CFD 2025‐5 (Nautical Cove)
Proforma Summary Sheet
Applicant: KB Home
Project Description
Acreage Gross: 73.64; Net: 37.60
Development Description Detached Single Family Residential Units Number of Units (50 min) 233 Units
Estimated Home Size Range 1,539 SF to 3,119 SF
Average Home Size 2,364 SF
Average Estimated Home Price $651,698
Total Effective Tax Rate (2.00% Max) 2.00%
CFD Tax Rate Range $3,370 to $4,676
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Yes, CFD 2017‐1 Tax Zone 34
Maintenance CFD Rate $957/Unit
Bond Sizing Assumptions
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 0‐months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $933,789
Estimated Sources and Uses
Sources
Par Bond Amount $15,865,000
Uses
Reserve Fund $1,385,830
Capitalized Interest $0
Underwriter Discount $317,300
Cost of Issuance $250,000
Improvement Fund $13,911,870
Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Premium (20%) 4% $589,770 $589,770
City Facilities 28% $3,806,766 $3,806,766
City Fees 21% $2,948,848 $2,948,848
EMWD Fees 31% $4,307,238 $4,307,238
MUSD Fees 16% $2,664,327 $2,259,249
Totals 100% $14,316,948 $13,911,870
Unfunded $405,078
Proposed Schedule
Finance Committee July 9, 2025
Resolution of Intention September 3, 2025
Public Hearing October 15, 2025
2nd Reading Ordinance November 5, 2025