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 required fo
r 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
X
Nautical Cove (TR 31229)
Approximately 74.00 gross acres located in the City of Menifee North of Holland Road, East of Southshore Drive, West of Briggs Road, and South of Tres Lagos Drive. 364-200-009
31229
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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
KB Home Cal Management Services LLC
Scott Hansen
36310 Inland Valley Drive, Wildomar, CA 92595
(951) 691-5239
[email protected]
Zimmerman Group
John Zimmerman
Principal
28202 Cabot Rd, Suite 620, Laguna Niguel, CA 92677
(949) 542-7072
(949) 542-7076
[email protected]
ACS Consulting
Frank Artiga
President
43385 Business Park Dr Suite 150, Temecula, CA 92590
(951) 757-5178
[email protected]
233
73.64 7.36
2.00 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
See Exhibit C & D
NA
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
Zimmerman Group / Spicer Consulting Group
Zimmerman Group / Spicer Consulting Group
Yes
EMWD
Sewer/Water Fees & Facilities
Director of Finance
Thomas Hayes
2270 Trumble Road, Perris, CA 92570
(951) 928 3777 Ext. 49180
[email protected]
See Exhibit A
See Exhibit A
See Exhibit A
See Exhibit A
7,031
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
Menifee Union School District
Fees
Jim Sellers
29775 Haun Road, Menifee, CA 92586
(951) 672-1851 Ext. 49180
[email protected]
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2025-2026
To Be Determined
6 See Exhibit A
See Exhibit A
See Exhibit B
EXHIBIT A x
City of Menifee CFD No. XX (Nautical Cove) x
KB Home - Nautical Cove (TR No. 31229) x
Effective Tax Rate Analysis and Bond Sizing x
June 11, 2025 x
Assumptions Estimated Sources & Uses of Funds
City CFD Sources City CFD Total City CFD Per Unit Total Weighted Average Coupon 5.00% Par Bond Amount 16,565,000$ 16,565,000$ City Fees 12,656$ 2,948,848$ Estimated Effective Tax Rate 2.00% City Facilities 16,338 3,806,766 Annual Special Tax Escalation 2.00% Uses MUSD School Fees 10,995 2,561,852 Priority Administrative Expense $30,000 Reserve Fund 1,483,422 1,483,422 EMWD Facilities 18,486 4,307,238 Cost of Issuance $250,000 Capitalized Interest - - Contingency - - Capitalized Interest Period (Months) 0 Underwriter Discount 331,300 331,300 Total City 58,475$ 13,624,704$ Bond Amortization Term 30 Cost of Issuance 250,000 250,000 Underwriter Discount 2.00% City Fee Premium 589,770 589,770 Total CFD Funding 76,961$ 17,931,942$ Total Special Tax Revenues (2025-26) $933,717 Improvement Fund 13,910,509 13,910,509 Total Uses 16,565,000$ 16,565,000$
AD Valorem
Ad Other City EMWD CFD City CFD
Tax Product / Sq. Ft. Home Base Valorem Fixed Special Tax Total Tax Total Tax Unit Annual Tax Annual Tax Zone Min Lot SF Category Plan Size Pricing (a) Taxes (b) Charges (c) Per Unit Per Unit Rate % Mix Collections Collections N/A 40 Series ≤ 1,800 1 1,539 576,990$ 6,613$ 1,557$ 3,369$ 11,540$ 2.00% 24 -$ 80,868$ N/A 40 Series 1,801 - 2,050 2 1,879 606,990 6,957 1,557 3,626 12,140 2.00% 25 - 90,641 N/A 40 Series 2,051 - 2,300 3 2,195 631,990 7,244 1,557 3,839 12,640 2.00% 26 - 99,817 N/A 40 Series 2,301 - 2,550 4 2,415 650,990 7,462 1,557 4,001 13,020 2.00% 29 - 116,038 N/A 40 Series 2,301 - 2,550 5 2,543 660,990 7,576 1,557 4,001 13,134 1.99% 29 - 116,038 N/A 50 Series 2,051 - 2,300 1 2,080 638,990 7,324 1,557 3,839 12,720 1.99% 17 - 65,265 N/A 50 Series 2,301 - 2,550 2 2,321 658,990 7,553 1,557 4,001 13,111 1.99% 17 - 68,022 N/A 50 Series 2,551 - 2,800 3 2,613 683,990 7,840 1,557 4,283 13,680 2.00% 18 - 77,096 N/A 50 Series 2,801 - 3,050 4 2,874 705,990 8,092 1,557 4,471 14,120 2.00% 22 - 98,360 N/A 50 Series ≥ 3,051 5 3,119 729,990 8,367 1,557 4,676 14,600 2.00% 26 - 121,572 Total 2,365 654,037 7,496 1,557 4,007 13,061 2.00% 233 - 933,717$ Footnotes:
(a) Product and pricing provided by developer 4/14/25.
