CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2026-3
(Cypress Sands)
Tract Nos. 39364
Calculation of Bond Sizing and Total Tax Rates
I. Home Prices and Combined Tax Rates:
Plan 1 1-E 2 3 4 CFD TOTAL
Range of Home Sizes in Square Feet per RMA Under Under 1,401 to Over Affordable 1,400 1,400 1,499 1,499 Housing
Estimated Home Size 1,312 1,312 1,423 1,510 1,364 1,386 Estimated Home Price $450,000 $470,000 $490,000 $510,000 $106,134 $346,112 Ad-Valorem Tax Rate (1.00%) $4,500.00 $4,700.00 $4,900.00 $5,100.00 $1,061.34 $3,461.12 Metro Water East (0.00700%) $31.50 $32.90 $34.30 $35.70 $7.43 $24.23 Menifee School (0.07500%) $337.50 $352.50 $367.50 $382.50 $79.60 $259.58 Perris Union HS (0.04712%) $212.04 $221.46 $230.89 $240.31 $50.01 $163.09 Mt. San Jacinto Jr. College (0.00254%) $11.43 $11.94 $12.45 $12.95 $2.70 $8.79 EMWD Improvement District U-35 (0.00430%) $101.25 $105.75 $110.25 $114.75 $23.88 $77.88 Subtotal GO Bond Debt $5,193.72 $5,424.55 $5,655.38 $5,886.22 $1,224.96 $3,994.69 Flood Control Stormwater $3.75 $3.75 $3.75 $3.75 $3.75 $2.93 EMWD Standby $11.00 $11.00 $11.00 $11.00 $11.00 $8.58
MWD Standby Charge $6.94 $6.94 $6.94 $6.94 $6.94 $5.42
Perris Union HS CFD 92-1 $190.00 $190.00 $190.00 $190.00 $190.00 $148.26 Proposed CFD No. 2017-1 - Maint Svcs* $440.00 $440.00 $440.00 $440.00 $125.00 $329.02 Proposed CFD No. 2026-S - Safety Svcs* $525.00 $525.00 $525.00 $525.00 $150.00 $392.61 Proposed CFD No. 2026-3 - Facilities Tax** $2,630.00 $2,630.00 $2,968.00 $3,137.00 $0.00 $2,014.59 Subtotal Special Assessments and Taxes $3,806.69 $3,806.69 $4,144.69 $4,313.69 $486.69 $2,901.40 Total Annual Property Taxes $9,000.41 $9,231.24 $9,800.07 $10,199.91 $1,711.65 $6,896.09 Annual Prop. Tax Rates as % of Home Price 2.00% 1.96% 2.00% 2.00% 1.61% 1.99% Unit Mix 59 6 32 29 6 132
(1)Total CFD - Annual Tax Collections $155,170 $15,780 $94,976 $90,973 $0 $356,899 (2)Administration $30,000
Total Annual Special Taxes for Bonding
((1)Special Taxes - (2)Admin. / 110% Cov) $129,206 $13,140 $79,084 $75,751 $0 $297,181 II. Total Estimated Home Square Footage: 77,408 7,872 45,536 43,790 8,184 182,790 * 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) $5,710,000 Underwriter Discount (2.00%) $114,200
Reserve Fund (Maximum Annual Debt Service) $493,695
Capitalized Interest (6 mos.) $142,750
Incidental Costs (Estimate) $250,000
Total Discount, Reserve Fund, Capitalized Interest and Incidental Costs $1,000,645 Net Bond Proceeds $4,709,355
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2026-3
(Cypress Sands)
Tract Nos. 39364
Summary of Acreage, Undeveloped Property
And Backup Special Tax Rates
Tract Nos. 39364
126 Taxable Lots
(Cypress Sands)
I. Calculation of Net Taxable Acres:
Gross Acreage 9.27
Less: Exempt Acres 4.81
Net Taxable Acres 4.46
II. Calculation of Undeveloped Property Tax Rate:
Total Developed Property Revenues $356,899
Net Taxable Acres 4.46
Less: Contingency Factor (10%) 0.45
Net Taxable Acres (Adjusted) 4.01
Undeveloped Property Tax Rate per Acre $88,914
Total Exempt Acreage 5.26
III. Calculation of Backup Special Tax Rate:
A. Backup Special Tax Rate per Unit
Total Taxable Acres (Adjusted) 4.01
Undeveloped Property Tax Rate per Acre $88,914
Total Units 126
Backup Special Tax per Unit $2,833
B. Backup Special Tax Rate per Lot Square Foot
Total Developed Property Revenues $356,899
Total Net Acres (Square Feet) 174,850
Backup Special Tax Rate per Lot Square Foot $2.0412
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2026-3
(Cypress Sands)
Tract Nos. 39364
Calculation of Bond Sizing and Total Tax Rates
Debt Service No. o f Total Annual
Tax Rate Units Collectable Tax Max Tax Rates
1,400 $2,630 59 $155,170 $167,120
1,400 $2,630 6 $15,780 $16,995
to 1,499 $2,968 32 $94,976 $94,976
Less than
Less than
1,401
Greater than 1,499 $3,137 29 $90,973 $90,973
Affordable Housing $0 6 $0 $16,995
Non-residential Property $88,914
Backup Tax Rate per Unit $2,833
