CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron)
Preliminary Bond Analysis - Parity
As of 3/9/2026
Preliminary Bond Compliance Table
Requirement 2023-2 IA 1
1. Value to Lien(1)
4.00:1 18.16:1
2. Delinquency Levels Less than 5% 0.00%
3. Effective Tax Rate(2)
2.00% 1.78% - 1.98%
(1) Value to Lien is based upon estimated sizing information and Proposed Home Prices. (2) Range includes estimated FY 2026-27 enrollment.
1. General Information & Development Status
District Formation Date April 19, 2023
District Assessed Value
(1) N/A
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2)
$0
Preliminary Value to Lien(3)
18.16:1
(1) District Assessed Value as of 3/6/2026
(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 amounts for EMWD and MUSD. 2/2/2026 Ownership Status As Of
Tract No. Land Owner Map Recordation
36658-1 thru -4 Pulte Home 12/23/2022
No. Lots @
Buildout
Permits Issued as of
2/2/2026
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
424 Lots 412 Lots 97% 2 407 7 424 Lots
Remaining 12 Lots Projected Closed of 424 Lots 100%
Permitted of 424 Lots 97%
2. Special Tax Levy & Delinquency Status (1)
No. Parcels FY 2025-26 Levy Del. Parcels Del. Amount Del. % (1) 412 $388,632 4 $1,769 0.46%
(1) There are no delinquencies for the FY 2023-24 levy, the first year levy. (2) Delinquency information is as of 3/11/2026.
3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $660,908 $7,462 $3,947 $976 $12,385 1.87%
(1) Based upon Sales Price provided by Pulte on February 2, 2026.
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: 9,497,623 $
Sources Total
Bond Proceeds: Par Amount 2,215,000 $
Total Sources 2,215,000 $
Uses Total
Debt Service Reserve Fund 201,813 $
Capitalized Interest -$
Underwriter's Discount 50,000 $
Cost of Issuance 250,000 $
Project Fund Proceeds 1,713,188 $
Total Uses 2,215,000$
Net Bond Funds -$
Criteria
Estimated Average Tax Bill for FY 25-26
CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron Ridge)
Tract Nos. 36658-1 thru 36658-
4 Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Tax Zone
Class 1246789 1 0 1 2 1 3 1 4 1 5
Min Lot Sizes 5000 5000 5000 5000 5000 10000 10000 10000 10000 5000 5000 5000 CFD TOTAL Range of Home Sizes in Square Feet per RMA Under 2,300 to 2,701 to 3,101 to Over Under 3,350 to 3,550 to Over Under 2,300 to Over 2,300 2,500 2,900 3,300 3,300 3,350 3,550 3,750 3,750 2,300 2,600 2,600 Estimated Home Size 1,959 2,404 2,824 3,125 3,410 2,550 3,520 3,699 3,961 1,959 2,404 2,824 2,395 Estimated Home Price $596,33 6 $589,016 $632,340 $715,283 $731,919 $768,68 0 $828,361 $829,839 $871,45 4 $534,608 $559,898 $584,177 $660,908 Ad-Valorem Tax Rate (1.00%) $5,963.36 $5,890.16 $6,323.40 $7,152.83 $7,319.19 $7,686.80 $8,283.61 $8,298.39 $8,714.54 $5,346.08 $5,598.98 $ 5,841.77 $6,609.08 Metro Water West (0.00700%) $41.74 $41.23 $44.26 $50.07 $51.23 $53.81 $57.99 $58.09 $61.00 $37.42 $39.19 $40.89 $46.26 Menifee School (0.05080%) $302.94 $299.22 $321.23 $363.36 $371.81 $390.49 $420.81 $421.56 $442.70 $271.58 $284.43 $296.76 $335.74 Perris Union HS (0.06850%) $408.49 $403.48 $433.15 $489.97 $501.36 $526.55 $567.43 $568.44 $596.95 $366.21 $383.53 $400.16 $452.72 Mt. San Jacinto Jr. College (0.00268%) $15.98 $15.79 $16.95 $19.17 $19.62 $20.60 $22.20 $22.24 $23.35 $14.33 $15.01 $15.66 $17.71 Subtotal GO Bond Debt $6,732.51 $6,649.87 $7,138.99 $8,075.40 $8,263.22 $8,678.24 $9,352.03 $9,368.71 $9,838.54 $6,035.62 $6,321.13 $6,595. 