Development Description Single Family Residential
Number of Units (50 min) 110 De veloped Units; 126 Total Units Estimated Home Size Range 2,021 SF to 2,420 SF
Average Home Size 2,220 SF
Average Estimated Home Price $554,323
Total Effective Tax Rate (2% Max) 1.93%
CFD Tax Rate Range $2,513 to $2,607
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Proposed, CFD 2015-2 Tax Zone 27
Maintenance CFD Rate $384/Unit

Item: 6.1
Item Page Number: 3
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§¨¦215
0 500 1,000250
Feet
CFD Boundary

LOCATION MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-2 (MCLAUGHLIN VILLAGE)

CITY OF MENIFEE
¹
Item: 6.1
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CFD 2022-2
·| }þ74
§¨¦15

MENIFEE

LAKE ELSINORE
PERRIS

CANYON LAKE
·| }þ74
§¨¦215

REGIONAL MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-2
(MCLAUGHLIN VILLAGE)
¹
0 1.5 30.75
Miles
Item: 6.1
Item Page Number: 5
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CITY OF MENIFEE
Community Facilities District No. 2022-2
(McLaughlin Village)
Preliminary Bond Analysis
As of 2/10/2025
Preliminary Bond Compliance Table
Requirement 2022-2

1. Value to Lien(1) 4.00:1 13.75:1

2. Delinquency Levels Less than 5% 3.42%

3. Effective Tax Rate(2) 2.00% 1.91% - 1.95%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes FY 2024-25 enrollment.

1. General Information & Development Status
District Formation Date September 21, 2022
District Assessed Value(1) N/A
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2) $5,080,000
Preliminary Value to Lien(3) 13.75:1
(1) District Assessed Value information not available via Riverside County as of 2/9/2025 (2) Par amount estimated based on estimated 5.20% Interest Rate. (3) Value to Lien is based upon estimated sizing information and Proposed Home Prices. 1/29/2025 Ownership Status As Of
Tract No. Land Owner Map Recordation
36937 Century Communities 2/22/2023
No. Lots @
Buildout
Permits Issued as of
2/1/2025
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
126 Lots 110 Lots 87% 7 79 4 106 Lots
Remaining 16 Lots Projected Closed of 126 Lots84%

2. Special Tax Levy & Delinquency Status
No. Parcels(1) FY 2024-25 Levy Delinquencies(2) Del. Rate 57 $148,437 $5,073 3.42%
(1) 58 developed units levied on 57 parcels, one parent parcel with two permits. (2) Delinquency information is as of 2/1/2025.

3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $554,323 $5,977 $2,150 $2,560 $10,687 1.93%
(1) Based upon Sales Price provided by Century Communities on January 29, 2025.

4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: $4,331,662
Sources Total
Bond Proceeds: Par Amount 5,080,000 $
Facilities Special Tax Levy FY 24-25 148,437 $
Total Sources 5,228,437 $
Uses Total
Debt Service Reserve Fund 440,118 $
Capitalized Interest - $
Underwriter's Discount 101,600 $
Cost of Issuance 250,000 $
Project Fund Proceeds 4,288,282 $
Total Uses 5,080,000 $
Net Bond Funds 148,437 $
Criteria
Estimated Average Tax Bill for FY 24-25
Item: 6.1
Item Page Number: 6
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CITY OF MENIFEE
Community Facilities District No. 20222
(McLaughlin Village)
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Class 1 2 3 Total/Ave
Range of Home Sizes in Square Feet per RMA Under 2,100 to Over 2,100 2,300 2,300
Estimated Home Size 2,021 2,220 2,420 2,220
Estimated Home Price $527,990 $559,990 $574,990 $554,323 AdValorem Tax Rate (1.00%) $5,279.90 $5,599.90 $5,749.90 $5,543.23 Metro Water West (0.00700%) $36.96 $39.20 $40.25 $38.80 Perris Union HS (0.06850%) $361.67 $383.59 $393.87 $379.71 Mt. San Jacinto Jr. College (0.00268%) $14.15 $15.01 $15.41 $14.86 Subtotal GO Bond Debt $5,692.68 $6,037.70 $6,199.43 $5,976.60 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 EMWD Standby $25.50 $25.50 $25.50 $25.50
MWD Standby charge $6.94 $6.94 $6.94 $6.94
EMWD CFD No. 202193 $1,685.00 $1,730.00 $1,775.00 $1,730.00 CFD No. 20152 Zone 27Maint Services $383.76 $383.76 $383.76 $383.76 CFD No. 20222 Facilities Special Tax $2,512.57 $2,560.42 $2,607.24 $2,560.08 Subtotal Special Assessments and Taxes $4,617.55 $4,710.40 $4,802.22 $4,710.06 Total Annual Property Taxes $10,310.23 $10,748.10 $11,001.65 $10,686.66 Annual Prop. Tax Rates as % of Home Price 1.95% 1.92% 1.91% 1.93% Unit Mix 42 42 42 126
(1)Total CFDAnnual Tax Collections (2% Escalator) $105,528 $107,538 $109,504 $322,570 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes(2)Admin. / 110% Coverage) $87,012 $88,670 $90,291 $265,973 II. Total Estimated Home Square Footage: 84,882 93,240 101,640 279,762 III. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.0% Interest, 30 Year Term, 29 Year Amortization) $5,080,000 Underwriter Discount (2.00%) $101,600
Reserve Fund (Maximum Annual Debt Service) $440,118
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $791,718 Net Bond Proceeds $4,288,282
Item: 6.1
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CITY OF MENIFEE
Community Facilities District No. 20222
(McLaughlin Village)
Revenue CoverageAssigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $329,021 $30,600 $5,000 5.20% $264,160 $269,160 110.87% 2 9/1/2027 $335,602 $31,212 $10,000 5.20% $263,900 $273,900 111.13% 3 9/1/2028 $342,314 $31,836 $15,000 5.20% $263,380 $278,380 111.53% 4 9/1/2029 $349,160 $32,473 $25,000 5.20% $262,600 $287,600 110.11% 5 9/1/2030 $356,143 $33,122 $30,000 5.20% $261,300 $291,300 110.89% 6 9/1/2031 $363,266 $33,785 $35,000 5.20% $259,740 $294,740 111.79% 7 9/1/2032 $370,531 $34,461 $45,000 5.20% $257,920 $302,920 110.94% 8 9/1/2033 $377,942 $35,150 $55,000 5.20% $255,580 $310,580 110.37% 9 9/1/2034 $385,501 $35,853 $65,000 5.20% $252,720 $317,720 110.05% 10 9/1/2035 $393,211 $36,570 $70,000 5.20% $249,340 $319,340 111.68% 11 9/1/2036 $401,075 $37,301 $80,000 5.20% $245,700 $325,700 111.69% 12 9/1/2037 $409,096 $38,047 $95,000 5.20% $241,540 $336,540 110.25% 13 9/1/2038 $417,278 $38,808 $105,000 5.20% $236,600 $341,600 110.79% 14 9/1/2039 $425,624 $39,584 $115,000 5.20% $231,140 $346,140 111.53% 15 9/1/2040 $434,136 $40,376 $130,000 5.20% $225,160 $355,160 110.87% 16 9/1/2041 $442,819 $41,184 $145,000 5.20% $218,400 $363,400 110.52% 17 9/1/2042 $451,676 $42,007 $160,000 5.20% $210,860 $370,860 110.46% 18 9/1/2043 $460,709 $42,847 $175,000 5.20% $202,540 $377,540 110.68% 19 9/1/2044 $469,923 $43,704 $190,000 5.20% $193,440 $383,440 111.16% 20 9/1/2045 $479,322 $44,578 $210,000 5.20% $183,560 $393,560 110.46% 21 9/1/2046 $488,908 $45,470 $230,000 5.20% $172,640 $402,640 110.13% 22 9/1/2047 $498,686 $46,379 $245,000 5.20% $160,680 $405,680 111.49% 23 9/1/2048 $508,660 $47,307 $270,000 5.20% $147,940 $417,940 110.39% 24 9/1/2049 $518,833 $48,253 $290,000 5.20% $133,900 $423,900 111.01% 25 9/1/2050 $529,210 $49,218 $315,000 5.20% $118,820 $433,820 110.64% 26 9/1/2051 $539,794 $50,203 $340,000 5.20% $102,440 $442,440 110.66% 27 9/1/2052 $550,590 $51,207 $365,000 5.20% $84,760 $449,760 111.03% 28 9/1/2053 $561,602 $52,231 $395,000 5.20% $65,780 $460,780 110.55% 29 9/1/2054 $572,834 $53,275 $425,000 5.20% $45,240 $470,240 110.49% 30 9/1/2054 $572,834 $53,275 $445,000 5.20% $23,140 $468,140 110.98% Total $13,336,300 $1,240,318 $5,080,000 $5,834,920 $10,914,920 110.82% Item: 6.1
Item Page Number: 8
Menifee Finance Committee February 25, 2025 Page 10 of 94

CITY OF MENIFEE
Community Facilities District No. 20222
(McLaughlin Village)
Use of Bond Proceeds
Eligible
FUNDING REQUIREMENTS Per Lot 126 Lots
City Fees
Law Enforcement $835 $105,267
Fire Facilities $670 $84,419
Circulation $883 $111,320
Transportation $6,075 $765,435
General Govt $1,200 $151,187
Public Use Facilities $29 $3,674
Quimby $7,505 $945,638
ParksLand $1,475 $185,834
ParksImprovement $125 $15,752
Subtotal City Fees $18,798 $2,368,526
City Premium (20%) $3,760 $473,705
Total City Fees $22,557 $2,842,231
Romoland School District Fees
Romoland School District Fees $11,821 $1,489,431
Total School District Fees $11,821 $1,489,431
Total Cost $34,378 $4,331,662
Potential Project Funds Available $4,288,282
ALLOCATION OF PROCEEDS % Per Lot Total
City Premium 11% $3,760 $473,705
City Fees 55% $18,798 $2,368,526
Other Agency 34% $11,821 $1,446,051
Total Funded by Bond Proceeds 100% $34,378 $4,288,282

UNFUNDED REQUIREMENTS
Total Fees to be Funded by Developer $43,380
Item: 6.1
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Table of Contents
Sections P age _____________________________________________ 1 Introduction ________________________________________________ 1 2 Description of Facilities ______________________________________________ 2 3 Cost Estimate ________________________________________________ 3 4 Proposed Development _____________________________________________ 4 5 Rate and Method of Apportionment ____________________________________ 5 6 Certifications ________________________________________________ 8 Tables Page
3-1 Cost Estimate ________________________________________________ 3 5-1 Assigned Special Tax for Developed Property ____________________________ 5

Appendices P age _____________________________________________ A Rate and Method of Apportionment _____________________________________ B Proposed Boundary Map _________________________________________ C Resolution of Intention
Item: 6.1
Item Page Number: 18
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1 Int roduction Page |1
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
Background
to form Community Facilities District No. 2022-2 (McLaughlin Village) of the City of

CFD No. 2022-2 is currently comprised of approximately 15 gross acres within Tract Map 36937 including 126 proposed single family residential properties. The property is located at the southeast intersection of McLaughlin Road and Barnett Road.

For a map showing the boundaries of CFD No. 2022-2 please see Appendix B.

Purpose of Public Hearing Report
the following:

1. A brief description of CFD No. 2022-2;

2. A brief description of the Facilities required at the time of formation to meet the needs of CFD No. 2022-2.

3. A brief description of the Boundaries of CFD No. 2022-2; and

4. An estimate of the cost of financing the bonds used to pay for the Facilities, including all costs associated with formation of the District, issuance of bonds, determination of the amount of any special taxes, collection of any special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the City with respect to the District, and any other incidental expenses to be paid through the proposed financing.

For particulars, reference is made to the Resolution of Intention as previously approved and adopted and is included in Appendix C.

Item: 6.1
Item Page Number: 19
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2 Des cription of F acilities Page |2
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
NOW, THEREFORE, the undersigned, authorized representative of Spicer Consulting Group, LLC, the appointed responsible officer, or person directed to prepare this Report, does hereby submit the following data:

Description of the Facilities
A Community Facilities District may pay for facilities which may include all amounts necessary to eliminate any fixed special assessment liens or to pay, repay, or defease any obligation to pay for any indebtedness secured by any tax, fee, charge, or assessment levied, provide for the purchase, construction, expansion, or rehabilitation for any real or other tangible property with an estimated useful life of five (5) years or longer, which is necessary to meet increased demands placed upon local agencies as a result of development and/or rehabilitation occurring within the District.

The types of facilities that are proposed by CFD No. 2022-2 and financed with the proceeds of special taxes and bonds issued by CFD No. 2022-2 consist of the construction, purchase, modification, expansion, rehabilitation and/or improvement of (i) drainage, library, park, roadway, traffic, administration and general government facilities, animal shelter facilities, fire fee
programs with respect to such facilities and authorized to be financed under the Mello-Roos Community Facilities Act of and (ii) interim and permanent school facilities of Romoland School District, including classrooms, multi-purpose facilities, administration and auxiliary space at school facilities, athletic fields, playgrounds and recreational facilities and improvements thereto, landscaping, access roadways, drainage, sidewalks and gutters and utility lines, furniture, equipment and technology, including technology upgrades and mobile devices and infrastructure therefore, with a useful life of at least five (5) years at such school facilittogether, ), and all appurtenances and appurtenant work in connection with the foregoing Facilities, including the cost of engineering, planning, designing, materials testing, coordination, construction staking, construction management and supervision for such Facilities.

Incidental Expenses
The Incidental Expenses to be paid from bond proceeds and/or special taxes include:
a) The cost of engineering, planning and designing the Facilities; and b) All costs, including costs of the property owner petitioning to form the District, associated with the creation of the District, the issuance of the bonds, the determination of the amount of special taxes to be levied and costs otherwise incurred in order to carry out the authorized purposes of the District; and c) Any other expenses incidental to the construction, acquisition, modification, rehabilitation, completion and inspection of the Facilities.

Capitalized terms used and not defined herein shall have the meaning set forth in the Rate and Method of Apportionment of Special Taxes for the District.

All costs associated with the creation of CFD No. 2022-2, the issuance of bonds, the determination of the amount of special taxes to be levied, costs incurred in order to carry out the authorized purposes of CFD No. 2022-2, including legal fees, fees of consultants, engineering, planning, designing and the annual costs to administer CFD No. 2022-2 and any obligations.

The description of the eligible public facilities, services and incidental expenses above are preliminary and general in nature.

The final plans and specifications approved by the applicable public agency may show substitutes or modifications in order to accomplish the work or serve the new development and any such substitution or modification shall not constitute a change or modification in the proceedings relating to CFD No. 2022-2.

Item: 6.1
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3 Cost Estimate Page |3
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
Below is the estimated cost of facilities to be provided to the District. a) The cost estimate of facilities, including incidental expenses, to be financed through the issuance of CFD No. 2022- 2 Bonds is estimated to be $3,822,686 based upon current dollars (Fiscal Year 2022-23). b) For further particulars please reference Table 3-1 below and incorporated herein by reference. c) Pursuant to Section 53340 of the Act, the proceeds of any special tax levied and collected by CFD No. 2022-2 may be used only to pay for the cost of providing public facilities, services, and incidental expenses. As defined by the Act, incidental expenses include, but are not limited to, the annual costs associated with determination of the amount of special taxes, collection of special taxes, payment of special taxes, or costs otherwise incurred in order to carry out the authorized purposes of the District. The incidental expenses associated with the annual administration of CFD No. 2022-2 are estimated to be $30,000 in the initial Fiscal Year. However, it is anticipated that the incidental expenses will vary due to inflation and other factors that may not be foreseen today, and the actual incidental expenses may exceed these amounts accordingly.

