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
■
Special District Application
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
Special District Application
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
Special District Application
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.
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
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