Exhibit 1
Century Communities
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 FY 24/25 Other Fixed City of City of
City & EMWD Ad Charges Menifee Menifee EMWD CFD Total Total Total City CFD Home No. Home Valorem and CFD No. 2015-2 CFD 2022-2 No. 2021-93 Tax per Tax CFD No. 2022-2 Plan Tax Category Size Units Price Tax Rate Assess. Special Tax Special Tax Special Tax Unit Rate Special Taxes (a) (a) (a) (b) (c) (d) (e) (f)
1 < 2,100 2,021 42 527,990$ 5,693$ 37$ 394$ 2,513$ 1,685$ 10,321$ 1.95% 105,528$ 2 2,100 - 2300 2,220 42 559,990 6,038 37 394 2,560 1,730 10,759 1.92% 107,538 3 > 2,300 2,420 42 574,990 6,199 37 394 2,607 1,775 11,012 1.92% 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) 5,150,000$ Underwriter Discount (Min of $50,000 or 2.00%) (103,000)$ Reserve Fund (125% of the Avg. Annual Debt Service) (449,583) Capitalized Interest (3 mos) (64,375)
Incidental Costs (Estimate) (201,381)
Premium to City (20% of DIF Obligation) (473,705)
Total Net Construction Proceeds 3,857,956$
Per Unit 30,619$
III. Allocation of Net Construction Proceeds Per Unit Total City of Menifee DIF (100% of $18,798 per unit) 18,798$ 2,368,526$ Romoland School District Mitigation Payment (100% of $11,821 per DU) 11,821 1,489,431 TOTAL CITY CFD PROCEEDS 30,619$ 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 $3.76 per lot for flood control services. (d)
(e)
(f)
Represents the fiscal year 2024-25 City of Menifee CFD No. 2015-2 Zone 27 Special Tax to pay for lighting, landscaping, street sweeping and parks/trail maintenance per the RMA (excludes the dormant HOA portion of the tax). This Special Tax escalates each year by the greater of the percent change in CPI or 2%.
Represents the fiscal year 2024-25 Special Tax for the EMWD CFD No. 2021-93 to finance EMWD water and sewer fees.
Represents the fiscal year 2024-25 Special Tax for the City of Menifee CFD No. 2022-2 to finance City DIF and Romoland School District fees via JCFA. Please refer to facilities list for details on the mitigation payment calculation.
PRELIMINARY DRAFT
SUBJECT TO CHANGE
Exhibit 2
Century Communities
McLaughlin Village (Tract No. 36937)
City of Menifee CFD No. 2022-2 with Romoland SD JCFA
Preliminary List of Authorized Facilities
January 29, 2025
City of Menifee DIF [1] Rate Per Units Total
Law Enforcement 835$ DU 126 105,267$ Fire 670 DU 126 84,419
Circulation 5,060 DU 22 111,320
Transportation 7,360 DU 104 765,435 General Government 1,200 DU 126 151,187 Public Use Facilities 167 DU 22 3,674 Parks - Improvements 716 DU 22 15,752 Parks & Recreation 1,787 DU 104 185,834 Quimby EST. 7,505 DU 126 945,638
2,368,526$
Romoland School District Mitigation Payments [2] Rate Per Units Total Mitigation Payment 11,820.88$ SF 126 1,489,431$ 1,489,431$
TOTAL CITY AND ROMOLAND SCHOOL DISTRICT FEES 3,857,956$ (b) 145% for dwelling units 3,000 - 3,500 sq. ft.
(c) 140% for dwelling units > 3,500 sq. ft.
(a) 150% for dwelling units < 3,000 sq. ft.
[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.
Sub-total City DIF
Sub-total Romoland School District Mitigation Payments
[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: