Moneys in the Special Tax Fund will be held by the Fiscal Agent for the benefit of the Authority and the Owners of the Bonds, will be disbursed as provided below and, pending any disbursement, will be subject to a lien in favor of the Owners of the Bonds and the Authority.
Disbursements. On each Interest Payment Date, the Fiscal Agent will withdraw from the Special Tax Fund and transfer the following amounts in the following order of priority:
(i) to the Bond Fund an amount, taking into account any amounts then on deposit in the Bond Fund and any expected transfers under the Fiscal Agent Agreement from the accounts within the Improvement Fund, the Reserve Fund, the Capitalized Interest Account and the Special Tax Prepayments Account to the Bond Fund, such that the amount in the Bond Fund equals the principal (including any sinking payment), premium, if any, and interest due on the Bonds on such Interest Payment Date; and
(ii) to the Reserve Fund an amount, taking into account amounts then on deposit in the Reserve Fund, such that the amount in the Reserve Fund is equal to the Reserve Requirement.
In addition to the foregoing, if in any Fiscal Year there are sufficient funds in the Special Tax Fund to make the foregoing transfers to the Bond Fund and the Reserve Fund in respect of the Interest Payment Dates occurring in the Bond Year that commences in such Fiscal Year, the Treasurer may transfer any amount in the Special Tax Fund in excess of the amount needed to make such transfers to the Bond Fund and the Reserve Fund (i) to the Administrative Expense Fund, from time to time, if monies are needed to pay Administrative Expenses in excess of the amount then on deposit in the Administrative Expense Fund; (ii) to such other fund or account established to pay debt service on or administrative expenses with respect to any bonds or other debt secured by a pledge of Special Tax Revenues subordinate to the pledge thereof under the Fiscal Agent Agreement; or (iii) to such other fund or account established by the Authority to be used for any lawful purpose under the Act and otherwise in accordance with the provisions of the Rate and Method.
Summary of Rate and Method
Special Tax Formula - Calculation of Annual Special Taxes. The Rate and Method is used to determine and allocate the amount of the Special Tax A, the Special Tax B and the Special Tax C that is needed to be collected each fiscal year among the Taxable Properties within the District, based upon the development status of the Taxable Property and its size, subject to a maximum tax rate that may be levied against each class of Taxable Property. The Rate and Method is set forth in full in Appendix B, and the following is a summary of the Rate and Method. Capitalized terms used, but not otherwise defined, in this section have the meanings given to them in the Rate and Method.
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The Rate and Method provides that the Annual Special Tax A may be levied only so long as any Bonds are outstanding, provided that levies may continue if there are any delinquent Special Taxes in order to collect those delinquent amounts but not in any event later than Fiscal Year 2064-65. The annual Special Tax A will first be levied on property in the District in Fiscal Year 2026-27. The Annual Special Tax B may only be levied on Developed Property, as described below, and may be levied so long as Authorized Services are being provided and shall not be levied during or after the Transition Year. The Special Tax C, for the Transition Year and each Fiscal Year thereafter, shall be levied in perpetuity so long as the Authorized Services are being provided.
Special Tax Requirements. Annually, at the time of levying the Special Tax, the Authority, with the assistance of a special tax administrator (currently Webb Municipal Finance, LLC), determines the amount of money to be collected from Taxable Property in the District (the "Special Tax A Requirement"), which will be the amount required in any Fiscal Year to pay the following: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses (apportioned between Special Tax A and Special Tax B), (iii) any amount required to establish or replenish any reserve funds established in association with the Bonds, and (iv) the collection or accumulation of funds for the acquisition or construction of Improvements or payment of fees authorized by the District by the levy on Developed Property of the Assigned Annual Special Tax A provided that the inclusion of such amount does not cause an increase in the levy of Special Tax A on Approved Property or Undeveloped Property as set forth in Step Two and Three described under the subheading "Method of Apportionment" below, less (v) any amount available to pay debt service or other periodic costs on the Bonds pursuant to the Fiscal Agent Agreement. The Authority, with the assistance of the special tax administrator, will also determine the amount of money to be collected from Taxable Property in the District (the "Special Tax B Requirement" and the "Special Tax C Requirement"), which will be the amount required in any Fiscal Year before and after the Transition Event, respectively, to pay for the municipal services the District is authorized to fund, as well as a share of the costs of administration of the District.
Classification of Property. The Rate and Method provides that for each Fiscal Year, all Assessor's Parcels within the District be classified as either Taxable Property or Exempt Property. Taxable Property is further classified as Developed Property, Approved Property, Undeveloped Property, or Provisional Exempt Property. In addition, each Assessor's Parcel of Developed Property is further classified as Residential Property, Multifamily Residential Property or Non -Residential Property. Assessor's Parcels of Residential Property are further categorized based on the Building Square Footage of each such Assessor's Parcel.
Under the Rate and Method, "Developed Property" includes all Assessor's Parcels of Taxable Property for which a Final Map was recorded as of the January 1 preceding the Fiscal Year in which Special Tax A, Special Tax B or Special Tax C are being levied and for which a building permit was issued on or before April 1st preceding the Fiscal Year in which any or all of the Special Taxes are levied. "Undeveloped Property" includes all Taxable Property not classified as Developed Property, Approved Property or Provisional Exempt Property. "Approved Property" includes all Assessor's Parcels of Taxable Property other than Provisional Exempt Property: (i) that are included in a Final Map that was recorded prior to the January 1 st immediately preceding the Fiscal Year for which the Special Tax A is being levied, and (ii) that have not been issued a building permit on or before the April 1 st immediately preceding the Fiscal Year for which the Special Tax A is being levied. "Provisional Exempt Property" includes all Assessor's Parcels of Taxable Property subject to Special Tax A that would otherwise be classified as Exempt Property pursuant to the provisions of the Rate and Method, but cannot be classified as Exempt Property because to do so would reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in the Exempt Property section (Section P) of the Rate and Method.
Final Maps were recorded for all Taxable Property in the District on January 15, 2025. Because the Final Maps were recorded after January 1, 2025, all Taxable Property in the District is classified as Undeveloped Property for Fiscal Year 2025-26. Accordingly, no Special Tax A was levied on property in the District for Fiscal Year 2025-26. See "THE DISTRICT—Prado" for the status of issuance of building permits within the District as of August 4, 2025. Parcels in the District for which building permits are issued on or before April 1, 19 4931-6664-9441v5/201033-0003
2026 will be classified as Developed Property for Fiscal Year 2026-27. Parcels in the District for which building permits have not been issued on or before April 1, 2026 will be classified as Approved Property for Fiscal Year 2026-27. See Table 3 under the heading "THE DISTRICT —Value -to -District Lien Ratios — Value -to -District Lien Ratio Distribution."
Backup Special Tax. At the time a Final Map is recorded, the CFD Administrator will determine the Backup Annual Special Tax A for all Assessor's Parcels classified or reasonably expected to be classified as Residential Property within such Final Map by multiplying the Maximum Special Tax A rate for Undeveloped Property by the total Acreage of Taxable Property, excluding the Provisional Exempt Property Acreage, Non - Residential Property Acreage, Multifamily Residential Property Acreage and any Acreage reasonably expected to be classified as Exempt Property, and dividing such amount by the total number of such Assessor's Parcels which are classified or reasonably expected to be classified as Residential Property.
The Backup Annual Special Tax A rate for Multifamily Residential Property or Non -Residential Property is the Assigned Annual Special Tax A rate.
On each July 1, commencing July 1, 2024, the Backup Annual Special Tax A will be increased by an amount equal to two percent (2.0%) of the amount in effect for the previous Fiscal Year.
Notwithstanding the foregoing, if Assessor's Parcels which are classified or to be classified as Residential Property, Non -Residential Property or Multifamily Property are subsequently changed by recordation of a lot line adjustment, Final Map amendment, new Final Map or similar instrument, then the Backup Annual Special Tax A will be recalculated within the area that has been changed to equal the amount of Backup Annual Special Tax A that would have been generated if such change did not take place.
Maximum Special Taxes. The Maximum Special Tax A for each Assessor's Parcel that is Residential Property, Multifamily Residential Property or Non -Residential Property in any Fiscal Year is the greater of (i) the Assigned Annual Special Tax A, or (ii) the Backup Annual Special Tax A. The Maximum Special Tax A for each Assessor's Parcel of Approved Property, Undeveloped Property or Provisional Exempt Property is the Assigned Annual Special Tax A. The Assigned Annual Special Tax A rates for the various categories of Taxable Property are set forth in Section D of the Rate and Method in Appendix B. For Fiscal Year 2026-27 the Assigned Special Tax A rates range from approximately $3,891 annually per dwelling unit to approximately $4,390 annually per dwelling unit depending upon the size of the home, and are $4,288 annually per acre for Approved Property. The Maximum Special Tax B for Fiscal Year 2026-27 for each Assessor's Parcel of Residential Property is $468.36 per Unit, and the Maximum Special Tax C for Fiscal Year 2026-27 for each Assessor's Parcel of Residential Property is $875.38 per Unit; however, the Special Tax C will not be levied until the Fiscal Year following the final maturity of the 2025 Bonds.
The Special Tax A is subject to annual increases each July 1 commencing July 1, 2025, by an amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year. The Maximum Special Tax B and the Maximum Special Tax C are subject to annual increases each July 1, commencing July 1, 2025, by an amount equal to five and six -tenth percent (5.6%) of the amount in effect for the previous Fiscal Year.
Method of Apportionment. The Rate and Method provides that for each Fiscal Year, the Board of Directors of the Authority will levy the Annual Special Tax A on all Taxable Property to fund the Special Tax A Requirement as follows:
First: The Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Developed Property, up to 100% of the applicable Assigned Annual Special Tax A rates in Table 1 of Section D of the Rate and Method to satisfy the Special Tax A Requirement; Second: If additional moneys are needed to satisfy the Special Tax A Requirement after the first step, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of 20 4931-6664-9441v5/201033-0003
Approved Property at up to 100% of the applicable Maximum Annual Special Tax A to satisfy the Special Tax A Requirement;
Third: If additional moneys are needed to satisfy the Special Tax A Requirement after the first two steps have been completed, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property up to 100% of the Maximum Annual Special Tax A for Undeveloped Property applicable to each such Assessor's Parcel as needed to satisfy the Special Tax A Requirement;
Fourth: If additional moneys are needed to satisfy the Special Tax A Requirement after the first three steps have been completed, the Annual Special Tax A on each Assessor's Parcel of Developed Property for which the Maximum Special Tax A is the Backup Annual Special Tax A (the Backup Annual Special Tax A is computed pursuant to Section E of the Rate and Method) shall be increased Proportionately from the Assigned Annual Special Tax A up to 100% of the Backup Annual Special Tax A as needed to satisfy the Special Tax A Requirement; and Fifth: If additional moneys are needed to satisfy the Special Tax A Requirement after the first four steps have been completed, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Provisional Exempt Property up to 100% of the Maximum Annual Special Tax A applicable to each such Assessor's Parcel as needed to satisfy the Special Tax A Requirement.
As previously stated, Final Maps were recorded for all Taxable Property in the District on January 15, 2025. Because the Final Maps were recorded after January 1, 2025, all Taxable Property in the District is classified as Undeveloped Property for Fiscal Year 2025-26. Accordingly, no Special Tax A was levied on property in the District for Fiscal Year 2025-26. See "THE DISTRICT—Prado" for the status of issuance of building permits within the District as of August 4, 2025. Parcels in the District for which building permits are issued on or before April 1, 2026 will be classified as Developed Property for Fiscal Year 2026-27. Parcels in the District for which building permits have not been issued on or before April 1, 2026 will be classified as Approved Property for Fiscal Year 2026-27. See Table 3 under the heading "THE DISTRICT —Value -to - District Lien Ratios — Value -to -District Lien Ratio Distribution." The Rate and Method provides that for each Fiscal Year, commencing with Fiscal Year 2026-27, the Authority shall levy the Maximum Special Tax B on each Assessor's Parcel of Residential Property, Multifamily Residential Property, or Non -Residential Property until the amount of Special Tax B equals the Special Tax B Requirement. No Special Tax B shall be levied on Approved Property, Undeveloped Property, and Provisional Exempt Property. For the Transition Year and each Fiscal Year thereafter, each Assessor's Parcel of Residential Property, Multifamily Residential Property, or Non -Residential Property shall be subject to a Maximum Special Tax C.
Notwithstanding the above, the Act effectively provides that under no circumstances will the Special Tax A, the Special Tax B or the Special Tax C levied against any Assessor's Parcel used as a private residence be increased as a consequence of delinquency or default by the owner of any other Assessor's Parcel or Assessor's Parcels within the District by more than ten percent (10%) per Fiscal Year.
Prepayment in Full. The Special A Tax obligation applicable to an Assessor's Parcel of (a) Developed Property, (b) Approved Property or Undeveloped Property for which a Building Permit has been issued, (c) Approved Property or Undeveloped Property for which a Building Permit has not been issued, and (d) Provisional Exempt Property that is not Exempt Property, may be fully prepaid and the obligation of the Assessor's Parcel to pay the Special Tax A permanently satisfied as described in Section G of the Rate and Method, provided that a prepayment may be made only if there is no delinquent Special Tax A with respect to the Assessor's Parcel. The Prepayment Amount for Special Tax A for an applicable Assessor's Parcel is calculated based on Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount, and other costs, all as specified in Section G of the Rate and Method. Any such prepayment 21 4931-6664-9441v5/201033-0003
will result in a redemption of Bonds prior to maturity. See "THE 2025 BONDS —Redemption — Mandatory Redemption From Special Tax Prepayments" and "SPECIAL RISK FACTORS —Potential Early Redemption of 2025 Bonds from Special Tax Prepayments." In addition, the Act authorizes a public agency which acquires property subject to the Special Tax A to prepay the Special Tax A so long as the Authority determines the prepayment arrangement will fully protect the interests of the owners of the Bonds. The Special Tax B and the Special Tax C are not subject to prepayment.
Prepayment in Part. The Special A Tax on an Assessor's Parcel of Developed Property, Approved Property or Undeveloped Property may be partially prepaid. The amount of any such partial prepayment will be calculated pursuant to Section H of the Rate and Method. Any such prepayment will result in a redemption of 2025 Bonds prior to maturity. See "THE 2025 BONDS —Redemption —Mandatory Redemption From Special Tax Prepayments" and "SPECIAL RISK FACTORS— Potential Early Redemption of 2025 Bonds from Special Tax Prepayments." The Maximum Special Tax B and the Special Tax C are not subject to partial prepayment.
Projected Fiscal Year 2026-27 Assigned Special Tax A Levy. Table 1 below sets forth the Assigned Special Tax A and projected Special Tax A levy for Fiscal Year 2026-27 for the various classes of Taxable Property within the District. Table 1 also shows the projected Fiscal Year 2026-27 Special Tax A levy as a percentage of the total projected Special Tax levy.
Table 1
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Fiscal Year 2026-27 Assigned Special Tax A
Percent of
Total
Fiscal Year
Projected
Projected
2026-27
Fiscal Year
Total Projected
Fiscal Year
Assigned
2026-27
Fiscal Year
2026-27
No. of
Special Tax
Special Tax
2026-27 Special
Special Tax
Land Use(l) Residential Floor Area
Units
Per Unit'(2)
Per Unit'
Tax Levy"(J)
Levy'
Residential Property Less than 1,500 sq. ft.
39 $3,891
$3,891
$ 151,753
17.21%
Residential Property 1,500 sq. ft. to 1,599 sq. ft.
33 4,016
4,016
132,526
15.03 Residential Property 1,600 sq. ft. to 1,699 sq. ft. 25 4,141
4,141
103,520
11.74 Residential Property 1,700 sq. ft. to 1,799 sq. ft. 10 4,266
4,266
42,656
4.84 Residential Property Greater than 1,799 sq. ft.
24 4,390
4,390
105,372
11.95 Approved Property N/A
106
4,288
3,263
345,923
39.23 Totals
237
$ 881,750
100.00%
* Preliminary, subject to change.
Based on development status as of August 4, 2025. [As of September
15, 2025, an additional
_ homes were conveyed to homeowners and
an additional _ building permits were issued.]
(2) For units of Approved Property, figure represents the average Maximum Special Tax Per Unit. 0) Based upon the debt service requirement of the 2025 Bonds and includes $30,000 in estimated Fiscal Year 2026-27 priority
administration.
Source: Webb Municipal Finance, LLC.
Reserve Fund
The Fiscal Agent Agreement establishes a debt service reserve fund (the "Reserve Fund") as a separate fund to be held by the Fiscal Agent for the benefit of the Owners of the Bonds, as a reserve for the payment of principal of, and interest and any premium on, the Bonds. Moneys in the Reserve Fund are subject to a lien in favor of the Owners of the Bonds. The Reserve Fund is required by the Fiscal Agent Agreement to be maintained in an amount equal to the Reserve Requirement, which is defined in the Fiscal Agent Agreement, as of any date of calculation, as an amount equal to the least of (i) the then Maximum Annual Debt Service, (ii) 125% of the then average Annual Debt Service, or (iii) 10% of the principal amount of the then Outstanding Bonds under the Fiscal Agent Agreement. The Reserve Requirement as of the date of issuance of the 2025 Bonds will be $ , and will be funded with a portion of the proceeds of the 2025 Bonds. See "PLAN OF FINANCING —Estimated Sources and Uses of Funds."
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Except as otherwise provided in the Fiscal Agent Agreement (with respect to the use of moneys in the Reserve Fund in connection with prepayments of Special Taxes, for the payment of any rebate liability due to the federal government, and the use of moneys in excess of the Reserve Requirement to pay debt service on the Bonds), all amounts deposited in the Reserve Fund will be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the Bonds. See Appendix C — "Summary of Fiscal Agent Agreement — Reserve Fund." Whenever the balance in the Reserve Fund equals or exceeds the amount required to redeem or pay all of the Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent will transfer the amount in the Reserve Fund to the Bond Fund to be used for the payment and redemption of all of the Outstanding Bonds. In the event that the amount transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds, the balance in the Reserve Fund will be retained by the Authority, free of any encumbrance by the Fiscal Agent Agreement, to be used for any lawful purpose under the Act. Notwithstanding the foregoing, no amounts will be transferred from the Reserve Fund until after (i) amounts in the Reserve Fund are withdrawn for purposes of making a rebate payment to the federal government in accordance with the Fiscal Agent Agreement, and (ii) payment of any fees and expenses due to the Fiscal Agent. See Appendix C — "Summary of Fiscal Agent Agreement — Reserve Fund."
Covenant for Superior Court Foreclosure
Foreclosure Under the Act. Pursuant to Section 53356.1 of the Act, in the event of any delinquency in the payment of the Special Tax on the taxed parcel, the Authority may order the institution of a superior court action to foreclose the lien on the taxed parcel within specified time limits. In such an action, the real property subject to the unpaid amount of the Special Tax lien may be sold at judicial foreclosure sale.
Authority Foreclosure Covenant. The Authority has covenanted for the benefit of the Bondowners that on or about June 15 of each Fiscal Year, the Treasurer shall compare the amount of Special Tax A theretofore levied in the District to the amount of Special Tax Revenues theretofore received by the Authority, and following such determination: (a) if, as of any June 15, the Treasurer determines that any single parcel subject to the Special Tax in the District is delinquent in the payment of Special Taxes in the aggregate amount of $7,500 or more, the Treasurer will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner, and if the delinquency remains uncured foreclosure proceedings will be commenced by the Authority against the delinquent parcel within 90 days of the sending of such notice; and (b) if the Treasurer determines that, as of any June 15, the total amount of delinquent Special Tax for the then current Fiscal Year for the entire District (including the total of delinquencies under subsection (a) above), exceeds 5% of the total Special Tax A due and payable for the then current Fiscal Year, the Treasurer shall promptly notify or cause to be notified property owners who are then delinquent in the payment of Special Tax A (and demand immediate payment of the delinquency), and the Authority shall commence foreclosure proceedings within 90 days after the notices of delinquency have been sent.
Notwithstanding the foregoing, the Treasurer may defer any mailing of notices of delinquency or foreclosure action if (i) the amount in the Reserve Fund is at least equal to the Reserve Requirement, and (ii) the amounts then on deposit in the Special Tax Fund and the Bond Fund are sufficient to pay the scheduled debt service due on the Bonds on the succeeding September 1 and March 1 without the need for any draw on the Reserve Fund. See Appendix C — "Summary of the Fiscal Agent Agreement." No assurance can be given as to the time necessary to complete any foreclosure sale or that any foreclosure sale will be successful. The Authority is not required to be a bidder at any foreclosure sale and does not intend to be such a bidder.
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Sufficiency of Foreclosure Sale Proceeds; Foreclosure Limitations and Delays. No assurances can be given that the real property subject to a judicial foreclosure sale will be sold or, if sold, that the proceeds of sale will be sufficient to pay any delinquent Special Tax installment. Subject to the maximum rates, the Rate and Method is designed to generate from all non-exempt property within the District the current year's debt service, administrative expenses, and replenishment of the Reserve Fund to the Reserve Requirement, including an amount reflecting the prior year's delinquencies. However, if foreclosure proceedings are necessary, and the Reserve Fund has been depleted, there could be a delay in payments to owners of the 2025 Bonds pending prosecution of the foreclosure proceedings and receipt by the Authority of the proceeds of the foreclosure sale.
See "SPECIAL RISK FACTORS —Bankruptcy Delays." No assurance can be given that a foreclosure action in respect of delinquent Special Taxes will result in the collection of the Special Taxes.
The ability of the Authority to foreclose the lien of delinquent unpaid Special Taxes may be limited in certain instances and may require prior consent of the obligee in the event the property is owned by or in receivership of a Federal agency. See "SPECIAL RISK FACTORS—FDIC/Federal Government Interests in Properties."
No assurances can be given that a judicial foreclosure action, once commenced, will be completed or that it will be completed in a timely manner. If a judgment of foreclosure and order of sale is obtained, the judgment creditor (the Authority for the District) must cause a Notice of Levy to be issued. Under current law, a judgment debtor (property owner) has 120 days from the date of service of the Notice of Levy in which to redeem the property to be sold, which period may be shortened to 20 days for parcels other than those on which a dwelling unit for not more than four persons is located. If a judgment debtor fails to redeem and the property is sold, his only remedy is an action to set aside the sale, which must be brought within 90 days of the date of sale. If, as a result of such an action, a foreclosure sale is set aside, the judgment is revived and the judgment creditor is entitled to interest on the revived judgment as if the sale had not been made (Section 701.680 of the California Code of Civil Procedure). The constitutionality of the aforementioned legislation, which repeals the former one-year redemption period, has not been tested; and there can be no assurance that, if tested, such legislation will be upheld.
Section 53356.6 of the Act requires that property sold pursuant to foreclosure under the Act be sold for not less than the amount of judgment in the foreclosure action, plus post judgment interest and authorized costs, unless the consent of the owners of 75% of the outstanding Bonds is obtained. However, under Section 53356.6 of the Act, the Authority, as judgment creditor, is entitled to purchase any property sold at foreclosure using a "credit bid," where the Authority could submit a bid crediting all or part of the amount required to satisfy the judgment for the delinquent amount of the Special Tax. If the Authority becomes the purchaser under a credit bid, the Authority must pay the amount of its credit bid into the redemption fund established for the 2025 Bonds, but this payment may be made up to 24 months after the date of the foreclosure sale. Neither the Act nor the Fiscal Agent Agreement requires the Authority to purchase or otherwise acquire any lot or parcel of property foreclosed upon if there is no other purchaser at such sale, and the Authority has no intent to be such a purchaser.
No Teeter Plan
Collection of the Special Taxes is not subject to the "Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds," as provided for in Section 4701 et seq. of the California Revenue and Taxation Code (known as the "Teeter Plan"). Accordingly, collections of Special Taxes will reflect actual delinquencies, if any.
Investment of Moneys
Except as otherwise provided in the Fiscal Agent Agreement, all moneys in any of the funds or accounts established pursuant to the Fiscal Agent Agreement will be invested by the Fiscal Agent solely in Permitted Investments, as directed by the Authority. See Appendix C — "Summary of the Fiscal Agent Agreement" for a 24 4931-6664-9441v5/201033-0003
definition of "Permitted Investments" and for additional provisions regarding the investment of funds held under the Fiscal Agent Agreement.
Issuance of Additional Bonds
General. The Fiscal Agent Agreement authorizes the Authority to issue one or more series of "Parity Bonds" secured and payable on a parity under the Fiscal Agent Agreement with the 2025 Bonds. Subject to meeting the conditions summarized below (including that the Parity Bonds be Refunding Bonds), the Parity Bonds will be secured by a lien on the Special Tax Revenues and funds pledged for the payment of the Bonds under the Fiscal Agent Agreement on a parity with all other Bonds Outstanding under the Fiscal Agent Agreement (the Fiscal Agent Agreement defines "Bonds" as the 2025 Bonds and any future Parity Bonds).
The Authority may issue the Parity Bonds subject to the following specific conditions precedent, as set forth in the Fiscal Agent Agreement:
(A) Current Compliance. The Authority must be in compliance in all material respects on the date of issuance of the Parity Bonds with all covenants set forth in the Fiscal Agent Agreement and all Supplemental Agreements, and the principal amount of the Parity Bonds must not cause the Authority to exceed the maximum authorized indebtedness of the District under the provisions of the Act.
(B) Payment Dates. The interest on the Parity Bonds must be payable on March 1 and September 1, and principal of the Parity Bonds must be payable on September 1 in any year in which principal is payable (provided that there is no requirement that any Parity Bonds pay interest on a current basis).
(C) Funds and Accounts; Reserve Fund Deposit. The Supplemental Agreement providing for the issuance of such Parity Bonds may provide for the establishment of separate funds and accounts, and shall provide for a deposit to the Reserve Fund (or to a separate account created for such purpose) in an amount necessary so that the amount on deposit in the Reserve Fund (together with the amount in any such separate account), following the issuance of such Parity Bonds, is at least equal to the Reserve Requirement.
(D) Refunding Bonds. The Parity Bonds must be Refunding Bonds. (E) Officer's Certificate. The Authority shall deliver to the Fiscal Agent an Officer's Certificate certifying that the conditions precedent to the issuance of such Parity Bonds set forth in paragraphs (A), (B), (C) and (D) above have been satisfied. In delivering such Officer's Certificate, the Authorized Officer that executes the same may conclusively rely upon such certificates of the Fiscal Agent, the Tax Consultant and others selected with due care, without the need for independent inquiry or certification.
The term "Refunding Bonds" is defined in the Fiscal Agent Agreement as bonds issued by the Authority for the District the net proceeds of which are used to refund all or a portion of the then Outstanding Bonds; provided that the debt service on the Refunding Bonds in any Bond Year is not in excess of the debt service on the Bonds being refunded and the final maturity of the Refunding Bonds is not later than the final maturity of the Bonds being refunded.
Subordinate Bonds. Nothing in the provisions described above will prohibit the Authority from issuing bonds or otherwise incurring debt secured by a pledge of Special Tax Revenues subordinate to the pledge of the Special Tax Revenues under the Fiscal Agent Agreement.
25 4931-6664-9441v5/201033-0003
THE DISTRICT
Location and General Description of the District
The District includes approximately 28.7 gross acres of residential land in the City currently identified as "Prado." The District is located in the northern portion of the City. The District is located east of Interstate 15, west of Ynez Road, and north of Highway 79. Prado is expected to include at buildout 237 detached single family condominium homes, as well as a clubhouse, community pool, park, playground, bocce ball court, and fire pit. See "THE DISTRICT—Prado."
The property in the District is being developed and the homes in the District are being constructed by the Developer (see "THE DISTRICT —The Developer"). For the current status of the development of the property in the District, see "THE DISTRICT—Prado."
The following page contains an aerial photo of the District. 26 4931-6664-9441v5/201033-0003
Flight Date: August 3, 2025
2%
4931-6664-9441v5/201033-0003
History of the District
In order to raise funds to finance the Improvements that will result in an offset of capital improvement fees levied on the homes being constructed in the District, or otherwise needed for the development of the property in the District, the Developer petitioned the Authority in December of 2023 to form the District. On January 23, 2024, the Board of Directors of the Authority adopted Resolution Nos. TPFA 2024-01 and TPFA 2024-02 of intention to form the District and to incur up to $20,000,000 of bonded indebtedness of the Authority for the District.
On January 23, 2024, the Authority entered into a Joint Community Facilities Agreement with the City related to certain of the Improvements and the Services authorized to be funded by the District but to be owned and provided, respectively, by the City for the District. On January 23, 2024 the Authority, the Developer and the School District entered into a Joint Community Facilities Agreement relating to certain public school facilities constituting a portion of the Improvements to be financed by the District but to be owned by the School District. On January 23, 2024 the Authority, the Developer and the Water District entered into a Joint Community Facilities Agreement with respect to certain of the Improvements to be financed by the District but to be owned upon completion by the Water District. The three Joint Community Facilities Agreements (collectively, the "JCFAs") effectively provide that the Developer will receive credit against capital improvement impact fees imposed by the City, the School District and the Water District, respectively, on homes being constructed by the Developer in the amount of any Bond proceeds allocated to the respective public agency for capital improvements to be designated and constructed by the respective public agency.
Following the adoption by the Board of Directors of the Authority of resolutions of intention for the District, and the execution of the three JCFAs, on February 27, 2024, the Authority held a public hearing regarding the formation of, and the issuance of bonds for, the District. Following the public hearing, also on February 27, 2024, the Board of Directors of the Authority adopted Resolution No. TPFA 2024-06 forming the District, Resolution No. TPFA 2024-07 determining the necessity to issue up to $20,000,000 of special tax bonds for the District, and Resolution No. TPFA 2024-08 calling a special election regarding the formation of the District and the issuance of the special tax bonds for the District.
The election was held on February 27, 2024 at which the Developer, as the then sole owner of the property in the District, voted in favor of the formation of the District, the levy of Special Tax A, Special Tax B and Special Tax C on property in the District, and the issuance by the Authority of special tax bonds for the District. On February 29, 2024, a Notice of Special Tax Lien was recorded in the Riverside County Recorder's Office against the property in the District, and on March 12, 2024, the Board of Directors of the Authority adopted Ordinance No. TPFA 2024-01 levying Special Tax A, Special Tax B and Special Tax C on the property in the District.
On [September 23, 2025], the City Council held a public hearing regarding the issuance by the Authority of the 2025 Bonds. Following the public hearing, the City Council adopted a resolution pursuant to which it found that significant public benefits will arise from the use of the proceeds of the 2025 Bonds to finance costs of the Improvements and it approved the issuance of the 2025 Bonds by the Authority. Also on [September 23, 2025], the Board of Directors of the Authority adopted a resolution authorizing the issuance of the 2025 Bonds, and approved the execution and delivery of the Fiscal Agent Agreement. The Fiscal Agent Agreement provides the terms of the 2025 Bonds.
The Improvements
As previously mentioned under the heading "PLAN OF FINANCING — Overview — Funding for Improvements," the Authority entered into the Acquisition Agreement with the Developer pursuant to which the Authority agreed to use a portion of the proceeds of the 2025 Bonds to finance costs of Improvements some of which are to be constructed by the Developer, and the Authority entered into the JCFAs to provide for the 28 4931-6664-9441v5/201033-0003
financing from 2025 Bond proceeds for Improvements that are to be constructed and owned by the City, the School District and the Water District.
The District is authorized to finance all or a portion of the costs of the following facilities:
The acquisition and construction of. streets (including paving, aggregate base, striping and traffic marking, sidewalks, curbs, gutters and driveways), including Temecula Center Drive, Ynez Road and Date Street within and in the vicinity of the District; stormwater drainage systems (including storm drain lines, inlets, outlets, channels, structures, junctions, manholes, catch basins and related dewatering); street light improvements (including light fixtures, substructures, conduits and service points of connection); and street signage (including traffic, stop and street name signs).
The foregoing are to include the acquisition of any related right-of-way and other land needed for the installation of any such improvements, demolition of existing structures and site leveling needed for the installation of any such improvements, erosion control, and other appurtenances. • The acquisition and installation of traffic signal improvements, including traffic signal interconnection and video surveillance systems, at the intersection of Ynez Road and Temecula Center Drive.
• Landscaping improvements in the public right of way along or in the vicinity of Temecula Center Drive, Date Street and Ynez Road, including related appurtenances. • Capital improvements included in the City of Temecula's adopted Capital Improvement Program for Fiscal Years 2024-2028.
• School improvements to be designated by the Temecula Valley Unified School District, which may include construction of buildings, equipping of school facilities, and acquisition of support and other appurtenances with a useful life of five years or more. • Sewer system improvements to be designated by the Eastern Municipal Water District.
The Improvements include, as applicable, the acquisition of right-of-way, the costs of design, engineering and planning, the costs of any environmental or traffic studies, surveys or other reports, the cost of any required environmental mitigation and any required noise mitigation measures, landscaping and irrigation, soils testing, permits, plan check and inspection fees, insurance, legal and related overhead costs, coordination and supervision and any other costs or appurtenances related to any of the foregoing.
It is expected that, shortly after the issuance of the 2025 Bonds, amounts in the City Account, the School District Account and the Water District Account of the Improvement Fund will be transferred to the City, the School District and the Water District, respectively, to finance capital improvements to be identified by each of them, and credits against development impact fees imposed by each of them will be provided to the Developer in respect of the homes being constructed by it in the District, or rebates to the Developer will be made in respect of any such fees previously paid by the Developer.
Otherwise, the Developer estimates that the total projected costs of the Improvements eligible to be funded by the District under the Acquisition Agreement are approximately $14 million, and only approximately $13 million* of the proceeds of the 2025 Bonds will be available to pay costs of the Improvements. See "PLAN OF FINANCING —Estimated Sources and Uses of Funds." Under the Acquisition Agreement, costs of Improvements specified therein in excess of available amounts in the Acquisition Account of the Improvement *Preliminary, subject to change.
29 4931-6664-944lv5/201033-0003
Fund from the proceeds of the 2025 Bonds to be deposited therein (see "PLAN OF FINANCING —Overview — Funding for Improvements" are the responsibility of the Developer.
No assurance can be given that construction of the Improvements required to be constructed under the Acquisition Agreement or otherwise needed for the buildout of the District will be completed as currently expected, or that the costs of the Improvements will be as currently estimated.
Prado
The property in the District includes a development known as Prado. Prado, with approximately 28.7 gross acres, is expected to include at buildout 237 single family detached homes, a clubhouse, community pool, park, playground, bocce ball court, and fire pit. As of August 4, 2025, the community pool and clubhouse were complete and had been conveyed to the homeowners' association.
The Developer acquired the property in the development for $37,000,000 on August 29, 2023, and recorded 30 separate condominium maps creating the 237 parcels in the development in January of 2025.
The next page contains the site plan for the development. 30 4931-6664-9441v5/201033-0003
SITE PLAN FOR THE DEVELOPMENT
Prado by Meritage Homes
Phasing Site Plan
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Site development activities were commenced by the Developer in November 2023 and home construction began in October 2024. As of August 4, 2025, the date of value in the Appraisal Report, the Developer advised that all lots were in finished or near finished condition, and that it had obtained building permits for 131 of the 237 homes to be constructed in the development.
The development has a homeowners' association. According to the Developer, the dues imposed by the homeowners' association to be paid by the homeowners are expected to be approximately $267 per unit per month.
Summary of Status of Development. A summary of the status of development of the proposed 237 homes being constructed by the Developer in the District as of the August 4, 2025 date of value of the Appraisal Report (see "THE DISTRICT —Property Values") is provided below, along with an update on the status of the development as of [September 15], 2025.
Summary of Status of Development in the District
As of As of
August 4, 2025 [September 151, 2025
lots with homes sold and conveyed to homebuyers 59
lots with completed homes owned by the Developer 0
lots with model homes 3
lots with homes under construction 45
lots with construction not yet started0) 130
Total Lots 237
0 ) As of [September 15, 2025], the Developer has pulled permits for of the 130 units for which construction has not yet started and therefore these units will be taxed as Developed Property in Fiscal Year 2026-27.
Status of Home Construction and Sales. The homes currently being constructed by the Developer in the District range from approximately 1,410 square feet to approximately 1,857 square feet. The first conveyance of a home in the District occurred in March 2025. As of August 4, 2025, base sales prices for homes in the District ranged from $605,000 to $686,000. The Developer currently expects to close out sales of homes in the District in the 2nd quarter of 2027.
As of August 4, 2025, the Developer had expended approximately $76,857,828 on land acquisition costs, site improvement costs, direct and indirect home construction costs, permit and impact fees, and sales and marketing costs related to its development within the District. As of August 4, 2025, the Developer anticipated expending approximately $31,080,975 in additional site improvement costs, direct and indirect home construction costs, permit and impact fees, and sales and marketing costs to complete its development within the District, with $22,720,471 of such additional cost allocated to home construction costs.
Between August 4, 2025 and [September 15], 2025, the Developer completed and conveyed additional homes, for a total of homes conveyed to individual homeowners. As of [September 15], 2025, a total of building permits had been issued for homes in the District.
No assurance can be given that home construction and sales will be completed as currently anticipated, or that the home construction and sale plans or base prices will not change from those in effect as of August 4, 2025. The Developer may change their development plans at any time without notice. Additionally, homes sold may not result in closed escrows as sales contracts are subject to cancellation. 32 4931-6664-9441v5/201033-0003
The Developer
The information provided in this section has been included because it may be considered relevant to an informed evaluation and analysis of the 2025 Bonds and the District No assurance can be given, however, that the Developer will or will not retain ownership of the property within the District not yet sold to homebuyers. There may be material adverse changes in this information after the date of the Official Statement. Neither the 2025 Bonds nor any of the Special Tax are personal obligations of any property owner within the District and, in the event that any property owner defaults in the payment of its Special Tax, the Authority mayproceed with judicial foreclosure but has no direct recourse to the assets of anyproperty owner or any affiliate thereof. The 2025 Bonds are secured solely by the Special Tax Revenues and amounts on deposit in certain of the funds and accounts maintained by the Fiscal Agent under the Fiscal Agent Agreement. See "SPECIAL RISK FACTORS"for a discussion of certain of the risk factors that should be considered in evaluating the investment quality of the 2025 Bonds. The following information has been provided by the Developer. No representation is made by the Authority or the Underwriter as to the accuracy or adequacy of such information so provided
The Developer. Meritage Homes of California, Inc., a California corporation (previously defined as the "Developer") is a subsidiary of Meritage Homes Corporation ("Meritage Homes Corporation"), a Maryland corporation. Meritage Homes Corporation is a homebuilder focused primarily on high -growth regions of the western and southern United States. Meritage Homes Corporation operates as a holding company, has no independent assets or operations, and is traded on the New York Stock Exchange ("NYSE") under the ticker symbol "MTH." Homebuilding, construction, development and sales activities are conducted through subsidiaries. As of December 31, 2024, Meritage Homes Corporation was actively selling homes in three geographic regions, which are comprised of twelve states: West (Arizona, California, Colorado and Utah), Central (Texas) and East (Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee).
Certain active or recently completed projects developed by the Developer are described in the following table:
Completion Date/
Number
Estimated
Project Name
Location
of Lots
Completion Date
Heirloom Farms
City of Temecula
321
Q3 2025
Tierra del Sol
County of Riverside (French Valley)
139
Q4 2024
Fairway Canyon
City of Beaumont
775
Q3 2029
Sumac Ridge
City of Menifee
175
Q4 2024
Nichols Ranch
City of Lake Elsinore
168
Q4 2025
Jasper
City of Menifee
428
Q4 2022
Kyra
County of San Diego (Valley Center)
120
Q4 2023
Legacy Park
City of Moreno Valley
221
Q3 2023
Cielo
City of San Marcos
120
Q 12027
Meritage Homes Corporation is subject to the informational reporting requirements of the Exchange Act, and in accordance therewith is obligated to file reports, proxy statements and other information with the SEC. Such filings set forth, among other things, certain data relative to the consolidated results of operations and financial position of Meritage Homes Corporation and its subsidiaries (e.g., see Meritage Homes Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 20, 2025, as of the dates described therein. The SEC maintains an Internet website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including Meritage Homes Corporation. The address of such Internet website is www.sec.gov . All documents subsequently filed by Meritage Homes Corporation pursuant to the requirements of the Exchange 33 4931-6664-9441v5/201033-0003
Act after the date of this Official Statement will be available for inspection in such manner as the SEC prescribes.
