CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 1 234567 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,800 to 2,051 to 2,301 to 2,551 to 2,801 to Over 1,800 2,050 2,300 2,550 2,800 3,050 3,050
Estimated Home Size 1,539 1,879 2,195 2,415 2,613 2,874 3,119 2,364 Estimated Home Price $576,990 $606,990 $631,990 $650,990 $683,990 $705,990 $729,990 $651,698 Ad‐Valorem Tax Rate (1.00%) $5,769.90 $6,069.90 $6,319.90 $6,509.90 $6,839.90 $7,059.90 $7,299.90 $6,516.98 Metro Water East (0.00700%) $40.39 $42.49 $44.24 $45.57 $47.88 $49.42 $51.10 $45.62 Menifee School (0.05080%) $293.11 $308.35 $321.05 $330.70 $347.47 $358.64 $370.83 $331.06 Perris Union HS (0.06850%) $395.24 $415.79 $432.91 $445.93 $468.53 $483.60 $500.04 $446.41 Mt. San Jacinto Jr. College (0.00268%) $15.46 $16.27 $16.94 $17.45 $18.33 $18.92 $19.56 $17.47 EMWD Improvement District U‐35 (0.00860%) $49.62 $52.20 $54.35 $55.99 $58.82 $60.72 $62.78 $56.05 EMWD Improvement District U‐36 (0.00860%) $49.62 $52.20 $54.35 $55.99 $58.82 $60.72 $62.78 $56.05 Subtotal GO Bond Debt $6,613.34 $6,957.20 $7,243.74 $7,461.52 $7,839.76 $8,091.92 $8,367.00 $7,469.63 Flood Control Stormwater $3.75 $3.75 $3.75 $3.75 $3.75 $3.75 $3.75 $3.75 EMWD Standby $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Perris Union HS CFD 92‐1 $336.00 $336.00 $336.00 $336.00 $336.00 $336.00 $336.00 $336.00 RivCo CFD 03‐1 (Newport Road) $232.00 $232.00 $232.00 $232.00 $232.00 $232.00 $232.00 $232.00 Proposed CFD No. 2017‐1 ‐ Maint Svcs* $957.00 $957.00 $957.00 $957.00 $957.00 $957.00 $957.00 $957.00 Proposed CFD No. 2025‐5 ‐ Facilities Tax** $3,370.00 $3,626.00 $3,839.00 $4,002.00 $4,283.00 $4,471.00 $4,676.00 $4,007.68 Subtotal Special Assessments and Taxes $4,926.69 $5,182.69 $5,395.69 $5,558.69 $5,839.69 $6,027.69 $6,232.69 $5,564.37 Total Annual Property Taxes $11,540.03 $12,139.89 $12,639.43 $13,020.21 $13,679.45 $14,119.61 $14,599.69 $13,034.00 Annual Prop. Tax Rates as % of Home Price 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Unit Mix 24 25 43 75 18 22 26 233
(1)Total CFD ‐ Annual Tax Collections $80,880 $90,650 $165,077 $300,150 $77,094 $98,362 $121,576 $933,789 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Special Taxes ‐ (2)Admin. / 110% Cov) $71,165 $79,762 $145,249 $264,097 $67,834 $86,547 $106,973 $821,626 II. Total Estimated Home Square Footage: 36,936 46,975 94,385 181,125 47,034 63,228 81,094 550,777 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2025 Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $15,865,000 Underwriter Discount (2.00%) $317,300
Reserve Fund (Maximum Annual Debt Service) $1,385,830
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,953,130 Net Bond Proceeds $13,911,870
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 31229
