Executive Summary
Community Facilities District No. 2025‐2 (Quartz Trail) Preliminary Bond Sale Analysis
Project Overview
Description Summary
Developer Lennar Homes
District Formation April 2, 2025
Project Location Southeast of Evans Road and Holland Road Development Detached Single Family Residential
Total Lots 80
Building Permits Issued 80 (100%)
FY 2026‐27 Developed Lots 75*
Homes Closed Escrow 48 (60%)
Homes Sold & In Escrow 26
Estimated Home Size 2,767 SF ‐ 4,134 SF
Average Home Size 3,374 SF
Average Estimated Sales Price $792,728
*Five building permits were issued after the May 1, 2026, building permit cutoff established in the Rate and Metho d of Apportionment. Accordingly, these lots are classified as Approved Property for FY 2026‐27 and will be classified as Developed Property for the FY 2027‐28 levy.
Preliminary Bond Summary
Description Amount
Estimated Par Amount $5,790,000
Estimated Bond Proceeds $4,922,541
Debt Service Reserve Fund $501,659
Cost of Issuance $250,000
Underwriter's Discount $115,800
Capitalized Interest None
Preliminary Bond Compliance
Description City Policy Preliminary Analysis
Value‐to‐Lien Ratio Minimum 4.00:1 10.27:1
Effective Tax Rate Maximum 2.00% 1.82% ‐ 1.84%
FY 2025‐26 Delinquencies Less than 5.00% 3.36%
Allocation of Bond Proceeds
Eligible Improvements 2026 Bonds
City Facilities $2,072,151
City Development Impact Fees $1,268,900
City Premium $253,780
EMWD Fees & Facilities $1,327,710
Total Improvement Fund $4,992,541
Remaining Eligible Improvements to be funded by Developer: $1,675,132
Summary
Community Facilities District No. 2025‐2 (Quartz Trail) was formed to finance eligible public improvements associated with Lennar Homes' 80‐lot residential subdivision. Building permits have been issued for all 80 lots within the development, and the project is projected to be fully absorbed prior to the proposed bond closing. Consistent with the Rate and Method of Apportionment, 75 lots are classified as Developed Property for the FY 2026/27 levy because building permits were issued on or before the May 1, 2026, building permit cutoff. The remaining five lots are classified as Approved Property for FY 2026/27 and are anticipated to become Developed Property for the FY 2027/28 levy. Accordingly, while the initial FY 2026/27 levy reflects 75 Developed Property lots, the proposed financing incorporates all 80 permitted lots into the long‐term repayment analysis.
The preliminary financing analysis demonstrates that the proposed bond issuance satisfies all City bond issuance policies, including value‐to‐lien, effective tax rate, and delinquency thresholds. Based on current market assumptions, approximately $5.79 million of Special Tax Bonds are expected to generate approximately $4.92 million of bond proceeds to reimburse eligible public improvements. The financing is expected to fund approximately 75% of the estimated $6.60 million in eligible project costs, with the remaining approximately $1.68 million continuing to be funded by the developer.