CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 123 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 1,000 to Over 1,000 1,250 1,250
Estimated Home Size 918 1,206 1,336 1,190
Estimated Home Price $434,900 $470,900 $480,900 $466,505 Ad‐Valorem Tax Rate (1.00%) $4,349.00 $4,709.00 $4,809.00 $4,665.05 Metro Water East (0.00700%) $30.44 $32.96 $33.66 $32.66 Perris Union HS (0.04712%) $204.92 $221.89 $226.60 $219.82 Mt. San Jacinto Jr. College (0.00254%) $11.05 $11.96 $12.21 $11.85 Subtotal GO Bond Debt $4,595.41 $4,975.81 $5,081.48 $4,929.37 Flood Control Stormwater $3.75 $3.75 $3.75 $3.75
EMWD Standby $26.00 $26.00 $26.00 $26.00
MWD Standby charge $6.94 $6.94 $6.94 $6.94
Valley‐Wide Regional Facilities LMD 88‐1 $5.54 $5.54 $5.54 $5.54 Proposed CFD No. 2017‐1 ‐ Maint Svcs* $280.90 $280.90 $280.90 $280.90 Proposed CFD No. 2025‐4 ‐ Fac Special Tax** $2,949.00 $3,220.00 $3,284.00 $3,182.60 Subtotal Special Assessments and Taxes $3,272.13 $3,543.13 $3,607.13 $3,505.73 Total Annual Property Taxes $7,867.54 $8,518.94 $8,688.61 $8,435.10 Annual Prop. Tax Rates as % of Home Price 1.81% 1.81% 1.81% 1.81% Unit Mix 37 63 62 162 (1)Total CFD ‐ Annual Tax Collections $109,113 $202,860 $203,608 $515,581 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Special Taxes ‐ (2)Admin. / 110% Cov) $93,422 $173,687 $174,328 $441,437 II. Total Estimated Home Square Footage: 33,966 75,978 82,832 192,776 * 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) $8,690,000 Underwriter Discount (1.50%) $130,350
Reserve Fund (Maximum Annual Debt Service) $752,223
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,132,573 Net Bond Proceeds $7,557,427
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 38346
162 Lots
(Heritage Village)
I. Calculation of Net Taxable Acres:
Gross Acreage 7.52
Less: Exempt Acres 0.67
Net Taxable Acres 6.85
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $515,581
Net Taxable Acres 6.85
Less: Contingency Factor (10%) 0.69
Net Taxable Acres (Adjusted) 6.17
Undeveloped Property Tax Rate per Acre $83,630
Total Exempt Acreage 1.36
III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres 6.85
Undeveloped Property Tax Rate per Acre $83,630
Total Units 162
Backup Special Tax per Unit $3,536
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $515,581
Total Net Acres (Square Feet) 268,547
Backup Special Tax Rate per Lot Square Foot $1.9199
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. of Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
Less than 1,000 $2,949 37 $109,113 $130,840
1,000 to 1,250 $3,220 63 $202,860 $222,781
Greater than 1,250 $3,284 62 $203,608 $219,245
Non‐residential Property $83,630
Backup Tax Rate per Unit $3,536
Backup Tax Rate per S.F. $1.9199
162 $515,581 $572,866
Tax Rate for Bonding $493,514
Sizing at Max tax rate $10,000,000
Future Facilities (rounded up) $9,000,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
Use of Bond Proceeds
CFD 2025‐4 Tract Nos. 38346
162 Lots
FUNDING REQUIREMENTS Per Lot (Heritage Village)
City Fees
Law Enforcement $810 $131,220
Fire Facilities $566 $91,692
Circulation $4,012 $649,944
General Govt $1,030 $166,860
Parks and Recreation $1,509 $244,458
Quimby $3,040 $492,500
Subtotal City Fees $10,967 $1,776,674
City Premium (20%) $2,193 $355,335
Total City Fees $13,161 $2,132,009
City Facilities
Menifee Road Utility Undergrounding $10,703 $1,733,912
Menifee/Rouse Road Traffic Signal $580 $93,985