Backup Tax Rate per S.F. $2.0412
132 $356,899 $387,06 0
Tax Rate for Bonding $324,60 0
Sizing at Max tax rate $6,200,00 0
Future Facilities (rounded up) $5,500,000
Range of Home Sizes
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2026-3
(Cypress Sands)
Tract Nos. 39364
Use of Bond Proceed
s
CFD 2026-3 Tract Nos. 39364
132 Lots
FUNDING REQUIREMENTS Per Lot (Cypress Sands)
City Fees
Law Enforcement $724 $95,568
Fire Facilities $506 $66,792
Circulation $3,585 $473,22 0
General Govt $920 $121,44 0
Parks and Recreation $1,348 $177,93 6
Storm Drain Fee $50 $6,600
Quimby $7,229 $954,254
Subtotal City Fees $14,362 $1,895,81 0
City Premium (20%) $2,872 $379,162
Total City Fees $17,235 $2,274,972
City Facilities
Street Improvements $14,394 $1,900,000
Design, Planning, Engineering (25%) $3,598 $475,00 0
Total City Facilities $17,992 $2,375,000
Total City Facilities and Fees $35,227 $4,649,972
Menifee Union School District Fees
Level I School Developer Fee $5,359 $707,38 6
Developer Fee Premium $1,340 $176,847
Total Menifee Union School District Fees $6,699 $884,233 Total Cost $41,926 $5,534,205
Potential Project Funds Available $4,709,355
ALLOCATION OF PROCEEDS % Per Lot Total
City Premium 0% $0 $0
City Facilities 50% $17,992 $2,375,00 0
City Fees 40% $9,852 $1,895,81 0
Other Agency 9% $0 $438,545
Total Funded by Bond Proceeds 100% $27,84 4 $4,709,355
UNFUNDED REQUIREMENTS
Total Fees to be Funded by Developer $824,850
CITY OF MENIFEE DRAFT v1
Community Facilities District No. 2026-3
(Cypress Sands)
Tract Nos. 39364
Revenue Coverage - Assigned Tax Rate
Year
Period
Ending
Gross
Revenues
Priority
Admin Principal Coupon Interest
Capitalized
Interest
Net Debt
Service
Debt
Service
Coverage
1 9/1/2027 $356,899 $30,00 0 $0 5.00% $285,50 0 $142,750 $142,750 N/A 2 9/1/2028 $364,03 7 $30,600 $15,000 5.00% $285,50 0 $300,500 110.96% 3 9/1/2029 $371,31 8 $31,212 $20,00 0 5.00% $284,75 0 $304,750 111.60% 4 9/1/2030 $378,74 4 $31,836 $30,000 5.00% $283,75 0 $313,750 110.57% 5 9/1/2031 $386,319 $32,473 $35,00 0 5.00% $282,25 0 $317,250 111.54% 6 9/1/2032 $394,045 $33,122 $45,00 0 5.00% $280,50 0 $325,500 110.88% 7 9/1/2033 $401,92 6 $33,785 $55,00 0 5.00% $278,25 0 $333,250 110.47% 8 9/1/203 4 $409,965 $34,461 $65,00 0 5.00% $275,50 0 $340,500 110.28% 9 9/1/2035 $418,16 4 $35,150 $75,000 5.00% $272,25 0 $347,250 110.30% 10 9/1/2036 $426,52 7 $35,853 $85,00 0 5.00% $268,50 0 $353,500 110.52% 11 9/1/2037 $435,05 8 $36,570 $95,000 5.00% $264,25 0 $359,250 110.92% 12 9/1/2038 $443,759 $37,301 $110,00 0 5.00% $259,50 0 $369,500 110.00% 13 9/1/2039 $452,63 4 $38,047 $120,00 0 5.00% $254,00 0 $374,000 110.85% 14 9/1/2040 $461,68 7 $38,808 $135,00 0 5.00% $248,00 0 $383,000 110.41% 15 9/1/2041 $470,921 $39,58 4 $150,000 5.00% $241,25 0 $391,250 110.25% 16 9/1/2042 $480,339 $40,37 6 $165,000 5.00% $233,75 0 $398,750 110.34% 17 9/1/2043 $489,94 6 $41,184 $180,000 5.00% $225,50 0 $405,500 110.67% 18 9/1/204 4 $499,745 $42,007 $195,00 0 5.00% $216,50 0 $411,500 111.24% 19 9/1/2045 $509,74 0 $42,847 $215,00 0 5.00% $206,75 0 $421,750 110.70% 20 9/1/2046 $519,93 4 $43,704 $235,000 5.00% $196,00 0 $431,000 110.49% 21 9/1/2047 $530,333 $44,578 $255,00 0 5.00% $184,25 0 $439,250 110.59% 22 9/1/2048 $540,94 0 $45,470 $275,000 5.00% $171,50 0 $446,500 110.97% 23 9/1/2049 $551,759 $46,379 $300,00 0 5.00% $157,75 0 $457,750 110.41% 24 9/1/2050 $562,79 4 $47,307 $325,00 0 5.00% $142,75 0 $467,750 110.21% 25 9/1/2051 $574,05 0 $48,253 $350,00 0 5.00% $126,50 0 $476,500 110.35% 26 9/1/2052 $585,531 $49,218 $375,00 0 5.00% $109,00 0 $484,000 110.81% 27 9/1/2053 $597,241 $50,203 $405,00 0 5.00% $90,25 0 $495,250 110.46% 28 9/1/205 4 $609,186 $51,207 $435,00 0 5.00% $70,00 0 $505,000 110.49% 29 9/1/2055 $621,37 0 $52,231 $465,00 0 5.00% $48,25 0 $513,250 110.89% 30 9/1/2056 $633,79 7 $53,275 $500,00 0 5.00% $25,00 0 $525,000 110.58% Total $14,478,70 7 $1,217,042 $5,710,00 0 $6,267,500 $142,750 $11,834,750 110.65%