Table 3-1
Cost Estimate

City Fees Total Bond Allocation(1)
Law Enforcement $29,106 $29,106
Fire Facilities $77,364 $77,364
Circulation $588,420 $588,420
General Government $128,646 $128,646
Public Use Facilities $19,404 $19,404
Quimby $1,094,814 $1,094,814
City Facilities $404,208 $404,208
Total City Fees $2,425,248 $2,425,248

Romoland School District Total Bond Allocation(1)
School Fees $1,462,980 $1,397,438
Total Romoland School District $1,462,980 $1,397,438

Total Eligible Fees/Improvements $3,888,228 $3,822,686
Incidental Financing Costs $862,314
Total Funded by Bond Proceeds $4,685,000

Total Fees/Improvements to be Funded by Developer $65,542 (1) Amounts are allocated based upon estimated bond sizing and may change based upon market conditions at the time of bond issuance. Allocation of bond proceeds between facility types to be determined at the time of bond issuance.

Item: 6.1
Item Page Number: 21
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4 Propos ed Development Page |4
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
The CFD No. 2022-2 includes approximately 15 gross acres located at the southeast intersection of McLaughlin Road and Barnett Road in the City. The property within CFD No. 2022-2 is expected to be developed with 126 single family residential properties. As of Fiscal Year 2022-23 the proposed CFD No. 2022-2 includes the following Assessor's Parcel Number:

Number
331-090-008
A map showing the boundaries of CFD No. 2022-2 is included in Appendix B.

Item: 6.1
Item Page Number: 22
Menifee Finance Committee February 25, 2025 Page 24 of 94

5 Rate and Method of Apport ionme nt Page |5
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
The Rate and Method of Apportionment allows each property owner within CFD No. 2022-2 to estimate the annual Special Tax amount that would be required for payment. The Rate and Method of Apportionment of the Special Tax established pursuant to these proceedings, is attached hereto as Appendix Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes and shall be subject to the same penalties, the same procedure, sale and lien priority in the case of delinquency; provided, however, that the CFD Administrator may directly bill the Special Taxes, may collect Special Taxes at a different time or in a different manner if necessary to meet the financial obligations of CFD No. 2022-2, and provided further that CFD No. 2022-2 may covenant to foreclose and may actually foreclose on parcels having delinquent Special Taxes as permitted by the Act.

All of the property located within CFD No. 2022-2, unless exempted by law or by the Rate and Method proposed for CFD No. 2022-2, shall be taxed for the purpose of providing necessary facilities to serve the District. The Boundary Map for CFD No. 2022-2 is attached hereto as Appendix B. Pursuant to Tax and not a special assessment, and there is no requirement that the tax be apportioned on the basis of benefit to any the benefit received by property, the cost of making facilities or authorized services available or other reasonable basis as determined by the City, although the Special Tax may not be apportioned on an ad valorem basis pursuant to Article XIIIA of the California Constitution. A property owner within the District may choose to prepay in whole or in part the Special Tax. The available method for so doing is described in Section G of the For each year that any Bonds are outstanding the Special Tax shall be levied on all parcels subject to the Special Tax. If any delinquent Special Taxes remain uncollected prior to or after all Bonds are retired, the Special Tax may be levied to the extent necessary to reimburse CFD No. 2022-2 for uncollected Special Taxes associated with the levy of such Special Taxes, but the Special Tax shall not be levied after 2064-65 Fiscal Year.

Table 5-1
Assigned Special Tax for Developed Property
Fiscal Year 2022-23
Land Use Category
Taxable
Unit Building Square Footage
Assigned Special
Tax Per Taxable
Unit

1. Single Family Residential Property RU Less than 2,100 sq. f t $2,415.00

2. Single Family Residential Property RU 2,100 sq. ft to 2,300 sq. f t $2,461.00

3. Single Family Residential Property RU Greater than 2,300 sq. f t $2,506.00

4. Multifamily Property Acre N/A $49,979.00

5. Non-Residential Property Acre N/A $49,979.00
Escalation of Special Taxes
On each July 1, commencing on July 1, 2023 the Assigned Special Tax shall increase by two percent (2.0%), of the amount in effect in the prior Fiscal Year.

For particulars as to the Rate and Method for CFD No. 2022-2, see the attached and incorporated in Appendix A.

Item: 6.1
Item Page Number: 23
Menifee Finance Committee February 25, 2025 Page 25 of 94

6 Certifications Page |6
City of Menifee
CFD No. 2022-2 (McLaughlin Village)
Public Hearing Report
Based on the information provided herein, it is my opinion that the described services herein are those that are necessary to meet increased demands placed upon the City of Menifee as a result of development occurring within the CFD No. 2022- 2 and benefits the lands within said CFD No. 2022-2. Further, it is my opinion that the special tax rates and method of apportionment, as set forth herein, are fair and equitable, uniformly applied and not discriminating or arbitrary.

Date: September 21, 2022 SPICER CONSULTING GROUP, LLC
__________________________

SHANE SPICER

SPECIAL TAX CONSULTANT FOR

CITY OF MENIFEE

RIVERSIDE COUNTY

STATE OF CALIFORNIA
Item: 6.1
Item Page Number: 24
Menifee Finance Committee February 25, 2025 Page 26 of 94

Item: 6.1
Item Page Number: 25
Menifee Finance Committee February 25, 2025 Page 27 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 1

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES FOR
COMMUNITY FACILITIES DISTRICT NO. 20222 (MCLAUGHLIN VILLAGE)

OF THE CITY OF MENIFEE
A Special Tax (all capitalized terms not otherwise defined herein are defined in Section A, below) shall be applicable to each Parcel of Taxable Property located within the boundaries of the City of Menifee Community Facilities District No. 20222 (McLaughlin Village) ("CFD No. 20222").

The amount of Special Tax to be levied in each Fiscal Year on anParcel shall be determined by the City Council of the City of Menifee, acting in its capacity as the legislative body of CFD No. 20222, by applying the appropriate Special Tax for Developed Property, Approved Property, Undeveloped Property, and Provisional Undeveloped Property that is not Exempt Property as set forth below. All of the real property, unless exempted by law or by the provisions hereof in Section F, shall be taxed for the purposes, to the extent and in the manner herein provided.

A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
or means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map or instrument. The square footage of an Parcel is equal to the Acreage multiplied by 43,560. "Act"means the MelloRoos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the Government Code of the State of California.
"Administrative Expenses"means the following actual or reasonably estimated costs directly related to the administration of CFD No. 20222: the costs of computing the Special Taxes and preparing the Special Tax collection schedules (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City or otherwise); the costs of remitting Special Taxes to the Trustee; the costs of the Trustee (including legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 20222 or any designee thereof of complying with arbitrage rebate requirements; the costs to the City, CFD No. 20222 or any designee thereof of complying with continuing disclosure requirements of the City, CFD No. 20222 and any major property owner associated with applicable federal and state securities laws and the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regarding the Special Taxes; the costs of the City, CFD No. 20222 or any designee thereof related to an appeal of the Special Tax; the costs associated with the release of funds from an escrow account; and theannual administration fees and third party expenses. Administration Expenses shall also include amounts estimated by the CFD Administrator or advanced by the City or CFD No. 20222 for any other administrative purposes of CFD No. 20222, including fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes. "Approved Property"means all Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1stpreceding the Fiscal Year in which the Special Tax is being levied, (ii) that have an assigned Parcel Number from the County shown on an Parcel Map for the individual lot included on the Final Map, and (iii) that have not been issued a building permit on or before May 1stpreceding the Fiscal Year in which the Special Tax is being levied.

Item: 6.1
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City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 2 Parcel"means a lot or parcel of land designated on an Parcel Map with an assigned Parcel Number.

Parcel Map"means an official map of the Assessor of the County designating parcels by Parcel Number.

Parcel Number"means that number assigned to an Parcel by the County for purposes of identification.
"Assigned Special Tax"means the Special Tax of that name described in Section D below. "Backup Special Tax"means the Special Tax of that name described in Section D below. "Bonds"means any obligation to repay a sum of money, including obligations in the form of bonds, certificates of participation, longterm leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or longterm contracts, or any refunding thereof, to which the Special Tax of CFD No. 20222 have been pledged. "Boundary Map"means a recorded map of the CFD which indicates the boundaries of the CFD. "Building Permit"means the first legal document issued by the City giving official permission for new construction. For purposes of this definition, may or may not include expired or cancelled building permits, or any subsequent building permit document(s) authorizing new construction on an Parcel that are issued or changed by the City after the first original issuance, as determined by the CFD Administrator, provided that following such determination the Maximum Special Tax that may be levied on allParcels of Taxable Property will be at least 1.1 times annual debt service on all outstanding Bonds plus the estimated annual Administrative Expenses. "Building Square Footage"or "BSF"means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the Building Permit for such Parcel.
"Calendar Year"means the period commencing January 1 of any year and ending the following December 31.
or No. 20222" means Community Facilities District No. 20221 (McLaughlin Village) established by the City under the Act.

Administrator"means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement, and providing for the levy and collection of the Special Taxes. means the City of Menifee, State of California.
"City Council"means the City Council of the City of Menifee, acting as the legislative body of CFD No. 20222.

Plan"means a condominium plan purusant to California Civil Code, Section 6624. "County"means the County of Riverside, State of California.

Item: 6.1
Item Page Number: 27
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City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 3 "Developed Property"means all Parcels that: (i) are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, (ii) have an Parcel Number from the County shown on an Parcel Map for the individual lot included on the Final Map, and (iii) for which a Building Permit for new construction was issued on or before May 1stpreceding the Fiscal Year in which the Special Tax is being levied. "Exempt Property"means all Parcels designated as being exempt from Special Taxes as provided for in Section F.
"Final Map"means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a Condominium Plan pursuant to California Civil Code Section 6624 that creates individual lots for which Building Permits may be issued without further subdivision. "Fiscal Year"means the period commencing on July 1stof any year and ending the following June 30th. means the indenture, fiscal agent agreement, resolution or other instrument pursuant to which Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same.

Use means any of the categories listed in Table 1 of Section D. "Maximum Special Tax"means for each Parcel, the maximum Special Tax, determined in accordance with Section D below, that can be levied by CFD No. 20222 on such Parcel. means all Parcels of Developed Property for which a Building Permit has been issued for the purpose of constructing a building or buildings comprised of attached Residential Units available for rental by the general public, not for sale to an end user, and under common management, as determined by the CFD Administrator. "NonResidential Property"means all Assessor's Parcels of Developed Property for which a Building Permit(s) was issued for a nonresidential use. The CFD Administrator shall make the determination if an Parcel is NonResidential Property.
"Partial Prepayment Amount"means the amount required to prepay a portion of the Special Tax obligation for an Parcel, as described in Section G.2.
"Prepayment Amount"means the amount required to prepay the Special Tax obligation in full for an Parcel, as described in Section G.1.
means for Taxable Property that is (i) Developed Property, that the ratio of the actual Special Tax levy to the Assigned Special Tax is the same for allParcels of Developed Property, (ii) Approved Property, that the ratio of the actual Special Tax levy to the Maximum Special Tax is the same for all Parcels of Approved Property, and (iii) Undeveloped Property or Provisional Undeveloped Property, that the ratio of the actual Special Tax levy per Acre to the Maximum Special Tax per Acre is the same for all Parcels of Undeveloped Property or Provisional Undeveloped Property, as applicable.
"Provisional Undeveloped Property"means all Parcels of Taxable Property that would otherwise be classified as Exempt Property pursuant to the provisions of Section F, but cannot be Item: 6.1
Item Page Number: 28
Menifee Finance Committee February 25, 2025 Page 30 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 4 classified as Exempt Property because to do so would be reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in Section F. "Residential Property"means all Parcels of Developed Property for which a Building Permit has been issued for purposes of constructing one or more Residential Units. or"RU"means a residential unit that is used or intended to be used as a domicile by one or more persons, as determined by the CFD Administrator. means this Rate and Method of Apportionment of Special Taxes.

Family Residential means all Parcels of Residential Property other than Multifamily Property.
"Special Tax"or means any of the special taxes authorized to be levied within CFD No. 20222 pursuant to the Act to fund the Special Tax Requirement. "Special Tax Requirement "means the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, (iv) any amount required to replenish any reserve funds established in association with the Bonds (provided that the same amount was not previously levied), (v) an amount up to any anticipated shortfall due to Special Tax delinquencies and (vi) for the collection or accumulation of funds for the acquisition or construction of facilities authorized by CFD No. 20222 or the payment of debt service on Bonds anticipated to be issued, provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Approved Property or Undeveloped Property as set forth in Steps Two or Three of Section E., less (vii) any amounts available to pay debt service or other periodic costs on the Bonds pursuant to the Indenture.
"Taxable Property"means all Parcels within CFD No. 20222, which are not Exempt Property. means either a Residential Unit or an Acre.
means the trustee, fiscal agent, or paying agent under the Indenture. "Undeveloped Property"means all Parcels of Taxable Property which are not Developed Property, Approved Property, or Provisional Undeveloped Property.

B. SPECIAL TAX
Commencing Fiscal Year 20222023 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property, up to the applicable Maximum Special Tax, to fund the Special Tax Requirement.

Item: 6.1
Item Page Number: 29
Menifee Finance Committee February 25, 2025 Page 31 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 5 C. ASSIGNMENT TO LAND USE CATEGORY FOR SPECIAL TAX
Each Fiscal Year, beginning with Fiscal Year 20222023, each Parcel within CFD No. 20222 shall be classified as Taxable Property or Exempt Property. In addition, eachParcel of Taxable Property shall be further classified as Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property.

Parcels of Developed Property shall further be classified as Residential Property or NonResidential Property. Each Parcel of Residential Property shall further be classified as a Single Family Residential Property or Multifamily Property. EachParcel of Single Family Residential Property shall be further assigned to a Land Use Category based on its Building Square Footage.

In the event that there are Parcel(s) for which one or more Building Permits for Residential Units have been issued and the County has not yet assigned finalParcel Number(s) to such Parcel(s) (in accordance with the Final Map or Condominium Plan), the amount of the Special Tax levy on such Parcel for each Fiscal Year shall be determined as follows: (1) the CFD Administrator shall first determine an amount of the Maximum Special Tax for suchParcel, based on the classification of such Parcel as Undeveloped Property; (2) the amount of the Special Tax for the Residential Units on such Parcel for which Building Permits have been issued shall be determined based on the Developed Property Special Tax rates and such amount shall be levied as Developed Property in accordance with Step 1 of Section E below; and (3) the amount of the Special Tax on the Taxable Property in suchParcel not subject to the Special Tax levy in clause (2) shall be equal to: (A) the percentage of the Maximum Special Tax rate levied on Undeveloped Property pursuant to Step 3 of Section E below, multiplied by the total of the amount determined in clause (1), less (B) the amount determined in clause (2).

D. MAXIMUM SPECIAL TAX

1. Developed Property
The Maximum Special Tax for each Parcel of Single Family Residential Property in any Fiscal Year shall be the greater of (i) the Assigned Special Tax for suchParcel or (ii) the Backup Special Tax.

