CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐1
(Banner Park II)
Preliminary Bond Analysis
As of 12/12/2025
Preliminary Bond Compliance Table
Requirement 2024‐1
1. Value to Lien(1) 4.00:1 12.25:1
2. Delinquency Levels Less than 5% N/A
3. Effective Tax Rate(2) 2.00% 1.89% ‐ 1.91%
(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 August 7, 2024
District Est. Assessed Value(1) $77,910,810
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2)
$6,360,000
Preliminary Value to Lien(3)
12.25:1
(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 and Proposed Home Prices. 12/17/2025 Ownership Status As Of
Tract No. Land Owner Map Recordation
37671, ‐1, & ‐
2 Pulte Home 6/24/2024
No. Lots @
Buildout
Permits Issued as of
12/17/2025
Developed
Percentage
Sold & In
Escrow to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Three Month
Projection
182 Lots 128 Lots 70% 34 65 10 95 Lots
Remaining 54 Lots Projected Closed of 119 Lots 80%
Permitted of 119 Lots 100%
2. Special Tax Levy & Delinquency Status
No. Parcels FY 2025‐26 Levy(1) Delinquencies(2)
72 $238,288 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 $654,713 $7,465 $1,664 $3,307 $12,436 1.90%
(1) Based upon Sales Price provided by Pulte on December 17, 2025.
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: 5,128,798$
Sources Total
Bond Proceeds: Par Amount 6,360,000$
Total Sources 6,360,000$
Uses Total
Debt Service Reserve Fund 885,802$
Capitalized Interest ‐$
Underwriter's Discount 95,400$
Cost of Issuance 250,000$
Project Fund Proceeds 5,128,798$
Total Uses 6,360,000$
Criteria
Estimated Average Tax Bill for FY 25‐26
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐1
(Banner Park II)
Tract Nos. 37671, 37671‐1 & 37671‐2
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 1234 567 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,200 to 2,401 to 2,601 to 2,801 to 3,001 to Over 2,200 2,400 2,600 2,800 3,000 3,200 3,200
Estimated Home Size 2,191 2,391 2,462 2,654 2,824 3,047 3,237 2,615 Estimated Home Price $617,990 $623,990 $654,990 $646,990 $661,990 $699,990 $716,990 $654,713 Ad‐Valorem Tax Rate (1.00%) $6,179.90 $6,239.90 $6,549.90 $6,469.90 $6,619.90 $6,999.90 $7,169.90 $6,547.13 Metro Water West (0.00700%) $43.26 $43.68 $45.85 $45.29 $46.34 $49.00 $50.19 $45.83 Menifee School (0.07500%) $463.49 $467.99 $491.24 $485.24 $496.49 $524.99 $537.74 $491.03 Perris Union HS (0.04712%) $291.20 $294.02 $308.63 $304.86 $311.93 $329.84 $337.85 $308.50 Mt. San Jacinto Jr. College (0.00254%) $15.70 $15.85 $16.64 $16.43 $16.81 $17.78 $18.21 $16.63 EMWD ID U‐35 (0.0043%) $26.57 $26.83 $28.16 $27.82 $28.47 $30.10 $30.83 $28.15 EMWD ID U‐36 (0.0043%) $26.57 $26.83 $28.16 $27.82 $28.47 $30.10 $30.83 $28.15 Subtotal GO Bond Debt $7,046.69 $7,115.11 $7,468.59 $7,377.37 $7,548.41 $7,981.71 $8,175.55 $7,465.43 Flood Control Stormwater / Cleanwater / Santa Ana $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 $3.78 Valley Wide LMD 88‐1 Parks $311.00 $311.00 $311.00 $311.00 $311.00 $311.00 $311.00 $311.00 Valley Wide Regional Fac LMD 88‐1 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 EMWD Standby $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 Proposed CFD No. 2017‐1 ‐ Maintenance Services* $1,325.58 $1,325.58 $1,325.58 $1,325.58 $1,325.58 $1,325.58 $1,325.58 $1,325.58 Proposed CFD No. 2024‐1 ‐ Facilities Special Tax** $3,011.04 $3,089.58 $3,265.02 $3,280.32 $3,415.98 $3,638.34 $3,772.98 $3,306.63 Subtotal Special Assessments and Taxes $4,674.88 $4,753.42 $4,928.86 $4,944.16 $5,079.82 $5,302.18 $5,436.82 $4,970.47 Total Annual Property Taxes $11,721.57 $11,868.53 $12,397.45 $12,321.53 $12,628.23 $13,283.89 $13,612.37 $12,435.89 Annual Prop. Tax Rates as % of Home Price 1.90% 1.90% 1.89% 1.90% 1.91% 1.90% 1.90% 1.90% Unit Mix 17 28 27 1 22 10 14 119
(1)Total CFD ‐ Annual Tax Collections $51,188 $86,508 $88,156 $3,280 $75,152 $36,383 $52,822 $393,488 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Total Special Taxes ‐ (2)Admin. / 110% Coverage) $42,986 $72,648 $74,031 $2,755 $63,111 $30,554 $44,359 $330,444 II. Total Estimated Home Square Footage: 37,247 66,948 66,474 2,654 62,128 30,470 45,318 311,239 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2026 Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $6,360,000 Underwriter Discount (1.50%) $95,400