233 Lots
(Nautical Cove)
I. Calculation of Net Taxable Acres:
Gross Acreage 73.64
Less: Exempt Acres 36.04
Net Taxable Acres 37.60
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $933,789
Net Taxable Acres 37.60
Less: Contingency Factor (10%) 3.76
Net Taxable Acres (Adjusted) 33.84
Undeveloped Property Tax Rate per Acre $27,596
Total Exempt Acreage 39.80
III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres 37.60
Undeveloped Property Tax Rate per Acre $27,596
Total Units 233
Backup Special Tax per Unit $4,453
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $933,789
Total Net Acres (Square Feet) 1,474,000
Backup Special Tax Rate per Lot Square Foot $0.6335
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,800 $3,370 24 $80,880 $106,873
1,800 to 2,050 $3,626 25 $90,650 $111,326
2,051 to 2,300 $3,839 43 $165,077 $191,481
2,301 to 2,550 $4,002 75 $300,150 $333,979
2,551 to 2,800 $4,283 18 $77,094 $80,155
2,801 to 3,050 $4,471 22 $98,362 $98,362
Greater than 3,050 $4,676 26 $121,576 $121,576
Non‐residential Property $27,596
Backup Tax Rate per Unit $4,453
Backup Tax Rate per S.F. $0.6335
233 $933,789 $1,043,752
Tax Rate for Bonding $921,593
Sizing at Max tax rate $18,000,000
Future Facilities (rounded up) $16,000,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Use of Bond Proceeds
CFD 2025‐5 Tract Nos. 31229
233 Lots
FUNDING REQUIREMENTS Per Lot (Nautical Cove)
City Fees
Law Enforcement $1,012 $235,796
Fire Facilities $708 $164,964
Circulation $7,764 $1,809,012
General Govt $1,287 $299,871
Parks and Recreation $1,885 $439,205
Subtotal City Fees $12,656 $2,948,848
City Premium (20%) $2,531 $589,770
Total City Fees $15,187 $3,538,618
City Facilities
Street Improvements $10,130 $2,360,231
Utility Undergrounding $2,146 $500,000
Traffic Signal $1,931 $450,000
Design, Planning, Engineering (15%) $2,131 $496,535
Total City Facilities $16,338 $3,806,766
Total City Facilities and Fees $31,525 $7,345,383
$3,514 $818,762
$6,662 $1,552,246
$7,498 $1,747,034
$407 $94,831
$405 $94,365
EMWD Fees
Sewer Connection Fee
Sewer Treatment Plant Capacity Charge
Water Connection Fee
Water Supply Development Fee
1" Meter Drop‐In Fee
Total EMWD Fees $18,486 $4,307,238
Menifee Union School District Fees
Level I School Developer Fee $8,796 $2,049,482
Developer Fee Premium (30%) $2,639 $614,845
Total Menifee Union School District Fees $11,435 $2,664,327 Total Cost $61,446 $14,316,948
Potential Project Funds Available $13,911,870
ALLOCATION OF PROCEEDS % Per Lot Total
City Premium 4% $2,531 $589,770
City Facilities 27% $16,338 $3,806,766
City Fees 21% $12,656 $2,948,848
Other Agency 47% $28,182 $6,566,487
Total Funded by Bond Proceeds 100% $59,708 $13,911,870
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit ($0)