Copies of Meritage Homes Corporation's annual report, quarterly reports and current reports, including any amendments, may be available from Meritage Homes Corporation's website at www.meritagehomes.com .
The foregoing Internet addresses and references to filings with the SEC are included for reference only, and the information on these Internet sites are not a part of this Official Statement and are not incorporated by reference into this Official Statement. No representation is made in this Official Statement as to the accuracy or adequacy of the information contained on these Internet sites. Neither of the Developer nor Meritage Homes Corporation is obligated to advance funds to pay for development or construction costs or to pay ad valorem property taxes or the Special Taxes, and investors should not rely on the information and financial statements contained on such internet sites in evaluating whether to buy, hold or sell the 2025 Bonds.
Financing Plan. To date, the Developer has financed its land acquisition, site development and home construction costs related to its property in the District through internally generated funds, including cash generated from its homebuilding operations. The Developer expects to use internally generated funds, including cash generated from its homebuilding operations, along with proceeds of the 2025 Bonds, to complete development of its property in the District.
Although the Developer expects to have sufficientfunds available to complete the proposed development in the District, there can be no assurance that amounts necessary to fund the remaining planned development of the property within the District will be available to the Developer when needed. Neither the Developer, nor any of its related entities, is under any legal obligation of any kind to expend funds for the development of the property in the District, or the payment of ad valorem property taxes or the Special Taxes. Any contributions by the Developer or any other entity or person to fund the costs of such development are entirely voluntary.
Impact of Economic Conditions on the Development in the District. Certain events and factors which negatively affect the regional, State and national economies could have an adverse effect on the pace at which the Developer is able to complete and sell homes and demand by and the ability of individuals to purchase homes within the District. Such events and factors could include a renewed increase in inflation and interest rates, impacts of tariffs and other factors creating supply chain issues, further impacts of the COVID-19 pandemic and global market instability caused by the wars in Ukraine and in Israel. Any adverse impact of the foregoing and other economic factors on the projects in the District and the real estate market in general cannot be predicted.
Mortgajze Interest Rates. Most of the purchasers of the Developer's homes finance their acquisitions with mortgage financing. As such, rising interest rates, decreased availability of mortgage financing or of certain mortgage programs, higher down payment requirements or increased monthly mortgage costs could have a negative impact on the estimated absorption rates of the Developer's planned for -sale homes in the District.
Further, a combination of higher mortgage rates, delays in construction stemming from delays in the supply chain, homebuyers' inability to sell their existing homes and adverse changes in local, regional or national economic conditions, among other factors, could contribute to an increase in the Developer's rate of home order cancellations. An increase in the level of such cancellations could similarly have a negative impact on the estimated absorption rates of the Developer's planned for -sale homes in the District.
Property Values
The value of the property in the District is an important factor in determining the investment quality of the 2025 Bonds. If a property owner defaults in the payment of the Special Tax A, the Authority's primary remedy is to foreclose on the delinquent property in an attempt to obtain funds with which to pay the delinquent Special Tax A. The Special Tax A is not a personal obligation of the owners of the property. A variety of economic, political, and natural occurrences incapable of being accurately predicted can affect property values.
See "SPECIAL RISK FACTORS — Property Value."
34 4931-6664-9441v5/201033-0003
Integra Realty Resources, Sacramento, California (the "Appraiser") has prepared the Appraisal Report dated August 19, 2025 estimating the market value of the 237 lots within the District that are subject to the Special Tax A securing the 2025 Bonds (the "Appraised Property"). The Appraiser concluded in the Appraisal Report that the aggregate market value of the parcels of property constituting the Appraised Property as of August 4, 2025 was $81,495,000, including $38,350,000 allocable to the 59 homes in the District sold to homeowners, and $43,145,000 to the 178 lots owned by the Developer, subject to various assumptions described in the Appraisal Report. See "THE DISTRICT —Property Values." The appraised value of $81,495,000 is approximately 4.9* times the $16,450,000* initial principal amount of the 2025 Bonds.
The Appraisal Report, a complete copy of which is set forth in Appendix H to this Official Statement, is subject to various assumptions and limiting conditions, and the Appraisal Report should be read in its entirety by prospective purchasers of the 2025 Bonds.
The Appraisal Report does not take into account possible future liens or indebtedness which may be imposed by the City or by other public entities. The Authority has not covenanted, and in many instances does not have the legal ability, to restrict other entities from imposing indebtedness, which may be secured by a lien on the Taxable Property in the District which is on a parity with the Special Tax. See "THE DISTRICT —Direct and Overlapping Governmental Obligations" and "SPECIAL RISK FACTORS — Parity Taxes and Special Assessments." A number of economic, political, and natural occurrences may adversely affect the value of the property as expressed in the Appraisal Report. See "SPECIAL RISK FACTORS." The value of individual parcels of the Taxable Property varies significantly, and no assurance can be given that should Special Taxes levied on one or more of the parcels become delinquent, and should the delinquent parcels be offered for sale at a judicial foreclosure sale, that any bid would be received for the property or, if a bid is received, that such bid would be sufficient to pay such parcel's delinquent Special Taxes. See "THE DISTRICT —Value -to -District Lien Ratios," "SPECIAL RISK FACTORS —Property Values" and "SPECIAL RISK FACTORS —Insufficiency of Special Tax Revenues."
Land Use Distribution
The following Table 2 shows the distribution of land use classes of the Taxable Property within the District based on the Rate and Method, the appraised value of the Taxable Property in the District as of August 4, 2025, the estimated Special Tax levy for fiscal year 2026-27 for each land use class, the percentage of the overall Special Tax levy by land use class, and the aggregate value -to -lien ratio for the respective land use classes.
Table 2
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Projected Fiscal Year 2026-27
Special Tax Levy for Taxable Property by Land
Use
Percent of
Total
Total
Projected
Projected
Fiscal
Fiscal Year
Year
Total 2026-27
2026-27
Aggregate
No. of Appraised Special Tax
Special
Value -to -
Land Use(')
Residential Floor Area Units Value Levy *(2)
Tax Levy"
2025 Bonds"
Lien*
Residential Property
Less than 1,500 sq. ft. 39 $17,887,000 $ 151,753
17.21%
$ 2,831,112
6.32:1
Residential Property
1,500 sq. ft. to 1,599 sq. ft. 33 14,472,000 132,526
15.03 2,472,419
5.85:1
Residential Property
1,600 sq. ft. to 1,699 sq. ft. 25 9,770,000 103,520
11.74 1,931,274
5.06:1
Residential Property
1,700 sq. ft. to 1,799 sq. ft. 10 6,850,000 42,656
4.84 795,801
8.61:1
Residential Property
Greater than 1,799 sq. ft. 24 9,728,000 105,372
11.95 1,965,823
4.95:1
* Preliminary, subject to change
35 4931-6664-944lv5/201033-0003
Approved Property N/A 106 25,228,000 345,923 39.23 6,453,571 3.91:1 Totals 237 $83,935,000 $ 881,750 100.00% $16,4509000 5.10:1 * Preliminary, subject to change.
Based on development status as of August 4, 2025. [As of September 15, 2025, an additional _ homes were conveyed to homeowners and an additional _ building permits were issued.]
(z> Based upon the debt service requirement of the 2025 Bonds and includes estimated Fiscal Year 2026-27 Priority Administrative Expense Requirement of $30,000.
Source: Webb Municipal Finance, LLC.
Value -to -Lien Ratios
General Information Regarding Value -to -Lien Ratios. The value -to -lien ratio on bonds secured by special taxes will generally vary over the life of those bonds as a result of changes in the value of the property that is security for the special taxes and the principal amount of the bonds.
In comparing the appraised value of the real property within the District and the principal amount of the 2025 Bonds, it should be noted that an individual parcel may only be foreclosed upon to pay delinquent installments of the Special Taxes attributable to that parcel. The principal amount of the 2025 Bonds is not allocated among the parcels within the District based on their appraised or assessed values; rather, the total Special Tax A will be allocated among the parcels within the District according to the Rate and Method.
Economic and other factors beyond the property owners' control, such as economic recession, deflation of land values, financial difficulty or bankruptcy by one or more property owners, or the complete or partial destruction of Taxable Property caused by, among other possibilities, earthquake, flood, fire or other natural disaster, could cause a reduction in the assessed value within the District. See "SPECIAL RISK FACTORS — Property Values" and "Bankruptcy Delays."
Assessed Valuation. The valuation of real property in the District for ad valorem tax purposes is established by the County Assessor. Assessed valuations are reported at 100% of the full value of the property, as defined in Article XIIIA of the California Constitution. Article XIIIA of the California Constitution defines "full cash value" as the appraised value as of March 1, 1975, plus adjustments not to exceed 2% per year to reflect inflation, and requires assessment of "full cash value" upon change of ownership or new construction.
Because the construction of homes in the District is ongoing, any assessed valuations presented in this Official Statement may not necessarily be representative of the actual market value of the property in the District as of any particular date.
Value -to -Lien Ratio Distribution. Table 3 below shows the projected fiscal year 2026-27 Special Tax levy, an allocation of the aggregate appraised value of the property by property owner, the allocation of the principal amount of the 2025 Bonds, and the estimated debt to allocated appraised value ratios for the parcels in the District, all based on the status of the parcels in the District as of August 4, 2025. See "THE DISTRICT— Prado," and "—The Developer" for more information regarding the status of ownership and development of parcels in the District as of August 4, 2025 and [September 15], 2025.
Table 3
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Appraised Value -To -Lien Ratios by Property Owner
Percent of
Projected
Projected
Fiscal
Fiscal Year
Year
Percent of
2026-27
2026-27
Aggregate
Maximum Maximum
Special Tax
Special Total Appraised
Value -to -
Property Owner() Units Special Tax Special Tax
Levy"(2)
Tax Levy' Value 2025 Bonds*()
Lien*
Approved Meritage Homes 106 $ 455,059 43.16%
$345,923
39.23% $25,228,000 $ 6,453,571
3.91:1
36 4931-6664-9441v5/201033-0003
Subtotal Approved 106 $ 455,059 43.16% $345,923
39.23%
$25,228,000
$ 6,453,571
3.91:1
Developed Individual 59 $ 269,899 25.60% $240,686
27.30%
$38,350,000
$ 4,490,260
8.54:1
Developed Meritage Homes 72 329,368 31.24 295,141
33.47 20,357,000
5,506,168
3.70:1
Subtotal Developed 131 $ 599,268 56.84% $535,827
60.77%
$58,707,000
$ 9,996,429
5.87:1
Totals 237 $1,054,327 100.00% $881,750
100.00%
$83,935,000
$16,450,000
5.10:1
* Preliminary, subject to change.
Based upon ownership information and development status as of August 4, 2025. [As of September 15, 2025, an additional _
homes were
conveyed to homeowners and an additional _ building permits were issued. (2) Based upon the debt service requirement of the 2025 Bonds and includes estimated Fiscal Year 2026-27 Priority Administrative Expense
Requirement of $30,000.
(s> Allocated based on the projected Fiscal Year 2026-27 Special Tax Levy.
Source: Webb Municipal Finance, LLC.
See "THE DISTRICT-Prado - Summary of Development" and "-Status of Home Construction and Sales" for more information regarding the developments in the District.
The following Table 4 sets forth the distribution of appraised value -to -lien ratios among the 237 parcels of Taxable Property based on the parcels that existed, and their appraised values, as of August 4, 2025, the projected fiscal year 2026-27 Special Tax levy and the principal amount of the 2025 Bonds.
Table 4
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Value -To -Lien Stratification
Percent of
Total
Percent of Projected
Projected
Percent Total Fiscal Year
Fiscal Year Aggregate
Appraised Value to No. of of Total Total Appraised Appraised 2026-27 2026-27 Value-to-
Lien(1) Units Units Value Value Levy*(z)
Levy" 2025 Bonds* Lien`
Less than 3.00:10) 9(4) 3.80% $ 2,142,000 2.55% $ 39,607 4.49% $ 738,905 2.90:1
Between 3.00:1 to 3.99:1 108 45.57 27,684,000 32.98 414,964 47.06 7,741,610 3.58:1
Between 4.00:1 to 4.99:1 57 24.05 13,566,000 16.16 171,795 19.48 3,205,024 4.23:1
Between 5.00:1 to 5.99:1 1 0.42 238,000 0.28 2,525 0.29 47,105 5.05:1
Between 6.00:1 to 6.99:1 0 0.00 0 0.00 0 0.00
0 N/A
Greater than 6.99:1(5) 62 26.16 40,305,000 48.02 252,859 28.68 4,717,355 8.54:1
Total 237 100.00% $ 83,935,000 100.00% $ 881,750 100.00% $16,450,000 5.10:1
* Preliminary, subject to change.
Value -to -lien ratios based upon principal amount of 2025 Bonds and appraised value. c2> Based upon the debt service requirement of the 2025 Bonds and includes estimated Fiscal Year 2026-27 Priority Administrative Expense Requirement of $30,000.
0) Minimum estimated Value -to -Lien is 2.82:1.
4> Each of the nine units with less than a 3:00:1 value -to -lien ratio has an appraised value of $238,000, and the Appraisal Report classifies these units as improved single family residential lots. Of these nine lots, six have received permits and three have not received permits, as of August 4, 2025.
(5) Maximum estimated Value -to -Lien is 9.02:1.
Source: Webb Municipal Finance, LLC.
Assignment of Assessor Parcel Numbers and Assessor Parcel Segregation Process All of the units in the District are planned for condominiums. With respect to condominium projects, the final tract map for each project area creates one assessor parcel for such project area (referred to herein as a "Parent Parcel"). In order for the County to create individual assessor parcels for the condominium units (referred to herein as the "Children Parcels"), the builder is first required to record a condominium plan for each phase of development within a project (the process for segregating the Parent Parcel into separate Children Parcels is referred to herein as the "Parcel Segregation process"). If a condominium plan is recorded for a particular phase and there is a home closing within such phase prior to January I of a given year, the County 37 493 1 -6 664-944 1 v5/20103 3 -0003
undertakes the Parcel Segregation process such that assessor parcel numbers for the individual units within such phase, in other words the Children Parcels, will be assigned by the time the secured property tax bills are sent to property owners the following October. During such October, property owners of record of the individual units as of the prior January 1 within such phase (including any unsold unit(s) owned by a builder) can be expected to receive regular secured property tax bills including their share of the Special Tax levy for such Fiscal Year. Such property tax bills will become due and be subject to delinquencies in the same manner as provided for ad valorem property taxes under State law.
If a condominium plan for a phase has been recorded prior to January 1 in a given year but the first home within such phase does not close until after January 1, the County is not expected to undertake the Parcel Segregation process and such units within such phase will not be assigned assessor parcel numbers and receive property tax bills based on the timing described above. Rather, the Special Tax will be aggregated for such units and included on the property tax bill for the Parent Parcel. The Developer recorded condominium plans for all 30 phases in the District on January 15, 2025. For each phase in which at least one home closes on or before January 1, 2026, the County will assign assessor parcel numbers to the parcels created by the condominium plan for that phase. Special Taxes will be levied for Fiscal Year 2026-27 with respect to any lots for which building permits have been issued on or before April 1, 2026, and the Special Taxes will appear on the regular secured property tax bills with respect to the Children Parcels in such phase, as described above.
For phases in which no home has closed on or before January 1, 2026, the County is not expected to assign assessor parcel numbers to the lots in that phase prior to the tax bills being sent for Fiscal Year 2026-27.
Special Taxes will be levied for Fiscal Year 2026-27 with respect to any such lots for which building permits have been issued on or before April 1, 2026; however such Special Taxes will appear on the property tax bill for the Parent Parcel, and will be delivered to the Developer or the then -owner of the Parent Parcel.
The Developer, as owner of the Parent Parcels, is expected to receive the County's Fiscal Year 2026- 27 property tax bills for any phases for which no home has closed on or before January 1, 2026 (the "Affected Parcels"), and the Developer expects to pay or cause to be paid when due all Special Taxes levied on the Affected Parcels pursuant to such property tax bills, notwithstanding the fact that portions of such Affected Parcels may have completed homes thereon which have been conveyed to individual homeowners by the time the Fiscal Year 2026-27 property taxes come due. Upon receipt of any property tax bill from the County for Affected Parcels, the Developer expects to collect from each future buyer of a home within the Affected Parcels, as part of the close of escrow of such home, the homebuyer's share of the Special Taxes to be levied in Fiscal Year 2026-27 and future Fiscal Years until the County has assigned assessor parcel numbers to the units within the Affected Parcels. In addition, it is the Developer's practice to advise it's homebuyers to expect to receive property tax bills for the next year and, if they do not receive them, to refer to the Riverside County Treasurer -Tax Collector's website for their bill. The Developer's practice is also to forward property tax bills it receives for segregated, conveyed units to the homebuyer. Notwithstanding the foregoing, if the Developer receives a property tax bill for a parcel the Developer no longer owns, and the Developer does not pay the taxes reflected on such bill, and the owner of the subject property does not receive the bill or remember to look for and pay the tax bill, there could be delays in the payment of the Special Taxes levied against such homes.
The Developer has informed the Authority that it currently expects at least one home closing to occur on or before December 31, 2025 in each of the first 14 Phases (which include 109 units in aggregate) out of the total 30 Phases at Prado. Based on this projection, the County would be expected to assign individual assessor parcel numbers to the 109 units in Phases 1 through 14 at Prado.] Additionally, a portion of the proceeds of the 2025 Bonds will be deposited to the Capitalized Interest Account and applied to pay interest on the 2025 Bonds coming due through the March 1, 2027 and a portion of the interest coming due on September 1, 2027. The amount of capitalized interest being financed for the September 1, 2027 payment has been calculated based on the Developer's stated expectation that sales of at least one home in each of the first 14 Phases at Prado will have closed on or before January 1, 2026 and the assumption that the County will follow the Parcel Segregation process described above.
38 4931-6664-9441v5/201033-0003
The delay of the County's assignment of assessor parcel numbers to parcels with individually owned homes and the resulting potential delay in payment of the Special Tax levy described above are not expected to be ongoing beyond the development period within the District. However, the Authority has no control over the County's process with respect to the assignment of such assessor parcel numbers.
Direct and Overlapping Governmental Obligations
Taxes, Charges and Assessments. The base ad valorem secured property tax rate on property in the District is 1.00% (including ad valorem tax overrides). Property in the District is also subject, or will be subject, to certain annual charges and assessments (which are billed to property owners on a semi-annual basis). See "THE DISTRICT —Sample Tax Bill" below for a list of public agencies that currently levy annual charges and assessments on property in the District.
Overlapping Public Debt. The District is located within the boundaries of certain local agencies, other than the Authority, that provide public services and assess property taxes, assessments, special taxes and other charges on the property in the District. Some of these local agencies have outstanding debt.
The current and estimated direct and overlapping obligations affecting the property in the District are shown in the following Table 5. The table was prepared by the Special Tax Consultant and is included for general information purposes only. Neither the Authority nor the Underwriter has reviewed this report for completeness or accuracy and they make no representation in connection therewith.
Table 5
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Direct and Overlapping Debt
APPRAISED VALUE
Appraised Valuation(')
$ 83,935,000
LAND SECURED BOND INDEBTEDNESS
Outstanding Direct and
Units in
Amount
Overlapping Bonded Debt
Type
CFD23-02
Issued
Outstanding
%Applicable
Applicable
TPFA CFD No. 23-02
CFD
237
$ 16,450,000
$ 16,450,000*(2)
100.000 %
$ 16.450.000
TOTAL LAND SECURED BONDED DEBTt31
$ 16,450,000
Authorized and Unissued Direct and
Units in
Amount
Overlapping Bonded Debt
Type
CFD23-02
Authorized
Unissued
%Applicable
Applicable
TPFA CFD No. 23-02
CFD
237
$ 20,000,000
$ 0141
100.000 %
$ 0
TOTAL UNISSUED LAND SECURED INDEBTEDNESSi31
$ 0
TOTAL OUTSTANDING AND UNISSUED LAND SECURED INDEBTEDNESS $ 16,450,000
GENERAL OBLIGATION BOND INDEBTEDNESS
Outstanding Direct and
Units in
Amount
Overlapping Bonded Debt
Type
CFD23-02
Issued
Outstanding
%Applicable(')
Applicable
Metropolitan Water East (0.007000/,)
GO
237
$ 850,000,000
$ 18,210,000
0.00091 %
$ 166
Temecula Unified School District (0.01924%)
GO
237
164,997,035
161,326,073
0.11233
181,213
EMWD Improvement District U8 (0.00150%)
GO
237
16,000,000
2,050,000
0.15565
3,191
Mount San Jacinto Community College (0.00268%)
GO
237
295,000,000
242,210,000
0.02647
64,120
RCWD Rancho Division (0.30000%)
GO
237
410,140,000
205,130,000
0.11495
235,801
TOTAL GENERAL OBLIGATION BONDED DEBT(`)
$ 484,491
Authorized and Unissued Direct and
Units in
Amount
Overlapping Indebtedness
Type
CFD 23-02
Authorized
Unissued
%Applicable"'
Applicable
Metropolitan Water East (0.007000/4)
GO
237
$ 850,000,000
$ 0
0.00091%
$ 0
Temecula Unified School District (0.01924%)
GO
237
230,000,000
65,002,965
0.11233
73,016
EMWD Improvement District US (0.00150%)
GO
237
16,000,000
0 0.15565
0 Mount San Jacinto Community College (0.00268%)
GO
237
295,000,000
0 0.02647
0 RCWD Rancho Division (0.30000%)
GO
237
410,140,000
0 0.11495
0 TOTAL UNISSUED GENERAL OBLIGATION INDEBTEDNESS()
$ 73,016
TOTAL OUTSTANDING AND UNISSUED GENERAL OBLIGATION INDEBTEDNESS $ 557,507
TOTAL OF ALL OUTSTANDING DIRECT AND OVERLAPPING BONDED DEBT $ 16,934,491
TOTAL OF ALL OUTSTANDING AND UNISSUED DIRECT AND OVERLAPPING INDEBTEDNESS $ 17,007,507
Ratios to Appraised Valuation
Outstanding Land Secured Bonded Debt
5.10:1
Outstanding Direct and Overlapping Bonded Debt
4.96:1
Preliminary, subject to change.
t'> Appraised valuation is as of August 4, 2025, as reported in the Appraisal Report 39 4931-6664-9441v5/201033-0003
(2) Amount outstanding is equal to the initial principal amount of the 2025 Bonds. (3) Additional bonded debt or available bond authorization may exist but is not shown because a tax was not levied for Fiscal Year 2024-25. (4) Additional bonds may be issued for refunding purposes only. (5) Percentage applicable determined by Fiscal Year 2024-25 Equalized Roll Assessed Value information. (6) RCWD Rancho Division's tax rate applicable to assessed land value only.
Source: Webb Municipal Finance, LLC.
Sample Tax Bill
Table 6 below provides, for an average parcel of Taxable Property under the Rate and Method, the expected property tax bill that would be received by an owner of the property for fiscal year 2026-27, based on the projected Special Tax levy for that fiscal year.
40 4931-6664-9441v5/201033-0003
Table 6
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Average Fiscal Year 2026-27 Tax Obligation(')
For Individually Owned Units of Developed Property
Average Projected Home Value(2) $ 650,000
Ad Valorem Property Taxes:
Basic Levy (1.0000%) $ 6,500.00
Temecula Unified School District (0.01924%) 125.06
EMWD Improvement District U8 (0.00150%) 9.75
Mount San Jacinto Community College (0.00268%) 17.42
RCWD Rancho Division (0.30000%)l3> 650.00
Total General Property Taxes $ 7,302.23
Assessment, Special Taxes & Parcel Charges
MWD Standby East
$ 6.94
Flood Control Stormwater/Clearwater
3.74 EMWD htfrastructure Availability Charge
11.60 Temecula Parks/Lighting Services
74.44 Temecula Residential Street Lights
25.68 Temecula Perimeter Landscaping (Zone 24)
100.00
TPFA CFD No. 01-02 (Harveston) Services
94.46 TPFA CFD No. 23-02 (Prado) Services()
468.36
TPFA CFD No. 23-02 (Prado) Facilities*(5)
4,079.43
Total Assessment Charges
$ 4,864.64
Average Total Property Tax
$ 129166.87
Average Effective Tax Rate
1.87%*
* Preliminary, subject to change.
(1) Average Fiscal Year 2026-27 tax rates based upon Fiscal Year 2024-25 Overlapping Taxes and Assessments. (2) Average Projected Home Value is based upon average Appraised Value for Developed Property indicated as being conveyed to individual homeowners. (3) RCWD Rancho Division's tax rate applicable to assessed land value only. (4) Reflects the District's average projected Fiscal Year 2026-27 Special Tax B Services for Developed Property indicated as being conveyed to individual homeowners.
(5) Reflects the District's average projected Fiscal Year 2026-27 Special Tax A Facilities for Developed Property indicated as being conveyed to individual homeowners.
Source: Webb Municipal Finance, LLC.
41 4931-6664-944lv5/201033-0003
Historical Assessed Values. The following table summarizes the assessed values within the District for the Fiscal Years shown.
Table 7
Temecula Public Financing Authority
Community Facilities District No. 23-02 (Prado)
Historical Assessed Value
Fiscal Years 2022-23 Through 2024-25
Parcels with
Improvement
Total
Assessed
Land Assessed Improvement Total Assessed
Fiscal Year
Parcels
Value
Value Assessed Value Valuation(l)
Percent Change
2022-23
4 0
$ 21,338,075 $ 0 $ 21,338,075
N/A
2023-24
4 0
21,764,836 0 21,764,836
2.00%
2024-25
4 0
37,000,000 0 37,000,000
70.00%
As of January 1 of each year as shown on the County Assessor's Rolls. Total Assessed Value is calculated as the sum of Land Assessed Value and Improvement Assessed Value.
Source: Webb Municipal Finance, LLC
Delinquency History
None of the four parcels in the District are delinquent in the payment of ad valorem property taxes.
Fiscal Year 2026-27 will be the first year the Special Tax is levied in the District.
THE AUTHORITY
The Temecula Public Financing Authority was established pursuant to a Joint Exercise of Powers Agreement, dated April 10, 2001 (the "JPA Agreement"), by and between the City and the Agency. The JPA was entered into pursuant to the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of California. The Authority was formed for the primary purpose of assisting in the financing and refinancing of public capital improvements in the City. As of May 1, 2016, the JPA Agreement was amended to provide for the withdrawal of the Successor Agency to the Agency as a member of the Authority, and to add the Temecula Community Services District and the Temecula Housing Authority as members of the Authority.
The Authority is administered by a five -member Board of Directors, which currently consists of the members of the City Council of the City. The Authority has no independent staff. The Executive Director of the Authority is the City Manager of the City, and the Treasurer of the Authority is the City's Chief Financial Officer.
The Executive Director administers the day-to-day affairs of the Authority, and the Treasurer has custody of all money of the Authority from whatever source.
SPECIAL RISK FACTORS
The following is a description of certain risk factors affecting the District, the property owners in the District, the parcels subject to the levy of Special Taxes and the payment of and security for the 2025 Bonds. The following discussion of risks is not meant to be a complete list of the risks associated with the purchase of the 2025 Bonds and does not necessarily reflect the relative importance of the various risks. Potential investors are advised to consider the following factors along with all other information in this Official Statement in evaluating the investment quality of the 2025 Bonds. There can be no assurance that other risk factors will not become material in the future.
42 4931-6664-944lv5/201033-0003
No General Obligation of the Authority or the District
The Authority's obligations under the 2025 Bonds and under the Fiscal Agent Agreement are limited obligations of the Authority on behalf of the District and are payable solely from and secured solely by the Special Tax Revenues and amounts in the Special Tax Fund, the Bond Fund and the Reserve Fund. The 2025 Bonds are neither general or special obligations of the Authority nor general obligations of the District, but are limited obligations of the Authority for the District payable solely from the revenues and funds pledged therefor and under the Fiscal Agent Agreement. None of the faith and credit of the District, the Authority or the State of California or of any of their respective political subdivisions is pledged to the payment of the 2025 Bonds.
Insufficiency of Special Tax Revenues
As discussed below, the Special Taxes may not produce revenues sufficient to pay the debt service on the 2025 Bonds either due to nonpayment of the amounts levied or because acreage within the District becomes exempt from taxation due to the transfer of title to a public agency.
In order to pay debt service on the 2025 Bonds, it is generally necessary that the Special Taxes be paid in a timely manner. Should the Special Taxes not be paid on time, the District has established a Reserve Fund under the Fiscal Agent Agreement to be maintained in an amount equal to the Reserve Requirement to pay debt service on the 2025 Bonds to the extent other funds are not available. See "SECURITY FOR THE 2025 BONDS — Reserve Fund" and Appendix C — "Summary of the Fiscal Agent Agreement —Reserve Fund." The District will covenant in the Fiscal Agent Agreement to maintain in the Reserve Fund an amount equal to the Reserve Requirement, subject, however, to the availability of Special Tax revenues in amounts sufficient to do so and to the limitation that the District may not levy the Special Tax in any Fiscal Year at a rate in excess of the maximum amounts permitted under the Rate and Method. See Appendix B and Appendix C hereto. As a result, if a significant number of Special Tax delinquencies occur within the District, the District could be unable to replenish the Reserve Fund to the Reserve Requirement due to the limitations on the amount of the Special Tax that may be levied. If such defaults were to continue in successive years, the Reserve Fund could be depleted and a default on the 2025 Bonds would occur if proceeds of a foreclosure sale did not yield a sufficient amount to pay the delinquent Special Taxes.
The Act provides that, if any property within the District not otherwise exempt from the Special Tax is acquired by a public entity through a negotiated transaction, or by gift or devise, the Special Tax will continue to be levied on and enforceable against the public entity that acquired the property. In addition, the Act provides that, if property subject to the Special Tax is acquired by a public entity through eminent domain proceedings, the obligation to pay the Special Tax with respect to that property is to be treated as if it were a special assessment and be paid from the eminent domain award. The constitutionality and operation of these provisions of the Act have not been tested in the courts, but it is doubtful that they would be upheld as to, for example, property owned by the federal government. If for any reason property within the District becomes exempt from taxation by reason of ownership by a non-taxable entity such as the federal government or another public agency, subject to the limitation of the Maximum Special Tax, the Special Tax will be reallocated to the remaining taxable parcels within the District. This would result in the owners of such property paying a greater amount of the Special Tax and could have an adverse impact upon their willingness and/or ability to pay the Special Tax. Moreover, if a substantial portion of additional land within the District became exempt from the Special Tax because of public ownership, or otherwise, the Maximum Special Tax which could be levied upon the remaining acreage might not be sufficient to pay principal of and interest on the 2025 Bonds when due and a default will occur with respect to the payment of such principal and interest.
The District will covenant in the Fiscal Agent Agreement that, under certain circumstances, it will institute foreclosure proceedings to sell any property with delinquent Special Taxes in order to obtain funds to pay debt service on the 2025 Bonds. If foreclosure proceedings were ever instituted, any mortgage or deed of trust holder could, but would not be required to, advance the amount of the delinquent Facilities Special Tax to protect its security interest. See "SECURITY FOR THE 2025 BONDS —Special Taxes" and "— Covenant for 43 4931-6664-9441v5/201033-0003
Superior Court Foreclosure" for provisions which apply in the event of such foreclosure and which the District is required to follow in the event of delinquencies in the payment of the Special Tax.
In the event that sales or foreclosures of property are necessary, there could be a delay in payments to Owners of the 2025 Bonds (if the Reserve Fund has been depleted) pending such sales or the prosecution of such foreclosure proceedings and receipt by the Authority on behalf of the District of the proceeds of sale. The District may adjust the future Special Tax levied on taxable parcels in the District, subject to limitations described above under the caption "SECURITY FOR THE 2025 BONDS — Summary of Rate and Method," to provide an amount required to pay interest on and principal of the 2025 Bonds, and the amount, if any, necessary to replenish the Reserve Fund to an amount equal to the Reserve Requirement, and to pay all current expenses.
There is, however, no assurance that the total amount of the Facilities Special Tax that could be levied and collected against taxable parcels in the District will be at all times sufficient to pay the amounts required to be paid by the Fiscal Agent Agreement, even if the Special Tax is levied at the Maximum Special Tax rates. See "—Enforcement Delays —Bankruptcy."
No assurance can be given that the real property subject to sale or foreclosure will be sold, or if sold, that the proceeds of sale will be sufficient to pay any delinquent installments of the Special Tax. The Act does not require the Authority or the City to purchase or otherwise acquire any lot or parcel of property to be sold at foreclosure if there is no other purchaser at such sale. The Act and the Fiscal Agent Agreement do specify that the Special Tax will have the same lien priority as for ad valorem property taxes in the case of delinquency.
Section 53356.6 of the Act requires that property sold pursuant to foreclosure under the Act be sold for not less than the amount of judgment in the foreclosure action, plus post judgment interest and authorized costs, unless the consent of the owners of 75% of the Outstanding 2025 Bonds is obtained.
Prior to July 1, 1983, the right of redemption from foreclosure sales was limited to a period of one year from the date of sale. Under legislation effective July 1, 1983, the statutory right of redemption from such foreclosure sales has been repealed. However, a period of 20 days must elapse after the date on which the notice of levy of the interest in real property was served on the judgment debtor before the sale of such lot or parcel can be made. Furthermore, if the purchaser at the sale is the judgment creditor (e.g., the District), an action may be commenced by the delinquent property owner within 90 days after the date of sale to set aside such sale. The constitutionality of the aforementioned legislation, which repeals the one year redemption period, has not been tested and there can be no assurance that, if tested, such legislation will be upheld. (Section 701.680 of the Code of Civil Procedure of the State.)
Impact of Economic Conditions on Development in the District Certain events and factors which negatively affect the regional, State and national economies could have an adverse effect on the pace at which the Developer can complete the remaining infrastructure and future homes, and demand by, and the ability of individuals to purchase homes within the District. Such events and factors could include rising inflation and interest rates, persistent supply chain issues and global market instability caused by geopolitical events. Any adverse impact of the foregoing and other economic factors on the project in the District and the real estate market in general cannot be predicted.
Property Values
The value of the property within the District is a critical factor in determining the investment quality of the 2025 Bonds. If a property owner is delinquent in the payment of Special Taxes, the District's only remedy is to commence foreclosure proceedings against the delinquent parcel in an attempt to obtain funds to pay the Special Taxes. Reductions in property values due to a downturn in the economy, physical events such as earthquakes, fires or floods, stricter land use regulations, delays in development or other events will adversely impact the security underlying the Special Taxes. See "THE DISTRICT —Property Values" and Appendix H — "APPRAISAL REPORT."
44 4931-6664-9441v5/201033-0003
The Appraiser has estimated, on the basis of certain assumptions and limiting conditions contained in the Appraisal Report, that as of the Date of Value, the market value of the land and improvements within the District was approximately $81,495,000. See "THE DISTRICT —Property Values." The Appraisal Report indicates the Appraiser's opinion as to the market value of the properties referred to therein as of the date and under the conditions specified therein. The Appraiser's opinion reflects conditions prevailing in the applicable market as of the Date of Value. The Appraiser's opinion does not predict the future value of the subject property, and there can be no assurance that market conditions will not change adversely in the future.
Prospective purchasers of the 2025 Bonds should not assume that the taxable land within the District could be sold for the appraised amount or for the assessed values at a foreclosure sale for delinquent Special Taxes. In arriving at the estimate of market value of the property in the District, the Appraiser assumes that any sale will be unaffected by undue stimulus and will occur following a reasonable marketing period, which is not always present in a foreclosure sale. See Appendix H for a description of other assumptions made by the Appraiser and for the definitions and limiting conditions used by the Appraiser. Any event which causes one of the Appraiser's assumptions to be untrue could result in a reduction of the value of the taxable land and improvements within the District from the market value estimated by the Appraiser.
No assurance can be given that any bid will be received for a parcel with delinquent Special Taxes offered for sale at foreclosure or, if a bid is received, that such bid will be sufficient to pay all delinquent Special Taxes. See "SECURITY FOR THE 2025 BONDS —Special Taxes" and "—Covenant for Superior Court Foreclosure."
Risks of Real Estate Secured Investments Generally
Owners of the 2025 Bonds will be subject to the risks generally incident to an investment secured by real estate, including, without limitation: (i) adverse changes in local market conditions, such as changes in the market value of real property in the vicinity of the District, the supply of or demand for competitive properties in such area, and the market value of residential property or buildings and/or sites in the event of sale or foreclosure; (ii) changes in real estate tax rates and other operating expenses, governmental rules (including, without limitation, zoning laws and laws relating to endangered species and hazardous materials) and fiscal policies; (iii) natural disasters (including, without limitation, earthquakes, wildfires and floods), which may result in uninsured losses; (iv) adverse changes in local market conditions; and (v) increased delinquencies due to rising mortgage costs and other factors.
No assurance can be given that the property owners within the District will pay Special Taxes in the future or that they will be able to pay such Special Taxes on a timely basis. See the caption "— Enforcement Delays — Bankruptcy" for a discussion of certain limitations on the District's ability to pursue judicial proceedings with respect to delinquent parcels.
Concentration of Ownership
As of [September 15], 2025, the Developer owned of the 237 parcels in the District not yet with completed sales to homebuyers. See "THE DISTRICT —The Developer." The lack of diversity in the obligation to pay the Special Tax represents a significant risk to the owners of the 2025 Bonds. Failure of the Developer to pay the annual Special Tax A when due could result in a default in payments of the principal of, and interest on, the 2025 Bonds. See "SPECIAL RISK FACTORS —Insufficiency of Special Tax Revenues" below.
Government Approvals
Development within the District is contingent upon the completion, and acceptance by various public agencies, of infrastructure improvements, as well as the issuance by the City of building and other ministerial permits for homes to be constructed in the District. The failure to commence and complete the required 45 4931-6664-9441v5/201033-0003
infrastructure improvements and to obtain any such permits in a timely manner could adversely affect land development within the District.
Payment of the Special Tax is not a Personal Obligation The owners of the parcels in the District are not personally obligated to pay the Special Tax A. Rather, the Special Tax is an obligation that is secured only by a lien against the parcels on which it is levied. If the value of the taxable parcels is not sufficient to secure fully the payment of the Special Tax A, the Authority has no recourse against the property owners.
FDIC/Federal Government Interests in Properties
The ability of the District to collect interest and penalties specified by the Act and to foreclose the lien of delinquent Special Taxes may be limited in certain respects with regard to parcels in which the Federal Deposit Insurance Corporation (the "FDIC"), or other federal government entities such as Fannie Mae or Freddie Mac, has or obtains an interest.
In the case of the FDIC, in the event that any financial institution making a loan which is secured by parcels is taken over by the FDIC and the applicable Special Tax is not paid, the remedies available to the District may be constrained. The FDIC's policy statement regarding the payment of state and local real property taxes (the "Policy Statement") provides that taxes other than ad valorem taxes which are secured by a valid lien in effect before the FDIC acquired an interest in a property will be paid unless the FDIC determines that abandonment of its interests is appropriate. The Policy Statement provides that the FDIC generally will not pay installments of non -ad valorem taxes which are levied after the time the FDIC acquires its fee interest, nor will the FDIC recognize the validity of any lien to secure payment except in certain cases where the Resolution Trust Corporation had an interest in property on or prior to December 31, 1995. Moreover, the Policy Statement provides that, with respect to parcels on which the FDIC holds a mortgage lien, the FDIC will not permit its lien to be foreclosed out by a taxing authority without its specific consent, nor will the FDIC pay or recognize liens for any penalties, fines or similar claims imposed for the nonpayment of taxes.
The FDIC has taken a position similar to that expressed in the Policy Statement in legal proceedings brought against Orange County in United States Bankruptcy Court and in Federal District Court. The Bankruptcy Court issued a ruling in favor of the FDIC on certain of such claims. Orange County appealed that ruling, and the FDIC cross -appealed. On August 28, 2001, the Ninth Circuit Court of Appeals issued a ruling favorable to the FDIC except with respect to the payment of pre -receivership liens based upon delinquent property tax.
