CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022‐3 IA 1
(Legado)
Preliminary Bond Analysis
As of 12/17/2025
Preliminary Bond Compliance Table
Requirement 2022 ‐3 IA 1
1. Value to Lien(1) 4.00:1 10.72:1
2. Delinquency Levels Less than 5% 0.00%
3. Effective Tax Rate(2) 2.00% 1.92% ‐ 2.03%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes FY 2025‐26 enrollment.
1. General Information & Development Status
District Formation Date September 21, 2022
District Assessed Value(1) $139,947,265
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2) $13,050,000
Preliminary Value to Lien(3) 10.72:1
(1) District Est. Assessed Value information for units included based on Proposed Home Prices. (2) Par amount estimated based on estimated 5.00% Interest Rate. (3) Value to Lien is based upon estimated sizing information, Proposed Home Prices, and estimated bond amount. 12/17/2025 Ownership Status As Of
Tract No. Land Owner Map Recordation
Several Lennar Homes 11/21/2024
No. Lots @
Buildout
Permits Issued as of
12/17/2025 Developed Percentage
Sold & In
Escrow to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
491 Lots 234 Lots 48% 23 99 12 159 Lots
Remaining 257 Lots Projected Closed of 226 Lots 70%
Permitted of 226 Lots 104%
2. Special Tax Levy & Delinquency Status
No. Parcels FY 2025‐26 Levy(1) Delinquencies(2)
102 $354,099 N/A
(1) FY 2025‐26 was first year levied.
(2) Delinquency information is as of 12/17/2025.
3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad‐Valorem Tax Other Taxes CFD Tax Total Tax ETR $619,236 $7,008 $1,952 $3,423 $12,383 2.00%
(1) Based upon Sales Price provided by Lennar Homes on December 17, 2025.
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: 10,125,117 $
Sources Total
Bond Proceeds: Par Amount 13,050,000 $
Total Sources 13,050,000 $
Uses Total
Debt Service Reserve Fund 2,479,133 $
Capitalized Interest ‐$
Underwriter's Discount 195,750 $
Cost of Issuance 250,000 $
Project Fund Proceeds 10,125,117 $
Total Uses 13,050,000 $
Criteria
Estimated Average Tax Bill for FY 25‐26
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022-3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 1 23456789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 Planning Area 1/8 1/8 1/8 1/8 10 3/10 3/10 332222 4 / 9 4 / 9 4 / 9 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 1,600 to 1,801 to Over Under 1,900 to 2,101 to 2,301 to Over Under 1,900 to 2,101 to 2,301 to 2,501 to 2,701 to 2,901 to 3,101 to 3,301 to Over 1,600 1,800 2,000 2,000 1,900 2,100 2,300 2,500 2,500 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300 3,500 3,500 Estimated Home Size 1,539 1,696 1,862 2,069 1,539 1,936 2,200 2,468 2,589 1,539 1,936 2,231 2,447 2,662 2,760 3,010 3,401 3,793 4,184 2,267 Estimated Home Price $541,835 $535,585 $555,72 0 $581,585 $541,835 $586,47 0 $597,970 $643,694 $697,450 $541,835 $586,47 0 $613,420 $638,266 $663,112 $675,065 $695,795 $743,99 8 $792,202 $840,405 $619,236 Ad-Valorem Tax Rate (1.00%) $5,418.35 $5,355.85 $5,557.20 $5,815.85 $5,418.35 $5,864.70 $5,979.70 $6,436.94 $6,974.50 $5,418.35 $5,864.70 $ 6,134.20 $6,382.66 $6,631.12 $6,750.65 $6,957.95 $7,439.98 $7,922.02 $8,404.05 $6,192.36 Metro Water West (0.00700%) $37.93 $37.49 $38.90 $40.71 $37.93 $41.05 $41.86 $45.06 $48.82 $37.93 $41.05 $42.94 $44.68 $46.42 $47.25 $48.71 $52. 