Unfunded Requirement $405,078
Total Fees to be Funded by Developer $405,078
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2026 $933,789 $30,000 $25,000 5.00% $793,250 $818,250 110.45% 2 9/1/2027 $952,465 $30,600 $45,000 5.00% $792,000 $837,000 110.14% 3 9/1/2028 $971,514 $31,212 $60,000 5.00% $789,750 $849,750 110.66% 4 9/1/2029 $990,944 $31,836 $80,000 5.00% $786,750 $866,750 110.66% 5 9/1/2030 $1,010,763 $32,473 $105,000 5.00% $782,750 $887,750 110.20% 6 9/1/2031 $1,030,979 $33,122 $125,000 5.00% $777,500 $902,500 110.57% 7 9/1/2032 $1,051,598 $33,785 $150,000 5.00% $771,250 $921,250 110.48% 8 9/1/2033 $1,072,630 $34,461 $180,000 5.00% $763,750 $943,750 110.00% 9 9/1/2034 $1,094,083 $35,150 $205,000 5.00% $754,750 $959,750 110.33% 10 9/1/2035 $1,115,964 $35,853 $235,000 5.00% $744,500 $979,500 110.27% 11 9/1/2036 $1,138,284 $36,570 $265,000 5.00% $732,750 $997,750 110.42% 12 9/1/2037 $1,161,049 $37,301 $300,000 5.00% $719,500 $1,019,500 110.23% 13 9/1/2038 $1,184,270 $38,047 $335,000 5.00% $704,500 $1,039,500 110.27% 14 9/1/2039 $1,207,956 $38,808 $375,000 5.00% $687,750 $1,062,750 110.01% 15 9/1/2040 $1,232,115 $39,584 $415,000 5.00% $669,000 $1,084,000 110.01% 16 9/1/2041 $1,256,757 $40,376 $455,000 5.00% $648,250 $1,103,250 110.25% 17 9/1/2042 $1,281,892 $41,184 $500,000 5.00% $625,500 $1,125,500 110.24% 18 9/1/2043 $1,307,530 $42,007 $545,000 5.00% $600,500 $1,145,500 110.48% 19 9/1/2044 $1,333,681 $42,847 $600,000 5.00% $573,250 $1,173,250 110.02% 20 9/1/2045 $1,360,354 $43,704 $650,000 5.00% $543,250 $1,193,250 110.34% 21 9/1/2046 $1,387,561 $44,578 $705,000 5.00% $510,750 $1,215,750 110.47% 22 9/1/2047 $1,415,313 $45,470 $765,000 5.00% $475,500 $1,240,500 110.43% 23 9/1/2048 $1,443,619 $46,379 $830,000 5.00% $437,250 $1,267,250 110.26% 24 9/1/2049 $1,472,491 $47,307 $895,000 5.00% $395,750 $1,290,750 110.42% 25 9/1/2050 $1,501,941 $48,253 $970,000 5.00% $351,000 $1,321,000 110.04% 26 9/1/2051 $1,531,980 $49,218 $1,045,000 5.00% $302,500 $1,347,500 110.04% 27 9/1/2052 $1,562,619 $50,203 $1,120,000 5.00% $250,250 $1,370,250 110.38% 28 9/1/2053 $1,593,872 $51,207 $1,205,000 5.00% $194,250 $1,399,250 110.25% 29 9/1/2054 $1,625,749 $52,231 $1,295,000 5.00% $134,000 $1,429,000 110.11% 30 9/1/2055 $1,658,264 $53,275 $1,385,000 5.00% $69,250 $1,454,250 110.37% Total $37,882,026 $1,217,042 $15,865,000 $17,381,000 $33,246,000 110.28% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐5
(Nautical Cove)
Tract Nos. 31229
Lot Summary
Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage Lot SF Acreage 50 6,266 0.14 100 6,415 0.15 27 6,091 0.14 13 7,312 0.17 1 11,421 0.26 51 6,252 0.14 101 6,680 0.15 28 6,036 0.14 14 6,038 0.14 2 6,314 0.14 52 6,252 0.14 102 7,848 0.18 29 6,010 0.14 15 6,017 0.14 3 8,245 0.19 53 6,252 0.14 103 7,117 0.16 30 6,014 0.14 16 6,144 0.14 4 6,709 0.15 54 6,252 0.14 104 6,031 0.14 31 6,017 0.14 17 6,004 0.14 5 6,769 0.16 55 6,247 0.14 105 6,241 0.14 32 6,021 0.14 18 6,004 0.14 6 6,829 0.16 56 6,034 0.14 106 6,241 0.14 33 6,448 0.15 19 6,074 0.14 7 6,889 0.16 57 6,362 0.15 107 6,241 0.14 34 6,498 0.15 20 6,009 0.14 8 6,938 0.16 58 11,737 0.27 108 6,241 0.14 35 6,277 0.14 21 6,013 0.14 9 6,938 0.16 59 7,817 0.18 109 6,157 0.14 36 7,057 0.16 22 6,092 0.14 10 6,931 0.16 60 6,437 0.15 110 6,370 0.15 37 7,080 0.16 23 6,319 0.15 11 6,925 0.16 61 6,801 0.16 111 8,643 0.20 38 7,104 0.16 24 7,169 0.16 12 6,919 0.16 62 6,335 0.15 112 6,901 0.16 39 7,127 0.16 25 7,643 0.18 13 6,912 0.16 63 6,273 0.14 113 6,805 0.16 40 7,554 0.17 26 8,643 0.20 14 6,906 0.16 64 6,355 0.15 114 6,028 0.14 41 6,612 0.15 27 9,712 0.22 15 6,900 0.16 65 6,365 0.15 115 6,344 0.15 42 6,442 0.15 28 11,847 0.27 16 6,500 0.15 66 6,375 0.15 116 6,880 0.16 43 6,334 0.15 29 9,371 0.22 17 8,955 0.21 67 6,386 0.15 117 9,775 0.22 44 8,631 0.20 30 7,414 0.17 18 6,954 0.16 68 6,459 0.15 118 7,539 0.17 45 8,933 0.21 31 6,175 0.14 19 6,878 0.16 69 8,352 0.19 119 6,185 0.14 46 9,356 0.21 32 6,131 0.14 20 6,792 0.16 70 10,166 0.23 120 6,257 0.14 47 9,841 0.23 33 6,014 0.14 21 6,310 0.14 71 11,413 0.26 48 8,742 0.20 34 6,017 0.14 22 6,301 0.14 72 10,054 0.23 49 6,835 0.16 35 6,014 0.14 23 6,135 0.14 73 10,020 0.23 Lot SF Acreage 50 6,231 0.14 36 7,319 0.17 24 6,154 0.14 74 7,820 0.18 1 6,253 0.14 51 6,227 0.14 37 6,251 0.14 25 6,173 0.14 75 6,010 0.14 2 6,209 0.14 52 6,798 0.16 38 6,767 0.16 26 6,193 0.14 76 6,000 0.14 3 6,188 0.14 53 7,746 0.18 39 6,367 0.15 27 6,220 0.14 77 6,141 0.14 4 6,166 0.14 54 12,375 0.28 40 6,941 0.16 28 6,743 0.15 78 6,010 0.14 5 6,134 0.14 55 10,707 0.25 41 7,221 0.17 29 7,430 0.17 79 6,568 0.15 6 6,082 0.14 56 7,928 0.18 42 6,813 0.16 30 7,494 0.17 80 6,331 0.15 7 6,126 0.14 57 9,157 0.21 43 6,556 0.15 31 7,103 0.16 81 6,036 0.14 8 6,172 0.14 58 7,635 0.18 44 8,458 0.19 32 6,806 0.16 82 6,026 0.14 9 6,012 0.14 59 6,930 0.16 45 7,105 0.16 33 6,841 0.16 83 6,017 0.14 10 6,070 0.14 60 7,350 0.17 46 6,732 0.15 34 6,005 0.14 84 6,008 0.14 11 6,600 0.15 61 6,879 0.16 47 6,214 0.14 35 6,786 0.16 85 6,035 0.14 12 7,326 0.17 48 6,598 0.15 36 6,434 0.15 86 6,054 0.14 13 7,725 0.18 49 7,688 0.18 37 6,708 0.15 87 6,034 0.14 14 7,998 0.18 Lot SF Acreage 50 6,245 0.14 38 6,802 0.16 88 6,005 0.14 15 6,720 0.15 1 6,792 0.16 51 6,620 0.15 39 6,821 0.16 89 6,859 0.16 16 7,945 0.18 2 6,011 0.14 52 6,994 0.16 40 7,275 0.17 90 7,000 0.16 17 7,954 0.18 3 6,062 0.14 41 6,124 0.14 91 7,524 0.17 18 7,925 0.18 4 6,083 0.14 42 6,292 0.14 92 6,724 0.15 19 7,917 0.18 5 7,227 0.17 43 6,300 0.14 93 6,103 0.14 20 6,886 0.16 6 7,141 0.16 44 8,933 0.21 94 6,855 0.16 21 7,155 0.16 7 7,130 0.16 45 14,169 0.33 95 6,764 0.16 22 6,555 0.15 8 7,208 0.17 46 13,314 0.31 96 6,157 0.14 23 6,901 0.16 9 6,485 0.15 47 7,580 0.17 97 6,509 0.15 24 7,821 0.18 10 6,489 0.15 48 7,836 0.18 98 7,242 0.17 25 6,970 0.16 11 6,530 0.15 49 7,691 0.18 99 7,125 0.16 26 6,524 0.15 12 6,443 0.15 Totals 355,597 8.16 345,219 7.93 321,273 7.38 338,624 7.77 277,065 6.36 Grand Total 1,637,778 37.60