24 $7,461.52 Perris Union High School District CFD 92-1 $336.2 6 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 $336.26 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 EMWD Standby $21.0 0 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 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 Vallewide Regional Facility LMD 88-1 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 $5.54 Eastern Municipal Water District CFD 2018-81 $1,225.00 $1,285.00 $1,315.00 $1,315.00 $1,315.00 $1,450.00 $1,515.00 $1,515.00 $1,515.00 $1 ,700.00 $1,725.00 $1,725.00 $1,521.10 Menifee Union School District CFD 2020-1 $813.95 $889.29 $966.7 6 $1,085.62 $1,185.3 7 $889.29 $1,185.3 7 $1,235.25 $1,346.6 7 $931.74 $951.90 $990.11 $1,022.85 CFD No. 2017-1 Zone 22 - Maint Services FY 2026-27 $1,183.90 $1,183.90 $1,183.90 $1,183.90 $1,183.90 $958.24 $958.24 $958.24 $958.24 $958 .24 $958.24 $958.24 $1,029.56 CFD No. 2023-2 IA 1 - FY 2026-27 Special Tax** $850.02 $920.06 $1,018.74 $1,066.50 $1,134.42 $1,328.62 $1,464.46 $1,498.42 $1,553.60 $269 .54 $765.12 $894.58 $976.27 Subtotal Special Assessments and Taxes $4,446.38 $4,651.77 $4,857.92 $5,024.53 $5,192.21 $4,999.67 $5,496.59 $5,580.42 $5,747.03 $4,233.0 4 $4,773.78 $4,941.44 $4,923.30 Total Annual Property Taxes $11,178.90 $11,301.64 $11,996.91 $13,099.94 $13,455.43 $13,677.91 $14,848.61 $14,949.14 $15,585.57 $10,268.66 $11,094.91 $11,536.68 $12,384.82 Annual Prop. Tax Rates as % of Home Price 1.87% 1.92% 1.90% 1.83% 1.84% 1.78% 1.79% 1.80% 1.79% 1.92% 1.98% 1.97% 1.87% Unit Mix 37 25 22 26 24 25 29 30 32 58 59 57 424 (1)Total CFD - Annual Tax Collections (2% Escalator) $31,451 $23,002 $22,412 $27,729 $27,226 $33,216 $42,469 $44,953 $49,715 $15,633 $45,1 42 $50,991 $413,939 (2)Administration $46,212
Total Annual Special Taxes for Bonding
((1)Total Special Taxes - (2)Admin. / 110% Coverag $25,400 $18,576 $18,100 $22,394 $21,988 $26,825 $34,298 $36,304 $40,150 $12,625 $36,457 $41,180 $334,297 II. Total Estimated Home Square Footage: 72,483 60,100 62,128 81,250 81,840 63,750 102,080 110,970 126,752 113,622 141,836 160,968 1,177,779 III. CFD Bond Sizing & Construction Proceeds:
Bond Amount (5.00% Interest, 30 Year Term, 29 Year Amortization) $2,215,000 Underwriter Discount (2.00%) $50,000
Reserve Fund (Maximum Annual Debt Service) $201,813
Capitalized Interest (6 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $501,813 Net Bond Proceeds $1,713,188
12 3
CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron Ridge)
Tract Nos. 36658-1 thru 36658-4
Revenue Coverage - Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin
Series 2025A
Debt Service Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2027 $413,939 $46,836 $241,000 $0 5.00% $110,750 $110,750 113.86% 2 9/1/2028 $422,217 $47,773 $250,500 $0 5.00% $110,750 $110,750 111.91% 3 9/1/2029 $430,662 $48,728 $254,500 $5,000 5.00% $110,750 $115,750 110.09% 4 9/1/2030 $439,275 $49,703 $258,250 $5,000 5.00% $110,500 $115,500 113.70% 5 9/1/2031 $448,061 $50,697 $261,750 $10,000 5.00% $110,250 $120,250 112.78% 6 9/1/2032 $457,022 $51,711 $270,000 $10,000 5.00% $109,750 $119,750 112.99% 7 9/1/2033 $466,162 $52,745 $272,750 $15,000 5.00% $109,250 $124,250 113.21% 8 9/1/2034 $475,485 $53,800 $280,250 $15,000 5.00% $108,500 $123,500 114.52% 9 9/1/2035 $484,995 $54,876 $287,250 $20,000 5.00% $107,750 $127,750 111.84% 10 9/1/2036 $494,695 $55,973 $293,750 $25,000 5.00% $106,750 $131,750 110.04% 11 9/1/2037 $504,589 $57,093 $294,750 $30,000 5.00% $105,500 $135,500 112.73% 12 9/1/2038 $514,681 $58,235 $300,500 $35,000 5.00% $104,000 $139,000 112.19% 13 9/1/2039 $524,974 $59,399 $310,750 $35,000 5.00% $102,250 $137,250 112.81% 14 9/1/2040 $535,474 $60,587 $315,250 $40,000 5.00% $100,500 $140,500 113.62% 15 9/1/2041 $546,183 $61,799 $324,250 $45,000 5.00% $98,500 $143,500 111.59% 16 9/1/2042 $557,107 $63,035 $327,500 $50,000 5.00% $96,250 $146,250 113.90% 17 9/1/2043 $568,249 $64,296 $335,250 $55,000 5.00% $93,750 $148,750 113.41% 18 9/1/2044 $579,614 $65,582 $342,250 $65,000 5.00% $91,000 $156,000 110.12% 19 9/1/2045 $591,206 $66,893 $348,500 $70,000 5.00% $87,750 $157,750 111.45% 20 9/1/2046 $603,031 $68,231 $354,000 $75,000 5.00% $84,250 $159,250 113.53% 21 9/1/2047 $615,091 $69,596 $363,750 $80,000 5.00% $80,500 $160,500 113.24% 22 9/1/2048 $627,393 $70,988 $367,500 $90,000 5.00% $76,500 $166,500 113.46% 23 9/1/2049 $639,941 $72,408 $375,500 $100,000 5.00% $72,000 $172,000 111.65% 24 9/1/2050 $652,740 $73,856 $382,500 $110,000 5.00% $67,000 $177,000 110.95% 25 9/1/2051 $665,794 $75,333 $393,500 $115,000 5.00% $61,500 $176,500 111.59% 26 9/1/2052 $679,110 $76,839 $403,250 $120,000 5.00% $55,750 $175,750 113.24% 27 9/1/2053 $692,693 $78,376 $406,750 $135,000 5.00% $49,750 $184,750 112.35% 28 9/1/2054 $706,546 $79,944 $419,250 $145,000 5.00% $43,000 $188,000 110.29% 29 9/1/2055 $720,677 $81,543 $425,250 $155,000 5.00% $35,750 $190,750 112.13% 30 9/1/2056 $735,091 $83,173 $0 $560,000 5.00% $28,000 $588,000 110.87% Total $16,792,698 $1,900,047 $9,460,250 $2,215,000 $2,628,500 $4,843,500 307.48%
CITY OF MENIFEE
Community Facilities District No. 2023-2 IA 1
(Cimarron Ridge)
Tract Nos. 36658-1 thru 36658-4
Use of Bond Proceeds
IA 1 and 2
756 Lots 424 Lots
FUNDING REQUIREMENTS Per Lot Total IA 1
City Fees
Law Enforcement $1,390 $1,050,840 $589,360
Fire Facility $647 $489,132 $274,328
Circulation $7,090 $5,360,040 $3,006,160
Circulation Fee Credits ($2,588) ($1,956,866) ($1,097,502) General Government $1,176 $889,056 $498,624
Park Improvements $1,723 $1,302,588 $730,552
Park Improvement Fee Credit ($1,723) ($1,302,588) ($730,552) Subtotal DIF $7,715 $5,832,202 $3,270,970
City Premium $1,543 $1,166,440 $654,194
Total City Fees $9,257 $6,998,642 $3,925,165
City Facilities
City Traffic Signals $1,710 $1,292,870 $542,568
McLaughlin Street $1,506 $1,138,721 $477,877
Park Improvements $3,220 $2,434,493 $1,021,663
Design, Planning, & Engineering $482 $364,739 $153,067
Total City Facilities $6,919 $5,230,823 $2,195,175
Total City Fees and Facilities $16,177 $12,229,465 $6,120,340 EWMD Fees
Water Financial Participation $6,845 $5,174,820 $2,902,280 Sewer Financial Participation $3,208 $2,425,248 $1,360,192 Sewer Treatment Plant Capacity Charge $6,081 $4,597,236 $2,578,344 Water Supply Development Fee $377 $285,012 $159,848
Meter Fee $372 $281,232 $157,728
Irrigation Meter Fees 1.5" (Qty: 6 Meters) $247 $186,420 $104,553 Less: Estimated EMWD CFD Funding ($15,075) ($11,396,492) ($6,391,683) Total EMWD Fees $1,832 $1,553,476 $871,262
EMWD Facilities
Water Tank Improvements $4,244 $3,208,704 $1,173,961
Design, Planning, & Engineering (15%) $637 $481,306 $176,094 Total EMWD Facilities $4,881 $3,690,010 $1,350,056
Total EMWD Fees and Facilities $6,936 $5,243,486 $2,221,317 School District Fees
Perris Union High School $2,857 $2,159,588 $1,211,198
Menifee Union School District $1,529 $1,155,966 $648,320 Romoland School District $874 $660,408 $370,388
Total School District Fees $5,259 $3,975,962 $1,018,707 Total Cost $28,372 $21,448,913 $9,360,364
2025 Series Bonds Project Funds $3,977,820
Potential 2026 Project Funds Available $13,443,333 $1,713,188 Total Potential Project Funds Available $13,443,333 $5,691,007 ALLOCATION OF PROCEEDS % Per Lot Total IA 1
City Premium 9% $1,543 $1,166,440 $654,194
City Fees 43% $7,715 $5,832,202 $3,270,970
City Facilities 39% $6,919 $5,230,823 $1,765,842
EMWD Fees 9% $1,606 $1,213,868 $0
EMWD Facilities 0% $0 $0 $0
School District Fees 0% $0 $0 $0
Total Funded by Bond Proceeds 100% $17,782 $13,443,333 $5,691,007
UNFUNDED REQUIREMENTS
Total to be Funded by Developer $8,005,580