08 $55.45 $58.83 $43.35 Menifee School (0.07500%) $406.38 $401.69 $416.79 $436.19 $406.38 $439.85 $448.48 $482.77 $523.09 $406.38 $439.85 $460.07 $478.70 $497.33 $506 .30 $521.85 $558.00 $594.15 $630.30 $464.43 Perris Union HS (0.04712%) $255.31 $252.37 $261.86 $274.04 $255.31 $276.34 $281.76 $303.31 $328.64 $255.31 $276.34 $289.04 $300.75 $312.46 $31 8.09 $327.86 $350.57 $373.29 $396.00 $291.78 Mt. San Jacinto Jr. College (0.00254%) $13.76 $13.60 $14.12 $14.77 $13.76 $14.90 $15.19 $16.35 $17.72 $13.76 $14.90 $15.58 $16.21 $16.84 $17.1 5 $17.67 $18.90 $20.12 $21.35 $15.73 Subtotal GO Bond Debt $6,131.73 $6,061.00 $6,288.86 $6,581.56 $6,131.73 $6,636.85 $6,766.99 $7,284.43 $7,892.76 $6,131.73 $6,636.85 $6,941. 83 $7,223.00 $7,504.17 $7,639.44 $7,874.03 $8,419.53 $8,965.03 $9,510.53 $7,007.64 Perris Union High School District CFD 92-1 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $ 342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3 .78 $3.78 $3.78 $3.78 $3.78 EMWD Standby $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 Menifee Union School District CFD 2022-1 $347.2 0 $382.62 $420.07 $466.77 $347.2 0 $436.76 $496.32 $556.78 $584.08 $347.2 0 $436.76 $503.31 $551.93 $600.55 $622.66 $679.06 $767.3 4 $855.63 $943.91 $511.40 CFD No. 2017-1 - Maintenance Services $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 $1,076.14 CFD No. 2022-3 - Facilities Special Tax $2,975.00 $2,984.00 $3,069.00 $3,163.00 $3,019.00 $3,201.00 $3,264.00 $3,397.00 $3,457.00 $3,019. 00 $3,201.00 $3,345.00 $3,563.00 $3,781.00 $3,907.00 $4,009.00 $4,375.00 $4,741.00 $5,108.00 $3,422.83 Subtotal Special Assessments and Taxes $4,763.04 $4,807.46 $4,929.91 $5,070.61 $4,807.04 $5,078.61 $5,201.17 $5,394.63 $5,481.92 $4,807.0 4 $5,078.61 $5,289.16 $5,555.78 $5,822.39 $5,970.50 $6,128.90 $6,583.19 $7,037.47 $7,492.76 $5,375.07 Total Annual Property Taxes $10,894.77 $10,868.46 $11,218.77 $11,652.18 $10,938.77 $11,715.45 $11,968.15 $12,679.05 $13,374.69 $10,938.77 $11,715.45 $12,230.99 $12,778.78 $13,326.57 $13,609.94 $14,002.93 $15,002.72 $16,002.50 $17,003.28 $12,382.71 Annual Prop. Tax Rates as % of Home Price 2.01% 2.03% 2.02% 2.00% 2.02% 2.00% 2.00% 1.97% 1.92% 2.02% 2.00% 1.99% 2.00% 2.01% 2.02% 2.01% 2.02% 2 .02% 2.02% 2.00% Unit Mix 16 16 16 16 5 23 19 10 19 10 15 8 1 12 15 11 - - 14 226 (1)Total CFD - Annual Tax Collections (2% Escalator) $47,600 $47,744 $49,104 $50,608 $15,095 $73,623 $62,016 $33,970 $65,683 $30,190 $48,0 15 $26,760 $3,563 $45,372 $58,605 $44,099 $0 $0 $71,512 $773,559 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes - (2)Admin. / 110% Coverage) $41,595 $41,720 $42,909 $44,223 $13,191 $64,334 $54,192 $29,684 $57,396 $26,381 $41,957 $23,384 $3,113 $39,648 $51,211 $38,535 $0 $0 $62,490 $675,963 II. Total Estimated Home Square Footage: 24,624 27,136 29,792 33,104 7,695 44,528 41,800 24,680 49,191 15,390 29,040 17,848 2,447 31,944 41,400 33,110 - - 58,576 512,305 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $13,050,000 Underwriter Discount (1.50%) $195,750