TR 31229‐1
TR 31229‐2
TR 31229‐3
CITY OF MENIFEE DRAFT v3
CFD No. 2017-1 (Maintenance Services)
Applicant Development Name Tract No. Res/Comm Date Tax Year KB Home Cal Management Services, LLC Nautical Cove 31229 Residential 5/20/2025 2026 Units Net Acres John Zimmerman Gross Acres Net Acres Units Annex No. 233.00 73.64 Principal 73.64 73.64 233.00 34 Description Measure Tax A Total Tax B Total Per Unit Grand Total Medians - Hardscape SF 9,382 $1,433.89 - $0.00 $1,433.89 Street Frontage SF 86,700 $27,242.76 - $0.00 $27,242.76 Trees Qty 175
$14,027.62 - $0.00 $14,027.62
Other Type Qty -
$0.00 - $0.00 $0.00
Subtotal $183.28 $42,704.27 $0.00 $0.00 $183.28 $42,704.27 100 Watt, 12,300 Lumens Qty 59
$14,175.32 - $0.00 $14,175.32
200 Watt, 24,600 Lumens Qty 25
$8,129.87 - $0.00 $8,129.87
Other Types Qty -
$0.00 - $0.00 $0.00
Subtotal $95.73 $22,305.20 $0.00 $0.00 $95.73 $22,305.20 Street Sweeping LF 46,757 $22,487.64 $0.00 $22,487.64 Sidewalks - (30 year replacement $4.77/SF) SF 144,120 $28,838.50 - $0.00 $28,838.50 Pavement Management - (Every 6 Years) SF 363,197 $23,678.64 - $0.00 $23,678.64 Subtotal $321.91 $75,004.77 $0.00 $0.00 $321.91 $75,004.77 Curb Inlet/Catch Basin EA 5
$1,799.65 36 $12,957.46 $14,757.10
Detention/Debris Basin SF -
$0.00 77,397 $24,319.58 $24,319.58
Storm Drain Pipe LF -
$0.00 7,075 $1,890.39 $1,890.39
Subtotal $7.72 $1,799.65 $168.10 $39,167.43 $175.82 $40,967.08 Neighborhood (5 ac. Per 1,000) Acre 3.69
$57,915.54 - $0.00 $57,915.54
Subtotal $248.56 $57,915.54 $0.00 $0.00 $248.56 $57,915.54 Graffiti
Abatement EA 233 $1,096.68 - $0.00 $1,096.68 Subtotal $4.71 $1,096.68 $0.00 $0.00 $4.71 $1,096.68
Total Direct Costs $861.91 $200,826.11 $168.10 $39,167.43 $1,030.02 $239,993.54 Description Tax A Total Tax B Total Total
Reserves (10%) - Does Not include Parks, Pavement, or Sidewalk $11,978.59 $3,916.74 $15,895.34 Auditor-Controller Fees ($135/Yr) $135.00 $135.00 $270.00 Admin (5%) - Minimum $1,000 $10,041.31 $1,958.37 $11,999.68 Total Soft Costs $95.09 $22,154.90 $25.79 $6,010.11 $120.88 $28,165.01 Grand Total $957.00 $222,981.00 $193.90 $45,177.54 $1,150.90 $268,158.55 Rate/Cost Rate Total Rate Total Rate Total
Per Unit $957.00 $222,981.00 $193.90 $45,177.54 $1,150.90 $268,158.55 Per Acre $3,027.99 $222,981.00 $613.49 $45,177.54 $3,641.48 $268,158.55 Soft Costs
Tax A Tax B ALL
LandLightingStreetsDrain