CITY OF MENIFEE
Community Facilities District No. 2025-2
(Quartz Trail)
Preliminary Bond Analysis
As of 6/29/2026
Preliminary Bond Compliance Table
Requirement 2025-2
1. Value to Lien(1)
4.00:1 10.27:1
2. Delinquency Levels Less than 5% 3.36%
3. Effective Tax Rate(2)
2.00% 1.82% - 1.84%
(1) Value to Lien is based upon average Estimated Sold Home Prices. (2) Range includes estimated FY 2026-27 enrollment.
1. General Information & Development Status
District Formation Date April 2, 2025
District Assessed Value(1) N/A
Bond Structure 100% Assigned
Estimated Preliminary Par Amount(2)
$5,790,000
Preliminary Value to Lien(3)
10.27:1
(1) District Assessed Value information not available for FY 2026/27 via Riverside County as of 6/29/2026 (2) Par amount estimated based on estimated 5.00% Interest Rate. (3) Value to Lien is based upon estimated sizing information, Sold Home Prices from Lennar. 5/27/2026 Ownership Status As Of
Tract No. Land Owner Map Recordation
36803 Lennar 2/13/2025
No. Lots @
Buildout
Permits Issued as of
5/27/2026
Developed
Percentage
Sold & In Escrow
to Date
Sold & Closed
to Date
Ave Monthly
Absorption
Five Month
Projection
80 Lots 80 Lots 100% 26 48 1 80 Lots
Remaining 0 Lots Projected Closed of 80 Lots 100%
Permitted of 80 Lots 100%
2. Special Tax Levy & Delinquency Status
No. Parcels FY 2025-26 Levy Delinquencies(1)
34 $148,517 $4,994
(1) Delinquency information is as of 6/29/2026.
3. Bond Issuance Impact to Property Owners
Avg Home
Value(1) Ad-Valorem Tax Other Taxes CFD Tax Total Tax ETR $792,728 $9,039 $1,019 $4,437 $14,495 1.83%
(1) Based upon Sales Price provided by Lennar on May 27, 2026.
4. Proposed Use of Proceeds (Preliminary)
Estimated Project Fund Capacity: 6,597,673$
Sources Total
Bond Proceeds: Par Amount 5,790,000 $
Facilities Special Tax Levy FY 25-26 143,523 $
Total Sources 5,933,523 $
Uses Total
Debt Service Reserve Fund 501,659 $
Capitalized Interest -$
Underwriter's Discount 115,800$
Cost of Issuance 250,000$
Project Fund Proceeds 4,922,541$
Total Uses 5,790,000$
Net Bond Funds 143,523$
Criteria
Estimated Average Tax Bill for FY 26-27
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 12345678 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under 2,800 to 3,001 to 3,201 to 3,401 to 3,601 to 3,801 to Over 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,000
Estimated Home Size 2,767 2,889 3,010 3,217 3,423 3,660 3,897 4,134 3,374 Estimated Home Price $718,310 $724,225 $730,141 $764,936 $799,732 $833,248 $866,764 $900,280 $792,728 Ad‐Valorem Tax Rate (1.00%) $7,183.10 $7,242.25 $7,301.41 $7,649.36 $7,997.32 $8,332.48 $8,667.64 $9,002.80 $7,927.28 Metro Water East (0.00700%) $50.28 $50.70 $51.11 $53.55 $55.98 $58.33 $60.67 $63.02 $55.49 Perris Union HS (0.04712%) $338.47 $341.25 $344.04 $360.44 $376.83 $392.63 $408.42 $424.21 $373.53 Mt. San Jacinto Jr. College (0.00254%) $18.25 $18.40 $18.55 $19.43 $20.31 $21.16 $22.02 $22.87 $20.14 Menifee Union School (0.07500%) $538.73 $543.17 $547.61 $573.70 $599.80 $624.94 $650.07 $675.21 $594.55 EMWD IMP U‐35 (0.00430%) $30.89 $31.14 $31.40 $32.89 $34.39 $35.83 $37.27 $38.71 $34.09 EMWD IMP U‐36 (0.00430%) $30.89 $31.14 $31.40 $32.89 $34.39 $35.83 $37.27 $38.71 $34.09 Subtotal GO Bond Debt $8,190.60 $8,258.05 $8,325.50 $8,722.26 $9,119.02 $9,501.19 $9,883.36 $10,265.53 $9,039.16 Perris Union HS CFD 92‐1 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 $342.99 Flood Control Stormwater $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 $3.76 EMWD Standby $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 MWD Standby charge $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 $6.94 CFD No. 2017‐1 Zone 13 ‐ Maint Svcs* $640.47 $640.47 $640.47 $640.47 $640.47 $640.47 $640.47 $640.47 $640.47 Proposed CFD No. 2025‐2 ‐ Fac Special Tax** $4,039.20 $4,070.82 $4,103.46 $4,243.20 $4,382.94 $4,620.60 $4,857.24 $5,093.88 $4,437.01 Subtotal Special Assessments and Taxes $5,058.36 $5,089.98 $5,122.62 $5,262.36 $5,402.10 $5,639.76 $5,876.40 $6,113.04 $5,456.17 Total Annual Property Taxes $13,248.95 $13,348.02 $13,448.12 $13,984.62 $14,521.12 $15,140.95 $15,759.76 $16,378.57 $14,495.33 Annual Prop. Tax Rates as % of Home Price 1.84% 1.84% 1.84% 1.83% 1.82% 1.82% 1.82% 1.82% 1.83% Unit Mix 17 ‐ 18 ‐ 19 ‐ ‐ 21 75
(1)Total CFD ‐ Annual Tax Collections $68,666 $0 $73,862 $0 $83,276 $0 $0 $106,971 $332,776 (2)Administration $30,600
Total Annual Special Taxes for Bonding
((1)Special Taxes ‐ (2)Admin. / 110% Cov) $56,684 $0 $60,973 $0 $68,744 $0 $0 $88,305 $274,705 II. Total Estimated Home Square Footage: 47,039 ‐ 54,180 ‐ 65,037 ‐ ‐ 86,814 253,070 * Escalates at greater of 2% or CPI
** Includes a 2% annual escalator for debt service
III. CFD Bond Sizing & Construction Proceeds:
2025 Bond Amount (5.00% Interest, 30-Year Term, 29-Year Amortization) $5,790,000 Underwriter Discount (2.00%) $115,800
Reserve Fund (Maximum Annual Debt Service) $501,659
Capitalized Interest (0 mos.) $0
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $867,459 Net Bond Proceeds $4,922,541
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Revenue Coverage ‐ Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2027 $332,776 $30,600 $0 5.00% $289,500 $289,500 104.38% 2 9/1/2028 $362,599 $31,212 $10,000 5.00% $289,500 $299,500 110.65% 3 9/1/2029 $369,851 $31,836 $15,000 5.00% $289,000 $304,000 111.19% 4 9/1/2030 $377,248 $32,473 $20,000 5.00% $288,250 $308,250 111.85% 5 9/1/2031 $384,793 $33,122 $30,000 5.00% $287,250 $317,250 110.85% 6 9/1/2032 $392,489 $33,785 $40,000 5.00% $285,750 $325,750 110.12% 7 9/1/2033 $400,339 $34,461 $45,000 5.00% $283,750 $328,750 111.29% 8 9/1/2034 $408,346 $35,150 $55,000 5.00% $281,500 $336,500 110.91% 9 9/1/2035 $416,512 $35,853 $65,000 5.00% $278,750 $343,750 110.74% 10 9/1/2036 $424,843 $36,570 $75,000 5.00% $275,500 $350,500 110.78% 11 9/1/2037 $433,340 $37,301 $85,000 5.00% $271,750 $356,750 111.01% 12 9/1/2038 $442,006 $38,047 $95,000 5.00% $267,500 $362,500 111.44% 13 9/1/2039 $450,846 $38,808 $110,000 5.00% $262,750 $372,750 110.54% 14 9/1/2040 $459,863 $39,584 $120,000 5.00% $257,250 $377,250 