Reserve Fund (Maximum Annual Debt Service) $2,479,133
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) - 1st Series of Bonds $250,000 Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $2,924,883 Net Bond Proceeds $10,125,117
12 3
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022-3 IA 1
(Legado)
Tract Nos. 37408 & 37409
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 $773,559 $30,000 $20,000 5.00% $652,500 $672,500 110.57% 2 9/1/2027 $789,030 $30,600 $35,000 5.00% $651,500 $686,500 110.48% 3 9/1/2028 $804,811 $31,212 $50,000 5.00% $649,750 $699,750 110.55% 4 9/1/2029 $820,907 $31,836 $65,000 5.00% $647,250 $712,250 110.79% 5 9/1/2030 $837,325 $32,473 $85,000 5.00% $644,000 $729,000 110.40% 6 9/1/2031 $854,072 $33,122 $105,000 5.00% $639,750 $744,750 110.23% 7 9/1/2032 $871,153 $33,785 $125,000 5.00% $634,500 $759,500 110.25% 8 9/1/2033 $888,576 $34,461 $145,000 5.00% $628,250 $773,250 110.46% 9 9/1/2034 $906,348 $35,150 $170,000 5.00% $621,000 $791,000 110.14% 10 9/1/2035 $924,475 $35,853 $195,000 5.00% $612,500 $807,500 110.05% 11 9/1/2036 $942,964 $36,570 $220,000 5.00% $602,750 $822,750 110.17% 12 9/1/2037 $961,823 $37,301 $245,000 5.00% $591,750 $836,750 110.49% 13 9/1/2038 $981,060 $38,047 $275,000 5.00% $579,500 $854,500 110.36% 14 9/1/2039 $1,000,681 $38,808 $305,000 5.00% $565,750 $870,750 110.46% 15 9/1/2040 $1,020,695 $39,584 $340,000 5.00% $550,500 $890,500 110.18% 16 9/1/2041 $1,041,109 $40,376 $375,000 5.00% $533,500 $908,500 110.15% 17 9/1/2042 $1,061,931 $41,184 $410,000 5.00% $514,750 $924,750 110.38% 18 9/1/2043 $1,083,169 $42,007 $450,000 5.00% $494,250 $944,250 110.26% 19 9/1/2044 $1,104,833 $42,847 $490,000 5.00% $471,750 $961,750 110.42% 20 9/1/2045 $1,126,929 $43,704 $535,000 5.00% $447,250 $982,250 110.28% 21 9/1/2046 $1,149,468 $44,578 $580,000 5.00% $420,500 $1,000,500 110.43% 22 9/1/2047 $1,172,457 $45,470 $630,000 5.00% $391,500 $1,021,500 110.33% 23 9/1/2048 $1,195,906 $46,379 $685,000 5.00% $360,000 $1,045,000 110.00% 24 9/1/2049 $1,219,825 $47,307 $740,000 5.00% $325,750 $1,065,750 110.02% 25 9/1/2050 $1,244,221 $48,253 $795,000 5.00% $288,750 $1,083,750 110.35% 26 9/1/2051 $1,269,106 $49,218 $860,000 5.00% $249,000 $1,109,000 110.00% 27 9/1/2052 $1,294,488 $50,203 $925,000 5.00% $206,000 $1,131,000 110.02% 28 9/1/2053 $1,320,377 $51,207 $990,000 5.00% $159,750 $1,149,750 110.39% 29 9/1/2054 $1,346,785 $52,231 $1,065,000 5.00% $110,250 $1,175,250 110.15% 30 9/1/2055 $1,373,721 $53,275 $1,140,000 5.00% $57,000 $1,197,000 110.31% Total $31,381,803 $1,217,042 $13,050,000 $14,301,250 $27,351,250 110.29% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2022-3 IA 1
(Legado)
Tract Nos. 37408 & 37409
Use of Bond Proceeds
491 Lots 201 Lots 330 Lots 1022 Lots 226 Lots