The District is unable to predict what effect the application of the Policy Statement would have in the event of a delinquency with respect to parcels in which the FDIC has or obtains an interest, although prohibiting the lien of the FDIC to be foreclosed out at a judicial foreclosure sale would prevent or delay the foreclosure sale.
In the case of Fannie Mae and Freddie Mac, in the event a parcel of taxable property is owned by a federal government entity or federal government sponsored entity, such as Fannie Mae or Freddie Mac, or a private deed of trust secured by a parcel of taxable property is owned by a federal government entity or federal government sponsored entity, such as Fannie Mae or Freddie Mac, the ability to foreclose on the parcel or to collect delinquent Special Taxes may be limited. Federal courts have held that, based on the supremacy clause of the United States Constitution "this Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land; and the Judges in every State shall be bound thereby, anything in the Constitution or Laws of any State to the contrary notwithstanding." In the absence of Congressional intent to the contrary, a state or local agency cannot foreclose to collect delinquent taxes or assessments if foreclosure would impair the federal government interest. This means that, unless Congress has otherwise provided, if a 46 4931-6664-9441v5/201033-0003
federal government entity owns a parcel of taxable property but does not pay taxes and assessments levied on the parcel (including Special Taxes), the applicable state and local governments cannot foreclose on the parcel to collect the delinquent taxes and assessments.
Moreover, unless Congress has otherwise provided, if the federal government has a mortgage interest in the parcel and the District wishes to foreclose on the parcel as a result of delinquent Special Taxes, the property cannot be sold at a foreclosure sale unless it can be sold for an amount sufficient to pay delinquent taxes and assessments on a parity with the Special Taxes and preserve the federal government's mortgage interest. For a discussion of risks associated with taxable parcels within the District becoming owned by the federal government, federal government entities or federal government sponsored entities, see "—Insufficiency of Special Tax Revenues."
The District's remedies may also be limited in the case of delinquent Special Taxes with respect to parcels in which other federal agencies (such as the Internal Revenue Service and the Drug Enforcement Administration) have or obtain an interest.
Exempt Properties
Certain properties are exempt from the Special Tax A in accordance with the Rate and Method. In addition, the Act provides that properties or entities of the state, federal or local government are exempt from the Special Tax A; provided, however, that property within the District acquired by a public entity through a negotiated transaction, or by gift or devise, that is not otherwise exempt from the Special Tax A, will continue to be subject to the Special Tax A. It is possible that property acquired by a public entity following a tax sale or foreclosure based upon failure to pay taxes could become exempt from the Special Tax A. In addition, the Act provides that if property subject to the Special Tax A is acquired by a public entity through eminent domain proceedings, the obligation to pay the Special Tax A with respect to that property, for outstanding Bonds only, is to be treated as if it were a special assessment. The constitutionality and operation of these provisions of the Act have not been tested.
In particular, insofar as the Act requires payment of the Special Tax A by a federal entity acquiring property within the District, it may be unconstitutional (see "SPECIAL RISK FACTORS—FDIC/Federal Government Interests in Properties"). If for any reason property within the District becomes exempt from taxation by reason of ownership by a nontaxable entity such as the federal government or another public agency, subject to the limitation of the Maximum Special Tax A, the Special Tax A will be reallocated to the remaining taxable properties within the District. This would result in the owners of such property paying a greater amount of the Special Tax A and could have an adverse impact upon the timely payment of the Special Tax A. Moreover, if a substantial portion of land within the District becomes exempt from the Special Tax A because of public ownership, or otherwise, the maximum rate that could be levied upon the remaining acreage might not be sufficient to pay principal of and interest on the 2025 Bonds when due and a default would occur with respect to the payment of such principal and interest.
Parity Taxes and Special Assessments
The Special Taxes and any penalties thereon will constitute liens against the taxable parcels in the District until they are paid. Such lien is on a parity with all special taxes and special assessments levied by other agencies and is coequal to and independent of the lien for general property taxes regardless of when they are imposed upon the taxable parcel. The Special Tax B, not pledged to the payment of the 2025 Bonds, is collected with, and secured by the same lien that secures the payment of, the Special Tax A. The Special Taxes have priority over all existing and future private liens imposed on the property. The Authority, however, has no control over the ability of other entities and districts to issue indebtedness secured by special taxes or assessments payable from all or a portion of the taxable parcels within the District subject to the levy of Special Tax A. In addition, the landowners within the District may, without the consent or knowledge of the District, petition other public agencies to issue public indebtedness secured by special taxes or assessments, and any such special taxes 47 4931-6664-9441v5/201033-0003
or assessments may have a lien on such property on a parity with the Special Tax A. The imposition of additional indebtedness could reduce the willingness and the ability of the property owners within the District to pay the Special Tax A when due. See "THE DISTRICT —Direct and Overlapping Governmental Obligations." Tax Delinquencies
Under provisions of the Act, the Special Tax A, from which funds necessary for the payment of principal of, and interest on, the 2025 Bonds are derived, are being billed to the taxable parcels within the District on the regular property tax bills sent to owners of the parcels. Such Special Tax A installments are due and payable, and bear the same penalties and interest for non-payment, as do regular property tax installments. Special Tax A installment payments cannot be made separately from Special Tax B and property tax payments. Therefore, the unwillingness or inability of a property owner to pay regular property tax bills as evidenced by property tax delinquencies may also indicate an unwillingness or inability to make regular property tax payments and Special Tax A installment payments in the future. See "SECURITY FOR THE 2025 BONDS —Reserve Fund" and "— Covenant for Superior Court Foreclosure" for a discussion of the provisions which apply, and procedures which the District is obligated to follow under the Fiscal Agent Agreement, in the event of delinquency in the payment of Special Tax A installments.
Also, as noted under "SECURITY FOR THE 2025 BONDS —Summary of Rate and Method," the Act provides that under no circumstances will the Special Tax A levied against any Parcel used as a private residence be increased as a consequence of delinquency or default by the owner of any other Parcel or Parcels within the District by more than ten percent (10%) per Fiscal Year.
Bankruptcy Delays
In the event of a delinquency in the payment of the Special Taxes, the District is required to commence enforcement proceedings under the circumstances described under the caption "SECURITY FOR THE 2025 BONDS — Special Taxes" and "— Covenant for Superior Court Foreclosure." However, prosecution of such proceedings could be delayed due to crowded local court calendars or by bankruptcy, insolvency and other laws generally affecting creditors' rights (such as the Soldiers' and Sailors' Relief Act of 1940) and by the laws of the State relating to judicial and non judicial foreclosure. Although bankruptcy proceedings would not cause the liens of the Special Taxes to become extinguished, bankruptcy of a person or entity with an interest in the applicable property could result in a delay in the enforcement proceedings because federal bankruptcy laws provide for an automatic stay of foreclosure and tax sale proceedings. Any such delay could increase the likelihood of delay or default in payment of the principal of and interest on the 2025 Bonds. The various legal opinions to be delivered in connection with the issuance of the 2025 Bonds, including Bond Counsel's approving legal opinion, are qualified as to the enforceability of the 2025 Bonds and the Fiscal Agent Agreement by reference to bankruptcy, reorganization, moratorium, insolvency and other laws affecting the rights of creditors generally or against public entities such as the District.
Natural Disasters
The value of the Taxable Property in the future can be adversely affected by a variety of natural occurrences, particularly those that may affect infrastructure and other public improvements and private improvements on the Taxable Property and the continued habitability and enjoyment of such private improvements. Such occurrences include, without limitation, wildfire, earthquakes and floods. One or more of such natural disasters could occur and could result in damage to improvements of varying seriousness. The damage may entail significant repair or replacement costs and that repair or replacement may never occur either because of the cost, or because repair or replacement will not facilitate habitability or other use, or because other considerations preclude such repair or replacement. Under any of these circumstances, the value of the Taxable Property may well depreciate or disappear.
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Wildfires
In recent years, wildfires have caused extensive damage throughout the State, including within the County. Certain of these fires have burned thousands of acres and destroyed hundreds and in some cases thousands of homes. In some instances, entire neighborhoods have been destroyed. Several of the recent fires in the State damaged or destroyed property in areas that were not previously considered to be at risk from such events. In 2025, communities in Los Angeles County, including Pacific Palisades, Malibu and Altadena, experienced widespread devastation from wildfires causing losses of life, thousands of burned homes, and billions of dollars in property damage.
In early September 2022, an almost 24,000 acre fire, the Fairview fire, came within 10 miles of the boundary of the District. Heavy rain and thunderstorms that occurred four days after the start of the fire benefitted firefighters in extinguishing the fire. While some areas were evacuated for a short period, there were no evacuations of City residents. In addition, there were two other recent wildfires in the vicinity of the City:
the Chaparral fire in 2021 and the Tenaja fire in 2019; neither of these fires damaged property in the City. Both fires were over ten miles from the City boundary, and the District is located on the other side of the City. There have also been recent wildfires in the County of San Diego, but none have crossed into Riverside County or had any impact on property in the City.
The District experiences high winds known as Santa Ana winds which frequently accompany and magnify the intensity of wildfires. The District can provide no assurances that property within the District will not be impacted by wildfires in the future. There is a risk of residential property within the District being destroyed by wildfires and no assurance can be given as to the severity or frequency of wildfires within the vicinity of the District. Additionally, property located adjacent to burn areas can be subject to mudslides and flooding, which can cause significant damage and destruction to property.
In March 2025, Cal Fire released an updated Fire Hazard Severity Zone map for the Southern California region. The Cal Fire Hazard Severity Zone maps evaluate fire hazard, which is defined as the likelihood and expected fire behavior over a 30 to 50-year period without considering mitigation measures such as home hardening, recent wildfire or fuel reduction efforts, as opposed to risk, which is the potential damage a fire can do to the area under existing conditions, accounting for any modifications such as fuel reduction projects, defensible space, and ignition resistant building construction. Pursuant to State law, the State Fire Marshal is mandated to classify the state responsibility areas where the state has financial responsibility for wildfire protection and prevention into Fire Hazard Severity Zones classified as "Moderate," "High" or "Very High." In areas designated as local responsibility areas, where local agencies have financial responsibility for wildfire protection and prevention, Cal Fire's Fire Hazard Severity Zone maps make recommendations for the classification of Moderate, High or Very High Fire Hazard Severity Zones and the local agencies must adopt maps which either adopt Cal Fire's recommendations or place the relevant areas in a higher classification. For more information on Cal Fire's Fire Hazard Severity Zone maps, see the Cal Fire website. The District is located within a Moderate or High Fire Hazard Severity Zone as recommended by Cal Fire.
On January 16, 2025, Governor Gavin Newsom issued Executive Order N-10-25 (the "Governor's Order) which canceled penalties, costs and interest on overdue property taxes (including special taxes) within certain zip codes affected by the Palisades Fire during calendar year 2025. This may cause a delay in the payment of special taxes by certain property owners in any community facilities districts affected by the Governor's Order. Unless a sufficient portion of the property owners within any community facilities districts in the affected pay their property taxes (including any special taxes) voluntarily or have mortgage impound accounts, it is likely that any such community facilities districts will need to draw upon a reserve fund to make debt service payments on outstanding bonds prior to the expiration of the Governor's Order and it is possible that outstanding bonds will experience a payment default. In the event of a major fire or other natural disaster affecting the City or the Districts, a similar order affecting the City or the Districts could impact the collection of Special Taxes needed to make debt service payments for the 2025 Bonds.
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Hazardous Substances
The presence of hazardous substances on a parcel may result in a reduction in the value of a parcel. In general, the owners and operators of a parcel may be required by law to remedy conditions of the parcel relating to releases or threatened releases of hazardous substances. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, sometimes referred to as "CERCLA" or the "Superfund Act," is the most well-known and widely applicable of these laws, but California laws with regard to hazardous substances are also stringent and similar. Under many of these laws, the owner or operator is obligated to remedy a hazardous substance condition of property whether or not the owner or operator has anything to do with creating or handling the hazardous substance. The effect, therefore, should any of the taxed parcels be affected by a hazardous substance, is to reduce the marketability and value of the parcel by the costs of remedying the condition, because the purchaser, upon becoming owner, will become obligated to remedy the condition just as is the seller.
The Authority has not independently verified, but is not aware of, the presence of any hazardous substances within the District.
Disclosure to Future Purchasers
The willingness or ability of an owner of a parcel to pay the Special Tax A, even if the value of the property is sufficient to justify payment, may be affected by whether or not the owner was given due notice of the Special Tax A authorization at the time the owner purchased the parcel, was informed of the amount of the Special Tax A on the parcel should the Special Tax A be levied at the maximum tax rate and, at the time of such a levy, has the ability to pay it as well as pay other expenses and obligations. The Authority has caused a notice of the Special Taxes to be recorded in the Office of the Riverside County Recorder against the parcels in the District. Although title companies normally refer to such notices in title reports, there can be no guarantee that such reference will be made or, if made, that a prospective purchaser or lender will consider such Special Tax obligation when purchasing a property within the District or lending money thereon, as applicable.
California Civil Code Section 1102.6b requires that, in the case of transfers, the seller must at least make a good faith effort to notify the prospective purchaser of the special tax lien in a format prescribed by statute.
Failure by an owner of the property to comply with the above requirements, or failure by a purchaser or lessor to consider or understand the nature and existence of the Special Tax A, could adversely affect the willingness and ability of the purchaser or lessor to pay the Special Tax A when due.
Potential Early Redemption of 2025 Bonds from Special Tax Prepayments Property owners within the District are permitted to prepay their Special Tax A in full or in part at any time. Any such prepayments will result in a mandatory redemption of 2025 Bonds on any date for which timely notice may be given under the Fiscal Agent Agreement following the receipt of the Special Tax A prepayment.
Any resulting redemption of 2025 Bonds that were purchased at a price greater than par could reduce the otherwise expected yield on such 2025 Bonds. The Authority cannot predict whether and if so when Special Tax A prepayments will occur in the future. See "THE 2025 BONDS —Redemption —Mandatory Redemption from Special Tax Prepayments."
Cybersecurity
The City, the employees of which conduct the operations of the Authority including those related to the District, like many other public and private entities, relies on a large and complex technology environment to conduct its operations. As a recipient and provider of personal, private, or sensitive information, the City is subject to multiple cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized access to the City's digital systems for the purposes of misappropriating assets or information or 50 4931-6664-9441v5/201033-0003
causing operational disruption and damage. No assurance can be given that the efforts of the City to manage cyber threats and attacks will be successful in all cases, or that any such attack will not materially impact the operations or finances of the City or the Authority, or the administration of the District and the 2025 Bonds. The Authority is also reliant on other entities and service providers in connection with the administration of the 2025 Bonds, including without limitation the County tax collector for the levy and collection of Special Taxes and the Fiscal Agent. No assurance can be given that the City, the Authority and these other entities will not be affected by cyber threats and attacks in a manner that may affect the Bond owners.
Public Health Emergencies
The COVID-19 Pandemic commenced in approximately March 2020 and resulted in a global public health crisis that was fluid and unpredictable with unknown financial and economic impacts. The health emergency and related declarations have ceased, although investors continue to be cautioned that the Authority cannot predict the full impacts that the COVID-19 Pandemic may have had either directly or indirectly on the development and sales of homes in the District. Further, there could be future outbreaks of other COVID-19 variants or other public health emergencies that could have material adverse effects on the development and sales of homes in the District.
No prediction can be made with respect to possible future COVID-19 outbreaks and related public health and governmental authorities' orders and actions. Such effects, if and as they arise, could have a material adverse effect on the ability to sell lots and develop the homes in the District as planned, and no assurance can be provided that will be able to (a) complete in whole or in any part, or within any particular time, the construction of homes within the District; (b) avoid additional material increases in development costs or delays resulting from work stoppages, reduced attendance of workers, shortages or delays in the delivery of building materials, and/or delays in obtaining necessary inspections and approvals; or (c) sell homes, and close home sales, due to in each case to public health or governmental restrictions, further spread of COVID-19, an economic downturn driven by the pandemic, or otherwise.
No Acceleration Provision
The 2025 Bonds and the Fiscal Agent Agreement do not contain a provision allowing for the acceleration of the 2025 Bonds in the event of a payment default or other default under the terms of the 2025 Bonds or the Fiscal Agent Agreement or in the event interest on the 2025 Bonds becomes included in gross income for federal income tax purposes.
Loss of Tax Exemption
As discussed under the heading "TAX MATTERS," interest on the 2025 Bonds could cease to be excluded from gross income for purposes of federal income taxation, retroactive to the date the 2025 Bonds were issued, as a result of future acts or omissions of the Authority, the District, or the City. In addition, it is possible that future changes in applicable federal tax laws could cause interest on the 2025 Bonds to be included in gross income for federal income taxation or could otherwise reduce the equivalent taxable yield of such interest and thereby reduce the value of the 2025 Bonds.
No Ratings — Limited Secondary Market
The Authority has not applied to have the 2025 Bonds rated by any nationally recognized bond rating company, and it does not expect to do so in the future.
There can be no guarantee that there will be a secondary market for the 2025 Bonds or, if a secondary market exists, that such 2025 Bonds can be sold for any particular price. Although the Authority has committed to provide certain financial and operating information, there can be no assurance that such information will be available to 2025 Bond Owners on a timely basis. The failure to provide the required annual financial 51 4931-6664-9441v5/201033-0003
information does not give rise to monetary damages but merely an action for specific performance. Occasionally, because of general market conditions, lack of current information, the absence of a credit rating for the 2025 Bonds or because of adverse history or economic prospects connected with a particular issue, secondary marketing practices in connection with a particular issue are suspended or terminated. Additionally, prices of issues for which a market is being made will depend upon then prevailing circumstances. Such prices could be substantially different from the original purchase price.
Limitations on Remedies
Remedies available to the Owners of the 2025 Bonds may be limited by a variety of factors and may be inadequate to assure the timely payment of principal of and interest on the 2025 Bonds or to preserve the tax- exempt status of interest on the 2025 Bonds.
Bond Counsel has limited its opinion as to the enforceability of the 2025 Bonds and of the Fiscal Agent Agreement to the extent that enforceability may be limited by bankruptcy, insolvency reorganization, fraudulent conveyance or transfer, moratorium or other similar laws affecting generally the enforcement of creditor's rights, by equitable principles and by the exercise of judicial discretion and by limitations on remedies against public agencies in the State of California. The lack of availability of certain remedies or the limitation of remedies may entail risks of delay, limitation or modification of the rights of the Owners.
Enforceability of Remedies
The remedies available to the Fiscal Agent and the registered owners of the 2025 Bonds upon a default under the Fiscal Agent Agreement or any other document described in this Official Statement are in many respects dependent upon regulatory and judicial actions that are often subject to discretion and delay. Under existing law and judicial decisions, the remedies provided for under such documents may not be readily available or may be limited. Any legal opinions to be delivered concurrently with the issuance of the 2025 Bonds will be qualified to the extent that the enforceability of the legal documents with respect to the 2025 Bonds is subject to limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally and by equitable remedies and proceedings generally.
Judicial remedies, such as foreclosure and enforcement of covenants, are subject to exercise of judicial discretion. A California court may not strictly apply certain remedies or enforce certain covenants if it concludes that application or enforcement would be unreasonable under the circumstances and it may delay the application of such remedies and enforcement.
Litigation with Respect to Community Facilities Districts Shapiro. The California Court of Appeal, Fourth Appellate District, Division One, issued its opinion in City of San Diego v. Melvin Shapiro (2014) 228 Cal.App.4th 756 (the "San Diego Decision"). The case involved a Convention Center Facilities District (the "CCFD") established by the City of San Diego ("San Diego"). The CCFD is a financing district much like a community facilities district established under the provisions of the Act. The CCFD is comprised of all of the real property in San Diego. However, the special tax to be levied within the CCFD was to be levied only on hotel properties located within the CCFD.
The election authorizing the special tax was limited to owners of hotel properties and lessees of real property owned by a governmental entity on which a hotel is located. Thus, the election was not a registered voter election. Such approach to determining who would constitute the qualified electors of the CCFD was modeled after Section 53326(c) of the Act, which generally provides that, if a special tax will not be apportioned in any tax year on residential property, the legislative body may provide that the vote shall be by the landowners of the proposed district whose property would be subject to the special tax. The Court held that the CCFD special tax election was invalid under the California Constitution because Article XIIIA, Section 4 thereof and 52 4931-6664-9441v5/201033-0003
Article XIIIC, Section 2 thereof require that the electors in such an election be the registered voters within the district.
Horizon. The Sacramento County Superior Court issued a ruling in Horizon Capital Investments, LLC v. City of Sacramento et al. (Case No. 34-2017-80002661), which was a case involving an election to approve the levy of a special tax within a community facilities district ("CFD") formed under the Act.
In 2017, the City of Sacramento initiated proceedings to form a CFD to finance certain costs to operate and maintain a streetcar line. As permitted by the Act, the proposed district included non-contiguous parcels of non-residential property. Because there were fewer than 12 registered voters residing within the territory of the proposed CFD, the City Council submitted the special tax proposed to be levied within the proposed CFD to the owners of land within the proposed CFD, as required by the Act. The proposed special tax received the requisite two-thirds vote in the landowner election.
Petitioners Horizon Capital Investments, LLC et al. filed a writ of mandate and complaint for reverse validation and declaratory relief. Petitioners argued, and the superior court agreed in its final ruling, that under section 4(a) of article XIII A of the California Constitution (which provides that "Cities, Counties and special districts, by a two-thirds vote of the qualified electors of such district [sic], may impose special taxes on such district...") the phrase "qualified electors" means the registered voters of the entire City of Sacramento and not just the owners of the property within the boundaries of the proposed CFD. Citing the San Diego Decision, the tentative ruling states that the phrase "qualified electors of the district" refers to the registered voters of the entity imposing the special tax, which in this case was the City of Sacramento. Because the vote within the proposed CFD was by landowners only and not by all registered voters in the City of Sacramento, the final ruling states that the special tax is invalid.
The superior court's final ruling is not binding upon other courts within the State and does not directly apply to the District, the Special Taxes, or the 2025 Bonds. The City of Sacramento did not appeal the superior court's ruling.
The Special Tax Election in the District. With respect to the San Diego Decision, the facts of such case show that there were thousands of registered voters within the CCFD (viz., all of the registered voters in San Diego). The elections held in the District had less than 12 registered voters at the time of the election to authorize the Special Taxes. In the San Diego Decision, the court expressly stated that it was not addressing the validity of landowner voting to impose special taxes pursuant to the Act in situations where there are fewer than 12 registered voters. Thus, by its terms, the court's holding in the San Diego Decision does not apply to the Special Tax election in the District. Moreover, Section 53341 of the Act provides that any "action or proceeding to attack, review, set aside, void or annul the levy of a special tax ... shall be commenced within 30 days after the special tax is approved by the voters." Similarly, Section 53359 of the Act provides that any action to determine the validity of bonds issued pursuant to the Act be brought within 30 days of the voters approving the issuance of such bonds. The petitioners in Horizon filed the writ of mandate within 30 days of the landowner election.
Voters in the District approved the Special Tax to be levied in accordance with the Rate and Method on June 8, 2022.
Proposition 218
An initiative measure entitled the "Right to Vote on Taxes Act" (the "Initiative") was approved by the voters of the State at the November 5, 1996 general election. The Initiative added Article XIIIC and Article XIIID to the California Constitution. According to the "Title and Summary" of the Initiative prepared by the California Attorney General, the Initiative limits "the authority of local governments to impose taxes and property -related assessments, fees and charges." Provisions of the Initiative have been and will continue to be interpreted by the courts. The Initiative could potentially impact the Special Taxes otherwise available to the District to pay the principal of and interest on the 2025 Bonds as described below. 53 4931-6664-9441v5/201033-0003
Among other things, Section 3 of Article XIIIC states, "...the initiative power shall not be prohibited or otherwise limited in matters of reducing or repealing any local tax, assessment, fee or charge." The Act provides for a procedure, which includes notice, hearing, protest and voting requirements to alter the rate and method of apportionment of an existing special tax. However, the Act prohibits a legislative body from adopting any resolution to reduce the rate of any special tax or terminate the levy of any special tax pledged to repay any debt incurred pursuant to the Act unless such legislative body determines that the reduction or termination of the special tax would not interfere with the timely retirement of that debt. On July 1, 1997, the Governor of the State signed a bill into law enacting Government Code Section 5854, which states that:
Section 3 of Article XIIIC of the California Constitution, as adopted at the November 5, 1996, general election, shall not be construed to mean that any owner or beneficial owner of a municipal security, purchased before or after that date, assumes the risk of, or in any way consents to, any action by initiative measure that constitutes an impairment of contractual rights protected by Section 10 of Article I of the United States Constitution.
Accordingly, although the matter is not free from doubt, it is likely that Article XIIIC has not conferred on the voters the power to repeal or reduce the Special Taxes if such reduction would interfere with the timely retirement of the 2025 Bonds.
It may be possible, however, for voters or the District or the Board of Directors of the Authority acting as the legislative body of the District to reduce the Special Tax A in a manner that does not interfere with the timely repayment of the 2025 Bonds, but which does reduce the maximum amount of Special Tax A that may be levied in any year below the existing levels. Furthermore, no assurance can be given with respect to the future levy of the Special Tax A in amounts greater than the amount necessary for the timely retirement of the 2025 Bonds. Therefore, no assurance can be given with respect to the levy of Special Tax A for Administrative Expenses (as defined in the Fiscal Agent Agreement). Nevertheless, the Authority has covenanted that it will not consent to, or conduct proceedings with respect to, a reduction in the maximum Special Tax A that may be levied in the District on Developed Property below an amount, for any Bond Year, equal to 110% of the aggregate of the debt service due on the 2025 Bonds in such Bond Year, plus a reasonable estimate of Administrative Expenses for each such Bond Year. However, no assurance can be given as to the enforceability of the foregoing covenant.
The interpretation and application of Article XIIIC and Article XIIID will ultimately be determined by the courts with respect to a number of the matters discussed above, and it is not possible at this time to predict with certainty the outcome of such determination or the timeliness of any remedy afforded by the courts. See "—Enforceability of Remedies."
Ballot Initiatives
Articles XIIIC and XIIID of the California Constitution were adopted pursuant to measures qualified for the ballot pursuant to California's constitutional initiative process, and the State Legislature has in the past enacted legislation that has altered the spending limitations or established minimum funding provisions for particular activities. On March 6, 1995 in the case of Rossi v. Brown, the State Supreme Court held that an initiative can repeal a tax ordinance and prohibit the imposition of further such taxes and that the exemption from the referendum requirements does not apply to initiatives. From time to time, other initiative measures could be adopted by California voters or legislation enacted by the legislature. The adoption of any such initiative or legislation might place limitations on the ability of the State, the Authority, or local districts to increase revenues or to increase appropriations.
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IRS Audit of Tax -Exempt Bond Issues
The Internal Revenue Service has initiated an expanded program for the auditing of tax-exempt bond issues, including both random and targeted audits. It is possible that the 2025 Bonds will be selected for audit by the Internal Revenue Service. It is also possible that the market value of the 2025 Bonds might be affected as a result of such an audit of the 2025 Bonds (or by an audit of similar bonds). See "TAX MATTERS."
TAX MATTERS
In the opinion of Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the 2025 Bonds is excluded from gross income for federal income tax purposes, and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals.
However, it should be noted that with respect to applicable corporations as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended (the "Code"), generally certain corporations with more than $1,000,000,000 of average annual adjusted financial statement income, interest (and original issue discount) with respect to the 2025 Bonds might be taken into account in determining adjusted financial statement income for purposes of computing the alternative minimum tax imposed by Section 55 of the Code on such corporations.
In the further opinion of Bond Counsel, interest (and original issue discount) on the 2025 Bonds is exempt from State of California personal income tax.
The excess of the stated redemption price at maturity of a 2025 Bond over the issue price of a 2025 Bond (the first price at which a substantial amount of the 2025 Bonds of a maturity is to be sold to the public) constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Beneficial Owner before receipt of cash attributable to such excludable income.
The amount of original issue discount deemed received by the Beneficial Owner will increase the Beneficial Owner's basis in the applicable 2025 Bond.
Bond Counsel's opinion as to the exclusion from gross income for federal income tax purposes of interest (and original issue discount) on the 2025 Bonds is based upon certain representations of fact and certifications made by the Authority, the Community Facilities Districts and others and is subject to the condition that the Authority and the Community Facilities Districts comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"), that must be satisfied subsequent to the issuance of the 2025 Bonds to assure that interest (and original issue discount) on the 2025 Bonds will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause the interest (and original issue discount) on the 2025 Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the 2025 Bonds. The Authority and the Community Facilities Districts will covenant to comply with all such requirements.
The amount by which a Beneficial Owner's original basis for determining loss on sale or exchange in the applicable 2025 Bond (generally, the purchase price) exceeds the amount payable on maturity (or on an earlier call date) constitutes amortizable bond premium, which must be amortized under Section 171 of the Code; such amortizable bond premium reduces the Beneficial Owner's basis in the applicable 2025 Bond (and the amount of tax-exempt interest received), and is not deductible for federal income tax purposes. The basis reduction as a result of the amortization of bond premium may result in a Beneficial Owner realizing a taxable gain when a 2025 Bond is sold by the Beneficial Owner for an amount equal to or less (under certain circumstances) than the original cost of the 2025 Bond to the Beneficial Owner. Purchasers of the 2025 Bonds should consult their own tax advisors as to the treatment, computation and collateral consequences of amortizable bond premium.
Bond Counsel's opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. Bond Counsel has not undertaken to determine, or to inform any person, whether 55 4931-6664-9441v5/201033-0003
any such actions or events are taken or do occur. The Indenture, the Local Obligations Indentures and the Tax Certificate relating to the 2025 Bonds permit certain actions to be taken or to be omitted if a favorable opinion of a bond counsel is provided with respect thereto. Bond Counsel expresses no opinion as to the effect on the exclusion from gross income for federal income tax purposes of interest on any 2025 Bond if any such action is taken or omitted based upon the advice of counsel other than Stradling Yocca Carlson & Rauth LLP .
Although Bond Counsel will render an opinion that interest on the 2025 Bonds is excluded from gross income for federal income tax purposes provided that the Authority and the Community Facilities Districts continue to comply with certain requirements of the Code, the ownership of the 2025 Bonds and the accrual or receipt of interest with respect to the 2025 Bonds may otherwise affect the tax liability of certain persons. Bond Counsel expresses no opinion regarding any such tax consequences. Accordingly, before purchasing any of the 2025 Bonds, all potential purchasers should consult their tax advisors with respect to collateral tax consequences relating to the 2025 Bonds.
The Internal Revenue Service (the "IRS") has initiated an expanded program for the auditing of tax- exempt bond issues, including both random and targeted audits. It is possible that the 2025 Bonds will be selected for audit by the IRS. It is also possible that the market value of the 2025 Bonds might be affected as a result of such an audit of the 2025 Bonds (or by an audit of similar bonds). No assurance can be given that in the course of an audit, as a result of an audit, or otherwise, Congress or the IRS might not change the Code (or interpretation thereof) subsequent to the issuance of the 2025 Bonds to the extent that it adversely affects the exclusion from gross income of interest on the 2025 Bonds or their market value.
SUBSEQUENT TO THE ISSUANCE OF THE 2025 BONDS THERE MIGHT BE FEDERAL,
STATE, OR LOCAL STATUTORY CHANGES (OR JUDICIAL OR REGULATORY CHANGES TO OR
INTERPRETATIONS OF FEDERAL, STATE, OR LOCAL LAW) THAT AFFECT THE FEDERAL, STATE, OR LOCAL TAX TREATMENT OF THE 2025 BONDS INCLUDING THE IMPOSITION OF ADDITIONAL
FEDERAL INCOME OR STATE TAXES BEING IMPOSED ON OWNERS OF TAX-EXEMPT STATE OR LOCAL OBLIGATIONS, SUCH AS THE 2025 BONDS. THESE CHANGES COULD ADVERSELY AFFECT THE MARKET VALUE OR LIQUIDITY OF THE 2025 BONDS. NO ASSURANCE CAN BE GIVEN THAT SUBSEQUENT TO THE ISSUANCE OF THE 2025 BONDS STATUTORY CHANGES WILL
NOT BE INTRODUCED OR ENACTED OR JUDICIAL OR REGULATORY INTERPRETATIONS WILL NOT OCCUR HAVING THE EFFECTS DESCRIBED ABOVE. BEFORE PURCHASING ANY OF THE 2025 BONDS, ALL POTENTIAL PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS
REGARDING POSSIBLE STATUTORY CHANGES OR JUDICIAL OR REGULATORY CHANGES OR INTERPRETATIONS, AND THEIR COLLATERAL TAX CONSEQUENCES RELATING TO THE 2025 BONDS.
The complete text of the final opinion that Bond Counsel expects to deliver upon issuance of the 2025 Bonds is set forth in Appendix D.
LEGAL MATTERS
Concurrent with the issuance of the 2025 Bonds, Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel, will render its opinion substantially in the form set forth in Appendix D to this Official Statement. Certain legal matters with respect to the 2025 Bonds will be passed upon for the Authority and the District by Richards, Watson & Gershon, A Professional Corporation, Los Angeles, California, in their capacity as attorneys for the Authority, and for the Authority by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, acting as Disclosure Counsel. Certain legal matters will be passed upon for the Underwriter by Anzel Galvan LLP, San Francisco, California. Payment of the fees and expenses of Underwriter's Counsel is contingent on the issuance of the 2025 Bonds. At times Stradling Yocca Carlson & Rauth LLP represents Stifel, Nicolaus & Company, Inc., the Underwriter for the 2025 Bonds, in matters unrelated to the 2025 Bonds. 56 4931-6664-9441v5/201033-0003
NO RATING
The Authority has not made, and does not intend to make, any application to any rating agency for the assignment of a rating to the 2025 Bonds.
NO LITIGATION
The Authority is not aware of any pending or threatened litigation challenging the validity of the 2025 Bonds, the Special Taxes securing the 2025 Bonds, or any action taken by the Authority in connection with the formation of the District, the levying of the Special Taxes or the issuance of the 2025 Bonds.
The Bond Purchase Agreement between the Authority and the Underwriter requires that the Developer deliver a certificate on the date of issuance of the 2025 Bonds to the effect that no action, suit, proceeding, inquiry or investigation, at law or in equity, before any court, regulatory agency, public board or body, is pending, or to its actual knowledge is overtly threatened, in any way seeking to restrain such entity's development of the property it owns in the District or in any way seeking to invalidate or set aside any approval or permit relating to the development of such property.
MUNICIPAL ADVISOR
Fieldman, Rolapp & Associates, Inc. has acted as Municipal Advisor (the "Municipal Advisor") to the Authority in conjunction with the issuance of the 2025 Bonds. The Municipal Advisor has assisted in matters related to the planning, structuring, execution, and delivery of the 2025 Bonds. The Municipal Advisor will receive compensation contingent upon the sale and delivery of the 2025 Bonds. The Municipal Advisor has not audited, authenticated, or otherwise independently verified the information set forth in this Official Statement, or any other related information available, with respect to accuracy and completeness of disclosure of such information. Because of this limited participation, the Municipal Advisor makes no guaranty, warranty, or other representation with respect to the accuracy or completeness of this Official Statement, or any other matter related to this Official Statement.
UNDERWRITING
The 2025 Bonds are being purchased through negotiation by Stifel, Nicolaus & Company, Incorporated (the "Underwriter"). The Underwriter agreed to purchase the 2025 Bonds at a price of $ (which is equal to the par amount of the 2025 Bonds, [plus/less] an original issue [premium/discount] of $ , and less an underwriter's discount of $ ). The initial public offering prices set forth on the inside cover page may be changed by the Underwriter. The Underwriter may offer and sell the 2025 Bonds to certain dealers and others at prices lower than the public offering prices set forth on the inside cover page hereof.
CONTINUING DISCLOSURE
The Authority
The Authority will covenant in a Continuing Disclosure Agreement for the benefit of the Owners of the 2025 Bonds to provide Annual Reports that include certain annual financial information and operating data, and to provide notices of the occurrence of certain enumerated events. The Authority has retained Albert A. Webb Associates to act as the Dissemination Agent under the Continuing Disclosure Agreement. The Authority or the Dissemination Agent, on behalf of the Authority, will file the Annual Reports and notices as required by the Continuing Disclosure Agreement with the Municipal Securities Rulemaking Board. See Appendix E — "Form of Continuing Disclosure Agreement of the Authority" for the complete text of the Authority's Continuing Disclosure Agreement. The covenants of the Authority in the Continuing Disclosure Agreement have been made in order to assist the Underwriter in complying with Rule 15c2-12(b)(5) (the "Rule") promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. 57 4931-6664-9441v5/201033-0003
[During the last five Fiscal Years, the Authority has complied in all material respects with its obligations under continuing disclosure agreements entered into in connection with various community facilities district special tax bonds that it has issued, except with respect to the failure to properly link audits and annual reports that were available, to all of the CUSIPs for the Temecula Public Financing Authority Community Facilities District No. 03-1 (Crown Hill) Special Tax Refunding Bonds, Series 2012 in Fiscal Years 2018, 2019 and 2020.] [Update. Delete reference to Crown Hill CUSIP linking issue as out of 5 year window?] The Developer
Although the Developer is not an obligated person under Rule 15c2-12, the Developer has agreed, for the benefit of the owners of the 2025 Bonds to enter into a Continuing Disclosure Certificate covenanting to provide certain information regarding the development of its property and notice of certain material events as they occur.
In connection with a continuing disclosure obligation entered into with respect to the $14,735,000 Improvement Area No. 1 of the City of Dixon Community Facilities District No. 2019-1 (Homestead) Special Tax Bonds, Series 2020, the Developer was late in filing its first periodic report due June 15, 2021. The oversight was discovered in August 2021, and the Developer promptly filed a curative report on August 23, 2021 or approximately two months after the due date. Additionally, in connection with the phased acquisition of lots from the master developer of property within the City of Roseville Creekview Community Facilities District No. 1 (Public Facilities) Improvement Area No. 1 ("Roseville CFD No. 1, IA No. 1"), the Developer executed a Continuing Disclosure Certificate (Assumption by Builder), dated August 13, 2021 (the "CDC Assumption"), with respect to the acquisition of Villages C-11 (34 projected units), C-12 (95 projected units), C-14 (20 projected units), and C-15 (20 projected units). The CDC Assumption relates to the issuance of $10,905,000 City of Roseville Creekview Community Facilities District No. 1 (Public Facilities) Improvement Area No. 1 Special Tax Bonds Series 2020, and requires the filing of periodic reports by May 1 and November 1 of each year with respect to the property referenced, commencing November 1, 2021. The Developer was late in filing its first periodic report due November 1, 2021. The oversight was discovered in late April 2022, and the Developer promptly filed a curative report on April 28, 2022 or approximately six months after the due date. Identification of the above -described events does not constitute a representation by the Developer that such events were material.
The Developer has represented that, other than described above, it has not failed to comply in any material respect with any previous undertaking by it to provide periodic continuing disclosure reports or notices of listed events with respect to community facilities districts or assessment districts in California within the past five years.
The obligations of the Developer under its Continuing Disclosure Certificate will terminate upon the earliest to occur of (i) the legal defeasance, prior redemption or payment in full of all of the 2025 Bonds; and (ii) the date on which the Developer has conveyed 190 homes within the District to individual homeowners. See Appendix F — "Form of Continuing Disclosure Certificate of the Developer" for a complete copy of the Continuing Disclosure Certificate.
Remedies for Failures to Comply
A failure by the Authority or the Developer to comply with the provisions of its respective Continuing Disclosure Agreement or Continuing Disclosure Certificate is not an event of default under the Fiscal Agent Agreement (although the holders and beneficial owners of the 2025 Bonds do have remedies at law and in equity). However, a failure by the Authority to comply with the provisions of its Continuing Disclosure Agreement must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the 2025 Bonds. Therefore, a failure by the Authority to comply with the provisions of its Continuing Disclosure Agreement may adversely affect the marketability of the 2025 Bonds on the secondary market. 58 4931-6664-9441v5/201033-0003
MISCELLANEOUS
Included herein are brief summaries of certain documents, which summaries do not purport to be complete or definitive, and reference is made to such documents for full and complete statements of the contents thereof. Any statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to be construed as a contract or agreement between the Authority or the District and the purchasers or Owners of any of the 2025 Bonds.