The Maximum Special Tax for each Parcel of Multifamily Property and NonResidential Property shall be the applicable Assigned Special Tax described in Table 1 of Section D. a. Assigned Special Tax
Each Fiscal Year, each Parcel of Single Family Residential Property, Multifamily Property or NonResidential Property shall be subject to an Assigned Special Tax. The Assigned Special Tax for Fiscal Year 20222023 applicable to an Assessor's Parcel of Developed Property shall be determined pursuant to Table 1 below.

Item: 6.1
Item Page Number: 30
Menifee Finance Committee February 25, 2025 Page 32 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 6 TABLE 1

ASSIGNED SPECIAL TAX FOR DEVELOPED PROPERTY
FISCAL YEAR 20222023
Land Use Category
Taxable
Unit Building Square Footage
Assigned
Special Tax Per
Taxable Unit

1. Single Family Residential Property RU Less than 2,100 sq. ft $2,415.00

2. Single Family Residential Property RU 2,100 sq. ft to 2,300 sq. ft $2,461.00

3. Single Family Residential Property RU Greater than 2,300 sq. ft $2,506.00

4. Multifamily Property Acre N/A $49,979.00

5. NonResidential Property Acre N/A $49,979.00
On each July 1, commencing July 1, 2023, the Assigned Special Tax rate for Developed Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. b. Multiple Land Use Categories
In some instances an Parcel of Developed Property may contain more than one Land Use Category. The Maximum Special Tax levied on anParcel shall be the sum of the Maximum Special Tax for each Taxable Unit for all Land Use Categories located on theParcel. The CFD allocation to each type of property shall be final. c. Backup Special Tax
The Backup Special Tax for an Parcel within a Final Map classified as Single Family Residential Property or Approved Property expected to be classified as Single Family Residential Property shall calculated according to the following formula.

B = (U x A) / L
The terms above have the following meanings:

B = Backup Special Tax per Parcel classified as Single Family Residential Property or Approved Property expected to be classified as Single Family Residential Property within the Final Map.

U = Maximum Special Tax per Acre of Undeveloped Property per Section D.3 below.

A = Acreage of Single Family Residential Property expected to exist after build out in such Final Map at the time of calculation, as determined by the Administrator L = Number of Parcels of Single Family Residential Property expected to exist after build out in such Final Map at the time of calculation, as determined by the Administrator.

In the event any portion of the Final Map is changed or modified, the Backup Special Tax for all Parcels within such changed or modified area shall be $49,979 per Acre.

Notwithstanding the foregoing, the Backup Special Tax for anParcel of Developed Property for which a certificate of occupancy has been granted may not be revised.

Item: 6.1
Item Page Number: 31
Menifee Finance Committee February 25, 2025 Page 33 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 7 In the event any superseding Final Map is recorded as a Final Map within the boundaries of the CFD, the Backup Special Tax for all Parcels within such Final Map shall be $49,979 per Acre. The Backup Special Tax shall not apply to Multifamily Residential Property or NonResidential Property.

On each July 1, commencing July 1, 2023, the Backup Special Tax rate shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

2. Approved Property
The Maximum Special Tax for each Parcel of Approved Property expected to be classified as Single Family Residential Property shall be the Backup Special Tax computed pursuant to Section D.1.c above.

The Maximum Special Tax for each Parcel of Approved Property not expected to be classified as Single Family Residential Property shall be $49,979 per Acre.

On each July 1, commencing July 1, 2023, the Maximum Special Tax rate for Approved Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

3. Undeveloped Property and Provisional Undeveloped Property The Maximum Special Tax for each Parcel of Undeveloped Property and Provisional Undeveloped Property shall be $49,979 per Acre.

On each July 1, commencing July 1, 2023, the Maximum Special Tax rate for Undeveloped Property and Provisional Undeveloped Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.

E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX
Commencing Fiscal Year 20222023 and for each subsequent Fiscal Year, the City Council shall levy Special Taxes on all Taxable Property in accordance with the following steps:

Step One: The Special Tax shallbe levied Proportionately on each Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax rates in Table 1 to satisfy the Special Tax Requirement.

Step Two: If additional moneys are needed to satisfy the Special Tax Requirement after the first step has been completed, the Special Tax shall be levied Proportionately on each Parcel of Approved Property at up to 100% of the Maximum Special Tax applicable to each such Parcel as needed to satisfy the Special Tax Requirement.

Step Three: If additional moneys are needed to satisfy the Special Tax Requirement after the first two steps have been completed, the Special Tax shall be levied Proportionately on each Parcel of Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Parcel as needed to satisfy the Special Tax Requirement.

Item: 6.1
Item Page Number: 32
Menifee Finance Committee February 25, 2025 Page 34 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 8 Step Four: If additional moneys are needed to satisfy the Special Tax Requirement after the first three steps have been completed, then the Special Tax levy on each Assessor's Parcel of Developed Property for which the Maximum Special Tax is the Backup Special Tax shall be increased in equal percentages from the Assigned Special Tax up to 100% of the Backup Special Tax as needed to satisfy the Special Tax Requirement.

Step Five: If additional moneys are needed to satisfy the Special Tax Requirement after the first four steps have been completed, the Special Tax shall be levied Proportionately on each Parcel of Provisional Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Parcel as needed to satisfy the Special Tax Requirement.

Notwithstanding the above, under no circumstances will the Special Taxes levied in any Fiscal Year against any Parcel of Residential Property as a result of a delinquency in the payment of the Special Tax applicable to any other Parcel be increased by more than ten percent (10%) above the amount that would have been levied in that Fiscal Year had there never been any such delinquency or default.

F. EXEMPTIONS
The City shall classify as Exempt Property, in the following order of priority, (i)Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by the State of California, Federal or other local governments, including school districts, (ii)Parcels which are used as places of worship and are exempt fromad valoremproperty taxes because they are owned by a religious organization, (iii) Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by a homeowners' association, (iv)Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, (v) Parcels which are privately owned and are encumbered by or restricted solely for public uses, (vi) Parcels which are classified as NonResidential Property or (vii) Parcels restricted to other types of public uses determined by the City Council, provided that no such classification would reduce the sum of all Taxable Property to less than 6.20 Acres.

Notwithstanding the above, the City Council shall not classify anParcel as Exempt Property if such classification would reduce the sum of all Taxable Property to less than 6.20 Acres. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than 6.20 Acres will be classified as Provisional Undeveloped Property, and will be subject to Special Tax pursuant to Step Five in Section E.

G. PREPAYMENT OF SPECIAL TAX
The following additional definitions apply to this Section G:
means $4,000,000 expressed in 2022 dollars, which shall increase by the Construction Inflation Index on July 1, 2023, and on each July 1 thereafter, or such lower amount (i) determined by the City Council as sufficient to provide the facilities under the authorized bonding program for CFD No. 20222, or (ii) determined by the City Council concurrently with a covenant that it will not issue any more Bonds to finance additional facilities to be supported by Special Tax levied under this Rate and Method of Apportionment.

Item: 6.1
Item Page Number: 33
Menifee Finance Committee February 25, 2025 Page 35 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 9 means an account specifically identified in the Indenture or functionally equivalent to hold funds, which are available for expenditure to acquire or construct facilities eligible to be financed by CFD No. 20222.

Inflation means the greater of (i) 2% and (ii) the annual percentage change in the Engineering NewsRecord Building Cost Index for the city of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the City that isreasonably comparable to the Engineering NewsRecord Building Cost Index for the City of Los Angeles.

Facilities means the CFD Facilities minus (i) amounts deposited in the Construction Fund, (ii) amounts deposited in any escrow accounts funded by the Outstanding Bonds and anticipated to fund public facilities costs, and (iii) public facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment, but in no event shall such amount be less than zero. means all previously issued Bonds issued and secured by the levy of Special Tax which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding Bonds to be redeemed at a later date with the proceeds of prior prepayments of Special Tax.

1. Prepayment in Full
The Special Tax obligation may be prepaid and permanently satisfied for (i)Parcels of Developed Property, (ii) Parcels of Approved Property or Undeveloped Property for which a Building Permit has been issued, (iii) Parcels of Approved Property or Undeveloped Property for which a Building Permit has not been issued and (iv)Parcels of Provisional Undeveloped Property. The Special Tax obligation applicable to anParcel may be fully prepaid and the obligation to pay the Special Tax for such Parcel permanently satisfied as described herein; provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment. An owner of anParcel intending to prepay the Special Tax obligation for such Parcel shall provide the CFD Administrator with written notice of intent to prepay, and within 5 business days of receipt of such notice, the CFD Administrator shall notify such owner of the amount of the nonrefundable deposit determined to cover the cost to be incurred by the CFD in calculating the Prepayment Amount (as defined below) for theParcel.

Within 15 days of receipt of such nonrefundable deposit, the CFD Administrator shall notify such owner of the Prepayment Amount for the Parcel. Prepayment must be made not less than 60 days prior to the redemption date for any Bonds to be redeemed with the proceeds of such prepaid Special Taxes.

The Prepayment Amount shall be calculated as follows (some capitalized terms are defined below):

Bond Redemption Amount
plus Redemption Premium
plus Future Facilities Amount
plus Defeasance Amount
plus Administrative Fees and Expenses
less Reserve Fund Credit
Equals: Prepayment Amount
Item: 6.1
Item Page Number: 34
Menifee Finance Committee February 25, 2025 Page 36 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 10 The Prepayment Amount shall be determined as of the proposed prepayment date as follows:

1. Confirm that no Special Tax delinquencies apply to suchParcel.

2. For an Parcel of Developed Property, compute the Maximum Special Tax for the Parcel. For an Parcel of Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Maximum Special Tax for theParcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Parcel. For an Parcel of Approved Property or UndevelopedProperty for which a Building Permit has not been issued, or Provisional Undeveloped Property, compute the Maximum Special Tax for theParcel.

3. Divide the Maximum Special Tax derived pursuant to paragraph 2 by the total amount of Maximum Special Taxes that could be levied assuming build out of allParcels of Taxable Property based on the applicable Maximum Special Tax forParcels of Developed Property not including any Parcels for which the Special Tax obligation has been previously prepaid.

4. Multiply the quotient derived pursuant to paragraph 3 by the principal amount of the Outstanding Bonds to determine the amount of Outstanding Bonds to be redeemed with the Prepayment Amount (theRedemption

5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the

6. Determine the Future Facilities Costs.

7. Multiply the quotient derived pursuant to paragraph 3 by the amount determined pursuant to paragraph 6 to determine the amount of Future Facilities Costs for theParcel (the Facilities

8. Determine the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds on which Bonds can be redeemed from Special Tax prepayments.

9. Determine the Special Taxes levied on the Parcel in the current Fiscal Year which have not yet been paid.

10. Determine the amount the CFD Administrator reasonably expects to derive from the investment of the Bond Redemption Amount and the Redemption Premium from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the Prepayment Amount.

11. Add the amounts derived pursuant to paragraphs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the

12. Verify the administrative fees and expenses of the CFD, the cost to invest the Prepayment Amount, the cost of redeeming the Outstanding Bonds, and the cost of recording notices to Item: 6.1
Item Page Number: 35
Menifee Finance Committee February 25, 2025 Page 37 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 11 evidence the prepayment of the Special Tax obligation for theParcel and the redemption of Outstanding Bonds (the Fees and

13. The reserve fund credit (the Fund shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero.

14. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount and the Administrative Fees and Expenses, less the Reserve Fund Credit.

15. From the Prepayment Amount, the Bond Redemption Amount, the Redemption Premium, and Defeasance Amount shall be deposited into the appropriate fund as established under the Indenture and be used to redeem Outstanding Bonds or make debt service payments. The Future Facilities Amount shall be deposited into the Construction Fund. The Administrative Fees and Expenses shall be retained by the CFD.

The Prepayment Amount may be sufficient to redeem other than a $5,000 increment of Bonds. In such event, the increment above $5,000 or an integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next redemption from other Special Tax prepayments of Outstanding Bonds or to make debt service payments.

As a result of the payment of the current FiscalSpecial Tax levy as determined pursuant to paragraph 9 above, the CFD Administrator shall remove the current FiscalSpecial Tax levy for the Parcel from the County tax roll. With respect to anyParcel for which the Special Tax obligation is prepaid, the City Council shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of Special Tax obligation and the release of the Special Tax lien for the Parcel, and the obligation to pay the Special Tax for suchParcel shall cease.

Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless the amount of Maximum Special Tax that may be levied on all Parcels of Taxable Property after the proposed prepayment will be at least 1.1 times maximum annual debt service on the Bonds that will remain outstanding after the prepayment plus the estimated annual Administrative Expenses.

Tenders of Bonds in prepayment of the Special Tax obligation may be accepted upon the terms and conditions established by the City Council pursuant to the Act. However, the use of Bond tenders shall only be allowed on a casebycase basis as specifically approved by the City Council.

2. Prepayment in Part
The Special Tax obligation for an Parcel of Developed Property, Approved Property, Undeveloped Property, or Provisional Undeveloped Property may be partially prepaid. For purposes of determining the Partial Prepayment Amount, the provisions of Section G.1 shall be modified as provided by the following formula:

PP = ((PE A) x F) + A
Item: 6.1
Item Page Number: 36
Menifee Finance Committee February 25, 2025 Page 38 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 12 These terms have the following meaning:

PP = Partial Prepayment Amount
PE= the Prepayment Amount calculated according to Section G.1 F = the percent by which the owner of theParcel(s) is partially prepaying the Special Tax obligation
A = the Administrative Fees and Expenses determined pursuant to Section G.1 The owner of an Parcel who desires to partially prepay the Special Tax obligation for the Parcel shall notify the CFD Administrator of (i) suchintent to partially prepay the Special Tax obligation, (ii) the percentage of the Special Tax obligation such owner wishes to prepay, and (iii) the company or agency that will be acting as theescrow agent, if any. Within 5 days of receipt of such notice, the CFD Administrator shall notify such property owner of the amount of the nonrefundable deposit determined to cover the cost to be incurred by the CFD in calculating the Partial Prepayment Amount. Within 15 business days of receipt of such nonrefundable deposit, the CFD Administrator shall notify such owner of the amount of the Partial Prepayment Amount for the Parcel. A Partial Prepayment Amount must be made not less than 60 days prior to the redemption date for the Outstanding Bonds to be redeemed with the proceeds of the Partial Prepayment Amount.

With respect to any Parcel for which the Special Tax obligation is partially prepaid, the CFD Administrator shall (i) distribute the Partial Prepayment Amount as provided in Paragraph 15 of Section G.1, and (ii) indicate in the records of the CFD that there has been a partial prepayment for the Parcel and that a portion of the Special Tax obligation equal to the remaining percentage (1.00 F) of the applicable Special Tax will continue to be levied on theParcel pursuant to Section E.

H. TERMINATION OF SPECIAL TAX
For each Fiscal Year that any Bonds are outstanding the Special Tax shall be levied on all Parcels subject to the Special Tax pursuant to Section E. The Special Tax shall cease not later than the 20642065 Fiscal Year, however, Special Taxes will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all the required interest and principal payments on the CFD No. 20222 Bonds have been paid; (ii) all authorized facilities of CFD No. 20222 have been acquired and all reimbursements tothe developer have been paid, (iii) no delinquent Special Taxes remain uncollected and (iv) all other obligations of CFD No. 20222 have been satisfied.

