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 123456789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 Planning Area 1/8 1/8 1/8 1/8 10 3/10 3/10 332222 4/9 4 /9 4 /9 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 1,600 to 1,801 to Over Under 1,900 to 2,101 to 2,301 to Over Under 1,800 to 2,001 to 2,201 to 2,401 to 2,601 to 2,801 to 3,001 to 3,201 to Over 1,600 1,800 2,000 2,000 1,900 2,100 2,300 2,500 2,500 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,400 Estimated Home Size 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 Estimated Home Price $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%) $5,739.00 $5,759.00 $5,849.00 $6,029.00 $5,859.00 $6,089.00 $6,179.00 $6,339.00 $6,469.00 $5,859.00 $6,159.00 $6,289.00 $6,379.00 $6,584.00 $6,789.00 $6,929.00 $7,069.00 $7,899.00 $8,729.00 $6,331.65 Metro Water West (0.00700%) $40.17 $40.31 $40.94 $42.20 $41.01 $42.62 $43.25 $44.37 $45.28 $41.01 $43.11 $44.02 $44.65 $46.09 $47.52 $48.50 $49.48 $55.29 $61.10 $44.32 Menifee School (0.05080%) $291.54 $292.56 $297.13 $306.27 $297.64 $309.32 $313.89 $322.02 $328.63 $297.64 $312.88 $319.48 $324.05 $334.47 $344.88 $351.99 $359.11 $401.27 $443.43 $321.65 Perris Union HS (0.06850%) $393.12 $394.49 $400.66 $412.99 $401.34 $417.10 $423.26 $434.22 $443.13 $401.34 $421.89 $430.80 $436.96 $451.00 $465.05 $474.64 $484.23 $541.08 $597.94 $433.72 Mt. San Jacinto Jr. College (0.00268%) $15.38 $15.43 $15.68 $16.16 $15.70 $16.32 $16.56 $16.99 $17.34 $15.70 $16.51 $16.85 $17.10 $17.65 $18.19 $18.57 $18.94 $21.17 $23.39 $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 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $26.00 $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 $342.20 $377.15 $403.25 $456.56 $340.43 $428.91 $486.64 $545.92 $572.69 $342.20 $431.34 $462.53 $495.05 $541.94 $588.83 $627.32 $665.81 $795.66 $925.50 $493.65 CFD No. 2017‐1 ‐ Maintenance Services $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 $1,049.71 CFD No. 2022‐3 ‐ Facilities Special Tax $3,200.00 $3,216.00 $3,269.00 $3,372.00 $3,340.00 $3,452.00 $3,473.00 $3,553.00 $3,639.00 $3,338.00 $3,511.00 $3,593.00 $3,639.00 $3,770.00 $3,902.00 $3,985.00 $4,069.00 $4,662.00 $5,255.00 $3,595.95 Subtotal Special Assessments and Taxes $4,964.89 $5,015.84 $5,094.94 $5,251.25 $5,103.12 $5,303.60 $5,382.33 $5,521.61 $5,634.38 $5,102.89 $5,365.03 $5,478.22 $5,556.74 $5,734.63 $5,913.52 $6,035.01 $6,157.50 $6,880.35 $7,603.19 $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 1.99% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Unit Mix 40 40 40 39 15 59 43 29 28 13 12 12 12 ‐ 55 ‐ 27 ‐ 27 491 (1)Total CFD ‐ Annual Tax Collections (2% Escalator) $128,000 $128,640 $130,760 $131,508 $50,100 $203,668 $149,339 $103,037 $101,892 $43,394 $42,132 $43,116 $43,668 $0 $214,610 $0 $109,863 $0 $141,885 $1,765,612 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage)