The execution and delivery of this Official Statement has been duly authorized by the Board of Directors of the Authority, acting as the legislative body of the District.
TEMECULA PUBLIC FINANCING AUTHORITY, for
and on behalf of the TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES DISTRICT
NO. 23-02 (PRADO)
I0
Executive Director
59 4931-6664-9441v5/201033-0003
APPENDIX A
GENERAL, ECONOMIC AND DEMOGRAPHIC INFORMATION
RELATING TO THE CITY AND THE COUNTY
The information in this Appendix A is presented as general background data. The 2025 Bonds are payable solely from the proceeds of the Special Tax A received by the Authority and amounts held in certain funds under the Fiscal Agent Agreement, as described in the Official Statement.
Although reasonable efforts have been made to include up-to-date information in this Appendix A, some of the information is not current due to delays in reporting of information by various sources. It should not be assumed that the trends indicated by the following data would continue beyond the specific periods reflected herein.
Introduction
The City. The City of Temecula (the "City") is located in southwestern Riverside County, California.
The City was incorporated on December 1, 1989. Temecula is bordered by the City of Murrieta to the north and the Pechanga Indian Reservation and San Diego County to the south. The City of Temecula forms the southwestern anchor of the Inland Empire region.
Temecula is an affluent community. The City is supported by high median and mean income levels as well as the city's favorable tourism and resort industries. The city is a prominent tourist destination, with the Temecula Valley Wine Country, Old Town Temecula, the Temecula Valley Polo Club, the Temecula Valley Balloon & Wine Festival, championship golf courses, and resort accommodations attracting a significant number of tourists.
The City is a general law city, which operates under a council-manager form of government. The City Council consists of five members elected by district, as defined in California Government Code Section 34871, to staggered four-year terms. Each year, the City Council elects a Mayor and a Mayor Pro Tem amongst themselves to serve for one calendar year. The Mayor, who has equal legislative power with fellow members of the City Council, serves as the ceremonial leader of the city and as the presiding officer of the bi-weekly City Council meetings.
The County. Riverside County, California (the "County") is the 4th-most populous county in California and the 1 lth-most populous in the United States. The County name was taken from the City of Riverside, which is the county seat.
Roughly rectangle -shaped, Riverside County covers 7,208 square miles (18,670 km2) in Southern California, spanning from the Greater Los Angeles area to the Arizona border. Geographically, the county is mostly desert in the central and eastern portions of the county and is a Mediterranean climate in the western portion of the county. Most of Joshua Tree National Park is located in the county.
The resort cities of Palm Springs, Palm Desert, Indian Wells, La Quinta, Rancho Mirage, and Desert Hot Springs are all located in the Coachella Valley region of Riverside County. Large numbers of Los Angeles area workers have moved to the county to take advantage of its relatively affordable housing. Alongside neighboring San Bernardino County, it was one of the fastest growing regions in the state prior to the recent changes in the regional economy. In addition, smaller, but significant, numbers of people have been moving into Southwest Riverside County from the San Diego -Tijuana metropolitan area.
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Population
The table below summarizes population of the City, the County, and the State for the last five years.
CITY OF TEMECULA, RIVERSIDE COUNTY, and CALIFORNIA
Population
City of
Riverside
State of
Year
Temecula
County
California
2021
109,815
2,423,069
39,369,530
2022
109,458
2,435,510
39,179,680
2023
109,962
2,467,690
39,228,444
2024
110,898
2,491,037
39,420,663
2025
112,220
2,495,640
39,529,101
Source: California Department of Finance, E-4 Population Estimate for Cities, Counties, and the State, 2021-2025, with 2020 Census Benchmark.
Employment
The following table summarizes historical employment and unemployment for the County, the State, and the United States:
RIVERSIDE COUNTY, CALIFORNIA, and UNITED STATES
Civilian Labor Force, Employment, and Unemployment
(Annual Averages)
Unemployment
Year
Area
Labor Force
Employment
Unemployment
Rated)
2020
Riverside County
1,107,700
997,700
110,000
9.9%
California
18,821,200
16,913,100
1,908,100
10.1 United States
160,742,000
147,795,000
12,947,000
8.1 2021
Riverside County
1,129,600
1,046,700
82,800
7.3%
California
18,923,200
17,541,900
1,381,200
7.3 United States
160,014,000
149,817,000
10,196,000
6.4 2022
Riverside County
1,152,100
1,104,100
48,000
4.2%
California
19,252,000
18,440,900
811,100
4.2 United States
163,615,000
157,066,000
6,549,000
4.0 2023
Riverside County
1,165,500
1,110,100
55,400
4.8%
California
19,471,000
18,551,800
919,200
4.7 United States
165,871,000
161,152,000
5,719,000
3.4 2024(2)
Riverside County
1,181,300
1,118,600
62,700
5.3%
California
19,644,100
18,600,900
1,043,100
5.3 United States
(1) The unemployment rate is computed from unrounded data; therefore, it may differ from rates computed from rounded figures available in this table.
(2) Latest available full -year data.
Source: California Employment Development Department, Monthly Labor Force Data for Counties, Annual Average 2020-2024, and US Department of Labor.
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Major Employers in the City and Industries in the County The following table lists the top 10 employers within the City for 2024.
CITY OF TEMECULA
Top 10 Employers
For the 2024 Fiscal Year(')
% of
Employer
Employees
Total
Temecula Valley Unified School District
3,238
4.86%
Abbott Laboratories
1,700
2.55 Temecula Valley Hospital
1,270
1.91 Milgrad Manufacturing Inc.
530
.80
Walmart
500
.75
Costco Wholesale
500
.75
Southwest Traders, Inc.
484
.73
Millipore Sigma
370
.56
FFF Enterprises
366
.55
The Scotts Company
335
.50
Total Top 10
9,293
13.96%
(1) Latest available full -year data.
Source: City of Temecula 2023-24 Annual Comprehensive Financial Report.
The following table lists the top 10 employers within the County for 2024.
RIVERSIDE COUNTY
Top 10 Employers
For the 2024 Fiscal YearM
% of
Employer
Employees
Total
Riverside County
23,772
2.18%
Amazon
14,317
1.31 University of California Riverside
8,593
.79
State of California
8,398
.77
Wal-Mart
6,465
.59
Moreno Valley Unified School District
6,020
.55
Kaiser Permanente Riverside Medical Center
5,817
.53
Riverside Unified School District
5,431
.50
Stater Brothers Market
4,990
.46
Mt. San Jacinto Community College District
4,638
.43
Total Top 10
88,441
8.11 %
0) Latest available full -year data.
Source: Riverside County 2023-24 Annual Comprehensive Financial Report.
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Construction Activity
The following tables reflect the five-year history of building permit valuation for the City and the County:
CITY OF TEMECULA
Building Permits and Valuation
(Dollars in Thousands)
2020
2021
2022
2023
20240)
Permit Valuation:
New Single-family
$47,734
$84,334
$70,231
$103,921
$51,289
New Multi -family
2,512
2,163
24,802
63,174
2,195
Res. Alterations/Additions
7,462
6,263
7,044
2,498
1,464
Total Residential
57,708
92,760
102,079
169,593
54,948
Total Nonresidential
23,605
26,804
18,700
20,444
7,863
Total All Building
81,314
119,565
120,780
190,037
62,811
New Dwelling Units:
Single Family
261
441
426
562
222
Multiple Family
39 36
277
733
30 Total
300
477
703
1,295
252
RIVERSIDE COUNTY
Building Permits and Valuation
(Dollars in Thousands)
2020
2021
2022
2023
20240)
Permit Valuation:
New Single-family
$2,315,365
$2,013,158
$2,429,329
$1,935,040
$2,124,198
New Multi -family
93,149
149,081
339,474
877,140
382,484
Res. Alterations/Additions
110,788
100,401
152,309
173,539
143,991
Total Residential
2,519,303
2,262,641
2,921,112
2,985,719
2,650,673
Total Nonresidential
1,153,777
1,543,997
1,701,617
1,283,941
1,058,818
Total All Building
3,673,080
3,806,639
4,622,730
4,269,660
3,709,491
New Dwelling Units:
Single Family
8,443
7,360
8,863
6,936
6,882
Multiple Family
723
1,126
2,861
7,211
2,275
Total
9,166
8,486
11,724
14,147
9,157
Note: Columns may not sum to totals due to independent rounding. (1) Latest available full year data.
Source: Construction Industry Research Board: "Building Permit Summary." Per Capita Personal Income
The following table summarizes per capita personal income for Riverside County, California and the United States for 2014 through 2023. This measure of income is calculated as the personal income of the residents of the area divided by the resident population of the area.
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PER CAPITA PERSONAL INCOME
Riverside County, State of California and the United States 2014-2023
Year County of Riverside
2014
$34,822
2015
36,631
2016
38,092
2017
39,100
2018
40,619
2019
43,122
2020
47,615
2021
51,558
2022
50,995
2023
53,750
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
California United States
$50,617
$46,289
53,816
48,062
55,862
48,974
58,214
51,006
60,984
53,311
64,219
55,567
70,098
59,123
76,882
64,460
76,941
66,244
81,255
69,810
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APPENDIX B
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO.23-02
(PRADO)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
The following sets forth the Rate and Method of Apportionment of Special Tax for the levy and collection of an Annual Special Tax A, an Annual Special Tax B, and an Annual Special Tax C in the Temecula Public Financing Authority ("Authority") Community Facilities District No. 23-02 (Prado) ("CFD No. 23-02"). An Annual Special Tax A, an Annual Special Tax B, and an Annual Special Tax C shall be levied on property in CFD No. 23-02 and collected in CFD No. 23-02 each Fiscal Year, in an amount determined through the application of the Rate and Method of Apportionment of Special Tax described below. All of the real property within CFD No. 23-02, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided.
SECTION A
DEFINITIONS
The terms hereinafter set forth have the following meanings:
"Acre" or "Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on the Assessor's Parcel Map, the land area as shown on the applicable Final Map, or if the land area is not shown on the applicable Final Map, the land area as calculated by or on behalf of the CFD Administrator.
"Act" means the Mello -Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses" means the actual or reasonably estimated costs directly related to the administration of CFD No. 23-02, including but not limited to the following: (i) the costs of computing Special Tax A, Special Tax B, and/or Special Tax C (collectively, the "Special Taxes") and of preparing the annual Special Tax A, Special Tax B, and Special Tax C collection schedules (whether by the CFD Administrator or designee thereof, or both); (ii) the costs of collecting the Special Taxes (whether by the Authority, County, City, or otherwise); (iii) the costs of remitting the Special Taxes to the fiscal agent or trustee for any Bonds; (iv) the costs of commencing and pursuing to completion any foreclosure action arising from delinquent Special Taxes; (v) the costs of the fiscal agent or trustee (including its legal counsel) in the discharge of the duties required of it under any Indenture; (vi) the costs of the Authority, City, or designee of either in complying with arbitrage rebate, mandated reporting and disclosure requirements of applicable federal and State of California laws, and responding to property owner or Bond owner inquiries regarding the Special Taxes or Bonds; (vii) the costs associated with the release of funds from any escrow account established under an Indenture; (viii) the costs of the Authority, City, or designee of either related to any appeal of a Special Tax; (ix) an allocable share of the salaries of the City staff and City overhead expense directly relating to the foregoing and (x) any other expense eligible under the Act to be charged for the administration of CFD 23-02 or any Bonds. Administrative Expenses shall also include amounts advanced by the City or the Authority for any administrative purposes of CFD No. 23-
02. "Annual Special Tax A" means for each Assessor's Parcel, the Special Tax A actually levied in a given Fiscal Year on such Assessor's Parcel.
"Annual Special Tax B" means for each Assessor's Parcel, the Special Tax B actually levied in a given Fiscal Year on such Assessor's Parcel.
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"Annual Special Tax C" means for each Assessor's Parcel, the Special Tax C actually levied in a given Fiscal Year on such Assessor's Parcel.
"Approved Property" means all Assessor's Parcels of Taxable Property other than Provisional Exempt Property: (i) that are included in a Final Map that was recorded prior to the January 1 st immediately preceding the Fiscal Year in which the Special Tax A is being levied, and (ii) that have not been issued a Building Permit on or before the April 1 st immediately preceding the Fiscal Year in which the Special Tax A is being levied. "Assessor" means the Assessor of the County.
"Assessor's Parcel" or "Parcel" means a lot or parcel of land designated on an Assessor's Parcel Map with an assigned Assessor's Parcel Number within the boundaries of CFD No. 23-02. "Assessor's Parcel Map" means an official map of the Assessor designating parcels by Assessor's Parcel Number.
"Assessor's Parcel Number" means that number assigned to a lot or parcel of land by the Assessor for purposes of identification.
"Assigned Annual Special Tax A" means the Special Tax A as described in Section D below. "Authority" means the Temecula Public Financing Authority. "Authorized Facilities" means the public facilities authorized to be financed, in whole or in part, by CFD No. 23-02, as identified in the list of authorized facilities approved by the Resolution of Formation of the CFD adopted by the Board of Directors when the CFD No. 23-02 was formed or as it may be modified by proceedings under the Act.
"Authorized Services" means the services authorized to be funded, in whole or in part, by the CFD No. 23-02, as identified in the list of authorized services approved by the Resolution of Formation of the CFD adopted by the Board of Directors when the CFD No. 23-02 was formed or as it may be modified by proceedings under the Act.
"Backup Annual Special Tax A" means the Special Tax A as described in Section E below. "Board of Directors" means the Board of Directors of the Authority, acting as the legislative body of CFD No. 23-02, or its designee.
"Bonds" means any bonds or other indebtedness (as defined in the Act), whether in one or more series, the repayment of which is secured by a pledge of the proceeds of the levy of Special Tax A on Assessor's Parcels within CFD No. 23-02.
"Boundary Map" means a recorded map which indicates the boundaries of CFD No. 23-02. "Building Permit" means the first legal document issued by the City giving official permission for new construction of improvements on an Assessor's Parcel in CFD No. 23-02. For purposes of this definition, "Building Permit" may or may not include any subsequent building permits issued or changed after the first issuance, as determined by the CFD Administrator.
"Building Square Footage" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by the CFD Administrator by reference to the building permit application for such Assessor's Parcel.
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"Calendar Year" means the period commencing January 1 of any year and ending the following December 31. "CFD No. 23-02" or "CFD" means the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) formed by the Authority under the Act. "CFD Administrator" or "Administrator" means the Finance Director of the City, or designee thereof, responsible for, among other things, determining the Special Tax A Requirement, the Special Tax B Requirement, and the Special Tax C Requirement and providing for the levy and collection of said Special Tax A, Special Tax B, and Special Tax C.
"City" means the City of Temecula, California.
"County" means the County of Riverside, California.
"Developed Property" means all Assessor's Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to January 1 st preceding the Fiscal Year in which Special Tax A, Special Tax B or Special Tax C are being levied, and (ii) for which a building permit was issued on or before April 1 st preceding the Fiscal Year in which any or all of the Special Taxes are being levied. "Exempt Property" means all Assessor's Parcels designated as being exempt from the Special Taxes as provided for in Section P.
"Exempt Welfare Exemption Property" means, for each Fiscal Year, an Assessor's Parcel that is (a) receiving a welfare exemption under subdivision (g) of Section 214 of the California Revenue and Taxation Code (or any successor statute), as indicated in the County's Assessor's roll fmalized as of January 1 of the previous Fiscal Year, and (b) exempt from the Special Tax pursuant to Section 53340(c) of the Act. Pursuant to Section 53340(c) of the Act, after the issuance of the first series of Bonds, any Assessor's Parcels that receive welfare exemption under subdivision (g) of Section 214 of the California Revenue and Taxation Code (or any successor statute) shall not be classified as Exempt Welfare Exemption Property and will be subject to the Special Tax.
"Final Map" means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 4285 that creates individual lots that do not need, and are not expected, to be further subdivided prior to the issuance of a Building Permit. "Fiscal Year" means the period commencing July 1 of any year and ending the following June 30. "Indenture" means the bond indenture, fiscal agent agreement, trust agreement, resolution, or other instrument pursuant to which Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same.
"Land Use Type" means Residential Property, Multifamily Residential Property, or Non -Residential Property. "Maximum Special Tax A" means for each Assessor's Parcel of Taxable Property, the maximum Special Tax A, determined in accordance with Section C that can be levied on each such Assessor's Parcel. "Maximum Special Tax B" means for each Assessor's Parcel of Taxable Property, the maximum Special Tax B, determined in accordance with Section I that can be levied on each such Assessor's Parcel. "Maximum Special Tax C" means for each Assessor's Parcel of Taxable Property, the maximum Special Tax C, determined in accordance with Section L that can be levied on each such Assessor's Parcel.
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"Multifamily Residential Property" means all Assessor's Parcels of Developed Property for which a building permit has been issued for the purpose of constructing a building or buildings comprised of attached Units available for rental by the general public, not for sale to an end user, and which attached units are under common ownership, as determined by the CFD Administrator.
"Non -Residential Property" means all Assessor's Parcels of Developed Property for which a building permit was issued for any type of use other than Residential Property and or Multifamily Residential Property. "Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax A obligation for an Assessor's Parcel, as described in Section H.
"Prepayment Amount" means the amount required to prepay the Special Tax A obligation in full for an Assessor's Parcel, as described in Section G.
"Proportionately" means for Special Tax A that the ratio of the Annual Special Tax A to the applicable Assigned Annual Special Tax A is equal for all applicable Assessor's Parcels. In the case of Special Tax B and Special Tax C, "Proportionately" means that the ratio of the Annual Special Tax B to the applicable Maximum Special Tax B and the Annual Special Tax C to the applicable Maximum Special Tax C, respectively, is equal for all applicable Assessor's Parcels. In the case of Developed Property subject to the apportionment of the Annual Special Tax A under Step Four of Section F, "Proportionately" means that the quotient of (a) Annual Special Tax A less the Assigned Annual Special Tax A divided by (b) the Backup Annual Special Tax A less the Assigned Annual Special Tax A, is equal for all applicable Assessor's Parcels. "Provisional Exempt Property" means all Assessor's Parcels of Taxable Property subject to Special Tax A that would otherwise be classified as Exempt Property pursuant to the provisions of Section P, but cannot be classified as Exempt Property because to do so would reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in Section P.
"Residential Property" means all Assessor's Parcels of Developed Property for which a building permit has been issued for purposes of constructing one or more residential dwelling units, and which are not Multifamily Residential Property.
"RMA" means this Rate and Method of Apportionment of Special Tax. "Special Tax(es)" means any of the special taxes authorized to be levied on Taxable Property within and for CFD No. 23-02 pursuant to the Act to fund the Special Tax A Requirement, Special Tax B Requirement, and/or the Special Tax C Requirement.
"Special Tax A" means any of the Special Taxes authorized to be levied on Taxable Property within and by CFD No. 23-02 pursuant to the Act to fund the Special Tax A Requirement. "Special Tax B" means any of the Special Taxes authorized to be levied on Taxable Property within and by CFD No. 23-02 pursuant to the Act to fund the Special Tax B Requirement. "Special Tax C" means any of the Special Taxes authorized to be levied on Taxable Property within and by CFD No. 23-02 pursuant to the Act to fund the Special Tax C Requirement. "Special Tax A Requirement" means, subject to the Maximum Special Tax A, the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses for such Fiscal Year (apportioned between Special Tax A and Special Tax B), (iii) any amount required to establish or replenish any reserve funds established in association with the Bonds, and (iv) the collection or accumulation of funds for the acquisition or construction of Authorized Facilities, provided that the inclusion of such amount does not cause an increase in B-4
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the levy of Special Tax A on Approved Property or Undeveloped Property as set forth in Step Two and Three of Section F, less (v) any amount available to pay debt service or other periodic costs on the Bonds pursuant to any applicable Indenture.
"Special Tax B Requirement" means, subject to the Maximum Special Tax B, that amount to be collected in any Fiscal Year to pay for Authorized Services as required to meet the needs of CFD No. 23-02. The costs of services to be covered shall be the direct costs for (i) Authorized Services, and (ii) Administrative Expenses (apportioned between Special Tax A and Special Tax B); less (iii) a credit for funds available to reduce the Annual Special Tax B levy, if any, as determined by the CFD Administrator. Under no circumstances shall the Special Tax B Requirement include amounts needed to repay Bonds. "Special Tax C Requirement" means, subject to the Maximum Special Tax C, that amount to be collected in any Fiscal Year to pay for Authorized Services as required to meet the needs of CFD No. 23-02. The costs of services to be covered shall be the direct costs for (i) Authorized Services, and (ii) Administrative Expenses; less (iii) a credit for funds available to reduce the Annual Special Tax C levy, if any, as determined by the CFD Administrator. Under no circumstances shall the Special Tax C Requirement include amounts needed to repay Bonds.
"Special Tax Category" means any of the individual categories of BSF set forth in Table 1 in Section D below. "Taxable Property" means (i) with respect to Special Tax A, all Assessor's Parcels within CFD No. 23-02, which are not Exempt Property or for which the Special Tax A obligation has not been prepaid in full, and (ii) with respect to Special Tax B and Special Tax C, all Assessor's Parcels within CFD No. 23-02, which are not Exempt Property.
"Temecula Public Financing Authority" or "PFA" or "Authority" means the Temecula Public Financing Authority, or its designee.
"Transition Event" shall be deemed to have occurred when the CFD Administrator determines that the following events have occurred: (i) all Bonds secured by the levy and collection of Special Tax A in the CFD have been fully repaid, or legally defeased, pursuant to the Indenture; (ii) all Administrative Expenses from prior Fiscal Years have been paid or reimbursed; and (iii) there are no other Authorized Facilities that the Authority or the CFD intends to fund with proceeds of Bonds or of Special Tax A as confirmed in writing by the CFD Administrator.
"Transition Year" means the earlier of: (i) the first Fiscal Year in which the Administrator determines that the Transition Event occurred in the prior Fiscal Year, or (ii) Fiscal Year 2065-66. "Undeveloped Property" means all Assessor's Parcels of Taxable Property which are not Developed Property, Approved Property, or Provisional Exempt Property.
"Unit" means any residential dwelling unit excluding dwelling units within Multifamily Residential Property.
SECTION B
CLASSIFICATION OF ASSESSOR'S PARCELS
Each Fiscal Year, beginning with Fiscal Year 2024-25, each Assessor's Parcel within CFD No. 23-02 shall be classified as Taxable Property or Exempt Property. In addition, each Assessor's Parcel of Taxable Property shall be further classified as Developed Property, Approved Property, Undeveloped Property, or Provisional Exempt Property. In addition, each Assessor's Parcel of Developed Property shall further be classified as Residential Property, Multifamily Residential Property or Non -Residential Property. Assessor's Parcels of Residential Property shall be further categorized based on the Building Square Footage of each such Assessor's Parcel.
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SECTION C
MAXIMUM SPECIAL TAX A
1. Developed Property
For each Fiscal year, the Maximum Special Tax A for each Assessor's Parcel of Residential Property, Multifamily Residential Property or Non -Residential Property shall be the greater of (i) the Assigned Annual Special Tax A or (ii) the Backup Annual Special Tax A.
2. Approved Property, Undeveloped Property, and Provisional Exempt Property For each Fiscal year, the Maximum Special Tax A for each Assessor's Parcel classified as Approved Property, Undeveloped Property, or Provisional Exempt Property shall be the Assigned Annual Special Tax A.
Increase in the Maximum Special Tax A
On each July 1, commencing July 1, 2025, the Maximum Special Tax A shall be increased by an amount equal to two percent (2.0%) of the amount in effect for the previous Fiscal Year.
4. Maximum Special Tax A at Transition Year
For the Transition Year and each Fiscal Year thereafter, the Maximum Special Tax A for any Assessor's Parcel of Taxable Property shall be $0.00. Notwithstanding the forgoing, if there are delinquent Special Tax A taxes on a Parcel, such delinquent Special Tax A taxes will continue to constitute a lien against the Parcel until they are collected.
SECTION D
ASSIGNED ANNUAL SPECIAL TAX A
1. Developed Property
Each Fiscal Year prior to the Transition Year, each Assessor's Parcel of Residential Property, Multifamily Residential Property or Non -Residential Property shall be subject to an Assigned Annual Special Tax A.
The Assigned Annual Special Tax A applicable to an Assessor's Parcel of Developed Property shall be determined using the table below.
TABLE 1
ASSIGNED ANNUAL SPECIAL TAX A RATES
FOR DEVELOPED PROPERTY
FISCAL YEAR 2024-25
Land Use Type
Building Square Footage
Assigned Special Tax A
Residential Property
Less than 1,500
$3,740 per Unit
Residential Property
1,500 —1,599
$3,860 per Unit
Residential Property
1,600 —1,699
$3,980 per Unit
Residential Property
1,700 — 1,799
$4,100 per Unit
Residential Property
Greater than 1,799
$4,220 per Unit
Multifamily Residential Property
N/A
$83,890 per Acre
Non -Residential Property
N/A
$83,890 per Acre
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2. Approved Property, Undeveloped Property and Provisional Exempt Property Each Fiscal Year, prior to the Transition Year, each Assessor's Parcel of Approved Property, Undeveloped Property, and Provisional Exempt Property shall be subject to an Assigned Annual Special Tax A. The Assigned Annual Special Tax A rate for an Assessor's Parcel classified as Approved Property, Undeveloped Property, or Provisional Exempt Property shall be determined pursuant to Table 2 below.
TABLE 2
ASSIGNED ANNUAL SPECIAL TAX RATES
FOR APPROVED PROPERTY, UNDEVELOPED PROPERTY,
AND PROVISIONAL EXEMPT PROPERTY
FISCAL YEAR 2024-25
Assigned Special Tax A
$83,890 per Acre
Increase in the Assigned Annual Special Tax A
On each July 1, commencing July 1, 2025, the Assigned Annual Special Tax A for any Assessor's Parcel of Taxable Property shall be increased by an amount equal to two percent (2.0%) of the amount in effect for the previous Fiscal Year.
4. Assigned Annual Special Tax A at Transition Year
For the Transition Year and each Fiscal Year thereafter, the Assigned Annual Special Tax A for all Taxable Property shall be $0.00. Notwithstanding the forgoing, if there are delinquent Special Tax A taxes on a Parcel, such delinquent Special Tax A taxes will continue to constitute a lien against the Parcel until they are collected.
SECTION E
BACKUP ANNUAL SPECIAL TAX A
At the time a Final Map is recorded, the CFD Administrator shall determine the Backup Annual Special Tax A for all Assessor's Parcels classified or reasonably expected to be classified as Residential Property within such Final Map by multiplying the Maximum Special Tax A rate for Undeveloped Property by the total Acreage of Taxable Property, excluding the Provisional Exempt Property Acreage, Non -Residential Property Acreage, Multifamily Residential Property Acreage and any Acreage reasonably expected to be classified as Exempt Property, and dividing such amount by the total number of such Assessor's Parcels which are classified or reasonably expected to be classified as Residential Property.
The Backup Annual Special Tax A rate for Multifamily Residential Property or Non -Residential Property shall be its Assigned Annual Special Tax A rate.
On each July 1, commencing July 1, 2024, the Backup Annual Special Tax A shall be increased by an amount equal to two percent (2.0%) of the amount in effect for the previous Fiscal Year.
Notwithstanding the foregoing, if Assessor's Parcels which are classified or to be classified as Residential Property, Non -Residential Property or Multifamily Property are subsequently changed by recordation of a lot line adjustment, Final Map amendment, new Final Map or similar instrument, then the Backup Annual Special Tax A shall be recalculated within the area that has been changed to equal the amount of Backup Annual Special Tax A that would have been generated if such change did not take place.
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SECTION F
METHOD OF APPORTIONMENT OF THE ANNUAL SPECIAL TAX A
Commencing Fiscal Year 2024-25 and for each subsequent Fiscal Year, the Board of Directors shall levy the Annual Special Tax A in accordance with the following steps:
Step One: The Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Developed Property at up to 100% of the applicable Assigned Annual Special Tax A rates in Table 1 to satisfy the Special Tax A Requirement.
Step Two: If additional moneys are needed to satisfy the Special Tax A Requirement after the first step has been completed, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Approved Property at up to 100% of the applicable Maximum Annual Special Tax A to satisfy the Special Tax A Requirement.
Step Three: If additional moneys are needed to satisfy the Special Tax A Requirement after the first two steps have been completed, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property up to 100% of the Maximum Annual Special Tax A for Undeveloped Property applicable to each such Assessor's Parcel as needed to satisfy the Special Tax A Requirement.
Step Four: If additional moneys are needed to satisfy the Special Tax A Requirement after the first three steps have been completed, the Annual Special Tax A on each Assessor's Parcel of Developed Property for which the Maximum Special Tax A is the Backup Annual Special Tax A shall be increased Proportionately from the Assigned Annual Special Tax A up to 100% of the Backup Annual Special Tax A as needed to satisfy the Special Tax A Requirement.
Step Five: If additional moneys are needed to satisfy the Special Tax A Requirement after the first four steps have been completed, the Annual Special Tax A shall be levied Proportionately on each Assessor's Parcel of Provisional Exempt Property up to 100% of the Maximum Annual Special Tax A applicable to each such Assessor's Parcel as needed to satisfy the Special Tax A Requirement.
Notwithstanding the foregoing, pursuant to Section 53321(d) of the Act, the Special Tax A levied against an Assessor's Parcel used for private residential purposes shall under no circumstances increase more than ten (10%) as a consequence of delinquency of default by the owner of any other Assessor's Parcel or Assessor's Parcels and shall, in no event, exceed the Maximum Special Tax A in effect for the Fiscal Year in which the Special Tax A is being levied.
SECTION G
PREPAYMENT OF SPECIAL TAX A
The following definitions apply to this Section G:
"Business Day" means days Temecula City Hall is open for business. "CFD Public Facilities Amount" means $13,486,000 expressed in 2024 dollars, which shall increase by the Construction Inflation Index on July 1, 2024, and on each July 1 thereafter, or such lower number as (i) shall be determined by the CFD Administrator as sufficient to provide the Authorized Facilities under the authorized bonding program, or (ii) shall be determined by the Board of Directors concurrently with a covenant that the CFD will not issue any more Bonds.
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"Construction Inflation Index" means the annual percentage change in the Engineering News -Record Building Cost Index for the City of Los Angeles, measured as of the calendar year which ends in the previous Fiscal Year.
In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the CFD Administrator that is reasonably comparable to the Engineering News -Record Building Cost Index for the City of Los Angeles.
"Future Facilities Costs" means the CFD Public Facilities Amount minus (i) Bond proceeds deposited in an Improvement Fund and (ii) other amounts (proceeds of the levy of Special A, interest earnings, etc.) held in an Improvement Fund that were available to fund such CFD Public Facilities Amount prior to the date of prepayment.
"Improvement Fund" means any fund or account established under an Indenture to hold funds which were or continue to be available for expenditure to pay costs of Authorized Facilities and any fund or account established prior to the issuance of Bonds for such purpose.
"Outstanding Bonds" means the principal amount of all previously issued Bonds which will remain outstanding after the payment from the amount of any Special Tax A that has therefore been levied, excluding Bonds to be redeemed at a later date with the proceeds of prior prepayments of Special Tax A.
Prepayment in Full
The Special Tax A obligation may be prepaid and permanently satisfied for (i) Assessor's Parcels of Developed Property, (ii) Assessor's Parcels of Approved Property or Undeveloped Property for which a Building Permit has been issued, (iii) Approved or Undeveloped Property for which a Building Permit has not been issued, and (iv) Assessor's Parcels of Provisional Exempt Property that are not Exempt Property pursuant to Section P. The Special Tax A obligation applicable to an Assessor's Parcel may be fully prepaid and the obligation to pay the Special Tax A for such Assessor's Parcel permanently satisfied as described herein; provided that a prepayment may be made only if there is no delinquent Special Tax A with respect to such Assessor's Parcel at the time of prepayment. An owner of an Assessor's Parcel intending to prepay the Special Tax A obligation for such Assessor's Parcel shall provide the CFD Administrator with written notice of intent to prepay, and within 5 business days of receipt of such notice, the CFD Administrator shall notify such owner of the amount of the non-refundable deposit determined by the CFD Administrator to cover the cost to be incurred for the CFD in calculating the Prepayment Amount (as defined below) for the Assessor's Parcel. Within 15 business days of receipt of such non-refundable deposit, the CFD Administrator shall notify such owner of the Prepayment Amount for the Assessor's Parcel. Prepayment must be made not less than 60 days prior to the redemption date for any Outstanding Bonds to be redeemed with the proceeds of such prepaid Special Taxes.
The Prepayment Amount (defined below) shall be calculated as follows (capitalized terms are defined below):
Bond Redemption Amount
plus
Redemption Premium
plus
Future Facilities Amount
plus
Defeasance Amount
plus
Administrative Fees and Expenses
less
Reserve Fund Credit
Equals:
Prepayment Amount
The Prepayment Amount shall be determined by the CFD Administrator as of the proposed prepayment date as follows:
1. Confirm that no Special Tax A delinquencies apply to such Assessor's Parcel.
2. For Developed Property, compute the Maximum Special Tax A for the Assessor's B-9
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Parcel. For Approved Property or Undeveloped Property for which a Building Permit has been issued, compute the Maximum Special Tax A for the Assessor's Parcel as though it was already designated as Developed Property, based upon the Building Permit which has been issued for the Assessor's Parcel. For Approved Property or Undeveloped Property for which a Building Permit has not been issued or Provisional Exempt Property, compute the Maximum Special Tax A for the Assessor's Parcel.
Divide the Maximum Special Tax A derived pursuant to paragraph 2 by the total amount of Special Tax A that could be levied on all Taxable Property based on the applicable Maximum Special Tax A, including for Approved Property or Undeveloped Property for which a Building Permit has been issued, the Maximum Special Tax A for the Assessor's Parcel as though it was already designated as Developed Property.
The calculation of the total amount of Maximum Special Tax A shall exclude Assessor's Parcels for which the Special Tax A obligation has been previously prepaid in full or the portion thereof that has been previously prepaid in part.
4. Multiply the quotient derived pursuant to paragraph 3 by the principal amount of the Outstanding Bonds to determine the amount of Outstanding Bonds to be redeemed with the Prepayment Amount (the "Bond Redemption Amount").
Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the "Redemption Premium").
6. Determine the Future Facilities Costs.
7. Multiply the quotient derived pursuant to paragraph 3 by the amount determined pursuant to paragraph 6 to determine the amount of Future Facilities Costs for the Assessor's Parcel (the "Future Facilities Amount").
Determine the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds on which Bonds can be redeemed from Special Tax prepayments.
9. Determine the Special Tax A levied on the Assessor's Parcel in the current Fiscal Year which have not yet been paid.
10. Determine the amount the CFD Administrator reasonably expects to derive from the investment of the Bond Redemption Amount and the Redemption Premium from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the Prepayment Amount.
11. Add the amounts derived pursuant to paragraphs 8 and 9 and subtract the amount derived pursuant to paragraph 10 (the "Defeasance Amount").
12. Verify the administrative fees and expenses of the CFD, including the cost of computation of the Prepayment Amount not funded from the deposit, the cost to invest the Prepayment Amount, the cost of redeeming the Outstanding Bonds, and the cost of recording notices to evidence the prepayment of the Special Tax A obligation for the Assessor's Parcel and the redemption of Outstanding Bonds (the "Administrative Fees and Expenses").
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13. The reserve fund credit (the "Reserve Fund Credit") shall equal the lesser of. (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero.
14. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount and the Administrative Fees and Expenses, less the Reserve Fund Credit.
15. From the Prepayment Amount, the Bond Redemption Amount, the Redemption Premium, and Defeasance Amount shall be deposited into the appropriate fund as established under the Indenture and be used to redeem Outstanding Bonds or make debt service payments. The Future Facilities Amount shall be deposited into the Improvement Fund. The Administrative Fees and Expenses shall be retained by the CFD to be used for payment thereof.
The Prepayment Amount may be sufficient to redeem other than a $5,000 increment of Bonds. In such event, the increment above $5,000 or an integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next redemption from other Special Tax A prepayments of Outstanding Bonds or to make debt service payments.
As a result of the payment of the current Fiscal Year's Special Tax A levy as determined pursuant to paragraph 9 above, if applicable and possible, the CFD Administrator shall remove the current Fiscal Year's Special Tax A levy for the Assessor's Parcel from the County tax roll. With respect to any Assessor's Parcel for which the Special Tax A obligation is prepaid, the Board of Directors shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of Special Tax A obligation and the release of the lien securing the payment of Special Tax A for the Assessor's Parcel, and the obligation to pay the Special Tax A for such Assessor's Parcel shall cease.
Notwithstanding the foregoing, no Special Tax A prepayment (whether in full pursuant to this Section G or in part pursuant to Section H below) shall be allowed unless the amount of Maximum Special Tax A that may be levied on all Assessor's Parcels of Taxable Property, excluding all Provisional Exempt Property and all Assessor's Parcels with delinquent Special Taxes, after the proposed prepayment will be at least 1.1 times maximum annual debt service on the Bonds that will remain outstanding after the prepayment plus the estimated annual Administrative Expenses, all as determined by the CFD Administrator.
Tenders of Bonds in prepayment of the Maximum Special Tax A obligation may be accepted upon the terms and conditions established by the Board of Directors pursuant to the Act. However, the use of Bond tenders shall only be allowed on a case -by -case basis as specifically approved by the Board of Directors.
SECTION H
PARTIAL PREPAYMENT OF SPECIAL TAX A
The Special Tax A obligation for an Assessor's Parcel of Developed Property, Approved Property or Undeveloped Property may be partially prepaid. For purposes of determining the partial prepayment amount, the provisions of Section G shall be modified as provided by the following formula:
PP = ((PE —A) x F) + A
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These terms have the following meaning:
PP = Partial Prepayment
PE = the Prepayment Amount calculated according to Section G F = the percent by which the owner of the Assessor's Parcel(s) is partially prepaying the Maximum Special Tax A obligation
A = the Administrative Fees and Expenses determined pursuant to Section G The owner of an Assessor's Parcel who desires to partially prepay the Special Tax A obligation for the Assessor's Parcel shall notify the CFD Administrator of (i) such owner's intent to partially prepay the Maximum Special Tax A obligation, and (ii) the percentage of the Maximum Special Tax A obligation such owner wishes to prepay. Within 5 Business Days of receipt of such notice, the CFD Administrator shall notify such property owner of the amount of the non-refundable deposit determined to cover the cost to be incurred by the CFD in calculating the amount of a partial prepayment. Within 15 Business Days of receipt of such non-refundable deposit, the CFD Administrator shall notify such owner of the amount of the Partial Prepayment for the Assessor's Parcel. A Partial Prepayment must be made not less than 60 days prior to the redemption date for any Outstanding Bonds to be redeemed with the proceeds of the Partial Prepayment.
With respect to any Assessor's Parcel for which the Maximum Special Tax A obligation is partially prepaid, the CFD Administrator shall (i) distribute the Partial Prepayment as provided in Paragraph 15 of Section G and (ii) indicate in the records of the CFD that there has been a Partial Prepayment for the Assessor's Parcel and that a portion of the Special Tax A obligation equal to the remaining percentage (1.00 - F) of Special Tax A obligation will continue to be levied on the Assessor's Parcel pursuant to Section F.
SECTION I
MAXIMUM SPECIAL TAX B
Developed Property
Maximum Special Tax B
Each Fiscal Year, each Assessor's Parcel of Residential Property, Multifamily Residential Property, or Non -Residential Property shall be subject to a Maximum Annual Special Tax B.
The Maximum Annual Special Tax B applicable to an Assessor's Parcel of Developed Property shall be determined using the table below.
