Finance Committee
January 13, 2026

CFD 2025‐4 (Heritage Village) – CHANGE PROCEEDING
Proforma Summary Sheet
Applicant: Lennar Homes
Project Description
Acreage  Gross: 7.52; Net: 6.85
Development Description  Attached Row Townhome Residential Units Number of Units (50 min)  162 Units
Estimated Home Size Range  918 SF to 1,336 SF
Average Home Size  1,190 SF
Average Estimated Home Price  $466,505
Total Effective Tax Rate (2.00% Max)  1.81%
CFD Tax Rate Range  $2,949 to $3,284
Escalation (2.00% Max)  Yes, 2.00%
Maintenance CFD  Yes, CFD 2017‐1 Tax Zone 29
Maintenance CFD Rate  $281/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  1.50%
Total Special Tax Revenues  $515,581
Estimated Sources and Uses
Sources
Par Bond Amount  $8,690,000
Uses
Reserve Fund  $752,223
Capitalized Interest  $0
Underwriter Discount  $130,350
Cost of Issuance  $250,000
Improvement Fund  $7,557,427
Allocation of Improvement Fund
Description  % of Total
Original
Eligible
Revised
Eligible
Potentially
Funded
City Fees & Facilities  66%  $5,939,555  $5,017,822  $5,017,822 City Premium (20%)  5%  $349,476  $355,335  $355,335
Eastern Municipal Water District  17%  $2,853,317  $1,303,934  $1,303,934 Romoland School District  12%  N/A  $1,147,403  $880,336 Totals $9,142,348  $7,824,494  $7,557,427
Unfunded $267,067
Proposed Schedule
Finance Committee  January 13, 2026
Resolution of Intention  March 18, 2026
Public Hearing  May 6, 2026
2nd Reading Ordinance  May 20, 2026