(b) Ad Valorem taxes total 1.14618% of the assessed value for FY 24-25. (c) Estimated other fixed charges and assessments for FY 24-25: Amount Flood Control Stormwater/Cleanwater …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..3.76$ 3.76$ MWD Standby East …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..6.94 6.94 EMWD Standby - Combined Charge …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..21.00 21.00 Perris Joint Union High School District CFD No. 92-1 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..336.26 CFD 03-1 Newport Road …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..232.00 City of Menifee CFD 2017-1 (Annexation) Estimate for Street Lights, Street Sweeping, Landscaping & Drainage, Park Maintenance, etc) …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..957.00 (Estimate) Total Fixed Charges 1,556.96$ 361.70$
(d) Represents the special tax for the proposed CFD special tax for fiscal year 2024-25 (escalating 1.25% annually in keeping with EMWD policy that their facilities funding does not escalate) 2.05% (e) Represents the fixed charges and total tax rate percentage if Valley-Wide were to levy the charge for the Menifee North Park LMD.
Land Use Information & Total Property Tax Rates Special Assessment Revenues Allocation of Improvement Fund
DRAFT
EXHIBIT B
City of Menifee CFD No. XX (Nautical Cove)
KB Home - Nautical Cove (TR No. 31229)
Preliminary List of CFD Eligible Facilities
June 11, 2025
Total Units 233
Avg SQ. Ft. 2,365
Per Unit Total
City of Menifee Fees (a)
Law Enforcement 1,012$ 235,796$
Transportation Impact Fees 7,764 1,809,012
Fire Facilities 708 164,964
General Government 1,287 299,871
Parks & Rec 1,885 439,205
Subtotal City DIF fees 12,656$ 2,948,848$
City Fee Facilities 2,531 589,770
Total City Fees 15,187$ 3,538,618$
City Improvements
City Street Improvements (Holland, Briggs, South Shore) 10,130$ 2,360,231$ - Traffic Signal 1,931 450,000
- Utility Undergrounding 2,146 500,000
Design, Planning, Engineering 2,131 496,535
Total City Improvements 16,338$ 3,806,766$
Total City Facilities 31,525$ 7,345,383$
EMWD Fees & Facilities (b)
Water Financial Participation Charge 7,498$ 1,747,034$ Drop-in Meter Installation Fees, 1" Meter 405 94,365 Water Supply Development Fee 407 94,831
Sewer Financial particiaption Charge 3,514 818,762 Sewer Treatment Capacity Charge 6,662 1,552,246 Total EMWD Fees 18,486$ 4,307,238$
*Assumes mutual agreement that 1995 Mitigation Agreement no longer applicable.
Menifee Union School District (c) Fee PSF
Total School Fees 10,995$ 2,561,852$
Total Eligible Facilities 61,006$ 14,214,474$
Footnotes
(a) Represents the City of Menifee DIF Fees effective July 1, 2024. (b) Represents EMWD's connection and capacity fees effective 1/1/2025. (c) Represents MUSD's redisential rate effective May 13, 2024.
DRAFT
ISSUANCE ASSUMPTIONS
Closing Date 3/1/2027 Sources
Special Tax Revenue Escalation 2.000% Par Bond Amount 16,565,000$ Annual Administration Expense 30,000$
Administration Expense Escalation 2.000% Uses
Debt Service Coverage Ratio 110% Reserve Fund 1,483,422$ Underwriter Discount Estimate 2.000% Capitalized Interest - Issuance Costs Estimate 250,000$ Underwriter Discount 331,300 Months of Capitalized Interest - Costs Of Issuance 250,000 Gross Special Tax Revenues 2025-2026 933,717$ Construction Fund 14,500,278 Total Uses 16,565,000$