Item: 6.1
Item Page Number: 37
Menifee Finance Committee February 25, 2025 Page 39 of 94

City of Menifee
Community Facilities District No. 20222 (McLaughlin Village) Page 13 I. MANNER OF COLLECTION
The Special Tax shall be collected in the same manner and at the same time as ordinaryad valorem property taxes, provided, however, that CFD No. 20222 may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquentParcels as permitted by the Act.

J. APPEALS OF SPECIAL TAXES
Any taxpayer may file a written appeal of the Special Taxes levied on his/herParcel(s) with the CFD Administrator, provided that the appellant is current in his/her payments of Special Taxes.

During pendency of an appeal, all Special Taxes previously levied must be paid on or before the payment date established when the levy was made. The appeal must specify the reasons why the appellant claims the Special Tax is in error. The CFD Administrator shall review the appeal, meet with the appellant if the CFD Administrator deems necessary, and advise the appellant of its determination. If the CFD Administrator agrees with the appellant, the CFD Administrator shall grant a credit to eliminate or reduce future Special Taxes on the Parcel(s). No refunds of previously paid Special Taxes shall be made unless approved by the CFD Administrator.

The CFD Administrator shall interpret this Rate and Method of Apportionment and make determinations relative to the annual levy and administration of the Special Taxes and any taxpayer who appeals, as herein specified.

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Exhibit 1
Century CommunitiesRELIMINARY T
McLaughlin Village (Tract No. 36937)
City of Menifee CFD No. 2022-2 with Romoland SD JCFA
CFD Bond Sizing and Total Tax Rate Analysis at 5.00% Interest Rate January 29, 2025
I. Home Prices and Combined Tax Rates:

TOTAL TAX RATE ANALYSIS
Proposed
City & EMWD
CFD
Tax Category
FY 24/25
Ad
Valorem
Tax Rate
Other Fixed
Charges
and
City of
Menifee
CFD No. 2015-2 CFD 2022-2
Special Tax
City of
Menifee EMWD CFD
No. 2021-93
Special Tax
(f)
Total
Tax per
Unit
Total
Tax
Rate
Total City
CFD No. 2022-2
Special Taxes
Home
Size
No.

Units
(a)
Home
Price
(a)
Plan Assess. Special Tax
(a) (b) (c) (d) (e)
1 2
3 < 2,100
2,100 - 2300
> 2,300
2,021
2,220
2,420
42 42
42 $ 527,990
559,990
574,990
$ 5,693
6,038
6,199
$ 37
37 37
$ 394
394
394
$ 2,513
2,560
2,607
$ 1,685
1,730
1,775
$ 10,321
10,759
11,012

1.95%

1.92%

1.92%
$ 105,528
107,538
109,504
Total/ Wtd. Avg. 2,220 126 $ 554,323 $ 5,977 $ 37 $ 394 $ 2,560 $ 1,730 $ 10,697 1.93% $ 322,570 Total Annual Special Taxes for Bonding (Annual CFD Revenues less $30,000 annual administration/ 110% Coverage) $ 265,973 lI. CFD Bond Sizing & Construction Proceeds:

Bond Amount (5.00% Interest, 30 Year Term, 30 Year Amortization, 2% Escalating Special Taxes) Underwriter Discount (Min of $50,000 or 2.00%)
Reserve Fund (125% of the Avg. Annual Debt Service)
Capitalized Interest (3 mos)
$
$
5,150,000
(103,000)
(449,583)
(64,375)
Incidental Costs (Estimate)
Premium to City (20% of DIF Obligation)
Total Net Construction Proceeds
(201,381)
(473,705)
3,857,956
30,619
$
$Per Unit
III. Allocation of Net Construction Proceeds
City of Menifee DIF (100% of $18,798 per unit)
Romoland School District Mitigation Payment (100% of $11,821 per DU)

TOTAL CITY CFD PROCEEDS
Per Unit Total
$ 18,798
11,821
30,619
$ 2,368,526
1,489,431
3,857,956$ $
IV. Footnotes:
(a) Product mix and pricing provided by Century Communities on 1/9/25. (b) Includes 1.00% plus the following:

Tax of 0.06850% is charged for fiscal year 2024-25 by the Perris Union High School District to pay debt service for outstanding bonds within the district.

Tax of 0.00268% is charged for fiscal year 2024-25 by the Mt. San Jacinto Junior College District to pay debt service for outstanding bonds within the district.

Tax of 0.00700% is charged for fiscal year 2024-25 by the Metropolitan Water District East to all parcels to pay debt service for outstanding bonds. (c) Includes the following:

EMWD levies a standby charge of $26.00 per acre, or $26.00 per parcel if less than an acre.

MWD levies a standby charge of $6.94 per acre, or $6.94 per parcel if less than an acre.

County of Riverside levies an assessment of $3.76 per lot for flood control services. (d) Represents the fiscal year 2024-25 City of Menifee CFD No. 2015-2 Zone 27 Special Tax to pay for lighting, landscaping, street sweeping and parks/trail maintenance per the RMA (excludes the dormant HOA portion of the tax). This Special Tax escalates each year by the greater of the percent change in CPI or 2%. (e) Represents the fiscal year 2024-25 Special Tax for the City of Menifee CFD No. 2022-2 to finance City DIF and Romoland School District fees via JCFA. Please refer to facilities list for details on the mitigation payment calculation.
(f) Represents the fiscal year 2024-25 Special Tax for the EMWD CFD No. 2021-93 to finance EMWD water and sewer fees.

Item: 6.1
Item Page Number: 65
Menifee Finance Committee February 25, 2025 Page 67 of 94

Exhibit 2
Century Communities
McLaughlin Village (Tract No. 36937)
City of Menifee CFD No. 2022-2 with Romoland SD JCFA
Preliminary List of Authorized Facilities
January 29, 2025
City of Menifee DIF [1]
Law Enforcement
Fire
Rate Per Units
126
126
22 104
126
22 22
104
126
Total
105,267$ 835
670
5,060
7,360
1,200
167
716
1,787
7,505
DU
DU
DU
DU
DU
DU
DU
DU
DU
$
84,419
111,320
765,435
151,187
3,674
Circulation
Transportation
General Government
Public Use Facilities
Parks - Improvements
Parks & Recreation
Quimby EST.
15,752
185,834
945,638
2,368,526Sub-total City DIF $
Romoland School District Mitigation Payments [2]
Mitigation Payment
Rate
11,820.88
Per
SF
Units
126
Total
1,489,431$ $
Sub-total Romoland School District Mitigation Payments $ 1,489,431 TOTAL CITY AND ROMOLAND SCHOOL DISTRICT FEES $ 3,857,956 [1] Reflects the City of Menifee Development Impact Fees per the actual amounts paid to date and amounts to be paid based on the fee schedule effective 7/1/2024.
[2] Reflects the Romoland School District Mitigation Payments calculated based on the Level 1 school fee of $3.45 per SF effective as of 6/11/2022 and $3.72 per SF effective as of 5/11/2024. Per the Romoland SD JCFA, the mitigation payment shall be the greater of:
(i) $10,500 per unit.
(ii) Level 1 (or 2 if applicable) school fee multiplied by:
(a) 150% for dwelling units < 3,000 sq. ft.
(b) 145% for dwelling units 3,000 - 3,500 sq. ft.
(c) 140% for dwelling units > 3,500 sq. ft.

Item: 6.1
Item Page Number: 66
Menifee Finance Committee February 25, 2025 Page 68 of 94

CITY OF MENIFEE
SUBJECT: Proposed Change to Community Facilities District No. 2022- 3, Legado, by Lennar Homes
MEETING DATE: February 25, 2025
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Review the proposed changes for Community Facilities District (“CFD”) No. 2022-3, Improvement Area 1, by Lennar Homes to amend the financing plan for certain public improvements within the development and recommend submittal to the City Council for consideration.

DISCUSSION
In early 2022, BLC Fleming initiated plans to form a CFD that would include 1,022 homes within a residential development known as Legado located northwest of Antelope Road and Chambers Avenue and south of Rouse Road. In August 2022, the City Council approved Resolution 22-1187 declaring its intention to establish CFD 2022-3, Legado; and in October 2022 the City Council approved Ordinance 2022-353 authorizing the levy of special taxes within CFD 2022-3.

The Legado development ultimately was divided into three separate improvement areas (“IAs”), known as IA1 (491 homes), IA2 (201 homes) and IA3 (330 homes). Last year, BLC Fleming entered into a contract to sell the project to Lennar Homes in three separate transactions that correspond with the three separate improvement areas.

Lennar Homes has closed on the land in IA1 and is under contract to purchase IA2 and IA3. When Lennar purchased IA1 it revised the product line to offer larger homes. The original product line had homes ranging from 1,300 square feet to 3,500 square feet, whereas the revised product line has homes ranging from 1,547 square feet to 4,184 square feet. Increasing the home sizes has led to a change in the anticipated sale price of the homes. With these changes, the developer is seeking to amend the Rate and Method of Apportionment (the “RMA”), which denotes the tax zone each home falls in and delineates the special taxes that each home would be charged. The revised RMA ensures the tax rate remains consistent at 2% among all the homes.

Item: 6.2
Item Page Number: 1
Menifee Finance Committee February 25, 2025 Page 69 of 94

City of Menifee Staff Report
Proposed Change to Community Facilities District No. 2022-3, Legado February 25, 2025

Page 2 of 2 ends

2 5
7 9

FISCAL IMPACT
There is no fiscal impact to the General Fund. The developer has submitted a $70,000 deposit to cover the cost of processing this change request.

ATTACHMENTS

1. CFD 2022-3 IA1 Change Proceeding Proforma Summary

2. CFD 2022-3 Project Map

3. CFD 2022-3 IA1 Change Proceeding Proforma

4. CFD 2022-3 Amended Boundary Map

5. CFD 2022-3 IA1 Proforma (Original)

6. CFD 2022-3 IA1 Change Proceeding Request
Item: 6.2
Item Page Number: 2
Menifee Finance Committee February 25, 2025 Page 70 of 94

CFD 2022‐3 (Legado) IA 1 Change Proceeding
Proforma Summary Sheet
Applicant: Lennar Homes
Project Description
Improvement Area 1 ‐ Original
Tax Zones 3 Separate Tax Zones
Acreage Gross: 143.73; Net: 75.34
Development Description Detached Single Family Residential Number of Units (50 min) 491 Units
Estimated Home Size Range 1,300 SF to 3,500 SF
Average Home Size 2,389 SF
Average Estimated Home Price $581,831
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range – FY 25‐26 $2,693 to $3,624
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 12
Maintenance CFD Rate $1,050/Unit
Proposed Improvement Area 1
Tax Zones 3 Separate Tax Zones
Acreage Gross: 143.73; Net: 75.34
Development Description Detached Single Family Residential Number of Units (50 min) 491 Units
Estimated Home Size Range 1,539 SF to 4,184 SF
Average Home Size 2,232 SF
Average Estimated Home Price $633,165
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range – FY 25‐26 $3,200 to $5,255
Escalation (2.00% Max) Yes, 2.00%
Bond Sizing Assumptions
Original Improvement Area 1 – At Formation
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $1,487,068
Estimated Sources and Uses
Sources
Par Bond Amount $26,645,000
Uses
Reserve Fund $2,250,040
Capitalized Interest $666,125
Underwriter Discount $399,675
Cost of Issuance $250,000
Improvement Fund $23,079,160
Item: 6.2
Item Page Number: 3
Menifee Finance Committee February 25, 2025 Page 71 of 94

Allocation of Improvement Fund
Description % of Total Total
City Fees 14% $3,309,423
City Facilities* 85% $19,550,260
City Premium (20%) 1% $219,477
Eastern Municipal Water District** 0% $0

Unfunded $15,317,059
*$6,853,514 City Facilities Unfunded
**$8,463,545 EMWD Fees Unfunded
Bond Sizing Assumptions
Proposed Improvement Area 1
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 3‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $1,765,612
Estimated Sources and Uses
Sources
Par Bond Amount $31,115,000
Uses
Reserve Fund $2,627,450
Capitalized Interest $388,938
Underwriter Discount $466,725
Cost of Issuance – 2 Series of Bonds $500,000
Improvement Fund $27,131,888
Allocation of Improvement Fund
Description % of Total Total
City Fees 12% $3,309,423
City Facilities 56% $15,226,860
City Premium (20%) 1% $219,477
Eastern Municipal Water District* 31% $8,376,128

Unfunded $1,275,498
*$1,275,498 EMWD Fees Unfunded
Proposed Schedule
Finance Committee February 25, 2025
Resolution of Intention June 4, 2025
Public Hearing July 16, 2025
2nd Reading Ordinance August 6, 2025

Item: 6.2
Item Page Number: 4
Menifee Finance Committee February 25, 2025 Page 72 of 94

DESERT ROSE LN

MCLAUGHLIN RD

ROUSE RD

SHERMAN RD

MC C AL L
BLVD

MATTHEWS RD

ANTELOPE RD

PALOMAR RD
§¨¦
215
^_C HAMBERS AVE

ROUSE RD

WATSON RD

MCCALL BLVD

PALOMA WAY

PACKARD ST

MATTHEWS RD
EVANS RD§¨¦215
·|}þ74
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (LEGADO)

AMENDED PROJECT MAP

IMPROVEMENT
AREA 1
IA 3 IA 3IA 2
Item: 6.2
Item Page Number: 5
Menifee Finance Committee February 25, 2025 Page 73 of 94