TABLE 3
MAXIMUM SPECIAL TAX B RATES
FOR DEVELOPED PROPERTY
FISCAL YEAR 2024-25
Land Use Type
Maximum Special Tax B
Residential Property
$420 per Unit
Multifamily Residential Property
$8,904 per Acre
Non -Residential Property
$8,904 per Acre
2. Approved Property, Undeveloped Property and Provisional Exempt Property No Special Tax B shall be levied on Approved Property, Undeveloped Property, and Provisional Exempt Property.
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3. Increase in the Maximum Special Tax B
On each July 1, commencing July 1, 2025, the Maximum Special Tax B shall be increased by an amount equal to five and six -tenths percent (5.6%) of the amount in effect for the previous Fiscal Year.
4. Maximum Special Tax B at Transition Year
For the Transition Year and each Fiscal Year thereafter, the Maximum Special Tax B for any Assessor's Parcel of Developed Property shall be $0.00.
SECTION J
METHOD OF APPORTIONMENT OF THE SPECIAL TAX B
Commencing with Fiscal Year 2024-25 and for each following Fiscal Year, the Authority shall levy the Special Tax B at up to 100% of the applicable Maximum Special Tax B, Proportionately on each Assessor's Parcel of Developed Property until the amount of Special Tax B equals the Special Tax B Requirement.
Notwithstanding the foregoing, pursuant to Section 53321(d) of the Act, the Special Tax B levied against an Assessor's Parcel used for private residential purposes shall under no circumstances increase more than ten (10%) as a consequence of delinquency of default by the owner of any other Assessor's Parcel or Assessor's Parcels and shall, in no event, exceed the Maximum Special Tax B in effect for the Fiscal Year in which the Special Tax B is being levied.
SECTION K
PREPAYMENT OF SPECIAL TAX B
No prepayments of Special Tax B are permitted.
SECTION L
MAXIMUM SPECIAL TAX C
Developed Property
Maximum Special Tax C
For the Transition Year and each Fiscal Year thereafter, each Assessor's Parcel of Residential Property, Multifamily Residential Property, or Non -Residential Property shall be subject to a Maximum Special Tax C.
The Maximum Special Tax C applicable to an Assessor's Parcel of Developed Property shall be determined using the table below.
TABLE 4
MAXIMUM SPECIAL TAX C RATES
FOR DEVELOPED PROPERTY
FISCAL YEAR 2024-25
Land Use Type
Maximum Special Tax C
Residential Property
$785 per Unit
Multifamily Residential Property
$16,641 per Acre
Non -Residential Property
$16,641 per Acre
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2. Approved Property, Undeveloped Property and Provisional Exempt Property No Special Tax C shall be levied on Approved Property, Undeveloped Property, and Provisional Exempt Property.
3. Increase in the Maximum Special Tax C
On each July 1, commencing July 1, 2025, the Maximum Special Tax C shall be increased by an amount equal to five and six -tenths percent (5.6%) of the amount in effect for the previous Fiscal Year.
SECTION M
METHOD OF APPORTIONMENT OF THE SPECIAL TAX C
For the Transition Year and each Fiscal Year thereafter, the Authority shall levy the Special Tax C at up to 100% of the applicable Maximum Special Tax C, Proportionately on each Assessor's Parcel of Developed Property until the amount of Special Tax C equals the Special Tax C Requirement.
Notwithstanding the foregoing, pursuant to Section 53321(d) of the Act, the Special Tax C levied against an Assessor's Parcel used for private residential purposes shall under no circumstances increase more than ten (10%) as a consequence of delinquency of default by the owner of any other Assessor's Parcel or Assessor's Parcels and shall, in no event, exceed the Maximum Special Tax C in effect for the Fiscal Year in which the Special Tax C is being levied.
SECTION N
PREPAYMENT OF SPECIAL TAX C
No prepayments of Special Tax C are permitted.
SECTION O
TERM OF THE SPECIAL TAX A, SPECIAL TAX B, AND SPECIAL TAX C For each Fiscal Year that any Bonds are outstanding the Special Tax A shall be levied on all Assessor's Parcels subject to the Special Tax A. If any delinquent Annual Special Tax A amounts remain uncollected prior to or after the Transition Year, the Special Tax A may be levied to the extent necessary to reimburse CFD 23-02 for uncollected Annual Special Tax A amounts associated with the levy of such Special Tax A amounts, but not later than the 2064-65 Fiscal Year.
Prior to the Transition Year, Special Tax B shall be levied as long as the Authorized Services are being provided.
Special Tax B shall not be levied during or after the Transition Year.
For the Transition Year and each Fiscal Year thereafter, Special Tax C shall be levied in perpetuity as long as the Authorized Services are being provided.
SECTION P
EXEMPT PROPERTY
The CFD Administrator shall classify as Exempt Property (i) Assessor's Parcels which are owned by, irrevocably offered for dedication, encumbered by or restricted in use by the State of California, Federal or other local governments, including school districts, (ii) Assessor's Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor's Parcels which are owned by, irrevocably offered for dedication, encumbered by or which make use as a dwelling unit, or otherwise, infeasible by a homeowners' association, (iv) Assessor's Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, B-14
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(v) Assessor's Parcels which are privately owned and are encumbered by or restricted solely for public uses, or (vi) other types of public uses determined by the CFD Administrator. The CFD Administrator shall classify such Assessor's Parcels as Exempt Property in the chronological order in which property becomes Exempt.
Notwithstanding the foregoing, the CFD Administrator for purposes of levying the Special Tax shall not, except for any Assessor's Parcel on which the Special Tax cannot be levied pursuant to the Mello -Roos Act, classify an Assessor's Parcel as Exempt Property if such classification would reduce the sum of all Taxable Property to less than the Acreage amounts listed in Table 5 below. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than the Acreage amounts listed in Table 5 will be classified as Provisional Exempt Property, and will be subject to the levy of Special Tax pursuant to Step Five in Section F.
No Special Tax shall be levied on any Assessor's Parcel in any Fiscal Year in which such Assessor's Parcel is classified as Exempt Welfare Exemption Property.
TABLE 5
MINIMUM TAXABLE ACRES
Acres
11.18 SECTION Q
APPEALS AND INTERPRETATIONS
Any property owner claiming that the amount or application of the Annual Special Tax A, Annual Special Tax B, or Annual Special Tax C is not correct may file a written notice of appeal with the CFD Administrator not later than twelve months after having paid the first installment of the Annual Special Tax A, Annual Special Tax B, or Annual Special Tax C that is disputed. The CFD Administrator shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Annual Special Tax A, Annual Special Tax B, or Annual Special Tax C in dispute and rule on the appeal. If the CFD Administrator's decision requires that the Annual Special Tax A, Annual Special Tax B, or Annual Special Tax C for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made (except for the last year of levy in the case of the Annual Special Tax A), but an adjustment shall be made to the Annual Special Tax A, Annual Special Tax B, or Annual Special Tax C on that Assessor's Parcel in the subsequent Fiscal Year(s).
The Board of Directors may interpret this Rate and Method of Apportionment of Special Tax for purposes of clarifying any ambiguity or to correct or supplement any defective or inconsistent provision hereof.
SECTION R
MANNER OF COLLECTION
The Annual Special Tax A, Annual Special Tax B, and Annual Special Tax C shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD 23-02 may collect the Annual Special Tax A, Annual Special Tax B, and Annual Special Tax C at a different time or in a different manner if necessary to meet its financial obligations.
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APPENDIX C
SUMMARY OF THE FISCAL AGENT AGREEMENT
[TO COME]
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APPENDIX D
FORM OF OPINION OF BOND COUNSEL
12025
Board of Directors
Temecula Public Financing Authority
41000 Main Street
Temecula, California 92589-9033
OPINION. $ Temecula Public Financing Authority Community Facilities District 23-02 (Prado) 2025 Special Tax Bonds
Ladies and Gentlemen:
We have examined the Constitution and the laws of the State of California, a certified record of the proceedings of the Temecula Public Financing Authority (the "Authority") taken in connection with the issuance by the Authority of its Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) 2025 Special Tax Bonds (the "Bonds") and such other information and documents as we consider necessary to render this opinion. In rendering this opinion, we have relied upon certain representations and certifications of fact made by the Authority, the City, the initial purchaser of the Bonds, and others and the opinion of counsel to the Authority. We have not undertaken to verify through independent investigation the accuracy of the representations and certifications relied upon by us.
The Bonds have been issued pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (comprising Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California) (the "Act"), that certain Fiscal Agent Agreement dated as of October 1, 2025 (the "Fiscal Agent Agreement"), by and between the Authority and U.S. Bank Trust Company, National Association, as Trustee, and an authorizing resolution adopted by the Board of Directors of the Authority (the "Board") on [September 23], 2025 (the "Resolution"). Capitalized terms not defined herein shall have the meaning set forth in the Indenture.
We have assumed the genuineness of all documents and signatures presented to us, the authenticity of documents submitted as originals and the conformity to originals of documents submitted as copies. We have not undertaken to verify independently, and have assumed, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions referred to in the preceding paragraphs of this opinion. Furthermore, we have assumed compliance with all covenants and agreements contained in the Bonds and the Indenture.
We call attention to the fact that the rights and obligations under the Bonds and the Indenture may be limited by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors' rights, by the application of equitable principles and the exercise of judicial discretion in appropriate cases and by the limitations on legal remedies against public agencies in the State of California.
Based upon our examination of the foregoing, and in reliance thereon and on all matters of fact as we deem relevant under the circumstances, and upon consideration of applicable laws, we are of the opinion that:
(1) The Bonds have been duly and validly authorized by the Authority and are legal, valid and binding limited obligations of the Authority, enforceable in accordance with their terms and the terms of the Indenture.
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(2) The Fiscal Agent Agreement has been duly executed and delivered by the Authority, for an on behalf of the District. The Fiscal Agent Agreement creates a valid pledge of, and the Bonds are secured by, the Special Tax Revenues and the amounts on deposit in certain funds and accounts established under the Fiscal Agent Agreement to secure the Bonds, as and to the extent provided in the Fiscal Agent Agreement. The Fiscal Agent Agreement constitutes the valid and binding agreement of the Authority and is enforceable against the Authority in accordance with its terms; provided, however, we express no opinion as to the enforceability of the covenant of the Authority, for and on behalf of the District, contained in the Fiscal Agent Agreement, to levy Special Taxes for the payment of Administrative Expenses.
(3) Under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals; however, it should be noted that with respect to applicable corporations as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended (the "Code"), interest (and original issue discount) with respect to the Bonds might be taken into account in determining adjusted financial statement income for the purposes of computing the alternative minimum tax imposed on such corporations.
(4) Interest (and original issue discount) on the Bonds is exempt from State of California personal income tax.
(5) The difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to such Bonds (to the extent the redemption price at maturity is greater than the issue price) constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Bond owner before receipt of cash attributable to such excludable income. The amount of original issue discount deemed received by a Bond owner will increase the Bond owner's basis in the applicable Bond.
(6) The amount by which a Bond owner's original basis for determining loss on sale or exchange in the applicable Bond (generally, the purchase price) exceeds the amount payable on maturity (or on an earlier call date) constitutes amortizable Bond premium, which must be amortized under Section 171 of the Code; such amortizable Bond premium reduces the Bond owner's basis in the applicable Bond (and the amount of tax-exempt interest received), and is not deductible for federal income tax purposes. The basis reduction as a result of the amortization of Bond premium may result in a Bond owner realizing a taxable gain when a Bond is sold by the owner for an amount equal to or less (under certain circumstances) than the original cost of the Bond to the owner. Purchasers of the Bonds should consult their own tax advisors as to the treatment, computation and collateral consequences of amortizable Bond premium.
The opinions expressed herein as to the exclusion from gross income for federal income tax purposes of interest (and original issue discount) on the Bonds are based upon certain representations of fact and certifications made by the Authority, the City, and the District and are subject to the condition that the Authority, the City and the District comply with all requirements of the Code that must be satisfied subsequent to the issuance of the Bonds to assure that such interest (and original issue discount) will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause interest (and original issue discount) on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Authority, the City and the District each has covenanted to comply with all such requirements. Except as set forth in paragraphs (3) through (6) above, we express no opinion as to any tax consequences related to the Bonds.
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Certain requirements and procedures contained or referred to in the Fiscal Agent Agreement and the Tax Certificate may be changed, and certain actions may be taken, under the circumstances and subject to the terms and conditions set forth in such documents, upon the advice or with the approving opinion of counsel nationally recognized in the area of tax-exempt obligations. We express no opinion herein as to the effect on the exclusion from gross income for federal income tax purposes of interest (and original issue discount) on any Bond if any such change occurs or action is taken or omitted upon the advice or approval of counsel other than Stradling Yocca Carlson & Rauth LLP.
It is possible that subsequent to the issuance of the Bonds there might be federal, state, or local statutory changes (or judicial or regulatory interpretations of federal, state, or local law) that affect the federal, state, or local tax treatment of the Bonds or the market value of the Bonds. No assurance can be given that subsequent to the issuance of the Bonds such changes or interpretations will not occur.
Our opinion is limited to matters governed by the laws of the State of California and federal income tax law. We assume no responsibility with respect to the applicability or the effect of the laws of any other jurisdiction. The opinions expressed herein are based upon our analysis and interpretation of existing laws, regulations, rulings and judicial decisions and cover certain matters not directly addressed by such authorities.
By delivering this opinion, we are not expressing any opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute a penalty), right of set- off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non -exclusivity of remedies, waiver or severability provisions contained in the Bonds or the Fiscal Agent Agreement, nor are we expressing any opinion with respect to the state or quality of title to or interest in any assets described in or as subject to the lien of the Fiscal Agent Agreement or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on any assets thereunder.
The opinions expressed herein may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. Our engagement as Bond Counsel terminates upon the issuance of the Bonds and we have not undertaken to determine, or to inform any person, whether any such actions or events are taken (or not taken) or do occur (or do not occur).
We express no opinion herein as to the accuracy, completeness or sufficiency of the Official Statement relating to the Bonds or other offering material relating to the Bonds and expressly disclaim any duty to advise the owners of the Bonds with respect to matters contained in the Official Statement and any other offering material relating to the Bonds.
Respectfully submitted,
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APPENDIX E
FORM OF CONTINUING DISCLOSURE AGREEMENT
OF THE AUTHORITY
THIS CONTINUING DISCLOSURE AGREEMENT (the "Disclosure Agreement"), dated as of October 1, 2025, is by and between WEBB MUNICIPAL FINANCE, LLC, as dissemination agent (the "Dissemination Agent"), and the TEMECULA PUBLIC FINANCING AUTHORITY, a joint exercise of powers authority organized and existing under the laws of the State of California (the "Authority").
RECITALS:
WHEREAS, the Authority has issued, for and on behalf of the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "District"), its Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) 2025 Special Tax Bonds (the "Bonds"); and WHEREAS, the Bonds have been issued pursuant to a Fiscal Agent Agreement, dated as of October 1, 2025 (the "Fiscal Agent Agreement"), by and between U.S. Bank Trust Company, National Association, as fiscal agent, and the Authority, for and on behalf of the District; and WHEREAS, this Disclosure Agreement is being executed and delivered by the Authority and the Dissemination Agent for the benefit of the owners and beneficial owners of the Bonds and in order to assist the underwriter of the Bonds in complying with S.E.C. Rule 15c2-12(b)(5).
AGREEMENT:
NOW, THEREFORE, for and in consideration of the premises and mutual covenants herein contained, and for other consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
Section 1. Definitions. In addition to the definitions of capitalized terms set forth in Section 1.03 of the Fiscal Agent Agreement, which apply to any capitalized term used in this Disclosure Agreement unless otherwise defined in this Section or in the Recitals above, the following terms shall have the following meanings when used in this Disclosure Agreement:
"Annual Report" means any Annual Report provided by the Authority pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement. "Beneficial Owner" shall mean any person who (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bond (including persons holding any Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bond for federal income tax purposes.
"Disclosure Representative" means the Treasurer, or such person's designee, or such other officer or employee of the Authority as the Authority shall designate as the Disclosure Representative hereunder in writing to the Dissemination Agent from time to time. "Dissemination Agent" means Webb Municipal Finance, LLC, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Authority and which has filed with the Authority a written acceptance of such designation.
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"EMMA" or "Electronic Municipal Market Access" means the centralized on-line repository for documents to be filed with the MSRB, such as official statements and disclosure information relating to municipal bonds, notes and other securities as issued by state and local governments. "MSRB" means the Municipal Securities Rulemaking Board, which has been designated by the Securities and Exchange Commission as the sole repository of disclosure information for purposes of the Rule, or any other repository of disclosure information which may be designated by the Securities and Exchange Commission as such for purposes of the Rule in the future. "Official Statement" means the Official Statement, dated , 2025, relating to the Bonds.
"Participating Underwriter" means the original underwriter of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Rule" means Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "Significant Event" means any of the events listed in Section 5(a) of this Disclosure Agreement.
Section 2. Purpose of the Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Authority and the Dissemination Agent for the benefit of the owners and Beneficial Owners of the Bonds and in order to assist the Participating Underwriter in complying with the Rule.
Section 3. Provision of Annual Reports.
(a) Delivery of Annual Report. The Authority shall, or shall cause the Dissemination Agent to, not later than the March 1 occurring after the end of each fiscal year of the Authority, commencing with the report for the 2024-25 fiscal year, which is due not later than March 1, 2026, file with EMMA, in a readable PDF or other electronic format as prescribed by the MSRB, an Annual Report that is consistent with the requirements of Section 4 of this Disclosure Agreement. The Annual Report may be submitted as a single document or as separate documents comprising a package and may cross-reference other information as provided in Section 4 of this Disclosure Agreement; provided that any audited financial statements of the Authority may be submitted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if they are not available by that date.
(b) Change of Fiscal Year. If the Authority's fiscal year changes, it shall give notice of such change in the same manner as for a Significant Event under Section 5(b), and subsequent Annual Report filings shall be made no later than six months after the end of such new fiscal year end. (c) Delivery of Annual Report to Dissemination Agent. Not later than fifteen (15) Business Days prior to the date specified in subsection (a) (or, if applicable, subsection (b) of this Section 3 for providing the Annual Report to EMMA), the Authority shall provide the Annual Report to the Dissemination Agent (if other than the Authority). If by such date, the Dissemination Agent has not received a copy of the Annual Report, the Dissemination Agent shall notify the Authority.
(d) Report of Non -Compliance. If the Authority is the Dissemination Agent and is unable to file an Annual Report by the date required in subsection (a) (or, if applicable, subsection (b)) of this Section 3, the Authority shall in a timely manner send a notice to EMMA substantially in the form attached hereto as Exhibit A. If the Authority is not the Dissemination Agent and is unable to provide an Annual Report to the Dissemination Agent by the date required in subsection (c) of this Section 3, the Dissemination Agent shall send a notice in a timely manner to EMMA in substantially the form attached hereto as Exhibit A in a timely manner.
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(e) Annual Compliance Certification. The Dissemination Agent shall, if the Dissemination Agent is other than the Authority, file a report with the Authority certifying that the Annual Report has been filed with EMMA pursuant to Section 3 of this Disclosure Agreement, stating the date it was so provided and filed.
Section 4. Content of Annual Reports. (a) Financial Statements. The Annual Report for each fiscal year commencing with the Annual Report for the 2024-25 fiscal year, shall contain or incorporate by reference audited financial statements of the Authority for the most recently completed fiscal year, prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. If the Authority's audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the audited financial statements shall be filed in the same manner as the Annual Report when they become available. (b) Other Annual Information. The Annual Report for each fiscal year commencing with fiscal year 2024-25 shall also include the following information:
(i) The principal amount of Bonds Outstanding as of the September 30 next preceding the date of the Annual Report.
(ii) The balance in the Reserve Fund, and a statement of the Reserve Requirement, as of the September 30 next preceding the date of the Annual Report. (iii) The balance in each of the accounts within the Improvement Fund, if any, as of the September 30 next preceding the date of the Annual Report. (iv) A table similar to Table 3 in the Official Statement (which shows Value -to -Lien by property owner) substituting the most recent County Assessed Values (if an appraisal not more than 120 days old is not available), except that the Authority may aggregate property owners that individually own property allocated less than two percent (2%) of the outstanding principal of the 2025 Bonds. (v) A table setting forth the annual aggregate Special Tax levy in the District for the most recent two Fiscal Years, and the number of parcels with delinquent Special Tax A, and the amount and percentage of the overall Special Tax A levy for the delinquent parcels, and an update of prior years' delinquencies as of a date not more than ninety (90) days prior to the date of the Annual Report. (vi) A table similar to Table 4 in the Official Statement summarizing for the then current Fiscal Year the value -to -lien ratio of the parcels in the District subject to the levy of Special Tax A using the most recently available County assessed values.
(vii) The status of foreclosure proceedings for any parcels within the District on which the Special Taxes are levied and a summary or the results of any foreclosure sales, or other collection efforts with respect to delinquent Special Taxes, as of the September 30 next preceding the date of the Annual Report.
(viii) The identity of any property owner representing more than five percent (5%) of the annual Special Tax A levy who is delinquent in payment of such Special Taxes, as shown on the assessment roll of the County Assessor last equalized prior to the September 30 next preceding the date of the Annual Report, the number of parcels so delinquent, and the total dollar amount of all such delinquencies.
(ix) The most recent annual information required to be provided to the California Debt and Investment Advisory Commission pursuant to Section 9.07(A) of the Fiscal Agent Agreement.
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(c) Cross References. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Authority or related public entities, which are available to the public on EMMA. The Authority shall clearly identify each such other document so included by reference.
If the document included by reference is a final official statement, it must be available from EMMA. (d) Further Information. In addition to any of the information expressly required to be provided under paragraph (b) of this Section 4, the Authority shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading.
Section 5. Reporting of Significant Events.
(a) The Authority shall, or shall cause the Dissemination Agent (if not the Authority) to, give notice of the occurrence of any of the following events with respect to the Bonds:
(i) Principal and interest payment delinquencies;
(ii) Non—payment related defaults, if material;
(iii) Unscheduled draws on debt service reserves reflecting financial difficulties; (iv) Unscheduled draws on credit enhancements reflecting financial difficulties; (v) Substitution of credit or liquidity providers, or their failure to perform; (vi) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701—TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security;
(vii) Modifications to rights of security holders, if material; (viii) Bond calls, if material, and tender offers;
(ix) Defeasances;
(x) Release, substitution, or sale of property securing repayment of the securities, if material; (xi) Rating changes;
(xii) Bankruptcy, insolvency, receivership or similar event of the Authority or other obligated person;
(xiii) The consummation of a merger, consolidation, or acquisition involving the Authority or an obligated person, or the sale of all or substantially all of the assets of the Authority or an obligated person (other than in the ordinary course of business), the entry into a definitive agreement to undertake such an action, or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;
(xiv) Appointment of a successor or additional trustee or the change of name of a trustee, if material;
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(xv) The incurrence of a financial obligation of the Authority or other obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the Authority or other obligated person, any of which affect security holders, if material; or
(xvi) A default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the Authority or other obligated person, any of which reflect financial difficulties.
(b) Whenever the Authority obtains knowledge of the occurrence of a Significant Event, the Authority shall, or shall cause the Dissemination Agent (if not the Authority) to, file a notice of such occurrence with the MSRB, in an electronic format as prescribed by the MSRB, in a timely manner not in excess of 10 business days after the occurrence of the Significant Event. Notwithstanding the foregoing, notice of Significant Events described in subsection (a)(viii) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to owners of affected Bonds under the Fiscal Agent Agreement. (c) The Authority acknowledges that the events described in subparagraphs (a)(ii), (a)(vii), (a)(viii) (if the event is a bond call), (a)(x), (a)(xiii), (a)(xiv) and (a)(xv) of this Section 5 contain the qualifier "if material." The Authority shall cause a notice to be filed as set forth in paragraph (b) above with respect to any such event only to the extent that the Authority determines the event's occurrence is material for purposes of U.S. federal securities law. The Authority intends that the words used in paragraphs (xv) and (xvi) and the definition of "financial obligation" to have the meanings ascribed thereto in SEC Release No. 34-83885 (August 20, 2018), or any further guidance or releases provided by Securities and Exchange Commission. (d) For purposes of this Disclosure Agreement, any event described in paragraph (a)(xii) above is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the Authority in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Authority, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Authority.
Section 6. Identifying Information for Filings with EMMA. All documents provided to EMMA under this Disclosure Agreement shall be accompanied by identifying information as prescribed by the MSRB.
Section 7. Termination of Reporting Obligation. The Authority's obligations under this Disclosure Agreement shall terminate upon the defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the Authority shall give notice of such termination in the same manner as for a Significant Event under Section 5(b).
Section 8. Dissemination Agent.
(a) Appointment of Dissemination Agent. The Authority may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Agreement and may discharge any such agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent shall be Webb Municipal Finance, LLC.
If the Dissemination Agent is not the Authority, the Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Authority pursuant to this Disclosure Agreement. It is understood and agreed that any information that the Dissemination Agent may be instructed to file with EMMA shall be prepared and provided to it by the Authority. The Dissemination Agent has undertaken E-5
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no responsibility with respect to the content of any reports, notices or disclosures provided to it under this Disclosure Agreement and has no liability to any person, including any Bond owner, with respect to any such reports, notices or disclosures. The fact that the Dissemination Agent or any affiliate thereof may have any fiduciary or banking relationship with the Authority shall not be construed to mean that the Dissemination Agent has actual knowledge of any event or condition, except as may be provided by written notice from the Authority. (b) Compensation of Dissemination Agent. The Dissemination Agent shall be paid compensation by the Authority for its services provided hereunder as agreed to between the Dissemination Agent and the Authority from time to time and all expenses, legal fees and expenses and advances made or incurred by the Dissemination Agent in the performance of its duties hereunder, with payment to be made from any lawful funds of the District.
The Dissemination Agent shall not be deemed to be acting in any fiduciary capacity for the Authority, the owners of the Bonds, the Beneficial Owners, or any other party. The Dissemination Agent may rely, and shall be protected in acting or refraining from acting, upon any written direction from the Authority or a written opinion of nationally recognized bond counsel. The Dissemination Agent may at any time resign by giving written notice of such resignation to the Authority. The Dissemination Agent shall not be liable hereunder except for its negligence or willful misconduct.
(c) Responsibilities of Dissemination Agent. In addition of the filing obligations of the Dissemination Agent set forth in Sections 3(e) and 5, the Dissemination Agent shall be obligated, and hereby agrees, to provide a request to the Authority to compile the information required for its Annual Report at least 30 days prior to the date such information is to be provided to the Dissemination Agent pursuant to subsection (c) of Section 3. The failure to provide or receive any such request shall not affect the obligations of the Authority under Section 3.
Section 9. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Authority may amend this Disclosure Agreement (and the Dissemination Agent shall agree to any amendment so requested by the Authority that does not impose any greater duties or risk of liability on the Dissemination Agent), and any provision of this Disclosure Agreement may be waived, provided that all of the following conditions are satisfied:
(a) Change in Circumstances. If the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5(a) or (b), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the Bonds, or the type of business conducted.
(b) Compliance as of Issue Date. The undertaking, as amended or taking into account such waiver, would, in the opinion of a nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances.
(c) Consent of Holders; Non -impairment Opinion. The amendment or waiver either (i) is approved by the Bond owners in the same manner as provided in the Fiscal Agent Agreement for amendments to the Fiscal Agent Agreement with the consent of Bond owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Bond owners or Beneficial Owners.
If this Disclosure Agreement is amended or any provision of this Disclosure Agreement is waived, the Authority shall describe such amendment or waiver in the next following Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Authority. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Significant Event under Section 5(b), and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
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Section 10. Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Authority from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Significant Event, in addition to that which is required by this Disclosure Agreement. If the Authority chooses to include any information in any Annual Report or notice of occurrence of a Significant Event in addition to that which is specifically required by this Disclosure Agreement, the Authority shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or future notice of occurrence of a Significant Event.
Section 11. Default. In the event of a failure of the Authority to comply with any provision of this Disclosure Agreement, any Bond owner, any Beneficial Owner, the Fiscal Agent or the Participating Underwriter may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Authority to comply with its obligations under this Disclosure Agreement. The sole remedy under this Disclosure Agreement in the event of any failure of the Authority to comply with this Disclosure Agreement shall be an action to compel performance.
Section 12. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Authority, the Fiscal Agent, the Dissemination Agent, the Participating Underwriter and the owners and the Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity.
Section 13. Counterparts. This Disclosure Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Disclosure Agreement as of the date first above written.
TEMECULA PUBLIC FINANCING
AUTHORITY
Lo
Aaron Adams,
Executive Director
WEBB MUNICIPAL FINANCE, LLC, as
Dissemination Agent
By:
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EXHIBIT A
NOTICE OF FAILURE TO FILE ANNUAL REPORT
Name of Obligor: Temecula Public Financing Authority
Name of Bond Issue: Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado), 2025 Special Tax Bonds
Date of Issuance: October , 2025
NOTICE IS HEREBY GIVEN that the Obligor has not provided an Annual Report with respect to the above -named Bonds as required by Section 5.11 of the Fiscal Agent Agreement, dated as of October 1, 2025, between the Obligor and U.S. Bank Trust Company, National Association, as fiscal agent. The Obligor anticipates that the Annual Report will be filed by
Date:
By: Webb Municipal Finance, LLC, as
Dissemination Agent
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APPENDIX F
FORM OF DEVELOPER CONTINUING DISCLOSURE CERTIFICATE
This Developer Continuing Disclosure Certificate (the "Disclosure Certificate") dated as of October 1, 2025 is executed and delivered by Meritage Homes of California, Inc., a California corporation (the "Landowner") in connection with the issuance by Temecula Public Financing Authority (the "Authority"), for and on behalf of the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "District"), of the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) 2025 Special Tax Bonds (the "Bonds"). The Bonds are being issued pursuant to the Fiscal Agent Agreement dated as of October 1, 2025 (the "Fiscal Agent Agreement") by and between the Authority and U.S. Bank Trust Company National Association, as fiscal agent. The Landowner covenants and agrees as follows:
SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the Landowner to assist the Underwriter in the marketing of the Bonds.
SECTION 2. Definitions. Unless defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Indenture.
"Affiliate" shall mean, with respect to the Landowner, any other Person (i) who directly, or indirectly through one or more intermediaries, is currently controlling, controlled by or under common control with the Landowner, and (ii) for whom information, including financial information or operating data, concerning such Person is material to potential investors in their evaluation of the District and investment decision regarding the Bonds (i.e. information regarding such Person's assets or funds that would materially affect the Landowner's ability to develop the Property as described in the Official Statement or to pay its Special Taxes on the portion of the Property then owned by the Landowner (to the extent the responsibility of the Landowner) prior to delinquency). For purposes hereof, the term "control" (including the terms "controlling," "controlled by" or "under common control with") means the present possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. "Beneficial Owner" shall mean any person which has or shares the power, directly or indirectly, to make investment decisions concerning ownership of the Bonds (including persons holding Bonds through nominees, depositories or other intermediaries). "Dissemination Agent" shall mean the Landowner or any successor Dissemination Agent designated in writing by the Landowner and which has filed with the Landowner and the District a written acceptance of such designation.
"District" shall mean Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado).
"EMMA" shall mean the Electronic Municipal Market Access system of the MSRB. "MSRB" shall mean the Municipal Securities Rulemaking Board and any successor entity as the repository for filings.
"Official Statement" shall mean the Official Statement, dated , 2025, relating to the Bonds.
"Person" shall mean an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, an unincorporated organization or a government or political subdivision thereof.
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"Property" means the real property within the boundaries of the District that is owned by the Landowner or any Affiliate.
"Repository" shall mean the MSRB or any other entity designated or authorized by the Securities and Exchange Commission as a repository of disclosure information. Unless otherwise designated by the MSRB or the Securities and Exchange Commission, filings with the MSRB are to be made through the Electronic Municipal Market Access (EMMA) website of the MSRB, currently located at http://emma.msrb.org .
"Semiannual Report" shall mean any report to be provided by the Landowner on or prior to June 15 and December 15 of each year, commencing with the Semiannual Report due December 15, 2025, pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Significant Event" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate.
"State" shall mean the State of California.
"Underwriter" shall mean the original underwriter of the Bonds, which is Stifel, Nicolaus & Company, Incorporated.
SECTION 3. Provision of Semiannual Reports.
(a) The Landowner shall, or upon receipt of the Semiannual Report the Dissemination Agent shall, not later than June 15 and December 15 of each year, commencing December 15, 2025, provide to the Repository the Semiannual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. If, in any year, June 15 or December 15 falls on a Saturday, Sunday or a federal holiday, such deadline shall be extended to the next following day that is not a Saturday, Sunday or federal holiday. The Semiannual Report may be submitted as a single document or as separate documents comprising a package, and may include by reference other information as provided in Section 4 of this Disclosure Certificate. (b) If the Landowner utilizes the Dissemination Agent to file the Semiannual Report, then not later than 15 calendar days prior to the date specified in subsection (a) for providing the Semiannual Report to the Repository, the Landowner shall provide the Semiannual Report to the Dissemination Agent (if different from the Landowner), and shall provide a written certification with (or included as a part of) each Semiannual Report furnished to the Dissemination Agent, the Underwriter, and the District to the effect that such Semiannual Report constitutes the Semiannual Report required to be furnished by it under this Disclosure Certificate. If the Dissemination Agent (if different from the Landowner) does not receive a Semiannual Report from the Landowner and cannot verify that a Semiannual Report has been filed with the Repository by 15 calendar days prior to the date specified in subsection (a) for providing the Semiannual Report to the Repository, the Dissemination Agent shall send a reminder notice to the Landowner that the Semiannual Report has not been provided as required under Section 3(a) above. The reminder notice shall instruct the Landowner to determine whether its obligations under this Disclosure Certificate have terminated (pursuant to Section 6 below) and, if so, to provide the Dissemination Agent with a notice of such termination in the same manner as for a Significant Event (pursuant to Section 5 below).
(c) If the Landowner does not provide, or cause the Dissemination Agent to provide, a Semiannual Report to the Repository on or prior to the date specified in subsection (a) for providing the Semiannual Report to the Repository, the Dissemination Agent shall send, in a timely manner, a notice to the Repository of the failure to file the Semiannual Report in the form required by the Repository. (d) The Dissemination Agent shall:
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(i) determine, prior to the date for providing the Semiannual Report, the name and address of the Repository; and
(ii) promptly after receipt of the Semiannual Report, file a report with the Landowner and the District certifying that the Semiannual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided to the Repository. (e) Notwithstanding any other provision of this Disclosure Certificate, any of the required filings hereunder shall be made in accordance with the MSRB's EMMA system or in another manner approved by the MSRB or the Securities and Exchange Commission.
SECTION 4. Content of Semiannual Reports.
(a) The Landowner's Semiannual Report shall contain or include by reference the information which is updated through a date which shall not be more than 60 days prior to the date the applicable Semiannual Report is required to be filed, relating to the following:
1. To the extent not previously disclosed in a prior Semiannual Report, a discussion of any material change in the Landowner's sources of funds to finance its development of the Property as disclosed in the Official Statement, and, if applicable, whether any material defaults exist under any loan arrangement related to such financing. As disclosed in the Official Statement, the Landowner is financing its development of the Property through internal sources.
2. A summary of development activity conducted by the Landowner or any Affiliate within the District, including the number of parcels for which sales to homebuyers have closed.
3. Any sale by the Landowner or any Affiliate of Property to another Person, other than to buyers of completed homes, including a description of the property sold (acreage, number of lots, etc.) and the identity of the Person that so purchased the property, all since the most recent Semiannual Report.
4. Any major legislative, administrative and judicial challenges that the Landowner is currently involved in or has actual knowledge of, to or affecting the Landowner's development of the Property, or the time for construction of any public or private improvements to be made to the Property by the Landowner or any Affiliate (the "Landowner Improvements").
5. Any significant amendments to land use entitlements known to the Landowner with respect to the Property owned by the Landowner or its Affiliates.
6. Information regarding any failure by the Landowner or any of its Affiliates to pay any real property taxes (including Special Taxes) levied on any Property owned by the Landowner or any Affiliates.
(b) Any and all of the items listed above may be included by specific reference to other documents, including official statements of debt issues which have been submitted to the Repository or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the MSRB. The Landowner shall clearly identify each such other document so included by reference.
SECTION 5. Reporting of Significant Events.
(a) Pursuant to the provisions of this Section 5, the Landowner shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material under clauses (b) and (c) as soon as practicable after the occurrence of any of the following events:
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1. Failure to pay any real property taxes, special taxes or assessments levied within the District on a parcel owned by the Landowner or any Affiliate, to the extent such failure is not promptly cured by the Landowner or any Affiliate upon discovery thereof,
2. Material default by the Landowner or any Affiliate on any loan with respect to the construction or permanent financing of the Landowner Improvements to which the Landowner or any Affiliate has been provided a notice of default;
3. Material default by the Landowner or any Affiliate on any loan secured by property within the District owned by the Landowner or any Affiliate to which the Landowner or any Affiliate has been provided a notice of default;
4. Material payment default by the Landowner on any loan of the Landowner (whether or not such loan is secured by property within the District) which is beyond any applicable cure period in such loan;
5. The filing of any proceedings with respect to the Landowner, in which the Landowner, may be adjudicated as bankrupt or discharged from any or all of its debts or obligations or granted an extension of time to pay debts or a reorganization or readjustment of debts;
6. The filing of any proceedings with respect to an Affiliate of the Landowner, in which such Affiliate of the Landowner may be adjudicated as bankrupt or discharged from any or all of its respective debts or obligations or granted an extension of time to pay debts or a reorganization or readjustment of debts if such adjudication could materially adversely affect the completion of the Landowner Improvements or the development of the Property (including the payment of Special Taxes); and
7. The filing of any lawsuit against the Landowner or any of its Affiliates (with service of process on the Landowner or its Affiliates having occurred) which, in the reasonable judgment of the Landowner, will materially adversely affect the completion of the development of the Property owned by the Landowner or its Affiliates within the District, or litigation which if decided against the Landowner, or any of its Affiliates, in the reasonable judgment of the Landowner, would materially adversely affect the financial condition of the Landowner or any Affiliate of the Landowner owning any Property within the District, or their respective ability to pay Special Taxes levied on their respective Property within the District when due.
(b) Whenever the Landowner obtains knowledge of the occurrence of a Significant Event, the Landowner shall as soon as possible determine if such event would be material under applicable federal securities laws. The Dissemination Agent (if different from the Landowner) shall have no responsibility to determine the materiality of any of the Significant Events.
(c) If the Landowner determines that knowledge of the occurrence of a Significant Event would be material under applicable federal securities laws, the Landowner shall promptly file or cause the Dissemination Agent to file a notice of such occurrence with the Repository, with a copy to the District.
SECTION 6. Termination of Reporting Obligation. The Landowner's obligations under this Disclosure Certificate shall terminate upon the earlier to occur of the following events:
(a) the legal defeasance, prior redemption or payment in full of all of the Bonds, or (b) the date on which, the Landowner has conveyed 190 of the residential units in the District to individual homeowners.
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If such termination occurs prior to the final maturity of the Bonds, the Landowner shall give notice of such termination in the same manner as for a Semiannual Report hereunder.
SECTION 7. Dissemination Agent. The Landowner may from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. If the Dissemination Agent is not the Landowner, the Dissemination Agent shall not be responsible in any manner for the form or content of any notice or report prepared by the Landowner pursuant to this Disclosure Certificate.
The Dissemination Agent may resign by providing (i) thirty days written notice to the Landowner and (ii) upon appointment of a new Dissemination Agent hereunder.
SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the Landowner may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied:
(a) If the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5, it may only be made in connection with a change in circumstances that arises from a change in legal requirements or change in law;
(b) The amendment or waiver either (i) is approved by the owners of the Bonds in the same manner as provided in the Indenture with the consent of owners of the Bonds, or (ii) does not, in the opinion of nationally recognized bond counsel addressed to the District and the Dissemination Agent, materially impair the interests of the owners or Beneficial Owners of the Bonds; and (c) The Landowner, or the Dissemination Agent, shall have delivered copies of the amendment and any opinions delivered under (b) above to the District and the Trustee.