$114,386 $114,958 $116,853 $117,521 $44,772 $182,007 $133,456 $92,078 $91,055 $38,779 $37,651 $38,530 $39,024 $0 $191,785 $0 $98,178 $0 $126,795 $1,577,829 II. Total Estimated Home Square Footage: 61,880 68,200 72,920 80,496 23,085 114,401 94,600 71,572 72,492 20,111 23,400 25,092 26,856 ‐ 146,410 ‐ 81,270 ‐ 112,968 1,095,753 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $31,115,000 Underwriter Discount (1.50%) $466,725
Reserve Fund (Maximum Annual Debt Service) $2,627,450
Capitalized Interest (3 mos.) $388,938
Incidental Costs (Estimate) ‐ 2 Series of Bonds $500,000 Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $3,983,112 Net Bond Proceeds $27,131,888
12 3
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 Tax Zone 2 Tax Zone 3
159 Lots 174 Lots 158 Lots
I. Calculation of Net Taxable Acres:
Gross Acreage 35.12 60.14 48.47
Less: Exempt Acres 14.26 34.54 19.58
Net Taxable Acres 20.86 25.60 28.89
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $518,908 $608,036 $638,668 Net Taxable Acres 20.86 25.60 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 TR 37408‐1T R 37408‐3T R 37408‐2 Total Taxable Acres (Adjusted) 9.96 16.30 7.62
Undeveloped Property Tax Rate per Acre $27,641 $26,395 $24,564 Total Units 73 115 49
Backup Special Tax per Unit $3,771 $3,741 $3,820
Backup Special Tax Rate per Unit TR 37409‐1T R 37409‐3T R 37409‐2 Total Taxable Acres (Adjusted) 10.91 9.29 13.20
Undeveloped Property Tax Rate per Acre $27,641 $26,395 $24,564 Total Units 86 59 67
Backup Special Tax per Unit $3,507 $4,156 $4,839
Backup Special Tax Rate per Unit TR 37408‐4
IA Share IA 1
Total Taxable Acres (Adjusted) 8.07
Bond Amou Undeveloped Property Tax Rate per Acre $24,564 Subtotal Undeveloped Tax $198,231
IA Share IA 2
Total Taxable Acres (Adjusted) 3.22
Undeveloped Property Tax Rate per Acre $20,857
Subtotal Undeveloped Tax $67,160
Total Undeveloped Tax $265,391
Total Units 59
Backup Special Tax per Unit $4,498
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 No. of Total Annual
Tax Zone Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,600 1 $3,200 40 $128,000 $130,280
1,600 to 1,800 1 $3,216 40 $128,640 $130,280
1,801 to 2,000 1 $3,269 40 $130,760 $130,760
Greater than 2,000 1 $3,372 39 $131,508 $131,508
Ave Backup Tax Rate per Unit 1 $3,257 159
Non‐residential Property 1 $27,641
Less than 1,900 2 $3,340 15 $50,100 $50,685
1,900 to 2,100 2 $3,452 59 $203,668 $203,668
2,101 to 2,300 2 $3,473 43 $149,339 $149,339
2,301 to 2,500 2 $3,553 29 $103,037 $103,037
Greater than 2,500 2 $3,639 28 $101,892 $101,892
Ave Backup Tax Rate per Unit 2 $3,379 174
Non‐residential Property 2 $26,395
Less than 1,800 3 $3,338 13 $43,394 $45,890
1,800 to 2,000 3 $3,511 12 $42,132 $42,360
2,001 to 2,200 3 $3,593 12 $43,116 $43,116