Period Gross Priority Capitalized Net Debt Debt Service Ending Revenues Admin Principal Yield Interest Interest Service Coverage 9/1/2027 952,391$ 30,600$ -$ 1.930% 403,633$ -$ 403,633$ 228.37% 9/1/2028 971,439 31,212 45,000 1.930% 807,267 - 852,267 110.32% 9/1/2029 990,868 31,836 65,000 2.180% 806,398 - 871,398 110.06% 9/1/2030 1,010,685 32,473 80,000 2.530% 804,981 - 884,981 110.53% 9/1/2031 1,030,899 33,122 100,000 2.930% 802,957 - 902,957 110.50% 9/1/2032 1,051,517 33,785 125,000 3.230% 800,027 - 925,027 110.02% 9/1/2033 1,072,547 34,461 145,000 3.430% 795,990 - 940,990 110.32% 9/1/2034 1,093,998 35,150 170,000 3.680% 791,016 - 961,016 110.18% 9/1/2035 1,115,878 35,853 195,000 3.930% 784,760 - 979,760 110.23% 9/1/2036 1,138,196 36,570 220,000 4.130% 777,097 - 997,097 110.48% 9/1/2037 1,160,960 37,301 250,000 4.280% 768,011 - 1,018,011 110.38% 9/1/2038 1,184,179 38,047 280,000 4.380% 757,311 - 1,037,311 110.49% 9/1/2039 1,207,863 38,808 315,000 4.430% 745,047 - 1,060,047 110.28% 9/1/2040 1,232,020 39,584 350,000 4.510% 731,092 - 1,081,092 110.30% 9/1/2041 1,256,660 40,376 390,000 4.580% 715,307 - 1,105,307 110.04% 9/1/2042 1,281,793 41,184 430,000 4.650% 697,445 - 1,127,445 110.04% 9/1/2043 1,307,429 42,007 470,000 4.710% 677,450 - 1,147,450 110.28% 9/1/2044 1,333,578 42,847 515,000 4.780% 655,313 - 1,170,313 110.29% 9/1/2045 1,360,249 43,704 565,000 4.830% 630,696 - 1,195,696 110.11% 9/1/2046 1,387,454 44,578 615,000 4.880% 603,407 - 1,218,407 110.22% 9/1/2047 1,415,203 45,470 670,000 4.930% 573,395 - 1,243,395 110.16% 9/1/2048 1,443,508 46,379 725,000 4.980% 540,364 - 1,265,364 110.41% 9/1/2049 1,472,378 47,307 790,000 5.030% 504,259 - 1,294,259 110.11% 9/1/2050 1,501,825 48,253 855,000 5.130% 464,522 - 1,319,522 110.16% 9/1/2051 1,531,862 49,218 925,000 5.130% 420,660 - 1,345,660 110.18% 9/1/2052 1,562,499 50,203 1,000,000 5.130% 373,208 - 1,373,208 110.13% 9/1/2053 1,593,749 51,207 1,080,000 5.130% 321,908 - 1,401,908 110.03% 9/1/2054 1,625,624 52,231 1,160,000 5.130% 266,504 - 1,426,504 110.30% 9/1/2055 1,658,136 53,275 1,250,000 5.130% 206,996 - 1,456,996 110.15% 9/1/2056 1,691,299 54,341 1,345,000 5.130% 142,871 - 1,487,871 110.02% 9/1/2057 1,725,125 55,428 1,440,000 5.130% 73,872 - 1,513,872 110.29% Total 40,361,813 1,296,811 16,565,000 5.00% 18,443,756 - 35,008,756 110.02%
BOND DEBT SERVICE
ESTIMATED SOURCES AND USES
EXHIBIT C
City of Menifee CFD No. XX (Nautical Cove)
KB Home - Nautical Cove (TR No. 31229)
Estimated Debt Service & Bond Sizing Schedule
June 11, 2025
EXHIBIT D
City of Menifee CFD No. XX (Nautical Cove)
KB Home - Nautical Cove (TR No. 31229)
Summary of Acreage & Undeveloped Property Tax Rate
June 11, 2025
Total
Total Units (1) 233
I. Derivation of Exempt Acreage
Net Taxable Acreage (See Exhibit E) (2) 37.60
Contingency (3) 10%
Contingency Acreage (4) 3.76
Adjusted Minimum Taxable Acreage [ (2) - (4) ] (5) 33.84 II. Maximum Special Tax for Undeveloped Property
Project CFD Special Tax Revenues (See Exhibit B) (6) $933,717 Undeveloped Property Rate Per Acre [ (6) / (5) ] (7) $27,594 Footnotes:
(a) Estimated Developed Property Tax Revenue at Buildout. (b) See Exhibit E.
EXHIBIT E
City of Menifee CFD No. XX (Nautical Cove)
KB Home - Nautical Cove (TR No. 31229)
Net Taxable Acreage
June 11, 2025
Series Lot #
Gross Sq.
Ft. Series Lot #
Gross Sq.
Ft. Series Lot #
Gross
Sq. Ft. Series Lot #
Gross Sq.
Ft. Series Lot #
Gross
Sq. Ft. Series Lot #
Gross Sq.
Ft. Series Lot #
Gross Sq.
Ft.