SECTION 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the Landowner from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Semiannual Report or notice of occurrence of a Significant Event, in addition to that which is required by this Disclosure Certificate. If the Landowner chooses to include any information in any Semiannual Report or notice of occurrence of a Significant Event in addition to that which is specifically required by this Disclosure Certificate, the Landowner shall have no obligation under this Disclosure Certificate to update such information or include it in any future Semiannual Report or notice of occurrence of a Significant Event.
The Landowner acknowledges and understands that other state and federal laws, including but not limited to the Securities Act of 1933 and Rule lOb-5 promulgated under the Securities Exchange Act of 1934, may apply to the Landowner, and that under some circumstances compliance with this Disclosure Certificate, without additional disclosures or other action, may not fully discharge all duties and obligations of the Landowner under such laws.
SECTION 10. Default. In the event of a failure of the Landowner or the Dissemination Agent to comply with any provision of this Disclosure Certificate, any Underwriter or any owner or Beneficial Owner of the Bonds may, take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Landowner or the Dissemination Agent to comply with its obligations under this Disclosure Certificate. The sole remedy under this Disclosure Certificate in the event of any failure of the Landowner or the Dissemination Agent to comply with this Disclosure Certificate shall be an action to compel performance.
SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent. The Dissemination Agent shall not be deemed to be acting in any fiduciary capacity for the Landowner, the Underwriter, owners of the Bonds or Beneficial Owners or any other party. The Dissemination Agent may rely and shall be protected in F-5
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acting or refraining from acting upon a direction from the Landowner or an opinion of nationally recognized bond counsel. No person shall have any right to commence any action against the Dissemination Agent seeking any remedy other than to compel specific performance of this Disclosure Certificate. The Dissemination Agent may conclusively rely upon the Semiannual Report provided to it by the Landowner as constituting the Semiannual Report required of the Landowner in accordance with this Disclosure Certificate and shall have no duty or obligation to review such Semiannual Report. The Dissemination Agent shall have no duty to prepare the Semiannual Report nor shall the Dissemination Agent be responsible for filing any Semiannual Report not provided to it by the Landowner in a timely manner in a form suitable for filing with the Repositories. Any company succeeding to all or substantially all of the Dissemination Agent's corporate trust business shall be the successor to the Dissemination Agent hereunder without the execution or filing of any paper or any further act.
SECTION 12. Landowner as Independent Contractor. In performing under this Disclosure Certificate, it is understood that the Landowner is not an agent or contractor of the District.
SECTION 13. Notices. Notices should be sent in writing by electronic, regular, or overnight mail to the following addresses. The following information may be conclusively relied upon until changed in writing.
Landowner: Meritage Homes
5 Peters Canyon Road, Suite 310
Irvine, California 92606
Attention: Forward Planning Manager
Email: [email protected]
Telephone: (949) 372-3315
Underwriter: Stifel, Nicolaus & Company, Incorporated
2121 Avenue of the Stars, Suite 2150
Los Angeles, CA 90067
Attn: Public Finance Department
Email: [email protected]
SECTION 14. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Landowner, the City, the District, the Dissemination Agent, the Underwriter and owners of the Bonds and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity.
MERITAGE HOMES OF CALIFORNIA, INC., a
California corporation
LE
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APPENDIX G
DTC AND THE BOOK -ENTRY ONLY SYSTEM
The information in this Appendix F has been provided by The Depository Trust Company (`DTC'), New York, NY, for use in securities offering documents, and the Authority does not take responsibility for the accuracy or completeness thereof. The Authority cannot and does not give any assurances that DTC, DTC Participants or Indirect Participants will distribute the Beneficial Owners either (a) payments of interest, principal orpremium, if any, with respect to the 2025 Bonds or (b) certificates representing ownership interest in or other confirmation of ownership interest in the 2025 Bonds, or that they will so do on a timely basis or that DTC, DTC Direct Participants or DTC Indirect Participants mill act in the manner described in this Official Statement.
The following description of DTC, the procedures and record keeping with respect to beneficial ownership interests in the 2025 Bonds, payment ofprincipal, interest and other payments on the 2025 Bonds to DTC Participants or Beneficial Owners, confirmation and transfer of beneficial ownership interest in the 2025 Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC. Accordingly, no representations can be made concerning these matters and neither the DTC Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be.
Neither the Authority as the issuer of the 2025 Bonds (the "Issuer') nor the fiscal agent or paying agent appointed with respect to the 2025 Bonds (the `Agent') take any responsibility for the information contained in this Appendix.
No assurances can be given that DTC, DTC Participants or Indirect Participants will distribute to the Beneficial Owners (a) payments of interest, principal or premium, if any, with respect to the 2025 Bonds, (b) certificates representing ownership interest in or other confirmation or ownership interest in the 2025 Bonds, or (c) redemption or other notices sent to DTC or Cede & Co., its nominee, as the registered owner of the 2025 Bonds, or that they will so do on a timely basis, or that DTC, DTC Participants or DTC Indirect Participants will act in the manner described in this Appendix. The current `Rules" applicable to DTC are on file with the Securities and Exchange Commission and the current "Procedures " ofDTC to be followed in dealing with DTC Participants are on file with DTC.
1. The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the 2025 Bonds (the "Securities"). The Securities will be issued as fully -registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully -registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.
2. DTC, the world's largest securities depository, is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need G-1
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for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). On August 8, 2011, Standard & Poor's downgraded its rating of DTC from AAA to AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com . The information contained on this Internet site is not incorporated herein by reference.
3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security (`Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records.
Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book -entry system for the Securities is discontinued.
4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners.
The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.
6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).
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8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC's records.
Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
9. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.
10. The Issuer may decide to discontinue use of the system of book -entry -only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.
11. The information in this section concerning DTC and DTC's book -entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof.
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APPENDIX H
APPRAISAL REPORT
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Anzel Galvan Draft 8-29-2025
$ [PAR]
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO.23-02 (PRADO)
2025 SPECIAL TAX BONDS
BOND PURCHASE AGREEMENT
[Pricing Date]
Temecula Public Financing Authority
c/o City of Temecula
41000 Main Street
Temecula, California 92590
Attn: Director of Finance
Ladies and Gentlemen:
Stifel, Nicolaus & Company, Incorporated, as underwriter (the "Underwriter"), acting not as a fiduciary or agent for you, but on behalf of itself, offers to enter into this Bond Purchase Agreement (this "Purchase Agreement") with the Temecula Public Financing Authority (the "Authority"), for and on behalf of Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "Community Facilities District"), which upon acceptance will be binding upon the Underwriter and the Authority. The agreement of the Underwriter to purchase the 2025 Bonds (as hereinafter defined) is contingent upon the Authority satisfying all of the obligations imposed upon it under this Purchase Agreement. This offer is made subject to the Authority's acceptance by the execution of this Purchase Agreement and its delivery to the Underwriter at or before 11:59 p.m., local time, on the date hereof, and, if not so accepted, will be subject to withdrawal by the Underwriter upon notice delivered to the Authority at any time prior to the acceptance hereof by the Authority. All capitalized terms used herein, which are not otherwise defined, shall have the meaning provided for such terms in the Fiscal Agent Agreement, dated as of October 1, 2025 (the "Fiscal Agent Agreement"), by and between the Authority, for and on behalf of the District, and U.S.
Bank Trust Company, National Association, as fiscal agent (the "Fiscal Agent").
Purchase, Sale and Delivery of the 2025 Bonds.
Subject to the terms and conditions and in reliance upon the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the Authority and the Authority hereby agrees to sell to the Underwriter all (but not less than all) of the $[PAR] aggregate principal amount of Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) 2025 Special Tax Bonds (the "2025 Bonds"), dated the Closing Date (as hereinafter defined), bearing interest at the rates and maturing on the dates and in the principal amounts set forth in Exhibit A hereto. The purchase price for the 2025 Bonds shall be $ (being 100% of the aggregate principal amount thereof, plus original issue premium of $ and less an Underwriter's discount of $ ).
2. The 2025 Bonds. The 2025 Bonds shall be substantially in the form described in, shall be issued and secured under the provisions of, and shall be payable from the Special Tax Revenues and certain other funds pledged therefor as provided in, the Fiscal Agent Agreement, the Preliminary Official Statement (as hereinafter defined), and the Mello -Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the Government Code of the State of California (the "State")) (the "Community Facilities District Act"). The issuance of the 2025 Bonds has been duly authorized by the Board of Directors of the Authority (the "Board of Directors"), as the legislative body for the Community Facilities District, pursuant to a resolution adopted on [September 231, 2025 (the "Resolution of Issuance").
The proceeds of the 2025 Bonds will be used to (a) to make deposits to four accounts within the Improvement Fund to fund various improvements as more fully described in the Preliminary Official Statement, (b) to make a deposit to the Reserve Fund in the amount of the Reserve Requirement as of the date of issuance of the 2025 Bonds, (c) make a deposit to the Capitalized Interest Account of the Bond Fund, and (d) to pay the costs of issuance of the 2025 Bonds.
3. Public Offering and Establishment of Issue Price.
A. The Underwriter agrees to make a bona fide public offering of all of the 2025 Bonds initially at the public offering prices (or yields) set forth in Exhibit A attached hereto and incorporated herein by reference. Subsequent to the initial public offering, the Underwriter reserves the right to change the public offering prices (or yields) as it deems necessary in connection with the marketing of the 2025 Bonds subject to this Section 3, provided that the Underwriter shall not change the interest rates set forth in Exhibit A. The 2025 Bonds will be offered and sold to certain dealers at prices lower than such initial offering prices.
The Authority hereby acknowledges that the Underwriter is entering into this Purchase Agreement in reliance on the representations, warranties and agreements made by the Authority herein, and the Authority shall take all action necessary to enforce its rights hereunder for the benefit of the Underwriter and shall immediately notify the Underwriter if it becomes aware that any representation, warranty or agreement made by the Authority herein is incorrect in any material respect.
The Authority knowledges and agrees that with respect to the transaction contemplated hereby: (i) the Underwriter is not acting as a municipal advisor within the meaning of Section 15B of the Securities Exchange Act, as amended; (ii) the primary role of the Underwriter, as an underwriter, is to purchase securities, for resale to investors, in an arm's length commercial transaction between the Authority and the Underwriter and the Underwriter has financial and other interests that differ from those of the Authority; (iii) the Underwriter is acting solely as a principal and is not acting as a municipal advisor, financial advisor or fiduciary to the Authority and has not assumed any advisory or fiduciary responsibility to the Authority (irrespective of whether the Underwriter has provided other services or is currently providing other services to the Authority on other matters); (iv) the only obligations the Underwriter has to the Authority with respect to the transaction contemplated hereby are expressly set forth in this Purchase Agreement; and (v) the Authority has consulted its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it has deemed appropriate. The Authority acknowledges that it has previously provided the Underwriter with an acknowledgement of receipt of the required Underwriter disclosure under Rule G-17 of the Municipal Securities Rulemaking Board ("MSRB"). The Authority further acknowledges and represents that it has engaged Fieldman, Rolapp & Associates, Inc. (the "Municipal Advisor") as 2 its municipal advisor within the meaning of Section 15B of the Securities Exchange Act, as amended, and will rely solely on the financial advice of the Municipal Advisor with respect to the 2025 Bonds.
B. The Underwriter agrees to assist the Authority in establishing the issue price of the 2025 Bonds and shall execute and deliver to the Authority at Closing (as defined below) an "issue price" or similar certificate, together with the supporting pricing wires or equivalent communications, substantially in the form set forth in Exhibit B, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the Authority and Bond Counsel (as such term is defined below), to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the 2025 Bonds. All actions to be taken by the Authority under this section to establish the issue price of the 2025 Bonds may be taken on behalf of the Authority by the Municipal Advisor and any notice or report to be provided to the Authority may be provided to the Municipal Advisor.
C. Except as otherwise set forth in Exhibit A, the Authority will treat the first price at which 10% of each maturity of the 2025 Bonds (the "10% test"), identified under the column "10% Test Used" in Exhibit A, is sold to the public as the issue price of that maturity. At or promptly after the execution of this Purchase Agreement, the Underwriter shall report to the Authority the price or prices at which it has sold to the public each maturity of Bonds. If at that time the 10% test has not been satisfied as to any maturity of the 2025 Bonds, the Underwriter agrees to promptly report to the Authority the prices at which it sells the unsold Bonds of that maturity to the public. That reporting obligation shall continue, whether or not the Closing Date has occurred, until either: (i) the Underwriter has sold all of the 2025 Bonds of that maturity; or (ii), the 10% test has been satisfied as to the 2025 Bonds of that maturity, provided that, the Underwriter's reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon the request of the Authority or Bond Counsel. For purposes of this Section, if Bonds mature on the same date but have different interest rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the 2025 Bonds. For clarity, and notwithstanding any other condition to Closing set forth in this Purchase Agreement, the sale of 10% of each maturity of the 2025 Bonds to the public prior to the Closing Date shall not be a condition to Closing.
D. The Underwriter confirms that it has offered the 2025 Bonds to the public on or before the date of this Purchase Agreement at the offering price or prices (the "initial offering price"), or at the corresponding yield or yields, set forth in Exhibit A, except as otherwise set forth therein. Exhibit A also sets forth, identified under the column "Hold the Offering Price Rule Used," as of the date of this Purchase Agreement, the maturities, if any, of the 2025 Bonds for which the 10% test has not been satisfied and for which the Authority and the Underwriter agree that the restrictions set forth in the next sentence shall apply, which will allow the Authority to treat the initial offering price to the public of each such maturity as of the sale date as the issue price of that maturity (the "hold -the -offering -price rule"). So long as the hold -the -offering -price rule remains applicable to any maturity of the 2025 Bonds, the Underwriter will neither offer nor sell unsold Bonds of that maturity to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:
the close of the fifth (5th) business day after the sale date; or
2. the date on which the Underwriter has sold at least 10% of that maturity of the 2025 Bonds to the public at a price that is no higher than the initial offering price to the public.
The Underwriter will advise the Authority promptly after the close of the fifth (5th) business day after the sale date whether it has sold 10% of that maturity of the 2025 Bonds to the public at a price that is no higher than the initial offering price to the public.
E. The Underwriter confirms that:
(1) any selling group agreement and any third -party distribution agreement relating to the initial sale of the 2025 Bonds to the public, together with the related pricing wires, contains or will contain language obligating each dealer who is a member of the selling group, and each broker -dealer that is a party to such third -parry distribution agreement, as applicable, (A) (i) to report the prices at which it sells to the public the unsold Bonds of each maturity allocated to it, whether or not the Closing Date has occurred, until either all Bonds of that maturity allocated to it have been sold or it is notified by the Underwriter that the 10% test has been satisfied as to the 2025 Bonds of that maturity, provided that, the reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon request of the Underwriter, and (ii) to comply with the hold -the -offering -price rule, if applicable, if and for so long as directed by the Underwriter; (B) to promptly notify the Underwriter of any sales of Bonds that, to its knowledge, are made to a purchaser who is a related party to an underwriter participating in the initial sale of the 2025 Bonds to the public (each such term being used as defined below), and (C) to acknowledge that, unless otherwise advised by the dealer or broker -dealer, the Underwriter shall assume that each order submitted by the dealer or broker -dealer is a sale to the public; and
(2) any selling group agreement relating to the initial sale of the 2025 Bonds to the public, together with the related pricing wires, contains or will contain language obligating each dealer that is a parry to a third -parry distribution agreement to be employed in connection with the initial sale of the 2025 Bonds to the public to require each broker -dealer that is a party to such third -party distribution agreement to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allocated to it, whether or not the Closing Date has occurred, until either all Bonds of that maturity allocated to it have been sold or it is notified by the Underwriter or the dealer that the 10% test has been satisfied as to the 2025 Bonds of that maturity, provided that, the reporting obligation after the Closing Date may be at reasonable periodic intervals or otherwise upon request of the Underwriter or the dealer and (B) comply with the hold -the -offering -price rule, if applicable, if and for so long as directed by the Underwriter or the dealer and as set forth in the related pricing wires.
F. The Authority acknowledges that, in making the representations set forth in this Section, the Underwriter will rely on (i) in the event a selling group has been created in connection with the initial sale of the 2025 Bonds to the public, the agreement of each dealer who is a member of the selling group to comply with the requirements for establishing issue price of the 2025 Bonds, including, but not limited to, its agreement to comply with the hold -the -offering -price rule, if applicable to the 2025 Bonds, as set forth in a selling group agreement and the related pricing wires, and (ii) in the event that a third -parry distribution agreement was employed in connection with the initial sale of the 2025 Bonds to the public, the agreement of each broker -dealer that is a party to such agreement to comply with the requirements for establishing issue price of the 2025 Bonds, including, but not limited to, its agreement to comply with the hold -the -offering -price rule, if applicable to the 2025 Bonds, as set forth in the third -party distribution agreement and the related pricing wires. The Authority further acknowledges that the Underwriter shall not be liable for the failure of any dealer who is a member of a selling group, or of any broker -dealer that is a party to a third -party distribution agreement, to comply with its corresponding agreement to comply with the
requirements for establishing issue price of the 2025 Bonds, including, but not limited to, its agreement to comply with the hold -the -offering -price rule, if applicable to the 2025 Bonds.
G. The Underwriter acknowledges that sales of any Bonds to any person that is a related party to an underwriter participating in the initial sale of the 2025 Bonds to the public (each such term being used as defined below) shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:
"public" means any person other than an underwriter or a related party;
2. "underwriter" means (A) any person that agrees pursuant to a written contract with the Authority (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the 2025 Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the 2025 Bonds to the public (including a member of a selling group or a party to a third party distribution agreement participating in the initial sale of the 2025 Bonds to the public);
3. a purchaser of any of the 2025 Bonds is a "related party" to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (A) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (B) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (C) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other); and
4. "sale date" means the date of execution of this Purchase Agreement by all parties.
4. The Official Statement.
A. Pursuant to the authorization of the Authority, the Underwriter has distributed copies of the Preliminary Official Statement dated [POS Date], relating to the 2025 Bonds, which, together with the cover page, inside cover page and appendices thereto is herein called the "Preliminary Official Statement." By its acceptance of this Purchase Agreement, the Authority hereby ratifies the use by the Underwriter of the Preliminary Official Statement, and the Authority agrees to execute a final official statement relating to the 2025 Bonds (the "Official Statement") which will consist of the Preliminary Official Statement with such changes as may be made thereto, with the approval of Stradling Yocca Carlson & Rauth LLP, as Bond Counsel ("Bond Counsel"), and as Disclosure Counsel ("Disclosure Counsel"), and the Underwriter, and to provide copies thereof to the Underwriter as set forth herein. The Authority hereby authorizes the Underwriter to use and promptly distribute, in connection with the offer and sale of the 2025 Bonds, the Preliminary Official Statement, the Official Statement and any supplement or amendment thereto. The Authority further authorizes the Underwriter to use and distribute, in connection with the offer and sale of the 2025 Bonds, the Fiscal Agent Agreement, the Continuing Disclosure Agreement dated as of October 1, 2025 (the "Continuing Disclosure Agreement"), by and between the Authority and Webb Municipal 5 Finance, LLC, as dissemination agent (in such capacity, the "Dissemination Agent"), this Purchase Agreement and all information contained herein, and all other documents, certificates and statements furnished by or on behalf of the Authority to the Underwriter in connection with the transactions contemplated by this Purchase Agreement. This Purchase Agreement, the Fiscal Agent Agreement, the 2025 Bonds, the Continuing Disclosure Agreement and the hereinafter defined Acquisition Agreement are collectively referred to herein as the "Community Facilities District Documents." B. To assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5) (the "Rule"), the Authority will undertake pursuant to the Continuing Disclosure Agreement, in substantially the form attached as Appendix E to the Official Statement, to provide annual reports and notices of certain enumerated events. A description of this undertaking is set forth in the Preliminary Official Statement and will also be set forth in the Official Statement.
5. Closing. Except as the Underwriter and the Authority may otherwise agree, the Authority will deliver to the Underwriter, at the offices of Bond Counsel in Newport Beach, California, or at such other location as may be mutually agreed upon by the Underwriter and the Authority, the documents hereinafter mentioned; and the Authority will deliver to the Underwriter through the facilities of The Depository Trust Company ("DTC"), the 2025 Bonds, in definitive form (all Bonds bearing CUSIP numbers), duly executed by the Authority and authenticated by the Fiscal Agent in the manner provided for in the Fiscal Agent Agreement and the Community Facilities District Act at 8:30 a.m. California time, on [Closing Date] (the "Closing Date"), and the Underwriter will accept such delivery and pay the purchase price of the 2025 Bonds as set forth in paragraph (A) of this Section by wire transfer, payable in federal or other immediately available funds (such delivery and payment being herein referred to as the "Closing"). The 2025 Bonds shall be in fully registered book -entry form (which may be typewritten) and shall be registered in the name of Cede & Co., as nominee of DTC. The 2025 Bonds shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection.
6. Representations, Warranties and Covenants of the Authority. The Authority represents, warrants and covenants to the Underwriter on behalf of itself and the Community Facilities District that:
A. The Authority is a joint exercise of powers authority duly organized and validly existing under the laws of the State and has duly authorized the formation of the Community Facilities District, the incurring of bonded indebtedness thereby pursuant to resolutions duly adopted by the Board of Directors (collectively, the "Community Facilities District Formation Resolutions" and, together with the Resolution of Issuance, the "Community Facilities District Resolutions") and the Community Facilities District Act. The Board of Directors, as the legislative body of the Authority and the Community Facilities District, has duly adopted the Community Facilities District Formation Resolutions and an ordinance of the Board of Directors levying Special Taxes within the Community Facilities District (the "Ordinance"), and has caused to be recorded in the real property records of the County of Riverside, California (the "County"), a notice of special tax lien, and any required amendments thereof (collectively, the "Notice of Special Tax Lien" and, together with the Community Facilities District Formation Resolutions and the Ordinance, the "Formation Documents"), and has duly adopted the Resolution of Issuance. Each of its Formation Documents remains in full force and effect as of the date hereof and has not been amended or rescinded. The Community Facilities District is duly organized and validly existing as a community facilities district under the laws of the State. The Authority has, and at the Closing Date will have, as the case may be,
full legal right, power and authority: (i) to execute, deliver and perform its obligations under the Community Facilities District Documents, and to carry out all transactions contemplated by each of such agreements; (ii) to issue, sell and deliver the 2025 Bonds as provided herein; and (iii) to carry out, give effect to and consummate the transactions contemplated by the Formation Documents, the Community Facilities District Documents, the Official Statement and the Acquisition Agreement, dated January 23, 2024, between the Authority, for the Community Facilities District, and Meritage Homes of California, Inc., a California corporation (the "Developer"), as amended by the First Amendment to Acquisition Agreement dated as of August 1, 2025, between the Authority, for the Community Facilities District, and the Developer (as so amended, the "Acquisition Agreement").
B. The Authority has complied, and will at the Closing Date be in compliance in all material respects, with the Formation Documents and the Community Facilities District Documents, and any immaterial noncompliance by the Authority, if any, will not impair the ability of the Authority to carry out, give effect to or consummate the transactions contemplated by the foregoing. From and after the date of issuance of the 2025 Bonds, the Authority will continue to comply with the covenants of the Authority contained in the Community Facilities District Documents.
C. The information in the Preliminary Official Statement and in the Official Statement relating to the Authority, the Community Facilities District and the 2025 Bonds (other than statements pertaining to the book -entry system, as to which no view is expressed), is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and, upon delivery and up to and including 25 days after the End of the Underwriting Period (as defined in paragraph (D) below), the Official Statement will be amended and supplemented so as to contain no misstatement of any material fact or omission of any statement necessary to make the statements contained therein, in the light of the circumstances in which such statements were made, not misleading.
D. Up to and including 25 days after the End of the Underwriting Period, the Authority will advise the Underwriter promptly of any proposal to amend or supplement the Official Statement and will not affect or consent to any such amendment or supplement without the consent of the Underwriter, which consent will not be unreasonably withheld. The Authority will advise the Underwriter promptly of the institution of any proceedings known to it by any governmental agency prohibiting or otherwise materially affecting the use of the Official Statement in connection with the offering, sale or distribution of the 2025 Bonds. As used herein, the term "End of the Underwriting Period" means the later of such time as: (i) the 2025 Bonds are delivered to the Underwriter; or (ii) the Underwriter does not retain, directly or as a member of an underwriting syndicate, an unsold balance of the 2025 Bonds for sale to the public. Unless the Underwriter gives notice to the contrary, the End of the Underwriting Period shall be deemed to be the Closing Date. Any notice delivered pursuant to this provision shall be written notice delivered to the Authority at or prior to the Closing Date and shall specify a date (other than the Closing Date) to be deemed the "End of the Underwriting Period."
E. Except as described in the Preliminary Official Statement, the Authority is not, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or in default under, any law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, 7 indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, and the performance of its obligations under the Community Facilities District Documents and compliance with the provisions of each thereof, or the performance of the conditions precedent to be performed by the Authority pursuant to this Purchase Agreement, will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a parry or is otherwise subject or bound, in any manner which would materially and adversely affect the performance by the Authority of its obligations under the Community Facilities District Documents or the performance of the conditions precedent to be performed by the Authority pursuant to this Purchase Agreement.
F. Except as may be required under the "blue sky" or other securities laws of any jurisdiction, all approvals, consents, authorizations, elections and orders of, or filings or registrations with, any governmental authority, board, agency or commission having jurisdiction which would constitute a condition precedent to, or the absence of which would materially adversely affect, the performance by the Authority of its obligations under the Community Facilities District Documents, and the performance of the conditions precedent to be performed by the Authority pursuant to this Purchase Agreement, have been or will be obtained at the Closing Date and are or will be in full force and effect at the Closing Date.
G. The Community Facilities District Documents conform as to form and tenor to the descriptions thereof contained in the Official Statement.
H. The 2025 Bonds are payable from, and secured by a pledge of, Special Tax Revenues, as set forth in the Fiscal Agent Agreement, the levy of which has been duly and validly authorized pursuant to the Community Facilities District Act and the Special Taxes within the Community Facilities District will be fixed and levied in an amount which, together with other available funds, is required for the payment of the principal of, and interest on, the 2025 Bonds when due and payable, all as provided in the Fiscal Agent Agreement. The Authority has covenanted to cause the Special Taxes to be levied and collected at the same time and in the same manner as ordinary ad valorem property taxes or in such other manner as the Board of Directors shall determine.
I. The Fiscal Agent Agreement creates a valid first pledge of and lien on the Special Tax Revenues (other than the Special Tax Revenues to be deposited to the Administrative Expense Fund pursuant to clause (i) of the second paragraph of Section 4.06(A) or the Rebate Fund pursuant to Section 4.08 of the Fiscal Agent Agreement) and all moneys deposited in the Bond Fund (including the Special Tax Prepayments Account and the Capitalized Interest Account therein), the Reserve Fund and, until disbursed as provided in the Fiscal Agent Agreement, in the Special Tax Fund.
J. Except as disclosed in the Preliminary Official Statement, there are, to the best of the Authority's knowledge, no entities with outstanding assessment liens against any of the properties within the Community Facilities District or which are senior to or on a parity with the Special Taxes.
K. The information contained in the Preliminary Official Statement and in the Official Statement (other than statements therein pertaining to the DTC and its book -entry system, as to which no view is expressed) is true and correct in all material respects and such information does not and shall not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
L. The Preliminary Official Statement was deemed final by a duly authorized officer of the Authority prior to its delivery to the Underwriter, except for the omission of such information as is permitted to be omitted in accordance with paragraph (b)(1) of the Rule. The Authority hereby covenants and agrees that, within seven (7) business days from the date hereof, or upon reasonable written notice from the Underwriter within sufficient time to accompany any confirmation requesting payment from any customers of the Underwriter, the Authority shall cause a final printed form of the Official Statement to be delivered to the Underwriter in sufficient quantity to comply with Rule 15c2-12, rules of the MSRB and to meet potential customer requests for copies of the Official Statement.
M. At the time of acceptance hereof there is and as of the Closing there will be no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body (collectively and individually, an "Action") pending (notice of which has been served on the Authority) or to the best knowledge of the Authority threatened, in which any such Action: (i) in any way questions the existence of the Authority or the Community Facilities District or the titles of the officers of the Authority to their respective offices; (ii) affects, contests or seeks to prohibit, restrain or enjoin the issuance or delivery of the 2025 Bonds or the payment or collection of Special Taxes or any amounts pledged or to be pledged to pay the principal of and interest on the 2025 Bonds, or in any way contests or affects the validity of the Community Facilities District Documents or the consummation of the transactions on the part of the Authority contemplated thereby; (iii) contests the exemption of interest on the 2025 Bonds from federal or State income taxation or contests the powers of the Authority which may result in any material adverse change relating to the financial condition of the Authority or the Community Facilities District; or (iv) contests the completeness or accuracy of the Preliminary Official Statement or the Official Statement or any supplement or amendment thereto or asserts that the Preliminary Official Statement or the Official Statement contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and as of the time of acceptance hereof there is and, as of the Closing Date, there will be no basis for any action, suit, proceeding, inquiry or investigation of the nature described in clauses (i) through (iv) of this sentence.
N. Any certificate signed on behalf of the Authority by any officer or employee of the Authority authorized to do so shall be deemed a representation and warranty by the Authority to the Underwriter on behalf of itself and the Authority as to the statements made therein.
O. At or prior to the Closing, the Authority will have duly authorized, executed and delivered the Continuing Disclosure Agreement in substantially the form attached as Appendix E to the Official Statement. Based upon a review of its previous undertakings, and except as disclosed in the Preliminary Official Statement, neither the Authority nor the City of Temecula has failed to comply in all material respects with any previous undertakings with regard to the Rule to provide annual reports or notices of enumerated events in the last five years. 0 P. The Authority will apply the proceeds of the 2025 Bonds in accordance with the Fiscal Agent Agreement and as described in the Preliminary Official Statement and Official Statement.
Q. Until such time as moneys have been set aside in an amount sufficient to pay all then outstanding Bonds at maturity or to the date of redemption if redeemed prior to maturity, plus unpaid interest thereon and premium, if any, to maturity or to the date of redemption if redeemed prior to maturity, the Authority will faithfully perform and abide by all of the covenants, undertakings and provisions contained in the Fiscal Agent Agreement.
R. Between the date of this Purchase Agreement and the date of Closing, the Authority will not offer or issue any bonds, notes or other obligations for borrowed money not previously disclosed to the Underwriter.
S. The Authority, on behalf of the Community Facilities District, has adopted local debt policies in accordance with Section 8855(i) of the California Government Code.
The Authority hereby approves the preparation and distribution of the Official Statement, consisting of the Preliminary Official Statement with such changes as are noted thereon and as may be made thereto, with the approval of Bond Counsel, Disclosure Counsel and the Underwriter, from time to time prior to the Closing Date.
The Authority hereby ratifies any prior use of and authorizes the future use by the Underwriter, in connection with the offering and sale of the 2025 Bonds, of the Preliminary Official Statement, the Official Statement, this Purchase Agreement and all information contained herein and therein, and all other documents, certificates and written statements furnished by the Authority to the Underwriter in connection with the transactions contemplated by this Purchase Agreement.
The execution and delivery of this Purchase Agreement by the Authority shall constitute a representation by the Authority to the Underwriter that the representations and warranties contained in this Section 6 with respect to the Community Facilities District and the Authority are true as of the date hereof.
7. Conditions to the Obligations of the Underwriter. The obligation of the Underwriter to accept delivery of and pay for the 2025 Bonds on the Closing Date shall be subject, at the option of the Underwriter, to the accuracy in all material respects of the representations and warranties on the part of the Authority contained herein, to the accuracy in all material respects of the statements of the officers and other officials of the Authority made in any certificates or other documents furnished pursuant to the provisions hereof, to the performance by the Authority of its obligations to be performed hereunder at or prior to the Closing Date, and in reliance upon the representations and covenants of the Developer contained in the certificate(s) delivered as of the Closing Date, and to the following additional conditions:
A. At the Closing Date, the Community Facilities District Resolutions and the Community Facilities District Documents shall be in full force and effect, and shall not have been amended, modified or supplemented, except as may have been agreed to in writing by the Underwriter, and there shall have been taken in connection therewith, with the issuance of the 2025 Bonds and with the 2025 Bonds, and with the transactions contemplated thereby, and by this 10 Purchase Agreement, all such actions as, in the opinion of Bond Counsel, shall be necessary and appropriate.
B. At the Closing Date, except as described in the Preliminary Official Statement, the Authority shall not be, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or in default under, any law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, and the performance of the conditions precedent to be performed hereunder will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, in any manner which would materially and adversely affect the performance of the conditions precedent to be performed by the Authority hereunder.
C. At the Closing Date, except as described in the Preliminary Official Statement, the Authority shall not be, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or in default under, any law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, and the performance by the Authority of its obligations under the 2025 Bonds, the Community Facilities District Resolutions, the Community Facilities District Documents, and any other instruments contemplated by any of such documents, and compliance with the provisions of each thereof, or the performance of the conditions precedent to be performed hereunder, will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, in any manner which would materially and adversely affect the performance by the Authority of its obligations under the Community Facilities District Documents or the performance of the conditions precedent to be performed by the Authority hereunder.
D. The information contained in the Official Statement is, as of the Closing Date and as of the date of any supplement or amendment thereto pursuant hereto, true and correct in all material respects and does not, as of the Closing Date or as of the date of any supplement or amendment thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
E. Between the date hereof and the time for Closing, this Purchase Agreement shall have not been terminated by the Underwriter pursuant to Section 8 hereof. 11 F. At or prior to the Closing Date, the Underwriter shall have received a counterpart original or certified copy of the following documents, in each case satisfactory in form and substance to the Underwriter:
1. The Official Statement, executed on behalf of the Authority by an authorized officer;
2. The Community Facilities District Documents, each duly executed and delivered by the respective parties thereto, with only such amendments, modifications or supplements as may have been agreed to in writing by the Underwriter;
3. The Community Facilities District Resolutions and the Formation Documents, together with a certificate dated as of the Closing Date of the Secretary of the Board of Directors to the effect that such resolutions and documents are true, correct and complete copies of the ones duly adopted by the Board of Directors and have not been amended, modified or supplemented, except as agreed to by the Underwriter;
4. Evidence of recordation in the real property records of the County of the Notices of Special Tax Lien, in the form required by the Community Facilities District Act; Specimen 2025 Bonds;
6. The approving opinion of Bond Counsel dated the Closing Date and addressed to the Authority in substantially the form attached as Appendix D to the Official Statement, and a reliance letter thereon addressed to the Underwriter;
7. A supplemental opinion or opinions of Bond Counsel dated the Closing Date and addressed to the Underwriter in the form attached as Exhibit C:
8. A letter, dated the Closing Date and addressed to the Underwriter, of Disclosure Counsel, in the form attached as Exhibit D;
9. A certificate dated the Closing Date and signed by an authorized representative of the Authority or an authorized designee, on behalf of the Authority to the effect that: (i) the Resolution of Issuance was duly adopted at a regular meeting of the Authority's Board of Directors held on [September 23], 2025, at which a quorum was present and acting throughout, is in full force and effect as of the date hereof and has not been amended, modified or supplemented, except as agreed to by the Underwriter; (i) the representations and warranties made by the Authority contained herein are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date; (iii) the Community Facilities District Documents have been duly authorized and executed and are in full force and effect; (iv) no event has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purpose for which it is to be used or which it is necessary to disclose therein in order to make the statements and information therein not misleading in any material respect; (v) the Authority has complied with all the agreements and satisfied all the conditions on its part to be satisfied under this Purchase Agreement, the Community Facilities District Resolutions and the Community Facilities District Documents at or prior to the Closing Date; and (vi) all information in the Official Statement relating to the Authority and the Community Facilities District (other than information therein provided by Webb Municipal Finance, LLC, as special tax consultant (in such capacity, the "Special Tax 12 Consultant") is true and correct in all material respects as of the date of the Official Statement and as of the Closing Date;
10. An opinion of Richards, Watson & Gershon, A Professional Corporation, as counsel to the Authority, dated the date of Closing and addressed to the Underwriter, the Fiscal Agent and the Authority, substantially in the form attached hereto as Exhibit E;
11. A certificate dated the Closing Date of Integra Realty Resources (the "Appraiser") substantially to the effect that (i) the assumptions made in the Appraisal Report are reasonable; (ii) the Appraisal Report fairly and accurately described, as of the stated date of value (the "Date of Value"), the market values of the properties in the Community Facilities District that are subject to the Special Taxes; (iii) the Appraiser is not aware of any event or act which occurred since the Date of Value which, in its opinion, would materially and adversely affect the conclusions as to the market value of the appraised property in the Community Facilities District; (iv) the Appraiser consents to the reproduction of the Appraisal Report as Appendix H to the Preliminary Official Statement and the final Official Statement, each with respect to the 2025 Bonds, and to the references to the Appraiser and the Appraisal Report made in the Preliminary Official Statement and the Official Statement; (v) the Appraisal Report complies with the Appraisal Standards for Land - Secured Financings issued by the California Debt and Investment Advisory Commission dated July, 2004; (vi) a true and correct copy of the Appraisal Report is attached as Appendix H to the Preliminary Official Statement and the Official Statement; and (vii) neither the Appraisal Report nor the information in the Preliminary Official Statement or the Official Statement referring to it contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
12. A certificate dated the Closing Date from Webb Municipal Finance, LLC, as Special Tax Consultant and Dissemination Agent, to the effect that: (i) the Special Taxes, if levied and collected in the maximum amounts permitted pursuant to the Rate and Method, as of the Closing Date, would generate at least 110% of the annual debt service payable with respect to the 2025 Bonds, plus the Administrative Expenses, based on such assumptions and qualifications as shall be acceptable to the Underwriter; (ii) the statements in the Preliminary Official Statement and the Official Statement provided by the Special Tax Consultant concerning the Special Taxes and all information supplied by it for use in the Official Statement were as of the date of the Preliminary Official Statement, the date of the Official Statement and are as of the Closing Date true and correct, and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; (iii) all information supplied by the Special Tax Consultant to the Appraiser is true and correct as of the date of the Preliminary Official Statement and the date of the Official Statement and as of the Closing Date, based on such assumptions as may have been supplied by it; (iv) the information contained in the Appraisal Report with respect to taxes and tax rates applicable, and projected to be applicable, to the property in the Community Facilities District is consistent with such information provided by the Special Tax Consultant to the Appraiser, which information so provided was based on information obtained by the Special Tax Consultant from the Community Facilities District, the Developer and the Authority; and (v) the Dissemination Agent is duly authorized to execute and deliver the Continuing Disclosure Agreement in its capacity as dissemination agent thereunder, and the Dissemination Agent has duly executed and delivered the Continuing Disclosure Agreement;
13 13. Certified copies of the general resolution of the Fiscal Agent authorizing the execution and delivery of certain documents by certain officers of the Fiscal Agent, which resolution authorizes the execution of the Fiscal Agent Agreement and the authentication of the 2025 Bonds;
14. A certificate of the Fiscal Agent, addressed to the Underwriter, and the Authority dated the Closing Date, to the effect that: (a) the Fiscal Agent is a national banking association organized and existing under and by virtue of the laws of the United States, having the full power and being qualified to enter into the Fiscal Agent Agreement and perform its duties under the Fiscal Agent Agreement and to authenticate and deliver the 2025 Bonds to the Underwriter; (b) the Fiscal Agent is duly authorized to enter into the Fiscal Agent Agreement and to authenticate and deliver the 2025 Bonds to the Underwriter pursuant to the Fiscal Agent Agreement; (c) when delivered to and paid for by the Underwriter at the Closing, the 2025 Bonds will have been duly authenticated and delivered by the Fiscal Agent; (d) the execution and delivery of the Fiscal Agent Agreement and compliance with the provisions on the Fiscal Agent's part contained in the Fiscal Agent Agreement, will not conflict with or constitute a breach of or default under any law, administrative regulation, judgment, decree, loan agreement, indenture, note, resolution, agreement or other instrument to which the Fiscal Agent is a party or is otherwise subject (except that no representation, warranty or agreement is made with respect to any federal or state securities or blue sky laws or regulations), which conflict, breach or default would materially impair the ability of the Fiscal Agent to perform its obligations under the Fiscal Agent Agreement, nor will any such execution, delivery, adoption or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of the properties or assets held by the Fiscal Agent pursuant to the lien created by the Fiscal Agent Agreement under the terms of any such law, administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement or other instrument, except as provided by the Fiscal Agent Agreement; and (e) to the best of the knowledge of the Fiscal Agent, it has not been served with any action, suit, proceeding, inquiry or investigation in law or in equity, before or by any court, governmental agency, public board or body, nor is any such action or other proceeding threatened against the Fiscal Agent, affecting the existence of the Fiscal Agent, or the titles of its officers to their respective offices or seeking to prohibit, restrain, or enjoining the execution and delivery of the Fiscal Agent Agreement, the authentication of 2025 Bonds or the collection of revenues to be applied to pay the principal, premium, if any, and interest with respect to the 2025 Bonds, or the pledge thereof, or in any way contesting or affecting the validity or enforceability of the Fiscal Agent Agreement, or contesting the powers of the Fiscal Agent or its authority to enter into, adopt or perform its obligations under any of the foregoing to which it is a party, wherein an unfavorable decision, ruling or funding would materially adversely affect the validity or enforceability of the Fiscal Agent Agreement or the power and authority of the Fiscal Agent to enter into the Fiscal Agent Agreement and perform its duties thereunder and to authenticate and deliver the 2025 Bonds to or upon the order of the Underwriter;
15. An opinion of counsel to the Fiscal Agent dated the Closing Date, addressed to the Underwriter, and the Authority to the effect that (i) the Fiscal Agent is national banking association duly organized, validly existing and in good standing under the laws of the United States of America with trust powers, having full power to enter into, accept and administer the trust created under the Fiscal Agent Agreement, (ii) the Fiscal Agent has all requisite corporate power, authority and legal right to execute and deliver the Fiscal Agent Agreement and, acting in its capacity as Fiscal Agent, to authenticate and deliver the 2025 Bonds, and to perform its obligations under the Fiscal Agent Agreement, and has taken all necessary corporate action to authorize the execution and delivery thereof and the performance of its obligations thereunder, (iii) the Fiscal 14 Agent has duly authorized, executed and delivered the Fiscal Agent Assignment Agreement, and assuming the due authorization, execution and delivery and enforceability thereof by the other parry thereto, the Fiscal Agent Agreement is a legal, valid and binding agreement of the Fiscal Agent, enforceable in accordance with its terms against the Fiscal Agent, (iv) to our knowledge, no consent, approval, authorization or other action by any governmental or regulatory authority having jurisdiction over the Fiscal Agent that has not been obtained is or will be required for the execution and delivery of the Fiscal Agent Agreement by the Fiscal Agent or the consummation by the Fiscal Agent of the transactions contemplated by the Fiscal Agent Agreement, (v) to our knowledge, the execution, delivery and performance of the Fiscal Agent Agreement by the Fiscal Agent and compliance with the provisions thereof by the Fiscal Agent will not violate or cause a breach of any statute of the United States or the State of California, or any rule or regulation of any governmental authority or regulatory body of the United States or the State of California, and (vi) the 2025 Bonds have been duly authenticated and delivered by the Fiscal Agent;
16. A certificate of the Authority dated the Closing Date, in a form acceptable to Bond Counsel and the Underwriter, that the 2025 Bonds are not arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended;
17. The Continuing Disclosure Certificate dated as of [October] 1, 2025 (the "Developer Continuing Disclosure Certificate"), duly executed and delivered by the Developer, substantially in the form of Appendix F to the Official Statement;
18. An opinion letter of counsel to the Developer addressed to the Underwriter and the Authority, dated the date of the Closing, in form and substance acceptable to the Underwriter and Bond Counsel, to the effect that the Developer Continuing Disclosure Certificate has been duly executed and delivered by the Developer and constitutes the valid and binding obligation of the Developer, except to the extent that enforceability may be limited by moratorium, bankruptcy, reorganization, insolvency or other similar laws affecting creditors' rights generally or by the exercise of judicial discretion in accordance with general principles of equity or otherwise in appropriate cases and by limitations on legal remedies against public agencies in the State;
19. A negative assurance letter of counsel to the Developer addressed to the Underwriter and the Authority, dated the date of the Closing, in form and substance acceptable to the Underwriter and Bond Counsel;
20. A Letter of Representations from the Developer dated the date of printing the Preliminary Official Statement, substantially in the form attached hereto as Exhibit E;
21. A Closing Certificate from the Developer dated the Closing Date, substantially in the form attached hereto as Exhibit F or as such Closing Certificate may be modified with the approval of the Underwriter and Disclosure Counsel;
22. An opinion of Anzel Galvan LLP, San Francisco, California, counsel to the Underwriter, dated the date of Closing and addressed to the Underwriter in form and substance acceptable to the Underwriter;
to DTC;
23. A copy of the Authority's executed Blanket Letter of Representation 15 24. A copy of the Blue -Sky Survey with respect to the 2025 Bonds; and
25. Such additional legal opinions, certificates, instruments and other documents as the Underwriter may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the material representations and warranties of the Authority contained herein, and of the statements and information contained in the Official Statement and the due performance or satisfaction by the Authority at or prior to the Closing of all agreements then to be performed and all conditions then to be satisfied by the Authority in connection with the transactions contemplated hereby and by the Fiscal Agent Agreement and the Official Statement.
