CFD 2026-3 (Cypress Sands)
Proforma Summary Sheet
Applicant: FB Cypress Sands LLC (Fairbrook Communities) Project Description
Acreage Gross: 9.27; Net Taxable: 4.46
Development Description Attached Townhome Condominium Units Number of Units 132 Total; 126 Taxa ble / 6 Affordable Housing Exempt Estimated Home Size Range 1,312 SF to 1,510 SF
Average Home Size 1,386 SF
Average Estimated Home Price Market Rate Avg.: $474,921; Affordable: $106,134 Total Effective Tax Rate (2.00% Max) 1.96% to 2.00% Market Rate; 1.61% Affordable Facilities CFD Tax Rate Range $2,630 to $3,137; Affordable Housing $0 Backup Special Tax $2,833 per Taxable Residential Unit
Escalation (2.00% Max) Yes, 2.00%
Maintenance CFD Rate – Tax B Preliminary: $440/Market Rate Unit; $125/Affordable Unit Safety Services CFD Rate Preliminary: $5 25/Market Rate Unit; $150/Affordable Unit Bond Sizing Assumptions
Average Coupon 5.00%
Priority Administration $30,000
Cost of Issuance $250,000
Capitalized Interest Period 6-months
Special Tax Escalation 2.00%
Bond Term 30 Years
Underwriter Discount 2.00%
Total Special Tax Revenues $356,899
Estimated Sources and Uses
Sources
Par Bond Amount $5,710,000
Uses
Reserve Fund $493,695
Capitalized Interest $142,750
Underwriter Discount $114,200
Cost of Issuance $250,000
Improvement Fund / Net Bond Proceeds $4,709,355
Allocation of Improvement Fund
Description % of Total Total Eligible Potentially Funded City Premium (20%) – Proposed to be waived 7% $379,162 TBD City Fees 34% $1,895,810 $1,895,810
City Facilities 43% $2,375,000 $2,375,000
MUSD Fees 16% $884,233 $438,545
Totals 100% $5,534,205 $4,709,355
Unfunded $824,850
Proposed Schedule
Finance Committee September 14, 2026
Resolution of Intention October 21, 2026
Public Hearing December 2, 2026
2nd Reading Ordinance December 16, 2026
Summary
CFD No. 2026-3 (Cypress Sands) is proposed to finance eligible City development impact fees, public improvements, and Menifee Union School District obligations associat ed with the 132-unit Cypress Sands residential development. The proposed structure includes 126 taxable residential units and si x Affordable Housing units proposed to be exempt from the Facilities CFD Special T ax.
Based on current assumptions, the CFD is estimated to support approximately $5.71 million in bonds and generate approximately $4.71 million in net bond proceeds for eligible project costs. Th e proposed formation will be co ordinated with the project’s participation in the providing maintenance services through a CFD 2026-3 Special Tax B and Special Tax C (Contingent) structure and Public Safety Services CFD. All financing assumptions, tax rates, eligible costs, and allocations remain preliminary and subject to City review and approval.