CITY OF MENIFEE CHANGE PROCEEDING DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Tax Zone
Class
1 2
7 3
1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19
Planning Area 1/8 1/8 1/8 1/8 10 3/10 3/10 3 3 2 2 2 2 4/9 4/9 4/9 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under
1,600
1,600 to
1,800
1,801 to
2,000
Over
2,000
Under
1,900
1,900 to
2,100
2,101 to
2,300
2,301 to
2,500
Over
2,500
Under
1,800
1,800 to
2,000
2,001 to
2,200
2,201 to
2,400
2,401 to
2,600
2,601 to
2,800
2,801 to
3,000
3,001 to
3,200
3,201 to
3,400
Over
3,400
Estimated Home Size
Estimated Home Price
1,547 1,705 1,823 2,064 1,539 1,939 2,200 2,468 2,589 1,547 1,950 2,091 2,238 2,450 2,662 2,836 3,010 3,597 4,184 2,232 $573,900 $575,900 $584,900 $602,900 $585,900 $608,900 $617,900 $633,900 $646,900 $585,900 $615,900 $628,900 $637,900 $658,400 $678,900 $692,900 $706,900 $789,900 $872,900 $633,165 Ad‐Valorem Tax Rate (1.00%)
Metro Water West (0.00700%)
Menifee School (0.05080%)
Perris Union HS (0.06850%)
Mt. San Jacinto Jr. College (0.00268%)
$5,739.00
$40.17
$291.54
$393.12
$15.38
$5,759.00
$40.31
$292.56
$394.49
$15.43
$5,849.00
$40.94
$297.13
$400.66
$15.68
$6,029.00
$42.20
$306.27
$412.99
$16.16
$5,859.00
$41.01
$297.64
$401.34
$15.70
$6,089.00
$42.62
$309.32
$417.10
$16.32
$6,179.00
$43.25
$313.89
$423.26
$16.56
$6,339.00
$44.37
$322.02
$434.22
$16.99
$6,469.00
$45.28
$328.63
$443.13
$17.34
$5,859.00
$41.01
$297.64
$401.34
$15.70
$6,159.00
$43.11
$312.88
$421.89
$16.51
$6,289.00
$44.02
$319.48
$430.80
$16.85
$6,379.00
$44.65
$324.05
$436.96
$17.10
$6,584.00
$46.09
$334.47
$451.00
$17.65
$6,789.00
$47.52
$344.88
$465.05
$18.19
$6,929.00
$48.50
$351.99
$474.64
$18.57
$7,069.00
$49.48
$359.11
$484.23
$18.94
$7,899.00
$55.29
$401.27
$541.08
$21.17
$8,729.00
$61.10
$443.43
$597.94
$23.39
$6,331.65
$44.32
$321.65
$433.72
$16.97
Subtotal GO Bond Debt $6,479.22 $6,501.80 $6,603.40 $6,806.62 $6,614.69 $6,874.36 $6,975.97 $7,156.60 $7,303.37 $6,614.69 $6,953.39 $7,100.16 $7,201.76 $7,433.20 $7,664.65 $7,822.70 $7,980.76 $8,917.81 $9,854.87 $7,148.30 Perris Union High School District CFD 92‐1
Flood Control Stormwater / Cleanwater / Santa Ana
EMWD Standby
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
$336.26
$3.78
$26.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD 2022‐1
CFD No. 2017‐1 ‐ Maintenance Services
CFD No. 2022‐3 ‐ Facilities Special Tax
Subtotal Special Assessments and Taxes
$342.20
$1,049.71
$3,200.00
$4,964.89
$377.15
$1,049.71
$3,216.00
$5,015.84
$403.25
$1,049.71
$3,269.00
$5,094.94
$456.56
$1,049.71
$3,372.00
$5,251.25
$340.43
$1,049.71
$3,340.00
$5,103.12
$428.91
$1,049.71
$3,452.00
$5,303.60
$486.64
$1,049.71
$3,473.00
$5,382.33
$545.92
$1,049.71
$3,553.00
$5,521.61
$572.69
$1,049.71
$3,639.00
$5,634.38
$342.20
$1,049.71
$3,338.00
$5,102.89
$431.34
$1,049.71
$3,511.00
$5,365.03
$462.53
$1,049.71
$3,593.00
$5,478.22
$495.05
$1,049.71
$3,639.00
$5,556.74
$541.94
$1,049.71
$3,770.00
$5,734.63
$588.83
$1,049.71
$3,902.00
$5,913.52
$627.32
$1,049.71
$3,985.00
$6,035.01
$665.81
$1,049.71
$4,069.00
$6,157.50
$795.66
$1,049.71
$4,662.00
$6,880.35
$925.50
$1,049.71
$5,255.00
$7,603.19
$493.65
$1,049.71
$3,595.95
$5,512.29
Total Annual Property Taxes $11,444.10 $11,517.63 $11,698.34 $12,057.87 $11,717.81 $12,177.96 $12,358.30 $12,678.22 $12,937.75 $11,717.58 $12,318.42 $12,578.37 $12,758.50 $13,167.83 $13,578.17 $13,857.72 $14,138.26 $15,798.16 $17,458.06 $12,660.59 Annual Prop. Tax Rates as % of Home Price
Unit Mix
(1)Total CFD ‐ Annual Tax Collections (2% Escalator)
(2)Administration

1.99%
40 $128,000

2.00%
40 $128,640

2.00%
40 $130,760

2.00%
39 $131,508

2.00%
15 $50,100

2.00%
59 $203,668

2.00%
43 $149,339

2.00%
29 $103,037

2.00%
28 $101,892

2.00%
13 $43,394

2.00%
12 $42,132

2.00%
12 $43,116

2.00%
12 $43,668

2.00%
$0

2.00%
55 $214,610

2.00%
$0

2.00%
27 $109,863

2.00%
$0

2.00%
‐ 27
$141,885

2.00%
491
$1,765,612
$30,000
‐ ‐
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage)
II. Total Estimated Home Square Footage:

III. CFD Bond Sizing & Construction Proceeds:
$114,386
61,880
$114,958
68,200
$116,853
72,920
$117,521
80,496
$44,772
23,085
$182,007
114,401
$133,456
94,600
$92,078
71,572
$91,055
72,492
$38,779
20,111
$37,651
23,400
$38,530
25,092
$39,024
26,856
$0 $191,785
‐146,410
$0 $98,178
‐ 81,270
$0 $126,795
‐112,968
$1,577,829
1,095,753
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $31,115,000 Underwriter Discount (1.50%)
Reserve Fund (Maximum Annual Debt Service)
Capitalized Interest (3 mos.)
$466,725
$2,627,450
$388,938
$500,000Incidental Costs (Estimate) ‐ 2 Series of Bonds Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs Net Bond Proceeds
$3,983,112
$27,131,888
Item: 6.2
Item Page Number: 6
Menifee Finance Committee February 25, 2025 Page 74 of 94

CITY OF MENIFEE CHANGE PROCEEDING DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1
159 Lots
Tax Zone 2
174 Lots
Tax Zone 3
158 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 35.12 60.14 48.47
Less: Exempt Acres 14.26

20.86 34.54

25.60 19.58

28.89Net Taxable Acres
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues
Net Taxable Acres
$518,908

20.86 $608,036

25.60 $638,668

28.89 Less: Contingency Factor (10%) 2.09 2.56 2.89
Net Taxable Acres (Adjusted) 18.77 23.04 26.00
Undeveloped Property Tax Rate per Acre $27,641 $26,395 $24,564 Total Exempt Acreage 16.35 37.10 22.47
III. Calculation of Backup Special Tax Rate:

Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Total Units
TR 37408‐1 TR 37408‐3 TR 37408‐2

9.96 $27,641
73 16.30
$26,395
115

7.62 $24,564
49 Backup Special Tax per Unit $3,771 $3,741 $3,820
Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Total Units
TR 37409‐1 TR 37409‐3 TR 37409‐2

10.91 $27,641
86 9.29
$26,395
59 13.20
$24,564
67 Backup Special Tax per Unit $3,507 $4,156 $4,839
Backup Special Tax Rate per Unit
IA Share
TR 37408‐4
IA 1
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Subtotal Undeveloped Tax

8.07 $24,564
$198,231
IA Share IA 2
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Subtotal Undeveloped Tax

3.22 $20,857
$67,160
Total Undeveloped Tax
Total Units
$265,391
59 Backup Special Tax per Unit $4,498
Item: 6.2
Item Page Number: 7
Menifee Finance Committee February 25, 2025 Page 75 of 94

CITY OF MENIFEE CHANGE PROCEEDING DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
Debt Service
Tax Rate
No. of
Units
Total Annual
Collectable TaxRange of Home Sizes
Less than 1,600
Tax Zone Max Tax Rates
1 1
1 1
1 1
2 2
2 2
2 2
2 3
3 3
3 3
3 3
3 3
3 3
3 $3,200
$3,216
$3,269
$3,372
$3,257
$27,641
$3,340
$3,452
$3,473
$3,553
$3,639
$3,379
$26,395
$3,338
$3,511
$3,593
$3,639
$3,770
$3,902
$3,985
$4,069
$4,662
$5,255
$3,530
$24,564
40 40
40 39
159
$128,000
$128,640
$130,760
$131,508
$130,280
$130,280
$130,760
$131,508
1,600
1,801
Greater than
to
to
1,800
2,000
2,000
Ave Backup Tax Rate per Unit
Non‐residential Property
Less than
1,900
2,101
2,301
Greater than
1,900
2,100
2,300
2,500
2,500
15 59
43 29
28 $50,100
$203,668
$149,339
$103,037
$101,892
$50,685
$203,668
$149,339
$103,037
$101,892
to
to
to
Ave Backup Tax Rate per Unit
Non‐residential Property
174
Less than
1,800
2,001
2,201
2,401
2,601
2,801
3,001
3,201
1,800
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,400
13 12
12 12
0 55
0 27
0 $43,394
$42,132
$43,116
$43,668
$0
$214,610
$0
$109,863
$0
$45,890
$42,360
$43,116
$43,668
$0
$214,610
$0
$109,863
$0
to
to
to
to
to
to
to
to
Greater than 27
158
$141,885 $141,885
Ave Backup Tax Rate per Unit
Non‐residential Property
491 $1,765,612 $1,772,841
Tax Rate for Bonding
Sizing at Max tax rate
Future Facilities (rounded up)
$1,588,946
$35,000,000
$31,000,000
Item: 6.2
Item Page Number: 8
Menifee Finance Committee February 25, 2025 Page 76 of 94

CITY OF MENIFEE CHANGE PROCEEDING DRAFT v2
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Revenue Coverage ‐ Assigned Tax Rate
Debt
Period
Ending
Gross
Revenues
Priority
Admin
Capitalized
Interest
Net Debt
Service
Service
CoverageYear Principal Coupon

5.00%
Interest
$388,9381 9/1/2026
9/1/2027
9/1/2028
9/1/2029
9/1/2030
9/1/2031
9/1/2032
9/1/2033
9/1/2034
9/1/2035
9/1/2036
9/1/2037
9/1/2038
9/1/2039
9/1/2040
9/1/2041
9/1/2042
9/1/2043
9/1/2044
9/1/2045
9/1/2046
9/1/2047
9/1/2048
9/1/2049
9/1/2050
9/1/2051
9/1/2052
9/1/2053
9/1/2054
9/1/2055
9/1/2056
$1,765,612
$1,800,924
$1,836,943
$1,873,682
$1,911,155
$1,949,378
$1,988,366
$2,028,133
$2,068,696
$2,110,070
$2,152,271
$2,195,317
$2,239,223
$2,284,007
$2,329,688
$2,376,281
$2,423,807
$2,472,283
$2,521,729
$2,572,163
$2,623,607
$2,676,079
$2,729,600
$2,784,192
$2,839,876
$2,896,674
$2,954,607
$3,013,699
$3,073,973
$3,135,453
$3,135,453
$30,000 $0 $388,938 $0 N/A
2 3
4 5
6 7
8 9
$30,600
$31,212
$31,836
$32,473
$33,122
$33,785
$34,461
$35,150
$35,853
$36,570
$37,301
$38,047
$38,808
$39,584
$40,376
$41,184
$42,007
$42,847
$43,704
$44,578
$45,470
$46,379
$47,307
$48,253
$49,218
$50,203
$51,207
$52,231
$53,275
$53,275
$50,000
$85,000

5.00%

5.00%
$1,555,750
$1,553,250
$1,549,000
$1,542,750
$1,534,500
$1,524,250
$1,511,750
$1,496,750
$1,479,250
$1,459,000
$1,436,000
$1,409,750
$1,380,250
$1,347,250
$1,310,750
$1,270,250
$1,225,500
$1,176,500
$1,122,750
$1,064,000
$1,000,000
$930,500
$1,605,750
$1,638,250
$1,674,000
$1,707,750
$1,739,500
$1,774,250
$1,811,750
$1,846,750
$1,884,250
$1,919,000
$1,961,000
$1,999,750
$2,040,250
$2,077,250
$2,120,750
$2,165,250
$2,205,500
$2,251,500
$2,297,750
$2,344,000
$2,390,000
$2,435,500
$2,485,250
$2,533,750
$2,585,750
$2,635,750
$2,688,500
$2,743,500
$2,800,250
$2,798,250
110.25%
110.22%
110.03%
110.01%
110.16%
110.16%
110.04%
110.11%
110.08%
110.25%
110.05%
110.07%
110.05%
110.25%
110.15%
110.04%
110.19%
110.10%
110.04%
110.03%
110.07%
110.17%
110.13%
110.18%
110.12%
110.19%
110.19%
110.14%
110.07%
110.15%
$125,000
$165,000
$205,000
$250,000
$300,000
$350,000
$405,000
$460,000
$525,000
$590,000
$660,000
$730,000
$810,000
$895,000
$980,000
$1,075,000
$1,175,000
$1,280,000
$1,390,000
$1,505,000
$1,630,000
$1,760,000
$1,900,000
$2,045,000
$2,200,000
$2,365,000
$2,540,000
$2,665,000
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 31
$855,250
$773,750
$685,750
$590,750
$488,500
$378,500
$260,250
$133,250
Total $74,762,940 $1,270,318 $31,115,000 $34,434,688 $388,938 $65,160,750 110.03% Item: 6.2
Item Page Number: 9
Menifee Finance Committee February 25, 2025 Page 77 of 94

CITY OF MENIFEE CHANGE PROCEEDING DRAFT v2
Community Facilities District No. 2022‐3 ALL
(Legado)
Tract Nos. 37408 & 37409
Use of Bond Proceeds
491 Lots
IA 1
201 Lots
IA 2
330 Lots
IA 3
1022 Lots
TotalFUNDING REQUIREMENTS
City Fees
Law Enforcement
Fire Facility
General Government
Pulic Use Facilities
Parks ‐ Land Acquisition
Subtotal DIF
$113,421 $44,945 $73,789 $232,155
$301,474
$501,311
$75,614
$105,565
$1,097,385
$219,477
$2,212,038
$3,528,900
$119,463
$198,651
$29,963
$41,831
$434,853
$86,971
$196,133
$326,143
$49,193
$617,070
$1,026,105
$154,770
$216,075
$2,246,175
$449,235
$68,679
$713,937
$142,787
$1,439,109
$2,295,834
City Projects
Fair Share Traffic Impact Fee
Total City Fees
$876,548
$1,398,371
$4,527,695
$7,223,105
City Facilities
Circulation Facilities
Circulation Reimbursements
Net Circulation Facilities
$7,527,503
$0
$7,527,503
$2,986,277
($148,524)
$2,837,753
$4,902,843
($243,845)
$4,658,998
$15,416,623
($392,369)
$15,024,254
Storm Drain Facilities
Storm Drain Reimbursements
Net Storm Drain Facilities
$862,500
$0
$862,500
$1,776,635
($320,105)
$1,456,530
$2,916,864
($525,545)
$2,391,319
$5,555,999
($845,650)
$4,710,349
Park Facilities
Park Reimbursements
Net Park Facilities
$1,150,000
$0
$1,150,000
$2,094,144
($442,523)
$1,651,621
$3,438,146
($726,529)
$2,711,617
$6,682,290
($1,169,052)
$5,513,238
Interior Road Improvements
Total City Facilities
$5,686,857
$15,226,860
$18,755,760
$4,516,925
$10,462,830
$11,861,201
$7,415,847
$17,177,780
$19,473,614
$17,619,629
$42,867,470
$50,090,575Total City Fees and Facilities
EWMD Fees
Sewer Financial Participation
Sewer Treatment Capacity
Water Financial Participation
Water Supply Development Fee
1" Meter Drop‐In Fee
$1,725,374
$3,271,042
$3,681,518
$198,855
$199,837
$0
$624,164
$1,183,150
$1,331,797
$72,378
$73,351
$78,399
$35,283
$14,113
$0
$1,024,748
$1,942,484
$2,186,533
$118,830
$120,427
$128,714
$57,927
$3,374,286
$6,396,676
$7,199,848
$390,063
$393,615
$207,113
$93,210
$37,284
$575,000
$18,667,095
Landscape Meter Connection 1 @ 3"
Landscape Meter Connection 7 @ 1.5"
Landscape Meter Connection 7 @ 1"
Proposed Facilities ‐ TBD
$0
$0 $23,171
$575,000
$9,651,626
$0
Total EMWD Fees $3,412,635 $5,602,834
Total Cost
Potential Project Funds Available