2,201 to 2,400 3 $3,639 12 $43,668 $43,668
2,401 to 2,600 3 $3,770 0 $0 $0
2,601 to 2,800 3 $3,902 55 $214,610 $214,610
2,801 to 3,000 3 $3,985 0 $0 $0
3,001 to 3,200 3 $4,069 27 $109,863 $109,863
3,201 to 3,400 3 $4,662 0 $0 $0
Greater than 3,400 3 $5,255 27 $141,885 $141,885
Ave Backup Tax Rate per Unit 3 $3,530 158
Non‐residential Property 3 $24,564
491 $1,765,612 $1,772,841
Tax Rate for Bonding $1,588,946
Sizing at Max tax rate $35,000,000
Future Facilities (rounded up) $31,000,000
Range of Home Sizes
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
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $1,765,612 $30,000 $0 5.00% $388,938 $388,938 $0 N/A 2 9/1/2027 $1,800,924 $30,600 $50,000 5.00% $1,555,750 $1,605,750 110.25% 3 9/1/2028 $1,836,943 $31,212 $85,000 5.00% $1,553,250 $1,638,250 110.22% 4 9/1/2029 $1,873,682 $31,836 $125,000 5.00% $1,549,000 $1,674,000 110.03% 5 9/1/2030 $1,911,155 $32,473 $165,000 5.00% $1,542,750 $1,707,750 110.01% 6 9/1/2031 $1,949,378 $33,122 $205,000 5.00% $1,534,500 $1,739,500 110.16% 7 9/1/2032 $1,988,366 $33,785 $250,000 5.00% $1,524,250 $1,774,250 110.16% 8 9/1/2033 $2,028,133 $34,461 $300,000 5.00% $1,511,750 $1,811,750 110.04% 9 9/1/2034 $2,068,696 $35,150 $350,000 5.00% $1,496,750 $1,846,750 110.11% 10 9/1/2035 $2,110,070 $35,853 $405,000 5.00% $1,479,250 $1,884,250 110.08% 11 9/1/2036 $2,152,271 $36,570 $460,000 5.00% $1,459,000 $1,919,000 110.25% 12 9/1/2037 $2,195,317 $37,301 $525,000 5.00% $1,436,000 $1,961,000 110.05% 13 9/1/2038 $2,239,223 $38,047 $590,000 5.00% $1,409,750 $1,999,750 110.07% 14 9/1/2039 $2,284,007 $38,808 $660,000 5.00% $1,380,250 $2,040,250 110.05% 15 9/1/2040 $2,329,688 $39,584 $730,000 5.00% $1,347,250 $2,077,250 110.25% 16 9/1/2041 $2,376,281 $40,376 $810,000 5.00% $1,310,750 $2,120,750 110.15% 17 9/1/2042 $2,423,807 $41,184 $895,000 5.00% $1,270,250 $2,165,250 110.04% 18 9/1/2043 $2,472,283 $42,007 $980,000 5.00% $1,225,500 $2,205,500 110.19% 19 9/1/2044 $2,521,729 $42,847 $1,075,000 5.00% $1,176,500 $2,251,500 110.10% 20 9/1/2045 $2,572,163 $43,704 $1,175,000 5.00% $1,122,750 $2,297,750 110.04% 21 9/1/2046 $2,623,607 $44,578 $1,280,000 5.00% $1,064,000 $2,344,000 110.03% 22 9/1/2047 $2,676,079 $45,470 $1,390,000 5.00% $1,000,000 $2,390,000 110.07% 23 9/1/2048 $2,729,600 $46,379 $1,505,000 5.00% $930,500 $2,435,500 110.17% 24 9/1/2049 $2,784,192 $47,307 $1,630,000 5.00% $855,250 $2,485,250 110.13% 25 9/1/2050 $2,839,876 $48,253 $1,760,000 5.00% $773,750 $2,533,750 110.18% 26 9/1/2051 $2,896,674 $49,218 $1,900,000 5.00% $685,750 $2,585,750 110.12% 27 9/1/2052 $2,954,607 $50,203 $2,045,000 5.00% $590,750 $2,635,750 110.19% 28 9/1/2053 $3,013,699 $51,207 $2,200,000 5.00% $488,500 $2,688,500 110.19% 29 9/1/2054 $3,073,973 $52,231 $2,365,000 5.00% $378,500 $2,743,500 110.14% 30 9/1/2055 $3,135,453 $53,275 $2,540,000 5.00% $260,250 $2,800,250 110.07% 31 9/1/2056 $3,135,453 $53,275 $2,665,000 5.00% $133,250 $2,798,250 110.15% Total $74,762,940 $1,270,318 $31,115,000 $34,434,688 $388,938 $65,160,750 110.03% 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 201 Lots 330 Lots 1022 Lots