Menifee & Rouse Road, Street, Street Light & Median $8,724 $1,413,251 Total City Facilities $20,007 $3,241,148
Total City Facilities and Fees $33,168 $5,373,157
EMWD Fees
Sewer Financial Participation Charge $2,201 $356,566
Sewer Treatment Plant Capacity Charge $4,173 $675,993
Water Financial Participation Charge $988 $160,007
2" Meter Drop‐In Fee $17 $2,822
1/5" Irrigation Meter Capacity Fee $416 $67,320
1/5" Irrigation Meter Installation Fee $8 $1,322
Water Frontage Fees $246 $39,904
Total EMWD Fees $8,049 $1,303,934
Total EMWD Facilities and Fees $8,049 $1,303,934
Romoland School District Fees
School Developer Fee $7,083 $1,147,403
Total Romoland School District Fees $7,083 $1,147,403
Total Cost $48,299 $7,824,494
Potential Project Funds Available $7,557,427
ALLOCATION OF PROCEEDS % Per Lot Total
City Facilities 43% $20,007 $3,241,148
City Fees 24% $9,852 $1,776,674
City Premium 5% $2,193 $355,335
Other Agency 29% $13,483 $2,184,270
Total Funded by Bond Proceeds 100% $45,536 $7,557,427
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0
Unfunded Requirement $267,067
Total Fees to be Funded by Developer $267,067
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐4
(Heritage Village)
Tract Nos. 38346
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 $515,581 $30,000 $5,000 5.00% $434,500 $439,500 110.48% 2 9/1/2027 $525,893 $30,600 $15,000 5.00% $434,250 $449,250 110.25% 3 9/1/2028 $536,410 $31,212 $25,000 5.00% $433,500 $458,500 110.19% 4 9/1/2029 $547,139 $31,836 $35,000 5.00% $432,250 $467,250 110.28% 5 9/1/2030 $558,081 $32,473 $45,000 5.00% $430,500 $475,500 110.54% 6 9/1/2031 $569,243 $33,122 $55,000 5.00% $428,250 $483,250 110.94% 7 9/1/2032 $580,628 $33,785 $70,000 5.00% $425,500 $495,500 110.36% 8 9/1/2033 $592,241 $34,461 $80,000 5.00% $422,000 $502,000 111.11% 9 9/1/2034 $604,085 $35,150 $95,000 5.00% $418,000 $513,000 110.90% 10 9/1/2035 $616,167 $35,853 $110,000 5.00% $413,250 $523,250 110.91% 11 9/1/2036 $628,490 $36,570 $130,000 5.00% $407,750 $537,750 110.07% 12 9/1/2037 $641,060 $37,301 $145,000 5.00% $401,250 $546,250 110.53% 13 9/1/2038 $653,881 $38,047 $165,000 5.00% $394,000 $559,000 110.17% 14 9/1/2039 $666,959 $38,808 $185,000 5.00% $385,750 $570,750 110.06% 15 9/1/2040 $680,298 $39,584 $205,000 5.00% $376,500 $581,500 110.18% 16 9/1/2041 $693,904 $40,376 $225,000 5.00% $366,250 $591,250 110.53% 17 9/1/2042 $707,782 $41,184 $250,000 5.00% $355,000 $605,000 110.18% 18 9/1/2043 $721,938 $42,007 $275,000 5.00% $342,500 $617,500 110.11% 19 9/1/2044 $736,377 $42,847 $300,000 5.00% $328,750 $628,750 110.30% 20 9/1/2045 $751,104 $43,704 $325,000 5.00% $313,750 $638,750 110.75% 21 9/1/2046 $766,126 $44,578 $355,000 5.00% $297,500 $652,500 110.58% 22 9/1/2047 $781,449 $45,470 $385,000 5.00% $279,750 $664,750 110.72% 23 9/1/2048 $797,078 $46,379 $420,000 5.00% $260,500 $680,500 110.32% 24 9/1/2049 $813,019 $47,307 $455,000 5.00% $239,500 $694,500 110.25% 25 9/1/2050 $829,280 $48,253 $490,000 5.00% $216,750 $706,750 110.51% 26 9/1/2051 $845,865 $49,218 $530,000 5.00% $192,250 $722,250 110.30% 27 9/1/2052 $862,783 $50,203 $570,000 5.00% $165,750 $735,750 110.44% 28 9/1/2053 $880,038 $51,207 $615,000 5.00% $137,250 $752,250 110.18% 29 9/1/2054 $897,639 $52,231 $660,000 5.00% $106,500 $766,500 110.29% 30 9/1/2055 $915,592 $53,275 $710,000 5.00% $73,500 $783,500 110.06% 31 9/1/2056 $933,904 $54,341 $760,000 5.00% $38,000 $798,000 110.22% Total $21,850,034 $1,271,383 $8,690,000 $9,950,750 $18,640,750 110.40%