ALLOCATION OF PROCEEDS
$28,407,386
$27,131,888
IA 1
$15,273,836
$9,595,492
IA 2
$25,076,448
$14,954,029
IA 3
$68,757,670
$51,681,409
Total%
City Projects
City Fees
City Facilities
1%
13%
70%
16%
100%
$219,477
$3,309,423
$15,226,860
$8,376,128
$27,131,888
$86,971
$1,311,401
$8,197,121
$0
$142,787
$2,153,046
$12,658,195
$0
$449,235
$6,773,870
$36,082,176
$8,376,128
$51,681,409
EMWD Fees
Total Funded by Bond Proceeds $9,595,492 $14,954,029

UNFUNDED REQUIREMENTS
Total to be Funded by Developer $1,275,498 $5,678,344 $10,122,419 $17,076,261 Item: 6.2
Item Page Number: 10
Menifee Finance Committee February 25, 2025 Page 78 of 94

I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING PROPOSED
BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2022-3
(LEGADO), CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE

OF CALIFORNIA, WAS APPROVED BY THE CITY COUNCIL
OF THE · CITY OF MEN/FEE AT A REGULAR MEETING
THEREOF, HELD ON 2. DAY OF oc-tobe< 20 .2t.\
BY RESOLUTION NO. �L/ - \ l� 6°11 \ '500
t.J)_, -�
c1��

CITY OF MENIFEE

FILED IN THE OFFICE OF THE CITY CLERK, CITY OF MENIFEE, THIS L DAY OF �, 201.<{
�,/v��
Cl LE K

CITY OF MENIFEE
SPICER

CONSULTING GROUP
------ - ----- -
i
CFO 2022-3
z
<(
t)
zw

AMENDED BOUNDARY MAP
COMMUNITY FACILITIES DISTRICT NO. 2022-3
(LEGADO)

CITY OF MENIFEE,

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA
l I I I I I . J
IMPROVEMENT AREA 1
.... • • • .. .. • •• • • •
..... ,I••• • . ························-•••• •• •
�•••••••••••••••••••••••••••••••••••••••I •
� --··-·················· � .. J � '
••••••••••••••••••···· .. ••············ ,.
•••• •• •-, IMPROVEMENT •.,. IMPROVEMENT.- : AREA2 t. AREA3 : (SHEET 2) •\IMPROVEMENT AREA3
(SHEET 3)
• • (SHEET 3)
�
f I � :====��::_::_::_�G�M�A�MAfg��R�-S��A�Vi-e�� TITI��J��,---Jor �
-
'--
0 500 1,000 2,000 Feet
SHEET 1 OF 3 SHEETS
REcoRDED TH1s is""' DAY oF ocJOW . 20..J:!I- AT
THE HOUR OF 1 ·.y 5 O'CLOCK £.._M IN BOOK 9Y
PAGE :,�·38 OF MAPS OF ASSESSMENT AND COMMUNITY

FACILITIES DISTRICTS IN THE OFFICE OF THE COUNTY

RECORDER, IN THE COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA.

FEE: �f.;,00 NO.:c;,1(k?.4--D309.5£,3

PETER ALDANA, ASSESSOR, COUNTY CLERK, RECORDER
DEPUTY
THIS MAP AMENDS THE MAP RECORDED IN BOOK 89

OF MAPS OF ASSESSMENT AND COMMUNITY FACILITIES
DISTRICT PAGES 44 THROUGH 47 AS INSTRUMENT No .
2022-0350782 IN THE OFFICE OF THE COUNTY RECORDER,
COUNTY OF RIVERSIDE, STATE OF CALIFORNIA.

LEGEND

PARCEL LINE
••••••••• IMPROVEMENT AREA BOUNDARY

CFO BOUNDARY

THIS BOUNDARY MAP CORRECTLY SHOWS THE LOT OR PARCEL OF LAND INCLUDED WITHIN THE BOUNDARIES OF THE COMMUNITY FACILITIES DISTRICT.

FOR DETAILS CONCERNING THE LINES AND DIMENSIONS OF LOTS OR PARCEL REFER TO THE COUNTY ASSESSOR MAPS FOR FISCAL YEAR 2024-25.

Item: 6.2
Item Page Number: 11
Menifee Finance Committee February 25, 2025 Page 79 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:

Tax Zone 1 2 3
Class 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Plan 5000 5000 5000 5000 5000 5000 5000 5500 5500 5500 5500 5500 5500 6/7000 6/7000 6/7000 6/7000 6/7000 6/7000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under
1,400
1,400 to
1,600
1,601 to
1,800
1,801 to
2,000
2,001 to
2,200
2,201 to
2,400
Over
2,400
Under
1,900
1,900 to
2,100
2,101 to
2,300
2,301 to
2,500
2,501 to
2,700
Over
2,700
Under
2,100
2,100 to
2,400
2,401 to
2,700
2,701 to
3,000
3,001 to
3,300
Over
3,300
Estimated Home Size
Estimated Home Price
1,300 1,500 1,700 1,900 2,100 2,300 2,500 1,800 2,000 2,200 2,500 2,800 3,100 2,000 2,300 2,600 2,900 3,200 3,500 2,389 $501,000 $533,000 $544,000 $551,000 $567,000 $587,000 $598,000 $531,000 $556,000 $568,000 $588,000 $602,000 $620,000 $550,000 $575,000 $598,000 $609,000 $624,000 $665,000 $581,831 Ad‐Valorem Tax Rate (1.00%)
Metro Water West (0.00350%)
Menifee School (0.06319%)
Perris Union HS (0.08859%)
Mt. San Jacinto Jr. College (0.01320%)
$5,010.00
$17.54
$316.58
$443.84
$66.13
$5,330.00 $5,440.00 $5,510.00 $5,670.00 $5,870.00 $5,980.00 $5,310.00 $5,560.00 $5,680.00 $5,880.00 $6,020.00 $6,200.00 $5,500.00 $5,750.00 $5,980.00 $6,090.00 $6,240.00 $6,650.00 $5,818.31 $20.36
$367.66
$515.44
$76.80
$18.66
$336.80
$472.18
$70.36
$19.04
$343.75
$481.93
$71.81
$19.29
$348.18
$488.13
$72.73
$19.85
$358.29
$502.31
$74.84
$20.55
$370.93
$520.02
$77.48
$20.93
$377.88
$529.77
$78.94
$18.59
$335.54
$470.41
$70.09
$19.46
$351.34
$492.56
$73.39
$19.88
$358.92
$503.19
$74.98
$20.58
$371.56
$520.91
$77.62
$21.07
$380.40
$533.31
$79.46
$21.70
$391.78
$549.26
$81.84
$19.25
$347.55
$487.25
$72.60
$20.13
$363.34
$509.39
$75.90
$20.93
$377.88
$529.77
$78.94
$21.32
$384.83
$539.51
$80.39
$21.84
$394.31
$552.80
$82.37
$23.28
$420.21
$589.12
$87.78
Subtotal GO Bond Debt $5,854.08 $6,228.00 $6,356.53 $6,438.32 $6,625.28 $6,858.98 $6,987.51 $6,204.63 $6,496.75 $6,636.97 $6,870.66 $7,034.25 $7,244.58 $6,426.64 $6,718.76 $6,987.51 $7,116.04 $7,291.32 $7,770.39 $6,798.58 Perris Union High School District CFD 92‐1
Flood Control Stormwater / Cleanwater / Santa Ana
EMWD Standby
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
$316.86
$3.78
$11.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD $276.38
$963.00
$2,588.00
$4,165.96
$318.90
$963.00
$361.42
$963.00
$403.94
$963.00
$446.46
$963.00
$488.98
$963.00
$531.50
$963.00
$382.68
$963.00
$425.20
$963.00
$467.72
$963.00
$531.50
$963.00
$595.28
$963.00
$659.06
$963.00
$425.20
$963.00
$488.98
$963.00
$552.76
$963.00
$616.54
$963.00
$680.32
$963.00
$744.10
$963.00
$507.82
$963.00
$3,028.65
$4,838.05
Proposed CFD No. 2017‐1 ‐ Maintenance Services*
Proposed CFD No. 2022‐3 ‐ Facilities Special Tax**
Subtotal Special Assessments and Taxes
$2,812.00 $2,860.00 $2,876.00 $2,967.00 $3,090.00 $3,139.00 $2,731.00 $2,896.00 $2,954.00 $3,056.00 $3,109.00 $3,195.00 $2,847.00 $2,991.00 $3,118.00 $3,146.00 $3,207.00 $3,484.00 $4,432.48 $4,523.00 $4,581.52 $4,715.04 $4,880.56 $4,972.08 $4,415.26 $4,622.78 $4,723.30 $4,889.08 $5,005.86 $5,155.64 $4,573.78 $4,781.56 $4,972.34 $5,064.12 $5,188.90 $5,529.68 Total Annual Property Taxes $10,020.04 $10,660.48 $10,879.53 $11,019.84 $11,340.32 $11,739.54 $11,959.59 $10,619.89 $11,119.53 $11,360.27 $11,759.74 $12,040.11 $12,400.22 $11,000.42 $11,500.32 $11,959.85 $12,180.16 $12,480.22 $13,300.07 $11,636.63 Annual Prop. Tax Rates as % of Home Price
Unit Mix

2.00%
‐

2.00%
32 2.00%
32 2.00%
31 2.00%
32 2.00%
32 2.00%
‐

2.00%
29 2.00%
29 2.00%
29 2.00%
29 2.00%
29 2.00%
29 2.00%
‐

2.00%
35 2.00%
35 2.00%
29 2.00%
30 2.00%
29 2.00%
491
(1)Total CFD ‐ Annual Tax Collections (2% Escalator)
(2)Administration
$0 $89,984 $91,520 $89,156 $94,944 $98,880 $0 $79,199 $83,984 $85,666 $88,624 $90,161 $92,655 $0 $104,685 $109,130 $91,234 $96,210 $101,036 $1,487,068 $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage)
II. Total Estimated Home Square Footage:

III. CFD Bond Sizing & Construction Proceeds:
$0
‐
$80,153
48,000
$81,522
54,400
$79,416
58,900
$84,571
67,200
$88,077
73,600
$0 $70,547
52,200
$74,809
58,000
$76,307
63,800
$78,942
72,500
$80,311
81,200
$82,533
89,900
$0 $93,248
80,500
$97,208
91,000
$81,267
84,100
$85,699
96,000
$89,998
101,500
$1,324,607
1,172,800‐ ‐
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $26,645,000 Underwriter Discount (1.50%)
Reserve Fund (Maximum Annual Debt Service)
Capitalized Interest (6 mos.)
$399,675
$2,250,040
$666,125
$250,000Incidental Costs (Estimate)
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs Net Bond Proceeds
$3,565,840
$23,079,160
Item: 6.2
Item Page Number: 12
Menifee Finance Committee February 25, 2025 Page 80 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tax Zone 1
159 Lots
Tax Zone 2
174 Lots
Tax Zone 3
158 Lots
I. Calculation of Net Taxable Acres:

Gross Acreage 35.12

14.26 20.86

60.14 34.54

25.60 48.47

19.58 28.89
Less: Exempt Acres
Net Taxable Acres
II. Calculation of Undeveloped Property Tax Rate:

Total Developed Property Revenues
Net Taxable Acres
$464,484

20.86 $520,289

25.60 $502,295

28.89 Less: Contingency Factor (10%) 2.09 2.56 2.89
Net Taxable Acres (Adjusted) 18.77 23.04 26.00
Undeveloped Property Tax Rate per Acre $24,742 $22,586 $19,319 Total Exempt Acreage 16.35 37.10 22.47
III. Calculation of Backup Special Tax Rate:

Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Total Units
TR 37408‐1 TR 37408‐3 TR 37408‐2

7.629.96
$24,742
73 16.30
$22,586
115
$19,319
49 Backup Special Tax per Unit $3,376 $3,201 $3,004
Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Total Units
TR 37409‐1 TR 37409‐3 TR 37409‐2

13.2010.91
$24,742
86 9.29
$22,586
59 $19,319
67 Backup Special Tax per Unit $3,139 $3,556 $3,806
Backup Special Tax Rate per Unit
IA Share
TR 37408‐4
IA 1
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Subtotal Undeveloped Tax

8.07 $19,319
$155,904
IA 2IA Share
Total Taxable Acres (Adjusted)
Undeveloped Property Tax Rate per Acre
Subtotal Undeveloped Tax

3.22 $20,857
$67,160
Total Undeveloped Tax
Total Units
$223,064
59 Backup Special Tax per Unit $3,781
Item: 6.2
Item Page Number: 13
Menifee Finance Committee February 25, 2025 Page 81 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
Debt Service
Tax Rate
No. of
Units
Total Annual
Collectable TaxRange of Home Sizes
Less than 1,400
Tax Zone Max Tax Rates
1 1
1 1
1 1
1 1
1 2
2 2
2 2
2 2
2 3
3 3
3 3
3 3
3 $2,588
$2,812
$2,860
$2,876
$2,967
$3,090
$3,139
$3,257
$24,742
$2,731
$2,896
$2,954
$3,056
$3,109
$3,195
$3,379
$22,586
$2,847
$2,991
$3,118
$3,146
$3,207
$3,484
$3,530
$19,319
0 32
32 31
32 32
0 $0
$89,984
$91,520
$89,156
$94,944
$98,880
$0
$0
$104,224
$104,224
$100,967
$104,224
$104,224
$0
1,400
1,601
1,801
2,001
2,201
to
to
to
to
to
1,600
1,800
2,000
2,200
2,400
2,400Greater than to
Ave Backup Tax Rate per Unit
Non‐residential Property
159
Less than
1,901
2,101
2,301
2,501
to
to
to
to
to
1,900
2,100
2,300
2,500
2,700
2,700
29 29
29 29
29 $79,199
$83,984
$85,666
$88,624
$90,161
$92,655
$97,991
$97,991
$97,991
$97,991
$97,991
$97,991Greater than to 29
174Ave Backup Tax Rate per Unit
Non‐residential Property
Less than
2,101
2,401
2,701
3,001
to
to
to
to
to
2,100
2,400
2,700
3,000
3,300
3,300
0 35
35 29
30 29
158
$0
$104,685
$109,130
$91,234
$96,210
$101,036
$0
$123,550
$123,550
$102,370
$105,900
$102,370Greater than
Ave Backup Tax Rate per Unit
Non‐residential Property
491 $1,487,068 $1,663,549
Tax Rate for Bonding
Sizing at Max tax rate
Future Facilities (rounded up)
$1,489,590
$30,000,000
$26,000,000
Item: 6.2
Item Page Number: 14
Menifee Finance Committee February 25, 2025 Page 82 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Use of Bond Proceeds
491 Lots
IA 1
531 Lots
IA 2
1022 Lots
TotalFUNDING REQUIREMENTS
City Fees
Per Lot
Law Enforcement $231
$614
$1,021
$154
$215
$2,235
$447
$113,421 $122,661 $236,082
$627,508
$1,043,462
$157,388
$219,730
$2,284,170
$456,834
Fire Facility $301,474
$501,311
$75,614
$105,565
$1,097,385
$219,477
$2,212,038
$3,528,900
$326,034
$542,151
$81,774
$114,165
$1,186,785
$237,357
$2,392,245
$3,816,387
General Government
Pulic Use Facilities
Parks ‐ Land Acquisition
Subtotal DIF
City Projects
Fair Share Traffic Impact Fee
Total City Fees
$4,505
$7,187
$4,604,283
$7,345,287
City Facilities
Circulation Facilities
Circulation Reimbursements
Net Circulation Facilities
$15,348
($763)
$14,585
$7,536,105
($374,811)
$7,161,294
$8,150,045
($405,346)
$7,744,699
$15,686,150
($780,157)
$14,905,993
Storm Drain Facilities
Storm Drain Reimbursements
Net Storm Drain Facilities
$9,131
($1,645)
$7,486
$4,483,479
($807,809)
$3,675,670
$4,848,732
($873,619)
$3,975,113
$9,332,211
($1,681,428)
$7,650,783
Park Facilities
Park Reimbursements
Net Park Facilities
$10,763
($2,274)
$8,489
$5,284,736
($1,116,741)
$4,167,995
$5,715,264
($1,207,717)
$4,507,547
$11,000,000
($2,324,458)
$8,675,542
Interior Road Improvements
Total City Facilities
$23,216
$53,776
$60,963
$11,398,815
$26,403,774
$29,932,674
$12,327,435
$28,554,794
$32,371,181
$23,726,250
$54,958,568
$62,303,855Total City Fees and Facilities
EWMD Fees
Sewer Financial Participation
Sewer Treatment Capacity
Water Financial Participation
Water Supply Development Fee
1" Meter Drop‐In Fee
Landscape Meter Connection Fees
1 @ 3"
$3,208
$6,081
$6,845
$372
$1,575,128
$2,985,771
$3,360,895
$182,652
$1,703,448
$3,229,011
$3,634,695
$197,532
$3,278,576
$6,214,782
$6,995,590
$380,184
$377 $185,107 $200,187 $385,294
$203
$213
$85
$0
$124,280
$49,712
$207,113
$93,210
$37,284
$207,113
$217,490
$86,996
7 @ 1.5"
7 @ 1"
Total EMWD Fees $17,384 $8,463,545 $9,302,480 $17,766,025 Total Cost
Potential Project Funds Available