111.41% 15 9/1/2041 $469,061 $40,376 $135,000 5.00% $251,250 $386,250 110.99% 16 9/1/2042 $478,442 $41,184 $150,000 5.00% $244,500 $394,500 110.84% 17 9/1/2043 $488,011 $42,007 $165,000 5.00% $237,000 $402,000 110.95% 18 9/1/2044 $497,771 $42,847 $180,000 5.00% $228,750 $408,750 111.30% 19 9/1/2045 $507,726 $43,704 $200,000 5.00% $219,750 $419,750 110.55% 20 9/1/2046 $517,881 $44,578 $220,000 5.00% $209,750 $429,750 110.13% 21 9/1/2047 $528,239 $45,470 $240,000 5.00% $198,750 $438,750 110.03% 22 9/1/2048 $538,803 $46,379 $260,000 5.00% $186,750 $446,750 110.22% 23 9/1/2049 $549,579 $47,307 $280,000 5.00% $173,750 $453,750 110.69% 24 9/1/2050 $560,571 $48,253 $305,000 5.00% $159,750 $464,750 110.24% 25 9/1/2051 $571,782 $49,218 $330,000 5.00% $144,500 $474,500 110.13% 26 9/1/2052 $583,218 $50,203 $355,000 5.00% $128,000 $483,000 110.36% 27 9/1/2053 $594,882 $51,207 $380,000 5.00% $110,250 $490,250 110.90% 28 9/1/2054 $606,780 $52,231 $410,000 5.00% $91,250 $501,250 110.63% 29 9/1/2055 $618,916 $53,275 $440,000 5.00% $70,750 $510,750 110.75% 30 9/1/2056 $631,294 $54,341 $470,000 5.00% $48,750 $518,750 111.22% 31 9/1/2057 $643,920 $55,428 $505,000 5.00% $25,250 $530,250 110.98% Total $15,042,728 $1,296,811 $5,790,000 $6,636,750 $12,426,750 110.62% CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2025‐2
(Quartz Trail)
Tract Nos. 36803
Use of Bond Proceeds
CFD 2025‐2 Tract Nos. 36803
80 Lots
FUNDING REQUIREMENTS Per Lot (Quartz Trail)
City Fees
Law Enforcement $1,012 $80,960
Fire Facilities $708 $56,640
Circulation $7,764 $621,120
General Govt $1,287 $102,960
Parks and Recreation $1,885 $150,800
Quimby $2,921 $233,700
Storm Drain A‐B Watershed $284 $22,720
Subtotal City Fees $15,861 $1,268,900
City Premium (20%) $3,172 $253,780
Total City Fees $19,033 $1,522,680
City Facilities
Offsite Storm Drain (Evans & Holland) $11,720 $937,589
City Landscape / DG Trail Improvements $3,125 $250,000
Street Improvements (Holland, Evans, Corson) $11,057 $884,562 Total City Facilities $25,902 $2,072,151
Total City Facilities and Fees $44,935 $3,594,831
EMWD Fees
Sewer Financial Participation Charge $3,514 $281,120
Sewer Treatment Plant Capacity Charge $6,662 $532,960
Water Financial Participation Charge $7,498 $599,840
Water Supply Development Fee $407 $32,560
1" Meter Drop‐In Fee $405 $32,400
Irrigation Meter Fees $821 $65,680
Total EMWD Fees $19,307 $1,544,560
EMWD Facilities
Water Improvements $5,599 $447,929
Sewer Improvements $4,371 $349,704
Recycled Water Improvements $8,258 $660,649
Total EMWD Facilities $18,229 $1,458,282
Total EMWD Facilities and Fees $37,536 $3,002,842
Total Cost $82,471 $6,597,673
Potential Project Funds Available $4,922,541
ALLOCATION OF PROCEEDS % Per Lot Total
City Facilities 42% $25,902 $2,072,151
City Fees 26% $9,852 $1,268,900
City Premium 5% $3,172 $253,780
Other Agency 27% $16,596 $1,327,710
Total Funded by Bond Proceeds 100% $55,523 $4,922,541
UNFUNDED REQUIREMENTS
Net Bond Proceeds Deficit $0
Unfunded Requirement $1,675,132
Total Fees to be Funded by Developer $1,675,132