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
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
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%
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