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
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