All of the opinions, letters, certificates, instruments and other documents mentioned in this Purchase Agreement will be deemed to be in compliance with the provisions of this Purchase Agreement if, but only if, they are in form and substance satisfactory to the Underwriter. If the Authority shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, accept delivery of and pay for the 2025 Bonds contained in this Purchase Agreement, or if the obligations of the Underwriter to purchase, accept delivery of and pay for the 2025 Bonds shall be terminated for any reason permitted by this Purchase Agreement, this Purchase Agreement shall terminate and neither the Authority nor the Underwriter shall be under any further obligation hereunder, except that the respective obligations of the Underwriter and the Authority set forth in Section 9 hereof shall continue in full force and effect.
8. Termination Events. In recognition of the desire of the Authority and the Underwriter to effect a successful public offering of the 2025 Bonds, and in view of the potential adverse impact of any of the following events on such a public offering, this Purchase Agreement shall be subject to termination in the discretion of the Underwriter by notification, in writing, to the Authority prior to delivery of and payment for the 2025 Bonds, if between the date hereof and the time of Closing, in the Underwriter's sole and reasonable judgment any of the following events shall occur (each a "Termination Event"):
A. the market price or marketability of the 2025 Bonds, or the ability of the Underwriter to enforce contracts for the sale of the 2025 Bonds, shall be materially adversely affected by any of the following events:
1. legislation shall have been enacted by the Congress of the United States or the legislature of the State or shall have been favorably reported out of committee of either body or be pending in committee of either body, or shall have been recommended to the Congress for passage by the President of the United States or a member of the President's Cabinet, or a decision shall have been rendered by a court of the United States or the State or the Tax Court of the United States, or a ruling, resolution, regulation or temporary regulation, release or announcement shall have been made or shall have been proposed to be made by the Treasury Department of the United States or the Internal Revenue Service, or other federal or state authority with appropriate jurisdiction, with respect to federal or state taxation upon interest received on obligations of the general character of the 2025 Bonds;
2. there shall have occurred (1) an outbreak or escalation of hostilities or the declaration by the United States of a national emergency or war or (2) any other calamity or crisis in the financial markets of the United States or elsewhere or the escalation of such calamity or crisis; or
16 3. a general suspension of trading on the New York Stock Exchange or other major exchange shall be in force, or minimum or maximum prices for trading shall have been fixed and be in force, or maximum ranges for prices for securities shall have been required and be in force on any such exchange, whether by virtue of determination by that exchange or by order of U.S.
Securities and Exchange Commission ("SEC") or any other governmental authority having jurisdiction; or
4. legislation shall have been enacted by the Congress of the United States or shall have been favorably reported out of committee or be pending in committee, or shall have been recommended to the Congress for passage by the President of the United States or a member of the President's Cabinet, or a decision by a court of the United States shall be rendered, or a ruling, regulation, proposed regulation or statement by or on behalf of the SEC or other governmental agency having jurisdiction of the subject matter shall be made, to the effect that any obligations of the general character of the Securities, or the 2025 Bonds are not exempt from registration under or other requirements of the Securities Act of 1933, as amended and as then in effect, or the Securities Exchange Act of 1934, as amended and as then in effect, or that the Fiscal Agent Agreement is not exempt from qualification under or other requirements of the Trust Indenture Act of 1939, as amended and as then in effect; or
5. except as disclosed in or contemplated by the Official Statement, any material adverse change in the affairs of the Authority shall have occurred; or
6. any rating of the 2025 Bonds or the rating of any obligations of the Authority, for and on behalf of the Community Facilities District, payable from Special Taxes shall have been downgraded, withdrawn or placed on credit watch with negative outlook by any major credit rating agency; or
B. any event or circumstance shall exist that either makes untrue or incorrect in any material respect any statement or information in the Official Statement (other than any statement provided by the Underwriter) or is not reflected in the Official Statement but should be reflected therein in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and, in either such event, the Authority refuses to permit the Official Statement to be supplemented to supply such statement or information, or the effect of the Official Statement as so supplemented is to materially adversely affect the market price or marketability of the 2025 Bonds or the ability of the Underwriter to enforce contracts for the sale of the 2025 Bonds; or
C. a general banking moratorium shall have been declared by federal or State authorities having jurisdiction and be in force; or
D. a material disruption in securities settlement, payment or clearance services affecting the 2025 Bonds shall have occurred; or
E. any new restriction on transactions in securities materially affecting the market for securities (including the imposition of any limitation on interest rates) or the extension of credit by, or a charge to the net capital requirements of, underwriters shall have been established by the New York Stock Exchange, the SEC, any other federal or State agency or the Congress of the United States, or by Executive Order; or
17 F. a decision by a court of the United States shall be rendered, or a stop order, release, regulation or no -action letter by or on behalf of the SEC or any other governmental agency having jurisdiction of the subject matter shall have been issued or made, to the effect that the issuance, offering or sale of the 2025 Bonds, including the underlying obligations as contemplated by this Purchase Agreement or by the Official Statement, or any document relating to the issuance, offering or sale of the 2025 Bonds, is or would be in violation of any provision of the federal securities laws at the Closing Date, including the Securities Act of 1933, as amended and as then in effect, the Securities Exchange Act of 1934, as amended and as then in effect, or the Trust Indenture Act of 1939; or
G. the commencement of one or more Actions.
Subject to Section 14, upon the occurrence of a Termination Event and the termination of this Purchase Agreement by the Underwriter, all obligations of the Authority and the Underwriter under this Purchase Agreement shall terminate, without further liability.
9. Expenses. Whether or not the 2025 Bonds are sold to the Underwriter as set forth herein:
A. The Underwriter shall be under no obligation to pay any expenses incident to the performance of the obligations of the Authority hereunder. If the 2025 Bonds are delivered by the Authority, the Authority shall pay, from the proceeds of the 2025 Bonds or from other funds of the Authority, the following expenses: (a) the cost of preparing, duplicating or printing, mailing and delivering the Community Facilities District Documents, the Preliminary Official Statement, the Official Statement and all other agreements and documents that are contemplated hereby (and drafts of any thereof); (b) the cost of preparation and printing of the definitive Bonds; (c) the fees and expenses of the Authority, the Fiscal Agent, Bond Counsel, Disclosure Counsel, the Municipal Advisor, the Appraiser, the Special Tax Consultant, any entity performing continuing disclosure compliance research or providing continuing disclosure compliance reports and any other experts or consultants retained by the Authority; (d) the charges of any rating agency with respect to the 2025 Bonds; (e) reimbursement to the Underwriter for payment of any fees and expenses reasonably incurred in connection with the initial offering, sale and delivery of the 2025 Bonds, including but not limited to industry fees (e.g., DTC, DAC, IPREO, CUSIP and Day Loan fees) only if the Authority and Underwriter have previously discussed and approved the allocation of proceeds towards these fees, and meal and travel expenses of the personnel of the Authority, but not including entertainment expenses or those to be paid by the Underwriter pursuant to the last paragraph of this Section 9, and (f) all other fees and expenses, not including entertainment expenses, reasonably incurred in connection with the preparation of the Community Facilities District Documents, the Preliminary Official Statement, the Official Statement and all other agreements and documents that are contemplated hereby (and drafts of any thereof) and/or the initial offering, sale and delivery of the 2025 Bonds. The Authority has authorized, and does hereby authorize, the Underwriter to pay such expenses on behalf of the Authority from proceeds of the 2025 Bonds at Closing as further described in the closing memorandum relating to the 2025 Bonds.
B. If the 2025 Bonds are sold to the Underwriter by the Authority, the Authority shall pay out of the proceeds of the 2025 Bonds the discount of the Underwriter or the purchase price paid for the 2025 Bonds shall reflect such discount.
Except as otherwise provided in this Section 9, the Underwriter shall pay the cost, if any, of qualifying the 2025 Bonds for sale in the various states chosen by the Underwriter, all advertising expenses in connection with the public offering of the 2025 Bonds, the fees and expenses of its legal counsel, and all other expenses incurred by it in connection with its public offering and distribution of the 2025 Bonds, not described above.
10. Use of Documents. The Authority hereby authorizes the Underwriter to use, in connection with the public offering and sale of the 2025 Bonds, this Purchase Agreement, the Preliminary Official Statement, the Official Statement and the Community Facilities District Documents, and the information contained herein and therein.
11. Qualification of Bonds. The Authority will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request to qualify the 2025 Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate and to provide for the continuance of such qualification; provided, however, that the Authority will not be required to qualify as a foreign corporation or to file any general or special consents to service of process under the laws of any state.
12. Notices. Any notice or other communication to be given to the Authority under this Purchase Agreement may be given by delivering the same in writing to the Temecula Public Financing Authority, c/o City of Temecula, 41000 Main Street, Temecula, California 92590, Attn:
Director of Finance; any notice or other communication to be given to the Underwriter under this Purchase Agreement may be given by delivering the same in writing to Stifel, Nicolaus & Company, Incorporated, 2121 Avenue of the Stars, Suite 2150, Los Angeles, California 90067, Attention: Sara Brown.
13. Benefit. This Purchase Agreement is made solely for the benefit of the Authority and Underwriter (including any successors or assignees of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. Except as otherwise expressly provided herein, all of the agreements and representations of the Authority contained in this Purchase Agreement and in any certificates delivered pursuant hereto shall remain operative and in full force and effect regardless of: (i) any investigation made by or on behalf of the Underwriter; (ii) delivery of and payment for the 2025 Bonds hereunder; or (iii) any termination of this Purchase Agreement.
14. Survival of Representations and Warranties. The representations and warranties of the Authority under this Purchase Agreement shall not be deemed to have been discharged, satisfied or otherwise rendered void by reason of the Closing and regardless of any investigations made by or on behalf of the Underwriter (or statements as to the results of such investigations) concerning such representations and statements of the Authority and regardless of delivery of and payment for the 2025 Bonds.
15. Execution in Counterparts. This Purchase Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.
16. Effective. This Purchase Agreement shall become effective and binding upon the respective parties hereto upon the execution of the acceptance hereof by the Authority and shall be valid and enforceable as of the time of such acceptance. 19 17. No Prior Agreements. This Purchase Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements, prior writings and representations with respect thereto.
18. Waiver of Jury Trial. THE AUTHORITY HEREBY IRREVOCABLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS PURCHASE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
State.
19. Governing. This Purchase Agreement shall be governed by the laws of the [Signature Page Follows]
20 20. Effective Date. This Purchase Agreement shall become effective and binding upon the respective parties hereto upon the execution of the acceptance hereof by the Authority and shall be valid and enforceable as of the time of such acceptance.
Very truly yours,
STIFEL, NICOLAUS & COMPANY,
INCORPORATED
By:
Its:
The foregoing is hereby agreed to and
accepted as of the date first above written:
TEMECULA PUBLIC FINANCING AUTHORITY
for and on behalf of the
TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES
DISTRICT NO. 23-02 (PRADO)
Authorized Officer
Time of Execution: California time
Managing Director
S-1
EXHIBIT A
MATURITY SCHEDULE
Hold -The -
Maturity Principal Interest Initial Offering 10% Test 10% Test Offering - (September 1) Amount Rate Yield Price Used Satisfied Price Used T: Term Bond.
C: Priced to optional redemption date of September 1, 20_, at
REDEMPTION PROVISIONS
Optional Redemption. The 2025 Bonds maturing on or after September 1, 20_ are subject to optional redemption prior to their stated maturities on any Interest Payment Date occurring on or after September 1, 20_, as a whole or in part in an amount equal to $5,000 or any integral multiple thereof, among maturities so as to maintain substantially level debt service on the Bonds, and by lot within a maturity, upon payment from any source of funds available for that purpose, at a redemption price (expressed as a percentage of the principal amount of the 2025 Bonds to be redeemed), as set forth below, together with accrued interest thereon to the date fixed for redemption:
Redemption Dates Redemption Prices
September 1, 20
and March 1, 20 %
September 1, 20_
and March 1, 20_
September 1, 20_
and March 1, 20_
September 1, 20_
and any Interest Payment Date thereafter
W
Mandatory Sinking Payment Redemption. The 2025 Bonds maturing on September 1, 20_, are subject to mandatory sinking payment redemption in part on September 1, 20_, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from sinking payments as follows:
Redemption Date(September 1) Sinking Payments
(maturity)
The Series 2025 Bonds maturing on September 1, 20_ are subject to mandatory sinking payment redemption in part on September 1, 20_, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from sinking payments as follows:
Redemption Date
(September 1) Sinking Payments
(maturity)
The Series 2025 Bonds maturing on September 1, 20_ are subject to mandatory sinking payment redemption in part on September 1, 20_, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from sinking payments as follows:
Redemption Date
(September 1) Sinking Payments
(maturity)
FEW
The Series 2025 Bonds maturing on September 1, 20_ are subject to mandatory sinking payment redemption in part on September 1, 20_, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to the date fixed for redemption, without premium, from sinking payments as follows:
Redemption Date
(September 1)
(maturity)
Sinking Payments
The amounts in the foregoing tables will be reduced as a result of any prior partial redemption of the 2025 Bonds pursuant to the optional redemption or redemption from Special Tax A prepayments provisions of the Fiscal Agent Agreement, as specified in writing by the Authority's Treasurer to the Fiscal Agent.
Special Mandatory Redemption from Special Tax Prepayments. The 2025 Bonds are subject to mandatory redemption prior to their stated maturity on any Interest Payment Date, from the proceeds of Special Tax Prepayments and corresponding transfers of funds from the Reserve Fund, as a whole or in part in an amount equal to $5,000 or any integral multiple thereof, at a redemption price (expressed as a percentage of the principal amount of the 2025 Bonds to be redeemed), as set forth below, together with accrued interest thereon to the date fixed for redemption:
Redemption Dates
Redemption Prices
any Interest Payment Date from September 1, 20 to and
including March 1, 20_
September 1, 20_ and March 1, 20_
September 1, 20_ and March 1, 20_
September 1, 20_ and any Interest Payment Date thereafter A-3
EXHIBIT B
$ [PAR]
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO.23-02 (PRADO)
2025 SPECIAL TAX BONDS
ISSUE PRICE CERTIFICATE
The undersigned, on behalf of Stifel, Nicolaus & Company, Incorporated ("Stifel") hereby certifies as set forth below with respect to the sale and delivery of the above -captioned obligations (the "Bonds").
1. Sale of the General Rule Maturities. As of the date of this certificate, for each Maturity of the General Rule Maturities, the first price at which at least 10% of such Maturity was sold to the Public is the respective price listed in Schedule A.
2. Initial Offering Price of the Hold -the -Offering -Price Maturities. (a) Stifel offered the Hold -the -Offering -Price Maturities to the Public for purchase at the respective initial offering prices listed in Schedule A (the "Initial Offering Prices") on or before the Sale Date. A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.
(b) As set forth in the Bond Purchase Agreement, dated [Pricing Date], by and between Stifel, as the Underwriter (as defined below), and the Issuer (as defined below), Stifel has agreed in writing that: (i) for each Maturity of the Hold -the -Offering -Price Maturities, it would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity (the "hold -the -offering - price rule"); and (ii) any selling group agreement shall contain the agreement of each dealer who is a member of the selling group, and any third -party distribution agreement shall contain the agreement of each broker -dealer who is a party to the third -party distribution agreement, to comply with the hold -the -offering -price rule. Pursuant to such agreement, no Underwriter has offered or sold any Maturity of the Hold -the -Offering -Price Maturities at a price that is higher than the respective Initial Offering Price for that Maturity of the Bonds during the Holding Period.
Defined Terms.
(a) General Rule Maturities means those Maturities of the Bonds listed in Schedule A hereto as the "General Rule Maturities."
(b) Hold -the -Offering -Price Maturities means those Maturities of the Bonds listed in Schedule A hereto as the "Hold -the -Offering -Price Maturities." (c) Holding Period means, with respect to a Hold -the -Offering -Price Maturity, the period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date (which Sale Date is [Pricing Date]), or (ii) the date on which Stifel has sold at least 10% of
such Hold -the -Offering -Price Maturity to the Public at prices that are no higher than the Initial Offering Price for such Hold -the -Offering -Price Maturity. (d) Issuer means Temecula Public Financing Authority.
(e) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.
(f) Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than an Underwriter or a related party to an Underwriter.
The term "related party" for purposes of this certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or indirectly. (g) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of the Bonds. The Sale Date of the Bonds is [Pricing Date]. (h) Underwriter means: (i) any person that agrees pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public; and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a third -party distribution agreement participating in the initial sale of the Bonds to the Public).
The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents Stifel's interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder.
The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, in connection with rendering its opinion that the interest on the Bonds is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Bonds. The certifications contained herein are not necessarily based on personal knowledge but may instead be based on either inquiry deemed adequate by the undersigned or institutional knowledge (or both) regarding the matters set forth herein.
Dated: [Closing Date]
STIFEL, NICOLAUS & COMPANY,
INCORPORATED
By:_
Name:
By:_
Name:
SCHEDULE A
SALE PRICES OF THE GENERAL RULE MATURITIES AND INITIAL OFFERING
PRICES OF THE HOLD -THE -OFFERING -PRICE MATURITIES
(Attached)
WE
SCHEDULE B
PRICING WIRE OR EQUIVALENT COMMUNICATION
(Attached)
EXHIBIT C
FORM OF SUPPLEMENTAL OPINION OF BOND COUNSEL
[To come from Stradling]
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EXHIBIT D
FORM OF DISCLOSURE COUNSEL LETTER
[To come from Stradling]
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EXHIBIT E
FORM OF OPINION OF GENERAL COUNSEL
[Closing Date]
Temecula Public Financing Authority
Temecula, California
U.S. Bank Trust Company, National Association,
as Fiscal Agent
Los Angeles, California
Stifel, Nicolaus & Company, Incorporated
Los Angeles, California
OPINION OF GENERAL COUNSEL
Re: $[PAR] Temecula Public Financing Authority Community Facilities District No. 23- 02 (Prado) 2025 Special Tax Bonds
Ladies and Gentlemen:
We are General Counsel of the Temecula Public Financing Authority (the "Authority") and have acted as such in connection with the issuance of the Authority, for and on behalf of Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "Community Facilities District"), of the above -referenced bonds (the "Bonds"). In such capacity, we have been asked to render this opinion in connection with Section 7(F)(10) of that certain Bond Purchase Agreement, dated [Pricing Date] (the "Bond Purchase Agreement"), by and between Stifel, Nicolaus & Company, Incorporated, as underwriter, and the Authority, for and on behalf of the Community Facilities District, relating to the 2025 Bonds. All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Bond Purchase Agreement.
In connection with this opinion, we have reviewed and examined (i) the Fiscal Agent Agreement, (ii) the Bond Purchase Agreement, (iii) the Acquisition Agreement, (iv) the Continuing Disclosure Agreement, (v) the Resolution of Issuance, (vi) the Preliminary Official Statement, the (vii) Official Statement, and (viii) such records, certificates and other documents as we have considered necessary or appropriate for the purposes of this opinion.
Based on the foregoing, we hereby advise you that, as of the date hereof, we are of the opinion that:
(i) the Authority is duly organized and existing as a joint powers authority under the laws of the State of California and has all requisite power and authority thereunder to: (a) adopt the Resolution of Issuance, and to enter into, execute, deliver and perform its covenants and agreements under the Community Facilities District Documents; (b) approve and authorize the use, execution and distribution of the Preliminary Official Statement and the Official Statement; (c) issue, sell, execute and deliver the 2025 Bonds; (d) to pledge the Special Tax Revenues as contemplated by the E-1
Fiscal Agent Agreement; and (e) to carry on its activities as currently conducted; (ii) the Community Facilities District is duly organized and validly existing as a community facilities district under and by virtue of the Constitution and laws of the State of California (including the Community Facilities District Act); (iii) the Resolution of Issuance and the Formation Documents have been duly adopted at meetings of the Board of Directors of the Authority, which were called and held pursuant to law and with all public notice required by law and at which a quorum was present and acting throughout, and the Resolution of Issuance and the Formation Documents are in full force and effect and have not been modified, amended, rescinded or repealed since the respective dates of their adoption; (iv) the Community Facilities District Documents and the Official Statement have been duly authorized, executed and delivered by the Authority and constitute the legal, valid and binding obligations of the Authority enforceable against the Authority in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights, to the application of equitable principles where equitable remedies are sought and to the exercise of judicial discretion in appropriate cases or seeks to restrain or to enjoin the development of property within the Community Facilities District;
(v) except as may be stated in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending (notice of which has been served on the Authority) or, to our knowledge, threatened wherein an unfavorable decision, ruling or finding would: (a) affect the creation, organization, existence or powers of the Authority or the Community Facilities District, or the titles of their members and officers to offices of the Authority; or (b) affect the validity of the Community Facilities District Documents or restrain or enjoin the repayment of the 2025 Bonds or in any way contest or affect the validity of the Community Facilities District Documents or contest the authority of the Authority to enter into or perform its obligations under any of the Community Facilities District Documents or under which a determination adverse to the Authority or Community Facilities District would have a material adverse effect upon the financial condition or the revenues of the Authority or Community Facilities District, questions the right of the Authority to use Special Taxes for the repayment of the 2025 Bonds or affects in any manner the right or ability of the Authority to collect or pledge the Special Tax levied within the Community Facilities District for the repayment of any such bonds; (vi) the execution and delivery of the 2025 Bonds and the Community Facilities District Documents, and compliance with the provisions of each, will not conflict with or constitute a breach of or default under any loan agreement, note, ordinance, resolution, indenture, contract, agreement or other instrument of which the Authority is a party or is otherwise subject or bound, a consequence of which could be to materially and adversely affect the ability of the Authority to perform its obligations under the 2025 Bonds or the Community Facilities District Documents; (vii) all approvals, consents, authorization, elections and orders of or filings or registrations with any governmental authority, board, agency or commission having jurisdiction which would constitute a condition precedent to, or the absence of which would materially adversely affect, the ability of the Authority, to perform its obligations under the 2025 Bonds or the Community Facilities District Documents, have been obtained or made, as the case may be, and are in full force and effect;
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(viii) The information contained in the Preliminary Official Statement, as of its date and as of the date hereof and the Official Statement as of its date and as of the Closing Date under the caption "NO LITIGATION" does not contain any untrue statement of a material fact and does not omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (ix) To our knowledge, the Authority is not in breach of or default under any applicable law or administrative regulation of the State or any applicable judgment or decree or any loan agreement, indenture, bond, note, resolution, agreement or other instrument to which the Authority is a party or is otherwise subject, which breach or default would materially adversely affect the Authority's ability to enter into or perform its obligations under the Community Facilities District Documents, and no event has occurred and is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or an event of default under any such instrument and which would materially adversely affect the Authority's ability to enter into or perform its obligations under the Community Facilities District Documents.
This letter is furnished by us as General Counsel to the Authority. Other than the Authority, no attorney -client relationship has existed or exists between the us and the other addressees hereof in connection with the 2025 Bonds or by virtue of this letter. We disclaim any obligation to update this letter. This letter is delivered to you, is solely for your benefit and is not to be used, circulated, quoted or otherwise referred to or relied upon for any other purpose or by any other person; provided, however, a copy may be included in the transcript of the proceedings for the 2025 Bonds. This letter is not intended to, and may not, be relied upon by owners of the 2025 Bonds.
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EXHIBIT F
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO.23-02 (PRADO)
2025 SPECIAL TAX BONDS
LETTER OF REPRESENTATIONS OF
MERITAGE HOMES OF CALIFORNIA, INC.
[POS Date]
Temecula Public Financing Authority
c/o City of Temecula
41000 Main Street
Temecula, California 92590
Stifel, Nicolaus & Company, Incorporated
2121 Avenue of the Stars, Suite 2150
Los Angeles, California 90067
Reference is made to the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) 2025 Special Tax Bonds (the "Bonds") and to the Bond Purchase Agreement to be entered into in connection therewith (the "Bond Purchase Agreement") by the Temecula Public Financing Authority (the "Authority"), for and on behalf of Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "Community Facilities District"), and Stifel, Nicolaus & Company, Inc. This Letter of Representations of Meritage Homes of California, Inc. (the "Letter of Representations") is delivered pursuant to and in satisfaction of Section 7(F)(20) of the Bond Purchase Agreement. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Bond Purchase Agreement.
The undersigned certifies that he or she is familiar with the facts herein certified and is authorized and qualified to certify the same as an authorized officer or representative of Meritage Homes of California, Inc., a California corporation (the "Developer"), and the undersigned, on behalf of the Developer, further certifies as follows:
1. The Developer is a corporation formed, validly existing and in good standing under the laws of the State of California and has all requisite right, power and authority (i) to execute and deliver this Letter of Representations, and (ii) to develop property in the Community Facilities District as described in the Preliminary Official Statement.
2. As set forth in the Preliminary Official Statement, title to certain property within the Community Facilities District is held in the name of the Developer (the "Property"). The undersigned, on behalf of the Developer, makes the representations herein with respect to the Property. The Developer's current expectation is that the Developer shall remain the party responsible for the construction and sale of homes within the Property. The Developer has not entered into an agreement for development or management of the Property by any other entity, except such subcontracts, consultant agreements and similar agreements for land development F-1
activities associated with the Developer's development plan as are entered into in the ordinary course of business.
3. Except as set forth in the Preliminary Official Statement, no action, suit, proceeding, inquiry or investigation at law or in equity, before or by any court, regulatory agency, public board or body is pending against the Developer (with proper service of process to the Developer having been accomplished) or, to the Actual Knowledge of the Undersigned,' is pending against any current Relevant Entity2 (with proper service of process to such Relevant Entity having been accomplished) or to the Actual Knowledge of the Undersigned is threatened in writing against the Developer, or any such Relevant Entity (a) to restrain or enjoin the collection of the Special Taxes levied on the Property by the Community Facilities District (the "Special Taxes") or other sums pledged or to be pledged to pay the principal of and interest on the Bonds (e.g., the reserve fund established under the Indenture (herein, the "Reserve Fund")), (b) to restrain or enjoin the development of the Property as described in the Preliminary Official Statement, (c) in any way contesting or affecting the validity of the Special Tax, or (d) which is reasonably likely to materially and adversely affect the Developer's ability to acquire, develop, and sell the Property as described in the Preliminary Official Statement or to pay the Special Tax due with respect to the Property (to the extent the responsibility of the Developer) prior to delinquency.
4. As of the date of the Preliminary Official Statement, to the Actual Knowledge of the Undersigned, the information contained therein solely with respect to the Developer, its Relevant Entities, the proposed development of the Property, ownership of the Property, the Developer's development plan, the Developer's financing plan, the Developer's lenders, if any, contractual arrangements of the Developer or any Relevant Entities (including, if material to the Developer's development plan or the Developer's financing plan, loans of such Relevant Entities) and the Developer's compliance with its continuing disclosure undertakings as set forth under the sections of the Preliminary Official Statement captioned "INTRODUCTION — The District", "THE DISTRICT — The Improvements," "— Prado" and "— The Developer," and "CONTINUING DISCLOSURE — The 1 "Actual Knowledge of the Undersigned" means the actual (as opposed to constructive) knowledge that the individual signing on behalf of the Developer currently has as of the date of this Letter of Representations or has obtained through (i) interviews with such current officers and responsible employees of the Developer and its Relevant Entities as the undersigned has determined are reasonably likely, in the ordinary course of their respective duties, to have knowledge of the matters set forth in this Letter of Representations, and/or (ii) review of documents that were reasonably available to the undersigned and which the undersigned has reasonably deemed necessary for the undersigned to obtain knowledge of the matters set forth in this Letter of Representations. The undersigned has not conducted any extraordinary inspection or inquiry other than such inspections or inquiries as are prudent and customary in connection with the ordinary course of the Developer's current business and operations.
Individuals who are no longer employees of the Developer and its Relevant Entities have not been contacted. 2 "Relevant Entity" means, with respect to the Developer, any other Person (i) who directly, or indirectly through one or more intermediaries, is currently controlling, controlled by or under common control with the Developer, and (ii) for whom information, including financial information or operating data, concerning such Person is material to potential investors in their evaluation of the Community Facilities District and investment decision regarding the Bonds (i.e., information relevant to (a) the Developer's development plans with respect to the Property and ability to pay its Special Tax on the Property (to the extent the responsibility of the Developer) prior to delinquency, or (b) such Person's assets or funds that would materially affect the Developer's ability to develop the Property as described in the Preliminary Official Statement or to pay its Special Tax on the Property (to the extent the responsibility of the Developer). "Person" means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, any unincorporated organization or a government or political subdivision thereof. For purposes hereof, the term "control" (including the terms "controlling," "controlled by" or "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. The Land Bank is not a Relevant Entity of the Developer
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Developer" (but in all cases under all captions excluding therefrom (i) information regarding the Appraisal Report (as defined herein), market value ratios and annual special tax ratios, and (ii) information which is identified as having been provided by a source other than the Developer), is true and correct in all material respects and did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
5. Except as described in the Preliminary Official Statement, there are no material loans outstanding and unpaid and no material lines of credit of the Developer or its Relevant Entities, that are secured by an interest in the Property. Neither the Developer nor, to the Actual Knowledge of the Undersigned, any of its Relevant Entities is currently in material default on any loans, lines of credit or other obligation related to the development of the Property or any other project which default is reasonably likely to materially and adversely affect the Developer's ability to develop the Property as described in the Preliminary Official Statement or to pay the Special Taxes due with respect to the Property (to the extent the responsibility of the Developer) prior to delinquency.
6. To the Actual Knowledge of the Undersigned, other than as disclosed in the Preliminary Official Statement, the Developer is not aware that any of the Property has a current liability with respect to the presence of a substance presently classified as hazardous under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 or applicable California law or is adversely affected by the presence of endangered or threatened species or habitat for endangered or threatened species.
7. The Developer covenants that, while the Bonds or any refunding obligations related thereto are outstanding, the Developer and its Relevant Entities which it controls will not bring any action, suit, proceeding, inquiry or investigation at law or in equity, before any court, regulatory agency, public board or body, that in any way seeks to challenge or overturn the formation of the Community Facilities District, to challenge the adoption of the ordinance of the Community Facilities District levying Special Taxes, to invalidate the Community Facilities District or any of the Bonds or any refunding bonds related thereto, or to invalidate the special tax liens imposed under Section 3115.5 of the Streets and Highways Code based on recordation of the notices of special tax lien relating thereto. The foregoing covenant shall not prevent the Developer or a Relevant Entity in any way from bringing any other action, suit, proceeding, inquiry or investigation at law or in equity, before any court, regulatory agency, public board or body including, without limitation, (a) an action or suit contending that the Special Taxes have not been levied in accordance with the methodologies contained in the Rate and Method, (b) an action or suit with respect to the application or use of the Special Taxes levied and collected or (c) an action or suit to enforce the obligations of the Authority and/or the Community Facilities District under the Formation Documents, the Fiscal Agent Agreement, or any other agreements among the Developer, a Relevant Entity, the Authority and/or the Community Facilities District or to which the Developer or a Relevant Entity is a party or beneficiary.
8. The Developer consents to the issuance of the Bonds. The Developer acknowledges and agrees that the proceeds of the Bonds will be used as described in the Preliminary Official Statement.
9. The Developer intends to comply with the provision of the Mello -Roos Community Facilities Act of 1982, as amended, relating to the Notice of Special Tax described in Government Code Section 53341.5 in connection with the sale of the Property to homeowners, or portions thereof.
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10. To the Actual Knowledge of the Undersigned, the Developer is able to pay its bills as they become due and no legal proceedings are pending against the Developer (with proper service of process having been accomplished) or, to the Actual Knowledge of the Undersigned, threatened in writing in which the Developer may be adjudicated as bankrupt or discharged from any and all of its debts or obligations, or granted an extension of time to pay its debts or obligations, or be allowed to reorganize or readjust its debts, or be subject to control or supervision of the Federal Deposit Insurance Corporation.
11. To the Actual Knowledge of the Undersigned, Relevant Entities of the Developer are able to pay their bills as they become due and no legal proceedings are pending against any Relevant Entity of the Developer (with proper service of process having been accomplished) or to the Actual Knowledge of the Undersigned, threatened in writing in which the Relevant Entities of the Developer may be adjudicated as bankrupt or discharged from any or all of their debts or obligations, or granted an extension of time to pay their debt or obligations, or be allowed to reorganize or readjust their debts or obligations, or be subject to control or supervision of the Federal Deposit Insurance Corporation which is reasonably likely to have a materially adverse impact on the ability of the Developer to develop the Property as described in the Preliminary Official Statement, or to pay the Special Taxes or ad valorem tax obligations with respect to the portion of the Property then owned by the Developer (to the extent the responsibility of the Developer) prior to delinquency.
12. The Developer has been developing or has been involved in the development of numerous projects over an extended period of time. It is likely that the Developer and its Relevant Entities have been delinquent at one time or another in the payment of ad valorem property taxes, special assessments or special taxes. However, to the Actual Knowledge of the Undersigned, during the last five years, neither the Developer nor any current Relevant Entity has, during the period of its ownership, been delinquent to any material extent in the payment of any ad valorem property tax, special assessment or special tax on property included within the boundaries of a community facilities district or an assessment district in California that (a) caused a draw on a reserve fund relating to such assessment district or community facilities district financing or (b) resulted in a foreclosure action being commenced against the delinquent Developer or such Relevant Entity in a court of law.
13. The Developer has not filed for the reassessment of the assessed value of any portions of the Property, other than in connection with the sale of homes to individual homebuyers.
14. To the Actual Knowledge of the Undersigned, there are no claims, disputes, suits, actions or contingent liabilities by and among the Developer, its Relevant Entities or any contractors working on the development of the Property which is reasonably likely to materially and adversely affect the Developer's development of the Property as described in the Preliminary Official Statement, or the payment of the Special Taxes due with respect to the Property (to the extent the responsibility of the Developer) prior to delinquency.
15. Based upon the current development plans, including, without limitation, the current budget and subject to economic conditions and risks generally inherent in the development of real property, including, but not limited to, the risks described in the Preliminary Official Statement under the section entitled "SPECIAL RISK FACTORS," the Developer presently anticipates that it will have sufficient funds to develop the Property as described in the Preliminary Official Statement and to pay Special Taxes levied against the Property (to the extent the responsibility of the Developer) prior to delinquency and does not anticipate that the Authority or the Community Facilities District F-4
will be required to resort to a draw on the Reserve Fund for payment of principal of or interest on the Bonds due to the Developer's nonpayment of Special Taxes. However, neither the Developer nor any of its Relevant Entities are obligated to make any additional capital contribution or loan to the Developer at any time, and the Developer reserves the right to change its development plans and financing plans for the Property at any time without notice.