FUNDING REQUIREMENTS IA 1 IA 2 IA 3 Total 1st Series
City Fees
Law Enforcement $113,421 $44,945 $73,789 $232,155 $52,206 Fire Facility $301,474 $119,463 $196,133 $617,070 $138,764 General Government $501,311 $198,651 $326,143 $1,026,105 $230,746 Pulic Use Facilities $75,614 $29,963 $49,193 $154,770 $34,804 Parks - Land Acquisition $105,565 $41,831 $68,679 $216,075 $48,590 Subtotal DIF $1,097,385 $434,853 $713,937 $2,246,175 $505,110 City Projects $219,477 $86,971 $142,787 $449,235 $219,477 Fair Share Traffic Impact Fee $2,212,038 $876,548 $1,439,109 $4,527,695 $1,018,168 Total City Fees $3,528,900 $1,398,371 $2,295,834 $7,223,105 $1,742,755 City Facilities
Circulation Facilities $7,527,503 $2,986,277 $4,902,843 $15,416,623 $7,527,503 Circulation Reimbursements $0 ($148,524) ($243,845) ($392,369) $0 Net Circulation Facilities $7,527,503 $2,837,753 $4,658,998 $15,024,254 $7,527,503 Storm Drain Facilities $1,495,000 $1,776,635 $2,916,864 $6,188,499 $1,495,000 Storm Drain Reimbursements $0 ($320,105) ($525,545) ($845,650) $0 Net Storm Drain Facilities $1,495,000 $1,456,530 $2,391,319 $5,342,849 $1,495,000 Park Facilities $1,380,000 $2,094,144 $3,438,146 $6,912,290 $1,380,000 Park Reimbursements $0 ($442,523) ($726,529) ($1,169,052) $0 Net Park Facilities $1,380,000 $1,651,621 $2,711,617 $5,743,238 $1,380,000 Interior Road Improvements $5,686,857 $4,516,925 $7,415,847 $17,619,629 $5,686,857 Total City Facilities $16,089,360 $10,462,830 $17,177,780 $43,729,970 $16,089,360 Total City Fees and Facilities $19,618,260 $11,861,201 $19,473,614 $50,953,075 $17,832,115 EWMD Fees
Sewer Financial Participation $1,725,374 $624,164 $1,024,748 $3,374,286 $794,164 Sewer Treatment Capacity $3,271,042 $1,183,150 $1,942,484 $6,396,676 $1,505,612 Water Financial Participation $3,681,518 $1,331,797 $2,186,533 $7,199,848 $1,694,548 Water Supply Development Fee $198,855 $72,378 $118,830 $390,063 $91,530 1" Meter Drop-In Fee $199,837 $73,351 $120,427 $393,615 $91,982 Landscape Meter Connection 1 @ 3" $204,180 $78,399 $128,714 $411,293 $93,981 Landscape Meter Connection 7 @ 1.5" $0 $35,283 $57,927 $93,210 $0 Landscape Meter Connection 7 @ 1" $0 $14,113 $23,171 $37,284 $0 Proposed Facilities - TBD $575,000 $0 $0 $575,000 $575,000 Total EMWD Fees $9,855,806 $3,412,635 $5,602,834 $18,871,275 $4,846,817 Dry Utilities $1,624,500 $0 $0 $1,624,500 $1,624,500
Total Cost $31,098,566 $15,273,836 $25,076,448 $71,448,850 $24,303,432 Potential Project Funds Available $25,568,604 $9,595,492 $14,954,029 $50,118,126 $10,125,117 ALLOCATION OF PROCEEDS % IA 1 IA 2 IA 3 Total 1st Series City Projects 2% $219,477 $86,971 $142,787 $449,235 $219,477 City Fees 15% $3,309,423 $1,311,401 $2,153,046 $6,773,870 $1,523,278 City Facilities 83% $16,089,360 $8,197,121 $12,658,195 $36,944,676 $8,382,362 EMWD Fees 0% $5,950,344 $0 $0 $5,950,344 $0
Total Funded by Bond Proceeds 100% $25,568,604 $9,595,492 $14,954,029 $50,118,125 $10,125,117
UNFUNDED REQUIREMENTS
Total to be Funded by Developer $5,529,962 $5,678,344 $10,122,419 $21,330,725 $14,178,315