FUNDING REQUIREMENTS IA 1 IA 2 IA 3 Total
City Fees
Law Enforcement $113,421 $44,945 $73,789 $232,155
Fire Facility $301,474 $119,463 $196,133 $617,070
General Government $501,311 $198,651 $326,143 $1,026,105 Pulic Use Facilities $75,614 $29,963 $49,193 $154,770
Parks ‐ Land Acquisition $105,565 $41,831 $68,679 $216,075 Subtotal DIF $1,097,385 $434,853 $713,937 $2,246,175
City Projects $219,477 $86,971 $142,787 $449,235
Fair Share Traffic Impact Fee $2,212,038 $876,548 $1,439,109 $4,527,695 Total City Fees $3,528,900 $1,398,371 $2,295,834 $7,223,105 City Facilities
Circulation Facilities $7,527,503 $2,986,277 $4,902,843 $15,416,623 Circulation Reimbursements $0 ($148,524) ($243,845) ($392,369) Net Circulation Facilities $7,527,503 $2,837,753 $4,658,998 $15,024,254 Storm Drain Facilities $862,500 $1,776,635 $2,916,864 $5,555,999 Storm Drain Reimbursements $0 ($320,105) ($525,545) ($845,650) Net Storm Drain Facilities $862,500 $1,456,530 $2,391,319 $4,710,349 Park Facilities $1,150,000 $2,094,144 $3,438,146 $6,682,290 Park Reimbursements $0 ($442,523) ($726,529) ($1,169,052) Net Park Facilities $1,150,000 $1,651,621 $2,711,617 $5,513,238 Interior Road Improvements $5,686,857 $4,516,925 $7,415,847 $17,619,629 Total City Facilities $15,226,860 $10,462,830 $17,177,780 $42,867,470 Total City Fees and Facilities $18,755,760 $11,861,201 $19,473,614 $50,090,575 EWMD Fees
Sewer Financial Participation $1,725,374 $624,164 $1,024,748 $3,374,286 Sewer Treatment Capacity $3,271,042 $1,183,150 $1,942,484 $6,396,676 Water Financial Participation $3,681,518 $1,331,797 $2,186,533 $7,199,848 Water Supply Development Fee $198,855 $72,378 $118,830 $390,063 1" Meter Drop‐In Fee $199,837 $73,351 $120,427 $393,615 Landscape Meter Connection 1 @ 3" $0 $78,399 $128,714 $207,113 Landscape Meter Connection 7 @ 1.5" $0 $35,283 $57,927 $93,210 Landscape Meter Connection 7 @ 1" $0 $14,113 $23,171 $37,284 Proposed Facilities ‐ TBD $575,000 $0 $0 $575,000
Total EMWD Fees $9,651,626 $3,412,635 $5,602,834 $18,667,095 Total Cost $28,407,386 $15,273,836 $25,076,448 $68,757,670 Potential Project Funds Available $27,131,888 $9,595,492 $14,954,029 $51,681,409 ALLOCATION OF PROCEEDS % IA 1 IA 2 IA 3 Total
City Projects 1% $219,477 $86,971 $142,787 $449,235
City Fees 13% $3,309,423 $1,311,401 $2,153,046 $6,773,870 City Facilities 70% $15,226,860 $8,197,121 $12,658,195 $36,082,176 EMWD Fees 16% $8,376,128 $0 $0 $8,376,128
Total Funded by Bond Proceeds 100% $27,131,888 $9,595,492 $14,954,029 $51,681,409 UNFUNDED REQUIREMENTS
Total to be Funded by Developer $1,275,498 $5,678,344 $10,122,419 $17,076,261