50 1 11,421 50 41 6,124 40 81 6,036 50 1 6,253 40 41 6,612 50 1 6,792 50 41 7,221 50 2 6,314 50 42 6,292 40 82 6,026 50 2 6,209 40 42 6,442 50 2 6,011 50 42 6,813 50 3 8,245 50 43 6,300 40 83 6,017 50 3 6,188 40 43 6,334 50 3 6,062 50 43 6,556 50 4 6,709 50 44 8,933 40 84 6,008 50 4 6,166 40 44 8,631 50 4 6,083 50 44 8,458 50 5 6,769 50 45 14,169 40 85 6,035 50 5 6,134 40 45 8,933 50 5 7,227 50 45 7,105 50 6 6,829 50 46 13,314 40 86 6,054 50 6 6,082 40 46 9,356 50 6 7,141 50 46 6,732 50 7 6,889 50 47 7,580 40 87 6,034 50 7 6,126 40 47 9,841 50 7 7,130 50 47 6,214 50 8 6,938 50 48 7,836 40 88 6,005 50 8 6,172 40 48 8,742 50 8 7,208 50 48 6,598 50 9 6,938 40 49 7,691 40 89 6,859 50 9 6,012 40 49 6,835 50 9 6,485 50 49 7,688 50 10 6,931 40 50 6,266 40 90 7,000 50 10 6,070 40 50 6,231 50 10 6,489 40 50 6,245 50 11 6,925 40 51 6,252 40 91 7,524 50 11 6,600 40 51 6,227 50 11 6,530 40 51 6,620 50 12 6,919 40 52 6,252 40 92 6,724 50 12 7,326 40 52 6,798 50 12 6,443 40 52 6,994 50 13 6,912 40 53 6,252 40 93 6,103 50 13 7,725 40 53 7,746 40 13 7,312 50 14 6,906 40 54 6,252 40 94 6,855 50 14 7,998 40 54 12,375 40 14 6,038 50 15 6,900 40 55 6,247 40 95 6,764 50 15 6,720 40 55 10,707 40 15 6,017 50 16 6,500 40 56 6,034 40 96 6,157 50 16 7,945 40 56 7,928 40 16 6,144 50 17 8,955 40 57 6,362 40 97 6,509 50 17 7,954 40 57 9,157 40 17 6,004 50 18 6,954 40 58 11,737 40 98 7,242 50 18 7,925 40 58 7,635 40 18 6,004 50 19 6,878 40 59 7,817 40 99 7,125 50 19 7,917 40 59 6,930 40 19 6,074 50 20 6,792 40 60 6,437 40 100 6,415 50 20 6,886 40 60 7,350 40 20 6,009 50 21 6,310 40 61 6,801 40 101 6,680 40 21 7,155 40 61 6,879 40 21 6,013 50 22 6,301 40 62 6,335 40 102 7,848 40 22 6,555 40 22 6,092 50 23 6,135 40 63 6,273 40 103 7,117 40 23 6,901 40 23 6,319 50 24 6,154 40 64 6,355 40 104 6,031 40 24 7,821 40 24 7,169 50 25 6,173 40 65 6,365 40 105 6,241 40 25 6,970 40 25 7,643 50 26 6,193 40 66 6,375 40 106 6,241 40 26 6,524 40 26 8,643 50 27 6,220 40 67 6,386 40 107 6,241 40 27 6,091 40 27 9,712 50 28 6,743 40 68 6,459 40 108 6,241 40 28 6,036 40 28 11,847 50 29 7,430 40 69 8,352 40 109 6,157 40 29 6,010 40 29 9,371 50 30 7,494 40 70 10,166 40 110 6,370 40 30 6,014 40 30 7,414 50 31 7,103 40 71 11,413 40 111 8,643 40 31 6,017 40 31 6,175 50 32 6,806 40 72 10,054 40 112 6,901 40 32 6,021 40 32 6,131 50 33 6,841 40 73 10,020 40 113 6,805 40 33 6,448 40 33 6,014 50 34 6,005 40 74 7,820 40 114 6,028 50 34 6,498 40 34 6,017 50 35 6,786 40 75 6,010 40 115 6,344 50 35 6,277 40 35 6,014 50 36 6,434 40 76 6,000 40 116 6,880 50 36 7,057 40 36 7,319 50 37 6,708 40 77 6,141 40 117 9,775 50 37 7,080 50 37 6,251 50 38 6,802 40 78 6,010 40 118 7,539 50 38 7,104 50 38 6,767 50 39 6,821 40 79 6,568 40 119 6,185 50 39 7,127 50 39 6,367 50 40 7,275 40 80 6,331 40 120 6,257 50 40 7,554 50 40 6,941 Tract 31229-1 Square Footage 843,746 Tract 31229-2 Square Footage Tract 31229-3 Square Footage 356,666 Phase 1 Acres 19.37 Phase 2 Acres 10.04 Phase 3 Acres 8.19 Phase 1 Units 120 Phase 2 Units 61 Phase 3 Units 52 Total
Square Footage 1,637,768
Acres 37.6
Units 233
Notes:
(a) Square footage based on Final Site Plan of Development.
Tract Number 31229-1 (Phase 1) Tract Number 31229-2 (Phase 2) Tract Number 31229-3 (Phase 3) 437,356