Reserve Fund (Maximum Annual Debt Service) $885,802
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,231,202 Net Bond Proceeds $5,128,798
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐1
(Banner Park II)
Tract Nos. 37671, 37671‐1 & 37671‐2
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 $393,488 $30,000 $10,000 5.00% $318,000 $328,000 110.82% 2 9/1/2027 $401,358 $30,600 $15,000 5.00% $317,500 $332,500 111.51% 3 9/1/2028 $409,385 $31,212 $25,000 5.00% $316,750 $341,750 110.66% 4 9/1/2029 $417,573 $31,836 $35,000 5.00% $315,500 $350,500 110.05% 5 9/1/2030 $425,925 $32,473 $40,000 5.00% $313,750 $353,750 111.22% 6 9/1/2031 $434,443 $33,122 $50,000 5.00% $311,750 $361,750 110.94% 7 9/1/2032 $443,132 $33,785 $60,000 5.00% $309,250 $369,250 110.86% 8 9/1/2033 $451,995 $34,461 $70,000 5.00% $306,250 $376,250 110.97% 9 9/1/2034 $461,034 $35,150 $80,000 5.00% $302,750 $382,750 111.27% 10 9/1/2035 $470,255 $35,853 $95,000 5.00% $298,750 $393,750 110.32% 11 9/1/2036 $479,660 $36,570 $105,000 5.00% $294,000 $399,000 111.05% 12 9/1/2037 $489,253 $37,301 $120,000 5.00% $288,750 $408,750 110.57% 13 9/1/2038 $499,039 $38,047 $135,000 5.00% $282,750 $417,750 110.35% 14 9/1/2039 $509,019 $38,808 $150,000 5.00% $276,000 $426,000 110.38% 15 9/1/2040 $519,200 $39,584 $165,000 5.00% $268,500 $433,500 110.64% 16 9/1/2041 $529,584 $40,376 $180,000 5.00% $260,250 $440,250 111.12% 17 9/1/2042 $540,175 $41,184 $200,000 5.00% $251,250 $451,250 110.58% 18 9/1/2043 $550,979 $42,007 $220,000 5.00% $241,250 $461,250 110.35% 19 9/1/2044 $561,998 $42,847 $240,000 5.00% $230,250 $470,250 110.40% 20 9/1/2045 $573,238 $43,704 $260,000 5.00% $218,250 $478,250 110.72% 21 9/1/2046 $584,703 $44,578 $285,000 5.00% $205,250 $490,250 110.17% 22 9/1/2047 $596,397 $45,470 $305,000 5.00% $191,000 $496,000 111.07% 23 9/1/2048 $608,325 $46,379 $335,000 5.00% $175,750 $510,750 110.02% 24 9/1/2049 $620,492 $47,307 $360,000 5.00% $159,000 $519,000 110.44% 25 9/1/2050 $632,901 $48,253 $390,000 5.00% $141,000 $531,000 110.10% 26 9/1/2051 $645,560 $49,218 $420,000 5.00% $121,500 $541,500 110.13% 27 9/1/2052 $658,471 $50,203 $450,000 5.00% $100,500 $550,500 110.49% 28 9/1/2053 $671,640 $51,207 $485,000 5.00% $78,000 $563,000 110.20% 29 9/1/2054 $685,073 $52,231 $520,000 5.00% $53,750 $573,750 110.30% 30 9/1/2055 $698,774 $53,275 $555,000 5.00% $27,750 $582,750 110.77% Total $15,963,071 $1,217,042 $6,360,000 $6,975,000 $13,335,000 110.58% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2024‐1
(Banner Park II)
Tract Nos. 37671, 37671‐1 & 37671‐2
Use of Bond Proceeds
All 182 Lots 119 Lots
FUNDING REQUIREMENTS (Banner Park II) 1st Series
City Fees
Law Enforcement $184,184 $120,428
Fire Facilities $128,856 $84,252
Circulation $1,413,048 $923,916
Circulation Credit (Briggs Full Width Credit ‐ Domenigoni to Angler) ($1,190,019) ($778,141) Animal Shelter $18,746 $12,257
General Govt $234,234 $153,153
Parks ‐ Land $343,070 $224,315
Subtotal City Fees $1,132,119 $740,180
City Premium (20%) ‐ All 182 Lots $226,424 $226,424
Total City Fees $1,358,543 $966,604
City Facilities
Traffic Signal (Briggs & Newport) $750,000 $750,000
Traffic Signal Modification (Lindenberger) $570,000 $570,000 Briggs Road $1,400,000 $1,400,000
Storm Drain $1,227,545 $1,227,545
In‐Tract Street Improvements $2,400,000 $2,400,000
Design, Planning & Engineering $317,377 $317,377
Total City Facilities $6,664,922 $6,664,922
Total City Facilities and Fees $8,023,465 $7,631,526
EMWD Fees
Sewer Financial Participation Charge $632,632 $632,632
Sewer Treatment Plant Capacity Charge $1,199,198 $1,199,198 Water Financial Participation Charge $1,349,712 $1,349,712 Water Supply Development Fee $71,526 $71,526
Irrigation Fee $100,980 $100,980
Meter Fee $68,614 $68,614
Total EMWD Fees $3,422,662 $3,422,662
Total EMWD Facilities and Fees $3,422,662 $3,422,662
Total Menifee Union School District Fees $637,000 $637,000 Dry Utilities $508,750 $508,750
Total Cost $12,591,877 $12,199,938
Potential Project Funds Available $5,128,798
ALLOCATION OF PROCEEDS % Total
City Facilities 81% $4,162,194
City Fees 14% $740,180
City Premium 4% $226,424
Other Agency 0% $0
Total Funded by Bond Proceeds 100% $5,128,798
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0
Unfunded Requirement $7,463,079
Total Fees to be Funded by Developer $7,463,079