Finance Committee
March 16, 2026

CFD 2023-2 IA 1 (Cimarron Ridge)
Proforma Summary Sheet – Parity Bonds
Applicant: Pulte Homes
Assumptions
Description Amount
Average Coupon 5.00%
Priority Administration $46,212
Cost of Issuance $250,000
Capitalized Interest Period 0-months
Special Tax Escalation 2%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $413,939
Estimated Sources and Uses
Sources
Par Bond Amount $2,215,000
Uses
Reserve Fund $201,813
Capitalized Interest $0
Underwriter Discount $50,000
Cost of Issuance $250,000
Improvement Fund $1,713,188
Allocation of Improvement Fund
Description Eligible
Costs Funded 2025A Bonds 2026 Bonds
City Facilities $5,230,823
City Fees $5,832,202
City Premium $1,166,440
EMWD Fees & Facilities $5,243,486
Perris UHS $2,159,588
Menifee USD $1,155,966
Romoland SD $660,408
Totals $21,448,913 $3,977,820 $1,713,188
Unfunded $15,757,905
Other Items
Acreage Gross: 110.52; Net: 53.84
Development Description Detached Single Family Residential Number of Units (50 min) 412 Developed Units; 424 Total Units Estimated Home Size Range 1,959 SF to 3,961 SF
Average Home Size 2,395 SF
Average Estimated Home Price $660,908
Total Effective Tax Rate (2% Max) 1.87%
CFD Tax Rate Range $270 to $1,554
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD CFD 2017-1 Tax Zone 22A, 22B, 22C
Maintenance CFD Rate $1,184(A), $958(B & C) per Unit