ALLOCATION OF PROCEEDS
$78,346 $38,396,219
$23,079,160
IA 1
$41,673,661
$26,174,453
IA 2
$80,069,880
$49,253,613
Total% Per Lot
City Projects
City Fees
City Facilities
1% $440
$6,628
$41,126
$0
$219,477
$3,309,423
$19,550,260
$0
$229,758
$3,464,447
$22,480,248
$0
$449,235
$6,773,870
$42,030,508
$0
14%
85%
0%EMWD Fees
Total Funded by Bond Proceeds 100% $48,193 $23,079,160 $26,174,453 $49,253,613

UNFUNDED REQUIREMENTS
Total to be Funded by Developer $15,317,059 $15,499,208 $30,816,267 Item: 6.2
Item Page Number: 15
Menifee Finance Committee February 25, 2025 Page 83 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Revenue Coverage ‐ Assigned Tax Rate
Debt
Period
Ending
Gross
Revenues
Priority
Admin
Capitalized
Interest
Net Debt
Service
Service
CoverageYear Principal Coupon

5.00%
Interest
$666,1251 9/1/2024
9/1/2025
9/1/2026
9/1/2027
9/1/2028
9/1/2029
9/1/2030
9/1/2031
9/1/2032
9/1/2033
9/1/2034
9/1/2035
9/1/2036
9/1/2037
9/1/2038
9/1/2039
9/1/2040
9/1/2041
9/1/2042
9/1/2043
9/1/2044
9/1/2045
9/1/2046
9/1/2047
9/1/2048
9/1/2049
9/1/2050
9/1/2051
9/1/2052
9/1/2053
9/1/2054
$1,516,809
$1,547,146
$1,578,088
$1,609,650
$1,641,843
$1,674,680
$1,708,174
$1,742,337
$1,777,184
$1,812,728
$1,848,982
$1,885,962
$1,923,681
$1,962,155
$2,001,398
$2,041,426
$2,082,254
$2,123,899
$2,166,377
$2,209,705
$2,253,899
$2,298,977
$2,344,956
$2,391,856
$2,439,693
$2,488,487
$2,538,256
$2,589,021
$2,640,802
$2,693,618
$2,693,618
$30,600 $0 $666,125 $0 N/A
110.07%
110.05%
110.20%
110.11%
110.20%
110.09%
110.18%
110.09%
110.20%
110.17%
110.01%
110.08%
110.05%
110.25%
110.05%
110.12%
110.14%
110.13%
110.10%
110.08%
110.07%
110.09%
110.16%
110.02%
110.22%
110.24%
110.13%
110.14%
110.06%
110.00%
2 3
4 5
6 7
8 9
$31,212
$31,836
$32,473
$33,122
$33,785
$34,461
$35,150
$35,853
$36,570
$37,301
$38,047
$38,808
$39,584
$40,376
$41,184
$42,007
$42,847
$43,704
$44,578
$45,470
$46,379
$47,307
$48,253
$49,218
$50,203
$51,207
$52,231
$53,275
$54,341
$54,341
$45,000
$75,000

5.00%

5.00%
$1,332,250
$1,330,000
$1,326,250
$1,321,000
$1,314,000
$1,305,250
$1,294,500
$1,281,750
$1,266,750
$1,249,500
$1,229,750
$1,207,250
$1,182,000
$1,153,750
$1,122,500
$1,087,750
$1,049,500
$1,007,500
$961,500
$911,250
$856,500
$797,000
$732,500
$662,750
$587,250
$506,000
$418,500
$1,377,250
$1,405,000
$1,431,250
$1,461,000
$1,489,000
$1,520,250
$1,549,500
$1,581,750
$1,611,750
$1,644,500
$1,679,750
$1,712,250
$1,747,000
$1,778,750
$1,817,500
$1,852,750
$1,889,500
$1,927,500
$1,966,500
$2,006,250
$2,046,500
$2,087,000
$2,127,500
$2,172,750
$2,212,250
$2,256,000
$2,303,500
$2,349,250
$2,398,000
$2,399,250
$105,000
$140,000
$175,000
$215,000
$255,000
$300,000
$345,000
$395,000
$450,000
$505,000
$565,000
$625,000
$695,000
$765,000
$840,000
$920,000
$1,005,000
$1,095,000
$1,190,000
$1,290,000
$1,395,000
$1,510,000
$1,625,000
$1,750,000
$1,885,000
$2,025,000
$2,175,000
$2,285,000
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 31
$324,250
$223,000
$114,250
Total $64,227,660 $1,295,724 $26,645,000 $29,822,125 $666,125 $55,801,000 110.01% Item: 6.2
Item Page Number: 16
Menifee Finance Committee February 25, 2025 Page 84 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 1
Lot Summary
TR 37408‐1 TR 37409‐1
Acreage LotLot SF Acreage

0.14 0.12

0.13 0.13

0.13 0.14

0.13 0.12

0.15 0.13

0.13 0.13

0.12 0.13

0.12 0.14

0.13 0.12

0.15 0.13

0.13 0.13

0.14 0.16

0.12 0.14

0.15 0.15

0.12 0.13

0.13 0.16

0.13 0.14

0.14 0.15

0.16 0.14

0.15 Lot SF Acreage

0.14 0.13

0.13 0.13

0.15 0.13

0.13 0.12

0.11 0.12

0.16 0.25

0.14 0.12

0.13 0.14

0.14 0.14

0.14 0.17

0.14 0.14

0.15 0.15

0.14 0.14
Lot SF SF Acreage

0.11 0.11

0.11 0.12

0.14 0.13

0.13 0.12

0.11 0.11

0.11 0.14

0.14 0.16

0.16 0.17

0.11 0.11

0.14 0.13

0.13 0.13

0.14 0.16

0.13 0.12

0.13 1
2 3
4 5
6 7
8 9
6,014
5,137
5,473
5,500
5,500
5,500
5,500
5,500
5,500
5,500
5,500
5,937
5,700
5,200
6,510
5,678
5,595
5,512
5,429
5,550
5,260
6,195
5,705
5,378
6,394
5,485
5,597
5,757
5,904
6,759
5,391
6,179
6,571
6,544
5,234
5,484
5,766
6,857
5,880
6,060
6,238
6,319
6,784
6,104
6,547
46 6,054
47 5,500
48 5,500
49 5,500
50 6,600
51 5,500
52 5,500
53 5,202
54 5,000
55 5,207
56 7,114
57 10,921
58 6,285
59 5,224
60 5,863
61 6,000
62 6,000
63 6,000
64 6,000
65 7,200
66 6,000
67 6,000
68 5,999
69 6,262
70 6,567
71 6,382
72 6,023
73 6,063
1 2
3 4
5 6
7 8
9 5,443
5,135
5,471
5,498
5,498
5,498
5,497
5,497
5,497

0.12 0.12

0.13 0.13

0.12 0.15

0.28 0.16

0.12 0.13

0.13 0.14

0.14 0.12

0.12 0.12

0.14 0.12

0.11 0.11

0.11 46 5,000
47 5,000
48 5,000
49 5,416
50 6,202
51 5,851
52 5,511
53 5,170
54 5,000
55 5,000
56 5,000
57 5,000
58 5,000
59 5,000
60 5,000
61 5,000
62 5,000
63 6,000
64 6,286
65 6,837
66 7,150
67 7,383
68 5,000
69 5,000
70 5,000
71 5,000
72 5,000
73 5,000
74 5,000
75 5,000
76 5,000
77 5,000
78 5,932
79 5,857
80 5,526
81 5,863
82 6,037
83 7,057
84 5,577
85 5,078
86 5,497
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 31
32 33
34 35
36 37
38 39
40 41
42 43
44 45
10 5,497
11 5,497
12 5,496
13 5,496
14 5,496
15 5,297
16 6,736
17 12,014
18 7,009
19 5,200
20 5,553
21 5,597
22 6,091
23 6,188
24 5,200
25 5,200
26 5,200
27 5,300
28 5,300
29 5,300
30 5,300
31 5,300
32 5,300
33 5,300
34 5,300
35 6,187
36 5,415
37 5,000
38 5,000
39 5,000
40 5,000
41 5,000
42 5,000
43 5,000
44 5,000
45 5,000
Totals
Grand
262,127 6.02 171,466 3.94 250,803 5.76 224,230 5.15
908,626 20.86
Item: 6.2
Item Page Number: 17
Menifee Finance Committee February 25, 2025 Page 85 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 2
Lot Summary
TR 37408‐3 TR 37409‐3
Acreage LotLot SF Acreage

0.16 0.14

0.14 0.14

0.14 0.13

0.13 0.13

0.15 0.13

0.13 0.13

0.13 0.18

0.21 0.14

0.14 0.14

0.14 0.21

0.18 0.13

0.15 0.13

0.13 0.13

0.15 0.13

0.14 0.14

0.13 0.15

0.13 0.13

0.13 Lot SF Acreage

0.15 0.13

0.16 0.14

0.13 0.15

0.13 0.13

0.13 0.15

0.13 0.14

0.14 0.15

0.17 0.14

0.14 0.14

0.16 0.13

0.14 0.15

0.13 0.13

0.13 0.15

0.15 0.16

0.15 0.17

0.14 0.14

0.16 0.14

0.15 0.14

0.14 0.14

0.14 Lot SF Acreage

0.14 0.14

0.14 0.17

0.36 0.14

0.14 0.13

0.15 0.13

0.13 0.13

0.13 0.15

0.14 0.14

0.14 Lot SF SF Acreage

0.13 0.13

0.16 0.16

0.19 0.19

0.15 0.15

0.15 0.13

0.13 0.13

0.13 0.14
1 2
3 4
5 6
7 8
9 6,896
6,020
5,951
5,951
5,951
5,608
5,500
5,500
5,500
5,500
5,500
5,500
6,500
5,500
5,500
5,500
5,797
7,859
9,087
6,034
6,000
6,000
6,000
5,916
5,916
6,000
6,000
6,000
6,000
9,016
7,698
5,638
6,500
5,500
5,500
5,500
6,500
5,500
6,015
6,016
5,500
6,500
5,500
5,500
5,500
46 6,627
47 5,595
48 6,859
49 6,230
50 5,500
51 6,649
52 5,500
53 5,500
54 5,500
55 6,500
56 5,500
57 6,037
58 6,056
59 6,742
60 7,211
61 6,057
62 6,016
63 5,976
64 6,983
65 5,777
66 6,314
67 6,332
68 5,500
69 5,500
70 5,500
71 5,500
72 5,500
73 5,500
74 5,514
75 6,628
76 6,532
77 6,893
78 6,739
79 7,214
80 6,195
81 6,195
82 6,195
83 6,195
84 6,894
85 5,985
86 6,358
87 6,139
88 6,050
89 6,050
90 6,050
91 6,050
92 6,050
93 6,050
94 6,050
95 5,927
96 7,276
97 15,584
98 5,900
99 5,881
100 5,862
101 6,356
102 5,791
103 5,757
104 5,723
105 5,689
106 5,655
107 5,621
108 6,599
109 5,974
110 6,167
111 6,249
112 6,273
113 6,257
114 6,115
115 6,224
1 2
3 4
5 6
7 8
9 7,446
6,602
6,050
6,949
9,256
8,312
6,538
8,213
7,322

0.17 0.15

0.14 0.16

0.21 0.19

0.15 0.19

0.17 0.22

0.27 0.16

0.17 0.16

0.16 0.14

0.15 0.15

0.14 0.15

0.19 0.13

0.13 0.13

0.13 0.14

0.13 0.13

0.14 0.16

0.25 0.19

0.18 0.16

0.14 0.15

0.16 0.19

0.15 0.13

0.13 0.13

0.13 46 5,500
47 5,596
48 6,758
49 6,893
50 8,363
51 8,223
52 6,577
53 6,551
54 6,500
55 5,500
56 5,500
57 5,500
58 5,500
59 5,971
10 11
12 13
14 15
16 17
18 19
20 21
22 23
24 25
26 27
28 29
30 31
32 33
34 35
36 37
38 39
40 41
42 43
44 45
10 9,467
11 11,638
12 7,121
13 7,562
14 6,967
15 7,150
16 6,260
17 6,565
18 6,462
19 6,040
20 6,683
21 8,126
22 5,878
23 5,843
24 5,510
25 5,566
26 6,187
27 5,609
28 5,679
29 6,213
30 7,037
31 10,710
32 8,214
33 7,948
34 7,080
35 7,788
36 7,159
37 6,050
38 6,444
39 7,051
40 8,151
41 6,645
42 5,792
43 5,500
44 5,500
45 5,500
Totals 272,869 6.26 276,287 6.34 161,080 3.70 315,783 7.25 88,932 2.04 Grand 1,114,951 25.60
Item: 6.2
Item Page Number: 18
Menifee Finance Committee February 25, 2025 Page 86 of 94

CITY OF MENIFEE DRAFT v3
Community Facilities District No. 2022‐3 IA 1
(Legado)
Tax Zone 3
Lot Summary
TR 37408‐2 TR 37408‐4
Acreage Lot
TR 37409‐2
Acreage LotLot SF Acreage

0.15 0.15

0.18 0.15

0.16 0.26

0.20 0.15

0.15 0.17

0.14 0.14

0.14 0.16

0.14 0.14

0.14 0.15

0.17 0.17

0.20 0.16

0.14 0.17

0.14 0.14

0.17 0.14

0.14 0.17

0.17 0.15

0.17 0.14

0.14 0.17

0.14 Lot SF Acreage

0.14 Lot SF SF Acreage Lot SF SF Acreage

0.18 0.18

0.18 0.19

0.20 0.18

0.18 0.18

0.19 0.24

0.22 0.22
1 2
3 4
5 6
7 8
9 6,454
6,600
6,600
6,600
6,600
6,600
6,600
6,600
7,700
6,527
7,133
11,439
8,855
6,367
6,439
7,350
6,192
6,119
6,032
6,840
6,000
6,000
6,000
6,000
6,000
6,381
7,209
7,570
8,743
7,119
6,202
7,190
6,190
6,190
7,190
6,190
6,190
7,190
7,361
6,600
7,190
6,190
6,190
7,190
6,190
46 6,190
47 7,190
48 6,190
49 6,151
1 2
3 4
5 6
7 8
9 9,005
8,580
8,278
7,604
7,747
7,890
8,954
7,608
7,156

0.21 0.20

0.19 0.17

0.18 0.18

0.21 0.17

0.16 0.17

0.17 0.17

0.18 0.19

0.20 0.19

0.21 0.20

0.18 0.20

0.20 0.22

0.19 0.19

0.21 0.20

0.18 0.20

0.20 0.20

0.20 0.18

0.19 0.18

0.17 0.19

0.19 0.21

0.23 0.16

0.20 0.25
1 2
3 4
5 6
7 8
9 9,317
8,394
7,268
7,120
7,159
7,262
7,364
7,467
7,569

0.21 0.19

0.17 0.16

0.16 0.17

0.17 0.17

0.17 0.28

0.46 0.18

0.18 0.18

0.42 0.70

0.18 0.16

0.16 0.16

0.47 0.17

0.16 0.16

0.16 0.19

0.18 0.18

0.18 46 7,698
47 7,698
48 7,698
49 7,698
50 7,698
51 8,166
52 8,685
53 7,920
54 7,920
55 7,920
56 7,920
57 7,920
58 7,920
59 7,920
60 7,920
61 7,920
62 7,920
63 7,933
64 8,390
65 10,364
66 9,689
67 9,388

0.17 0.14

0.14 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
29 30
31 32
33 34
35 36
37 38
39 40
41 42
43 44
45 10 7,222
11 7,288
12 7,532
13 8,017
14 8,435
15 8,722
16 8,161
17 9,223
18 8,556
19 7,723
20 8,690
21 8,743
22 9,428
23 8,329
24 8,450
25 9,076
26 8,568
27 7,891
28 8,838
29 8,750
30 8,750
31 8,724
32 7,841
33 8,249
34 7,717
35 7,309
36 8,192
37 8,320
38 8,956
39 10,230
40 7,075
41 8,900
42 10,948
10 12,323
11 20,013
12 8,016
13 7,700
14 7,700
15 18,274
16 30,499
17 8,023
18 7,066
19 7,000
20 7,000
21 7,000
22 6,968
23 6,968
24 7,000
25 7,000
26 7,000
27 7,000
28 7,000
29 7,000
30 7,000
31 20,421
32 7,189
33 7,000
34 7,000
35 7,000
36 7,000
37 7,000
38 7,000
39 7,000
40 7,000
41 6,978
42 8,426
43 7,698
44 7,698
45 7,698
Totals 306,112 7.03 25,721 0.59 351,675 8.07 ‐ ‐ 394,578 9.06 180,305 4.14 Grand 1,258,391 28.89
Item: 6.2
Item Page Number: 19
Menifee Finance Committee February 25, 2025 Page 87 of 94

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
Legado (Improvement Area No. 1) - CFD Change Proceeding Approximately 99.73 gross acres located in the City of Menifee, south of Rouse Road, east of Encanto Drive, and north of Chambers Avenue.
330-020-039
330-020-022
330-020-023
330-020-024
330-020-025
330-020-031
330-020-032
330-020-035
Tentative Tract Map Nos. 37408-1, 37408-2, 37408-3, and 37408-4. Final Tract Map Nos. 37409-1, 37409-2, and 37409-3. ■
■
City of Menifee
■
Item: 6.2
Item Page Number: 20
Menifee Finance Committee February 25, 2025 Page 88 of 94

Special District Application

Page 2 of 4 ends

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
Office 951-817-3556
Mobile 951-264-0884
[email protected]
(949) 542-7072
(949) 542-7076
[email protected]
357 N. SHERIDAN STREET, SUITE 117 CORONA, CA 92878
(951) 279-1800 ext. 112
(951) 279-4380
491

75.4 Acres (Backup to follow)
TBD

2.00 TBD
Lennar Homes of California, LLC
Sepideh Bastani
Project Manager
Zimmerman Group
John Zimmerman
Principal
4140 Temescal Canyon Rd., Suite 410, Corona, CA 92883
KA Engineering
Amir Fallahi
28202 Cabot Rd, Suite 620, Laguna Niguel, CA 92677
Item: 6.2
Item Page Number: 21
Menifee Finance Committee February 25, 2025 Page 89 of 94

Special District Application

Page 3 of 4 ends

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

75.4 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
Spicer Consulting Group
Spicer Consulting Group / Zimmerman Group
Yes
Eastern Municipal Water District
Fees / Facilities
Director of Finance
Thomas Hays
2270 Trumble Road, Perris, CA 92570
(951) 928-3777 Ext. 4952
[email protected]
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A

Item: 6.2
Item Page Number: 22
Menifee Finance Committee February 25, 2025 Page 90 of 94

Special District Application

Page 4 of 4 ends

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
Zones to accommodate product types.
2025-2026
To Be Determined
3-6
This amendment is being requested to adjust the tax classes and the special tax rates to align with Lennar’s product and pricing, which differs from those established by the original landowner in September 2022. This amendment will result in a uniform tax rate for all plans within the project.

See attached
See Exhibit A
See attached Exhibit A and B.

Item: 6.2
Item Page Number: 23
Menifee Finance Committee February 25, 2025 Page 91 of 94

EXHIBIT A
City of Menifee CFD No. 2022-3
Lennar Homes - Legado
Effective Tax Rate Analysis
February 6, 2025
Assumptions Estimated Sources & Uses of Funds Allocation of Improvement Fund Total
Bond Int. Rate 5.00% Sources IA No. 1 Total Description * Per Unit IA No. 1 Admin Expense 30,000 Par Bond Amount 32,490,000$ City Fees 2,449$ 1,202,459$ Cost of Issuance* 225,000$ City Premium (20%) 490 240,492 Cap. Interest (Mo.) 3 Uses Fair Share Fees (Estimate) 4,505 2,212,038 DS Escalation 2.00% Reserve Fund 2,833,701$ EMWD Fees 18,486 9,076,626 Bond Term 30 Capitalized Interest 400,605 City Improvements 31,012 15,226,860 UW Discount 1.50% Underwriter Discount 487,350 EMWD Improvements 733 359,870 IA 1 ST Rev. 1,766,980 Cost of Issuance 450,000 Contingency - - IA 2 ST Rev. 1,622,103 Improvement Fund 28,318,345 Total CFD Funding 57,675$ 28,318,345$ Total Uses 32,490,000$
* Per Bond Series Net Dev. Benefit * 57,185$ 28,077,853$ * See Exhibit B for list of Facilities.

Land Use Information & Total Property Tax Rates Special Assessment Revenues CFD Ad Other City Annual Annual
Imp Tax Home Square Ft. Base Valorem Fixed CFD 2022-3 Total Tax Total Tax Special Special Tax Area Zone PA Size (a) Category Pricing (a) Taxes (b) Charges (c) Spcl Tax (d) Per Unit Rate % Tax Unit Mix Collections 1 1 1/8 1,547 ≤ 1,600 573,900$ 6,479$ 1,765$ 3,234$ 11,478$ 2.00% 3,234$ 40 129,356$ 1 1 1/8 1,705 1,601 - 1,800 575,900 6,502 1,800 3,216 11,518 2.00% 3,216 40 128,655 1 1 1/8 1,823 1,801 - 2,000 584,900 6,603 1,826 3,269 11,698 2.00% 3,269 40 130,746 1 1 1/8 2,064 ≥ 2,001 602,900 6,807 1,879 3,372 12,058 2.00% 3,372 39 131,513 1 2 3 1,936 1,901 - 2,100 608,900 6,874 1,851 3,453 12,178 2.00% 3,453 29 100,129 1 2 3 2,200 2,101 - 2,300 617,900 6,976 1,909 3,473 12,358 2.00% 3,473 29 100,708 1 2 3 2,468 2,301 - 2,500 633,900 7,157 1,969 3,553 12,678 2.00% 3,553 29 103,031 1 2 3 2,589 ≥ 2,501 646,900 7,303 1,995 3,639 12,938 2.00% 3,639 28 101,899 1 2 10 1,539 ≤ 1,900 585,900 6,615 1,763 3,340 11,718 2.00% 3,340 15 50,103 1 2 10 1,936 1,901 - 2,100 615,900 6,953 1,851 3,453 12,257 1.99% 3,453 15 51,791 1 2 10 2,084 1,901 - 2,100 628,900 7,100 1,884 3,453 12,437 1.98% 3,453 15 51,791 1 2 10 2,231 2,101 - 2,300 637,900 7,202 1,916 3,473 12,591 1.97% 3,473 14 48,618 1 3 2 1,547 ≤ 1,600 585,900 6,615 1,765 3,338 11,718 2.00% 3,338 13 43,399 1 3 2 1,950 1,801 - 2,000 615,900 6,953 1,854 3,511 12,318 2.00% 3,511 12 42,127 1 3 2 2,091 2,001 - 2,200 628,900 7,100 1,885 3,593 12,578 2.00% 3,593 12 43,112 1 3 2 2,238 2,201 - 2,400 637,900 7,202 1,918 3,639 12,758 2.00% 3,639 12 43,662 1 3 4/9 2,662 2,601 - 2,800 678,900 7,665 2,012 3,902 13,578 2.00% 3,902 28 109,251 1 3 4/9 2,760 2,601 - 2,800 684,900 7,732 2,033 3,902 13,667 2.00% 3,902 27 105,349 1 3 4/9 3,010 3,001 - 3,200 706,900 7,981 2,088 4,069 14,138 2.00% 4,069 27 109,856 1 3 4/9 4,184 ≥ 4,001 872,900 9,855 2,348 5,255 17,458 2.00% 5,255 27 141,884 Subtotal - IA No. 1 2,242 634,890$ 7,168$ 1,919$ 3,599$ 12,685$ 2.00% 3,599$ 491 1,766,980$ Footnotes:
(a) Product and pricing provided by developer 1.3.25.
(b) Ad Valorem taxes total 1.12898% of the assessed value for FY 24-25. FY 24-25 (c) Estimated other fixed charges and assessments for FY 24-25: Amount VW - TBD (e) Flood Control Stormwater/Cleanwater …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..3.78$ 3.78$ MWD Standby East …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..6.94 6.94 EMWD Standby - Combined Charge …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..26.00 26.00 PUHSD CFD No. 92-1 (2024-25) (Escalates 2.00% annually) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..336.26 City of Menifee CFD No. 2017-1 (Zone 12) (Escalates at the greater of 2.00% or CPI Annually) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..$1,049.71 MUSD CFD No. 2022-1 (Average Special Tax per SF of $0.2212, which escalates 2.00% annually) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..497.67 Total Fixed Charges 1,920.36$ 36.72$
(d) Represents the Special Tax for City of Menifee CFD No. 2022-3 for tax year 2024-25, escalates 2.0% annually. (e)
DRAFT
Item: 6.2
Item Page Number: 24
Menifee Finance Committee February 25, 2025 Page 92 of 94

EXHIBIT B
City of Menifee CFD No. 2022-3
Lennar Homes - Legado
Preliminary List of CFD Eligible Facilities
February 6, 2025
Total Units 491
City of Menifee Fees (a) Per Unit Total
Law Enforcement 231$ 113,421$
Fire Facilities 614 301,474
Circulation 4,670 2,292,970
DIF Circulation Facilities (Credit per DA) (4,670) (2,292,970) Storm Drain Fee 1,036 508,676
Storm Drain Facilities (Credit per DA) (1,036) (508,676) Animal Shelter 148 72,668
General Government 1,021 501,311
Library 66 32,406
Public Use Facilities 154 75,614
Parks - Land Acquisition 215 105,565
Parks - Improvements 661 324,551
Parks - Improvements (Credit per DA) (661) (324,551) Subtotal City DIF fees (b) 2,449$ 1,202,459$
Additional City Facilities (20% Regional Facilities) 490 240,492 Fair Share Traffic Impact Fee (Estimate per the DA) 4,505 2,212,038 Total City Fees 7,444$ 6,047,234$
City Improvements (b)
Backbone Street Light 3,000$ 2,011,121$
In Tract Street Lights 3,196 1,569,336
Backbone Streets 9,235 4,534,534
Street In Tract 6,875 3,375,757
West Park Improvements (PA 3) 2,037 1,000,000 Paseo Improvements (PA 4 & 5) 1,527 750,000
Design, Planning, Engineering, and Contingency (15%) 4,045 1,986,112 Total City Improvements 29,916$ 15,226,860$
Total City Funding 37,360$ 21,274,094$
EMWD Fees & Facilities (c)
Water Financial Participation Charge 7,498$ 3,681,518$ Sewer Financial Participation Charge 3,514 1,725,374 Sewer Treatment Plant Capacity Charge 6,662 3,271,042 Meter Fee 407 199,837
Water Development Fee 405 198,855
Total EMWD Fees 18,486$ 9,076,626$
EMWD Improvements
Intract Water Improvements (d) 1,018$ 500,000$ Design Plan & Engineering (15%) 153 75,000 Total EMWD Improvements 1,171$ 575,000$
Total Eligible Facilities 56,864$ 30,925,720$
Footnotes
(c) Represents EMWD's connection and capacity fees effective January 1, 2025. (b) Represents City of Menifee improvements provided by the developer. (a) Represents the City of Menifee DIF Fees per the project Development Agreement. (d) Represents EMWD improvements to be constructed by the developer.

DRAFT
Item: 6.2
Item Page Number: 25
Menifee Finance Committee February 25, 2025 Page 93 of 94

CITY OF MENIFEE
----------------------------------------------------------------------------------------------------------- SUBJECT: Finance Committee 2025 Meeting Schedule
MEETING DATE: February 25, 2025
TO: Finance Committee
PREPARED BY: Edna A. Aguilar, Management Analyst REVIEWED BY: Edna A. Aguilar, Management Analyst APPROVED BY: Armando G. Villa, City Manager
-----------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Approve the previously discussed 2025 Finance Committee Meeting dates.

DISCUSSION
At the beginning of each calendar year, the Finance Committee is encouraged to review and approve the schedule for its meetings for the upcoming year. The proposed meeting dates for the 2025 Finance Committee schedule are as follows:
•March 11, 2025, at 4:00 P.M.
•May 13, 2025, at 4:00 P.M.
•July 8, 2025, at 4:00 P.M.
•September 9, 2025, at 4:00 P.M.
•November 18, 2025, at 4:00 P.M.

FISCAL IMPACT
None

ATTACHMENTS
None
Item: 6.3
Item Page Number: 1
Menifee Finance Committee February 25, 2025 Page 94 of 94

Finance CommitteeFebruary 25, 2025

Finance Committee
February 25, 2025