16. An appraisal of the taxable properties within the Community Facilities District, dated August 29, 2025 (the "Appraisal Report"), was prepared by Integra Realty Resources (the "Appraiser"). The Appraisal Report estimates the market value of the taxable properties within the Community Facilities District as of August 4, 2025 (the "Date of Value"). To the Actual Knowledge of the Undersigned, all information submitted by, or on behalf of and authorized by, the Developer to the Appraiser and contained in the sections of the Appraisal Report highlighted in yellow or circled in Exhibit A attached hereto, was true and correct in all material respects as of the Date of Value.
17. The Developer agrees to execute at Closing the Developer Continuing Certificate substantially in the form attached as Appendix F to the Preliminary Official Statement (the "Developer Continuing Disclosure Certificate"), with such additional changes as may be agreed to by the Developer, the Underwriter and Disclosure Counsel. Except as disclosed in the Preliminary Official Statement, to the Actual Knowledge of the Undersigned, the Developer is not aware of any material failures by it or any entity under managerial control of the Developer to comply in all material respects with previous continuing disclosure undertakings in a written certificate or agreement executed by it or an entity under the managerial control of the Developer to provide periodic continuing disclosure reports or notices of material events respecting securities offerings in California within the past five years.
18. To the Actual Knowledge of the Undersigned, execution and delivery of the Developer Continuing Disclosure Certificate, and the performance by the Developer of its obligations under the Developer Continuing Disclosure Certificate, will not conflict with or constitute a breach of or default under any loans, lines of credit, agreements, or other contractual or financial obligations of the Developer, or any applicable law, regulation, judgment or decree.
19. Solely as to the limited information described in the sections of the Preliminary Official Statement indicated in Paragraph 4 herein (and subject to the limitations and exclusions set forth in Paragraph 4), the Developer agrees to indemnify and hold harmless, to the extent permitted by law, the Authority, the Community Facilities District, and their officials and employees, and each Person, if any, who controls any of the foregoing within the meaning of Section 15 of the Securities Act of 1933, as amended, or of Section 20 of the Securities Exchange Act of 1934, as amended (each, an "Indemnified Party" and, collectively, the "Indemnified Parties"), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject under any statute or at law or in equity and shall reimburse any such Indemnified Party for any reasonable legal or other expense incurred by it in connection with investigating any such claim against it and defending any such action, insofar as and solely to the extent such losses, claims, damages, liabilities or actions, or legal or other expenses, arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or the omission or alleged omission of a material fact by the Developer in the above -referenced information in the Preliminary Official Statement, as of its date, necessary to make the statements made by the Developer contained therein, in light of the circumstances under which they were made not misleading. This indemnity provision shall not be construed as a limitation on any other liability which the Developer may otherwise have F-5
to any Indemnified Party, provided that in no event shall the Developer be obligated for double indemnification, or for the negligence or willful misconduct of an Indemnified Party.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Indemnified Party in respect of which indemnification may be sought pursuant to the above paragraph, such Indemnified Party shall promptly notify the Developer in writing; provided that the failure to notify the Developer shall not relieve it from any liability that it may have hereunder except to the extent that it has been materially prejudiced by such failure; and provided, further, that the failure to notify the Developer shall not relieve it from any liability that it may have to an Indemnified Party otherwise than under the above paragraph unless such liability was also conditioned upon such notice. If any such proceeding shall be brought or asserted against an Indemnified Party and it shall have notified the Developer thereof, the Developer shall retain counsel reasonably satisfactory to the Indemnified Party and approved thereby to represent the Indemnified Party in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Developer and the Indemnified Party shall have mutually agreed to the contrary; (ii) the Developer has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Party; (iii) the Indemnified Parry shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Developer such that a material conflict of interest exists for such counsel; or (iv) the named parties in any such proceeding (including any impleaded parties) include the Developer and the Indemnified Parry and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed that the Developer shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties, and that all such fees and expenses, to the extent reasonable, shall be paid or reimbursed as they are incurred.
Any such separate firm shall be designated in writing by such Indemnified Parties. The Developer shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Developer agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment to the extent set forth above. If the Developer shall, after receiving notice of the indemnification obligation of the Developer and within a period of time necessary to preserve any and all defenses to any claim asserted, fails to assume the defense or to retain counsel for that purpose satisfactory to the Indemnified Party, the Indemnified Party shall have the right, but not the obligation, to undertake the defense of, and to compromise or settle the claim or other matter on behalf of, for the account of and at the risk of, the Developer. The Developer shall not, without the written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is a party and indemnification could have been sought hereunder by such Indemnified Parry, unless such settlement (x) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding, and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Parry.
20. If between the date hereof and the Closing Date any event relating to or affecting the Developer, its Relevant Entities, ownership of the Property, the proposed development of the Property, the Developer's development plan, the Developer's financing plan, the Developer's F-6
lenders, if any, and contractual arrangements of the Developer or any Relevant Entities (including, if material to the Developer's development plan or the Developer's financing plan, loans of such Relevant Entities) shall occur of which the undersigned has actual knowledge which would cause the information under the sections of the Preliminary Official Statement indicated in Paragraph 4 hereof (and subject to the limitations and exclusions contained in Paragraph 4 hereof), to contain an untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Developer shall notify the Authority, the Community Facilities District and the Underwriter and if in the opinion of counsel to the Authority or the Underwriter such event requires the preparation and publication of a supplement or amendment to the Preliminary Official Statement, the Developer shall reasonably cooperate with the Authority and the Community Facilities District in the preparation of an amendment or supplement to the Preliminary Official Statement in form and substance satisfactory to counsel to the Authority, the Community Facilities District and to the Underwriter.
21. The Developer agrees to deliver a Closing Certificate dated the date of issuance of the Bonds at the time of issuance of the Bonds in substantially the form attached as Exhibit G to the Bond Purchase Agreement. If any event related to or affecting the Developer, its Relevant Entities, or the ownership, development, or sale of the Property occurs, as a result of which it is necessary to modify the Closing Certificate, the Developer agrees to deliver a new Closing Certificate revised to reflect such event.
22. On behalf of the Developer, I have reviewed the contents of this Letter of Representations and have discussed with counsel to the Developer the meaning of the contents of this Letter of Representations. The Developer acknowledges and understands that a variety of state and federal securities laws, including, but not limited to the Securities Act of 1933, as amended, and Rule lOb-5 promulgated under the Securities Exchange Act of 1934, as amended, may apply to the Developer and that under some circumstances, certification as to the matters set forth in this Letter of Representations, without additional disclosures or other action, may not fully discharge all duties and obligations of the Developer under such securities laws. [Remainder of Page Intentionally Left Blank; Signature on Following Page] F-7
The undersigned has executed this Letter of Representations solely in his or her capacity as an authorized officer or representative of the Developer and he or she will have no personal liability arising from or relating to this Letter of Representations. Any liability arising from or relating to this Letter of Representations may only be asserted against the Developer.
MERITAGE HOMES OF CALIFORNIA, INC.,
a California corporation
By:
Name:
Title:
EXHIBIT A
TO
LETTER OF REPRESENTATIONS OF
MERITAGE HOMES OF CALIFORNIA, INC.
DEVELOPER PROVIDED INFORMATION IN APPRAISAL REPORT
See attached.
F-9
EXHIBIT G
$ [PAR]
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO.23-02 (PRADO)
2025 SPECIAL TAX BONDS
CLOSING CERTIFICATE OF
MERITAGE HOMES OF CALIFORNIA, INC.
[Closing Date]
Temecula Public Financing Authority
c/o City of Temecula
41000 Main Street
Temecula, California 92590
Stifel, Nicolaus & Company, Incorporated
2121 Avenue of the Stars, Suite 2150
Los Angeles, California 90067
Ladies and Gentlemen:
Reference is made to the above -captioned bonds (the "Bonds") and to the Bond Purchase Agreement, dated [POS Date] (the "Bond Purchase Agreement"), entered into in connection therewith. This Closing Certificate of Meritage Homes of California, Inc. (the "Closing Certificate") is delivered pursuant to Section 7(F)(21) of the Bond Purchase Agreement. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Letter of Representations of Meritage Homes of California, Inc., dated [POS Date] (the "Letter of Representations"), delivered by Meritage Homes of California, Inc., a California corporation (the "Developer").
The undersigned certifies that he or she is familiar with the facts herein certified and is authorized and qualified to certify the same as an authorized officer or representative of the Developer, and the undersigned, on behalf of the Developer, further certifies as follows:
1. The Developer has received the final Official Statement dated [Pricing Date] relating to the Bonds (the "Official Statement"). To the Actual Knowledge of the Undersigned, each statement, representation and warranty made in the Letter of Representations is true and correct in all material respects on and as of the date hereof with the same effect as if made on the date hereof, except that all references therein to the Preliminary Official Statement shall be deemed to be references to the Official Statement.
2. To the Actual Knowledge of the Undersigned, no event has occurred since the date of the Preliminary Official Statement affecting the statements and information described in Paragraph 4 of the Letter of Representations (and subject to the limitations and exclusions contained in Paragraph 4 of the Letter of Representations) relating to the Developer, its Relevant Entities, the proposed development of the Property, ownership of the Property, the Developer's development plan, the G-1
Developer's financing plan, the Developer's lenders, if any, contractual arrangements of the Developer or any Relevant Entities (including, if material to the Developer's development plan or the Developer's financing plan, loans of its Relevant Entities), and the Developer's compliance with its continuing disclosure undertakings, which should be disclosed in the Official Statement for the purposes for which it is to be used in order to make such statements and information contained in the Official Statement not misleading in any material respect.
3. For the period through 25 days after the "End of the Underwriting Period" as defined in the Bond Purchase Agreement (provided the Developer may assume the End of the Underwriting Period is the Closing Date (as defined in the Bond Purchase Agreement), unless it receives written notice from the Underwriter that the End of the Underwriting Period is later than the Closing Date), if any event relating to or affecting the Developer, its Relevant Entities, the proposed development of the Property, ownership of the Property, the Developer's development plan, the Developer's financing plan, the Developer's lenders, if any, contractual arrangements of the Developer or any Relevant Entities (including, if material to the Developer's development plan or the Developer's financing plan, loans of its Relevant Entities) or the Developer's compliance with its continuing disclosure undertakings shall occur as a result of which it is necessary, in the opinion of the Underwriter or counsel to the Authority or the Community Facilities District, to amend or supplement the Official Statement in order to make the information under the sections of the Official Statement indicated in Paragraph 4 of the Letter of Representations (and subject to the limitations and exclusions contained in Paragraph 4 of the Letter of Representations) not misleading in the light of the circumstances under which they were made, the Developer shall reasonably cooperate with the Authority, the Community Facilities District and the Underwriter in the preparation and publication of a supplement or amendment to the information under the sections of the Official Statement indicated in Paragraph 4 of the Letter of Representations (and subject to the limitations and exclusions contained in Paragraph 4 of the Letter of Representations), in form and substance satisfactory to the Underwriter and counsel to the Authority and the Community Facilities District which will amend or supplement the Official Statement so that it will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
4. The Developer has duly authorized the execution and delivery of the Developer Continuing Disclosure Certificate and is duly authorized to perform the obligation on its part to be performed thereunder, and the Developer Continuing Disclosure Certificate constitutes the legal, valid and binding obligation of the Developer, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, arrangement, moratorium, fraudulent conveyance and other similar laws affecting the rights of creditors and certain equitable, legal or statutory principles affecting enforcement of contractual rights generally, regardless of whether such enforcement is considered in a proceeding of law or equity. [Remainder of Page Intentionally Left Blank; Signature Page Follows] G-2
The undersigned has executed this Closing Certificate solely in his or her capacity as an authorized officer or representative of the Developer and he or she will have no personal liability arising from or relating to this Closing Certificate. Any liability arising from or relating to this Closing Certificate may only be asserted against the Developer.
MERITAGE HOMES OF CALIFORNIA, INC.,
a California corporation
By:
Name:
Title:
G-3
FIRST AMENDMENT TO ACQUISITION AGREEMENT
by and between the
TEMECULA PUBLIC FINANCING AUTHORITY
and
MERITAGE HOMES OF CALIFORNIA, INC.
dated as of August 1, 2025
relating to:
Temecula Public Financing Authority
Community Facilities District No. 23-02
(Prado)
Stradling Draft of
811812025
4929-6771-4897v5/201033-0003
THIS FIRST AMENDMENT TO ACQUISITION AGREEMENT, dated as of August 1, 2025 ("Amendment No. 1"), is by and between the Temecula Public Financing Authority, a joint exercise of powers authority duly organized and existing under the laws of the State of California (the "Authority"), for the Authority's Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado) (the "CFD"), and Meritage Homes of California, Inc., a California corporation (the "Developer"). This Amendment No. 1 amends that certain Acquisition Agreement, dated as of January 23, 2024 (the "Acquisition Agreement"), by and between the Authority for the CFD, and the Developer. Capitalized terms used in this Amendment No. 1 and not otherwise defined herein have the meanings given such terms in Section 1.01 of the Acquisition Agreement.
RECITALS:
WHEREAS, the Authority and the Developer have entered into the Acquisition Agreement in order to provide for the use of proceeds of special taxes levied and bonds issued by the Authority for the CFD deposited to an acquisition account of an improvement fund, to pay costs of Facilities and Discrete Components thereof authorized to be funded by the CFD that are to be constructed by the Developer; and
WHEREAS, Attachment A to the JCFA generally described the "CFD Designated Facilities" that would be authorized to be financed by the CFD, which included, among others, the acquisition and construction of Temecula Center Drive including the acquisition of any related right-of-way and other land needed for the installation of Temecula Center Drive; and WHEREAS, the definition of "Actual Cost" in the Acquisition Agreement that may be paid for an Acquisition Improvement includes "the out-of-pocket cost to the Developer of any real property or interest therein that the Developer must acquire from one or more entities that are not Affiliates of the Developer and which acquisition is required for the construction of a facility and which real property or interest therein is required to be conveyed to the public entity that will own or operate the facility"; and
WHEREAS, Exhibit B to the Acquisition Agreement identified a "Budgeted Cost" for the Temecula Center Drive, Ynez Road and Date Street improvements of $1,950,000; however, that Budgeted Cost did not include the acquisition of right-of-way for Temecula Center Drive; and WHEREAS, the Authority and the Developer now desire to amend Exhibit B to the Acquisition Agreement to update the Budgeted Cost of the Discrete Components of Temecula Center Drive, Ynez Road and Date Street to include the Developer's cost of acquiring the 2.497 acres of right-of-way for Temecula Center Drive in the amount of $1,971,788.
AGREEMENT:
In consideration of the mutual promises and covenants set forth herein, and for other consideration the receipt and sufficiency of which are hereby acknowledged, the Authority, for the CFD, and the Developer agree that the foregoing recitals, as applicable to each, are true and correct and further make the agreements set forth below.
Section 1. Substitution of New Exhibit B. The Acquisition Agreement is hereby amended by deleting Exhibit B thereto and by inserting therein, in lieu thereof, Exhibit A attached to this Amendment No. 1.
4929-6771-4897v5/201033-0003
Section 2. Substitution of New Exhibit C. The Acquisition Agreement is hereby amended by deleting Exhibit C thereto and by inserting therein, in lieu thereof, Exhibit B attached to this Amendment No. 1.
Section 3. Coordination of Payment Request — Heirloom Farms Acquisition Agreement.
The Parties acknowledge that the Facilities described in this Amendment No. 1 are the same facilities described in the Acquisition Agreement between the Developer and the Authority, dated February 23, 2021, relating to the Temecula Public Financing Authority Community Facilities District No. 20-01 (Heirloom Farms) (the "Heirloom Farms Acquisition Agreement"). The Developer acknowledges that any payment request for the Facilities must not overlap with or relate to the same expenditures as any payment request made under the Heirloom Farms Acquisition Agreement; provided, however, the portion of the approved Purchase Price of a Facility that is not paid by Community Facilities District No. 20-01 (Heirloom Farms) may be paid by the CFD and vice versa.
Section 4. Counterparts. This Amendment No. 1 may be executed in counterparts, each of which shall be deemed an original.
Section 5. Interpretation of Agreement. Captions used in this Amendment No. 1 are for convenience of reference only and shall not affect the interpretation or meaning of this Amendment No. 1 or the Acquisition Agreement.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of the day and year first -above written.
TEMECULA PUBLIC FINANCING
AUTHORITY, for the TEMECULA PUBLIC
FINANCING AUTHORITY COMMUNITY
FACILITIES DISTRICT NO. 23-02 (PRADO)
LOW
Aaron Adams,
Executive Director
MERITAGE HOMES OF CALIFORNIA, INC.,
a California corporation
By:
Its:
2 4929-6771-4897v5/201033-0003
EXHIBIT A TO AMENDMENT NO. 1
ACQUISITION AGREEMENT
AMENDED EXHIBIT B
FACILITIES ELIGIBLE FOR ACQUISITION FROM THE
DEVELOPER AND RELATED BUDGETED COSTS
FACILITIES
BUDGETED
COSTS
Temecula Center Drive, Ynez Road & Date Street Improvements: $3,921,788 Improvements include the acquisition of the Temecula Center Drive right-of-way, grading, removal of asphalt berms, sawcut and removal of existing asphalt, paving, grind and overlay of existing asphalt, curb and gutter, sidewalk, landscaping, irrigation, signing and striping, street lights, traffic control, storm drain and other appurtenant improvements necessary to complete Temecula Center Drive.
Traffic Signal at Temecula Center Drive & Ynez Road:
Improvements include traffic signal, traffic signal interconnect $750,000 on Ynez Road from Temecula Center Drive to Equity Drive, and other appurtenant improvements necessary to complete the traffic signal at Temecula Center Drive and Ynez Road. 4929-6771-4897v5/201033-0003
EXHIBIT B TO AMENDMENT NO. 1
AMENDED EXHIBIT C
FORM OF PAYMENT REQUEST
PAYMENT REQUEST NO.
The undersigned (the "Developer"), hereby requests payment in the total amount of $ for the Facilities (as defined in the Acquisition Agreement, dated as of January 23, 2024, between (a) the Temecula Public Financing Authority (the "Authority"), for and on behalf of the Temecula Public Financing Authority Community Facilities District No. 23-02 (Prado), and (b) the Developer), all as more fully described in Attachment 1 hereto. In connection with this Payment Request, the undersigned hereby represents and warrants to the Authority as follows:
1. He(she) is a duly authorized officer of the Developer, qualified to execute this Payment Request for payment on behalf of the Developer and is knowledgeable as to the matters set forth herein.
2. To the extent that this payment request is with respect to a completed Facility, the Developer has submitted or submits herewith to the City of Temecula (the "City") as -built drawings or similar plans and specifications for the items to be paid for as listed in Attachment 1 hereto with respect to any such completed Facility, and such drawings or plans and specifications, as applicable, are true, correct and complete.
3. All costs of the Facilities for which payment is requested hereby are Actual Costs (as defined in the Agreement referenced above) and have not been inflated in any respect. The items for which payment is requested have not been the subject of any prior payment request submitted to the Authority, including any payment request pursuant to that certain Acquisition Agreement between the Developer and the Authority, dated February 23, 2021 with respect to Temecula Public Financing Authority Community Facilities District No. 20-01 (Heirloom Farms), except that the portion of the Purchase Price of the Facility that is not paid by Community Facilities District No. 20-01 (Heirloom Farms) may be paid by the CFD and vice versa.
4. Supporting documentation (such as third party invoices) is attached with respect to each cost for which payment is requested.
5. There has been compliance with applicable laws relating to prevailing wages for the work to construct the Facilities for which payment is requested.
6. The Facilities for which payment is requested were constructed in accordance with all applicable City or other governmental standards, and in accordance with the as -built drawings or plans and specifications, as applicable, referenced in paragraph 2 above.
7. The Developer is in compliance with the terms and provisions of the Acquisition Agreement and no portion of the amount being requested to be paid was previously paid. 4929-6771-4897v5/201033-0003
8. The Purchase Price for each Facility (a detailed calculation of which is shown in an Attachment 2 hereto for each such Facility), has been calculated in conformance with the terms of Section 5.06 of the Acquisition Agreement.
9. Neither the Developer nor any Affiliate (as defined in the Acquisition Agreement) is in default in the payment of ad valorem real property taxes or special taxes or special assessments levied in the CFD (as defined in the Acquisition Agreement), except as follows:
I hereby declare under penalty of perjury that the above representations and warranties are true and correct.
DEVELOPER:
MERITAGE HOMES OF CALIFORNIA, INC.
Authorized Representative of the Developer
Date:
AUTHORITY:
Payment Request Approved for Submission
to the Finance Director of the City of Temecula
M.
Director of Public Works
Date:
4929-6771-4897v5/201033-0003
ATTACHMENT 1
AMENDED EXHIBIT C
[list here all Facilities for which payment is requested, and attach support documentation]
4929-6771-4897v5/201033-0003
ATTACHMENT 2
AMENDED EXHIBIT C
CALCULATION OF PURCHASE PRICE
[Use a separate sheet for each Facility
for which payment is being requested]
1. Description (by reference to Exhibit B to the Acquisition Agreement) of the Facility
2. Actual Cost (list here total of supporting invoices and/or other documentation supporting determination of Actual Cost): $
3. Budgeted Cost: $
4. Permitted Addition to Budgeted Cost (to the extent, and only to the extent, that Actual Cost exceeds Budgeted Cost), consisting of Savings (Actual Costs less than Budgeted Cost) carried forward from prior acquired Facilities (see first paragraph of Section 5.06A) and not previously applied to cover cost overruns (Actual Costs greater than Budgeted Cost) on previously acquired Facilities: $
5. Subtractions from Purchase Price:
A. Holdback for Lien releases (see Section 5.06(C) of the Acquisition Agreement) $
B. Retention (see Section 5.06(D) of the Acquisition
Agreement) $
6. Total disbursement requested (amount listed in 3, plus amount, if any, listed in 4 (total of amounts in 3 and 4 not to exceed amount listed in 2), less amounts, if any, listed in 5) $
A-1
4929-6771-4897v5/201033-0003
Item No. 15
CITY OF TEMECULA
AGENDA REPORT
TO: City Manager/City Council
FROM: Randi Johl, Director of Legislative Affairs/City Clerk DATE: September 23, 2025
SUBJECT: Appoint Members to Serve on the General Plan Advisory Committee PREPARED BY: Randi Johl, Director of Legislative Affairs/City Clerk RECOMMENDATION: That the City Council appoint members to serve on the General Plan Advisory Committee.
BACKGROUND: The City is undertaking a General Plan update process. In California, a General Plan update involves a comprehensive, multi -phased process aimed at guiding a city's future development and quality of life. It's a long-term vision for land use, circulation, housing, public safety, parks and recreation, and other key aspects of the community.
The process includes extensive public engagement, environmental review, and adoption by the local governing body. To assist in these efforts, it is recommended that the City Council appoint a General Plan Advisory Committee (GPAC) consisting of 15-20 members of the community.
Community members include those who live, work and play in the City.
The work of the GPAC will last approximately 12-18 months. The term of each appointment will be October 1, 2025 through December 31, 2026 unless determined otherwise based on the need of the committee to dissolve earlier or extend beyond that date. The opportunity to serve was advertised from August 15, 2025 — September 15, 2025. A total of 74 applications were received during this period.
It is therefore recommended that the City Council appoint members to serve on the General Plan Advisory Committee.
FISCAL IMPACT: None
ATTACHMENTS: Application Packet
Last Name
First Name
Notes
Ameri
Shereen
Bally
Alexander
Becht
Theo
Bouma
Michael
Braga
Maricel
Brown
Annette
Carrillo
Richard
Casillas
Kristen
Comerchero
Jeff
Christopher
Jessica
Elliott
Zachary
Eventov
Adam
Farnbach
Rebecca
Faulkner
Eric
Flores
David
Franklin
Shari
Freitas
Amy
Garcie
Mark
Graham
Donald
Guerrero
Jack
Hamilton
Sidney
Holmquist
Justin
Hundley
Bishop
Terrence
Jackson
Ross
Joyce
William
Kearl
Michael
Kelly (Formerly
Lehner)
Lynn
Kendrick
Lorna
King
Lizbeth
Kingsberg
Jeff
Lee
Yoon
Legters
Lyman
Letourneau
Mark
Lieberman
Shirin
Lo
Thomas
Logan
Adriana
Luker
Marc
Ma
Jinwu
Mack -Burton
Toya
Marine
Tammy
Massa
Steve
Mcgregor
Robbin
Mendoza
Seabrook
Miller
Henry
Miller
Preston
Minsberg
Morris
Minsberg
Anah
Munroe
Sherrie
N i e m i
Ryley
Oswald
John
Pacheco
Silvio
Police
Jennifer
Quezada
David
Reed
Carina
Rodriguez
Jesus
Roper
Stephany
Rose
Jasmine
Rosu
Lee
Shin
Jenny
Sizemore
Kathryn
Slusser
Lawrence
(Larry)
Snyder
Don
Stephens
Dorian
Terrazas
Javier
Tiss
Evan
Todd
Louis
Vajrakarur
Bhavani
Valdez
Richard
Weissgerber
Jill
White
Christi
Williams
Roger
Wilson
Densye
Wilson
Rhonda
Wilson
Ron
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, an or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r No
Profile
Shereen Ameri
First Name Mlddle Last Name
Inibal
1 10 me Ad Cr.: 5: Suite of Apt
Temecula CA
City stabs.
If you live in Temecula, which district do you live in? V District 1
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Global BD Strategy & Expansion Executive Director
92592
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
9 Own a Property in Temecula
9 Own a Business in Temecula
Shereen Ameri
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
• Youth (underage 18)
• College Students
• Business groups
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
• Land Use / Housing
• Transportation
• Economic Development / Business
I-J Parks and Recreation
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Real Estate (Development Community, Southwest Riverside County Realtors Association, Homeowner and Property Owner Associations, etc.)
W Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc ) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Served on CAC for Anaheim City previously
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? Anaheim City (Orange County) CAC
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this. application.
MBA - Dual emphasis - Marketing, Global Business, Pepperdine University 2009 BS - Business Management, Pepperdine University 2005
Shereen Ameri
List Employment History for Five Years [Employer Name and Address, Position Title, Primary Responsibilities]. State "see resume" if attaching a resume at the end of this application.
Andersen (fka Andersen Tax) - International Professional Services Firm (Tax, Legal, Valuation, Consulting, Global Mobility) Global BD Strategy & Expansion Executive, Director (11/2009 - Present) Built out the Andersen global platform (expansion planning, business development and marketing programs) starting from 12 domestic locations and expanded to now be the largest global firm in the world to date. Developed and built all B❑ programs for all locations including the global service line and global industry business lines and appointing leadership for each line of business globally. Rebranded, launched and managed global expansion marketing efforts to build brand equity requiring capabilities in complex brand management matters in collaboration with legal counsel. Created and implemented a new business programs for client acquisition proposals/RFPs resulting in an increase in win rate. Successfully developed and executed joint targeting campaigns including market segmentation, cross -border and cross -divisional based teaming efforts. Relationship development through key distribution channels resulting in an increase in referrals, related clients and teaming with complimentary service providers. Built and executed roll -out for new CRM platform. Responsible for hiring, managing and developing all BD/marketing personnel globally. Unprecedented success in execution B❑ culture establishment and resulting client acquisition rates. Budget/AOP management - ability to execute, build and further scale firm growth efficiently with lean and effective budget management. Large scale event planning and contract negotiation for internal and client facing events.
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
All of my similar experience was in a similar capacity for the city of Anaheim in Orange County, California.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I am interested in serving in the community I live in. I am relatively new to Temecula (here for 5 years to date) but have visited Temecula for the last 15 years prior to moving here. I have vast professional experience in developing business, expansion and start ups. I have previously served on the Community Council of Anaheim for the Beach Blvd. Specific Plan in 2015 which was a fantastic and fulfilling experience that is still benefiting the community of Anaheim to date. I have lived in the state of California for 20+ years in Northern and Southern parts of the state and have traveled extensively globally. I am a strategic and broad thinker with excellent problem solving and negotiation skills. I love this city and would apprecite the opportunity to serve Temecula by contributing all of my expertise in CAC and professional capacities as well as personally. Thank you for your time and consideration.
References
5hereen Ameri
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Personal & Professional: Kathie Giles Global Sales, Tane❑ Hotel Group [email protected] Professional: Megan Tsuei Managing Director, Andersen megan.tsuei andersen.com Personal: Michelle Bradford Global Senior Study Manager, Abbvie Personal: Mariam Jensen Creative Business Owner,- [email protected]
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you Wish to stibmIt any supporting
dorumenlation, Ioduding a resume or IdMr of
recammendabop, please do so here. Alt materials
must be uninoded as a sinp+e document.
Acknowledgment
1 understand that any or all information on this form may be verified. 1 consent to the release of this information pursuant to the California Public Records Act.
V i Agree
Shereen Ameri
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r• Yes r No
Profile
Alexander
First Name
Home Address
Temecula
City
P Baily
Middle Last Name
Initial[
If you live in Temecula, which district do you live in? None Selected
[email protected]
Email Address
Home:
Pnmary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Restauranteur
Suite o+ Apt
CA 92592
State Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Live in Temecula
V Work in Temecula
9 Own a Property in Temecula
V Own a Business in Temecula
Alexander P Baily
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Business groups
If "ather(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Land Use / Housing
W Economic Development/ Business
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) 9 Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc.) For the question above, please provide the specific narne(s) of the entity you are affiliated with in the community.
Baily's old town
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Cslb licensed contractor #1119544 Aws certified welder
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Old town dining llc
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
I volunteered for the Tvhs wrestling team. Donated to many Temecula organizations. Hosted many fundraisers to support our local community. Employed 1000's of community members Supported local artists with a place to express their passions Alexander P Baily
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. i am born and raised in Temecula and my love for this community is tremendous. There is nothing I would like more than to see Temecula grow and thrive. Just like me, my children will be raised here and Temecula's future is of the utmost importance to me. I believe I am qualified because of the shared interest with many other community members to see Temecula prosper. My grandfather (Phil Baily) chose to move to Temecula in 1981. He has had tremendous influence in shaping Temecula's wine country into what it is today. My father (Chris Baily) serves as the VfV board chairman, and was a pioneer in old town. Being a part of the Baily family is more than just a name, our roots are deeply embedded in this valley we call home. I would like to continue that legacy my family has created. This genera} plan will set the tone for years to come. If I can have a slight part in shaping Temecula's future I would be deeply honored.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
July Baily, spouse, [email protected] Debbie Jordan, hr manager, [email protected] Sammy VanEvery, business owner {auto world} _ Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to summit any supporting
documentation, indudIng a resulne Or letter of
recommendation, please do so herL. All materials
rnusf be uploaded as a single d0CumeM_
Acknowledgment
I understand that any or all information on this form may be verified. 1 consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Alexander P Baily
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:38 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2825. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Theo
First Name
Home Address
Temecula
City
Becht
Mlddle Last Name
Initial
If you live in Temecula, which district do you live in? V District 3
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Delivery Driver
Suite of Apt
CA 92592
$hale Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
V awn a Business in Temecula
Theo Becht
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
• Young Leaders (ages 21-32)
• Other(s)
If "Other(s)" selected above, please describe below.
As a delivery driver, I spend most days on the local roads. This lends me insight into the traffic conditions over time in Temecula. Also, most people my age are attending college. By taking another path I represent a unique but growing demographic in Temecula.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
* Land Use / Housing
* Transportation
* Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) v Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Bureau of Automotive Repair, Temecula Valley Unified School District, Various Hot Air Balloon Organizations/Crews
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No, none.
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
See Resume. If you would like more information please do not hesitate to contact me at the email provided within.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
See Resume. If you would like more information please do not hesitate to contact me at the email provided within.
Community Engagement
Theo Becht
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
have thoroughly enjoyed the variety of ways that I have engaged with my community, from emergency preparedness with C.E.R.T., to crewing for the hot air balloons for which Temecula is so famous. Through AFJRCTC in particular, I have also done community work, from volunteering at the Big Horse Corn Maze to the more somber annual memorial Bataan Death March hosted by the corps. A brief overview of my past involvement in the community is also included in the Extracurriculars section of my resume.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
Aside from my qualifications above, I wish to serve on the General Plan Advisory Committee because of the vested interest I have in my community. I want to see Temecula grow, to improve, and to continue being a safe and successful City to live in. I grew up here, and want to be a part of its future as much as it is a part of mine. I went from watching the hot air balloons over my house as a kid, to being a part of the crews that put them in the air. I grew up here, and someday I want to own a home here. I represent the ever-growing demographic of young people trying to get their start and remain in their hometown, and who might one day be in charge of it. I also want to help ensure it is possible (and practical) for the generation after me to do the same. I work here, and have seen even in my young lifetime how the city has sprawled ❑ut and traffic patterns have changed as the population has grown. Having had my license since 15 and a half, I've been on these roads for 6 years, 2 of which as a professional driver, and because of this I have the relevant user -end experience to support the development and maintenance of our roadways. But more than any other reason, I want to be on the Committee because I want to be an active participant in the community I care about, and I believe that my life experience growing up and continuing to live here will be valuable to the Committee in that effort.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email);
Alex Tye, Student, Ta! nn Ackerman, Student
and Part -Time Worker, Alyix Hall, Student and
Part -Time Worker, Julia Thompson, Hot Air
Balloon Pilot and Crew, *Due to extenuating circumstances Julia was unavailable for me to get her email before the cutoff of this application. However, she would be happy to supply any information you need at the number provided.
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
Becht Citv of Temecula Council Resume Sent 2025.docx
If you wish to summit any supporting
documentation, including a resume of latter of
recommendation, please do so here- All materials
ini„r he urinadod a5 a 5iogle dOCLdl"ent-
Theo Becht
Acknowledgment
i understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
9 1 Agree
Theo Becht
1 of 3
Theo (Emma) Becht
Resume Contact Information:
Phone Number:
Email Address:
Address: , Temecula, CA 92592
Skills and Certifications:
-California Driver's License (2020) (Clean, no restrictions) -FAA Private Pilot License (2021) & Instrument Rating (2022) -Microsoft Office Suite (Word, Excel, PowerPoint)
-Google Suite (rocs, Sheets, Slides, Calendar, etc)
-Some Quickbooks experience
-CPR, Heimlich, and First Aid Certified
-Local CERT training (see Extracurriculars)
Education:
Through my training as a private pilot at Purdue University I developed the skills of dedication, critical thinking, and adaptability. Tasks such as planning cross country flights and analysis of weather forecasts taught me how to organize and effectively plan ahead, while preflight inspections taught me precision, patience, and attention to detail.
At Temecula Valley High School, I learned communication through AP Seminar and AP Literature, which required me to take complex topics, process them for my own understanding, and then explain them to non -expert audiences.
Extracurriculars:
My extracurriculars taught me responsiveness in urgent situations, effective communication, and volunteerism (CERT and JROTC). If you have any projects in need of an artistic touch, I am also familiar with basic website design, and enjoy painting, drawing, and papercrafts.
Community Emergency Response Team (C. E. R. T. )
Through C.E.R.T. I learned both physical skills such as room searching, basic first aid, and how to use improvised materials to move heavy objects, as well as soft skills such as preparation, team building, and how to communicate quickly and effectively in emergency situations.
2 of 3
Shakespeare in the Vines, Bailey's Winery
Theater, specifically Shakespearian theater, taught me communication in a complicated, unfamiliar subject. I also learned planning and team coordination, for a show cannot go on without organization and collaboration amongst all its participants.
Air Force Junior Reserve Officer Training Corps (JRO TC) -Support Commander
-Flight Commander
Here I learned soft skills such as leadership and team building, as well as hard skills such as logistics, record -keeping, and coordinating large events.
Hot Air Balloon crew member at the Temecula Valley Balloon and Wine Festival, as well as with the Reach for the Stars organization.
-work with disabled individuals
-4am morning shift
-heavy lifting
-team coordination
-FAA regulations
Miscellaneous
-Volunteer work at the Assistance League
-3D Model Printing
-Painting and illustrations
-Digitizing records (railway magazines)
Prior Work Experience:
Autozone — Sept. 2023 - Present
My duties included delivering parts to our commercial accounts in a safe and timely manner, as well as maintaining positive customer service relations.
While employed here, I took initiative and learned many of the skills required of the Commercial Manager, and thus have experience with:
-Creating and managing invoices
-Dispatching drivers
-Ordering from external vendors (Dealerships, Bilstein suspension, etc) -Processing returns
-Troubleshooting billing issues
3 of 3
-Money handling
-Planograms, cycle counts, QOH verification and other inventory management -Sales experience
California Auto Centers — July 2023 - Present (Intermittent) Customer Administrative Assistant / Service Writer
I primarily performed Administrative work that involved:
-Building a positive rapport with our customers
-Scheduling appointments for future maintenance, both periodic and recommended -Kept customers updated on their vehicle's progress through shop management software and text notifications
-Obtaining approval for repairs
-Collecting payments of various tenders
One of the best parts of this job has been the chance to get to know the customers as they wait. Oftentimes, coming in for automotive maintenance is the last thing people want to be doing with their day, so whenever time allows, I always make an attempt to strike up a conversation with the customer, to truly make them feel seen and respected during the time they are with us. I am proud to say that many customers at this shop thanked me for taking the time to talk with them, not only as customers, but as people as they waited for their vehicles.
If you would like more information regarding my work here, please do not hesitate to contact me at or by email
Pump It Up Parties — throughout Highschool
I developed and maintained a positive relationship between company and customer by going above and beyond for the kids to have a good time, while still ensuring safety and cleanliness.
My work included:
-Child supervision
-Adult supervision
-Facility maintenance
-Computer databases
-Liability waivers
-Customer service
4 of 3
Thank you for your time, and I look forward to any future correspondence we ma have.
If you have any questions, please feel free to reach out to me by phone or email
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access t❑ open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Michael B Bouma
;i. Name Middle Last Name
1111bol
Home Address Suite of Apt
Murrieta CA -
City State
If you live in Temecula, which district do you live in? None Selected
Email Address
Mobile:
Primary Rhyne
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Real Estate Broker
92562
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Work in Temecula
Michael B Bouma
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* Business groups
* Real Estate / Development
* Non -Profit Groups
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
• Land Use / Housing
• Transportation
• Economic Development / Business
1-J Arts and Culture
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) W Real Estate (Development Community, Southwest Riverside County Realtors Association, Homeowner and Property Owner Associations, etc.)
For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
SRCAR (Southwest Riverside County Association of Realtors), Rolling for a Cause Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? NA
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
California Real Estate Sales License (1988) California Real Estate Broker's License (2000) California Notary Public Bachelor's Degree in Oriental Medicine (Acupuncture) Licensed CMAT (Certified Massage and Acupressure Therapist) At Home with Diversity Certified (AHWD)
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Ardent Realty - Broker/Owner 26682 Mandelieu Drive Murrieta, CA 92562 Board of Directors for SRCAR (Southwest Riverside County Association of Realtors). Diversity Chair - SRCAR Professional Development Chair - SRCAR
Michael B Bouma
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Volunteer and Emcee, Rolling for a Cause (Temecula -based charity) Emcee for various nonprofit organizations and fundraising events within the Temecula Valley Active member of the Southwest Riverside County Association of REALTORS@ (SRCAR), serving on multiple committees that impact the Temecula community (Housing ❑iversity/DEI Chair, Grievance Vice Chair, Independent Brokers Forum Chair, Board of Directors, Legislative, Professional Development & Education) Organizer and participant in community fundraising and networking events, including Sip, Savor, and Support at Temecula wineries Advocate for housing diversity and inclusion within the Temecula Valley real estate market Regular attendee and supporter of City of Temecula community events and Temecula Chamber of Commerce programs Long-term local resident, actively engaged in welcoming and educating new residents relocating to Temecula
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I wish to serve on the Genera! Plan Advisory Committee because I am deeply invested in the long-term success and livability of Temecula. As a long-term resident, I have seen the city's tremendous growth and transformation, and I want to contribute to shaping its future in a way that balances responsible development with preserving the unique character that makes Temecula such a special place to live, work, and visit. I believe I am qualified to serve in this capacity because of my extensive background in real estate, community leadership, and civic engagement. As a licensed real estate broker and active member of the Southwest Riverside County Association of REALTORS@ (SRCAR), I bring more than three decades of experience in housing, land use, and community development. I currently serve on several leadership committees including Housing Diversity/DEI, Legislative, and the Board of Directors, all of which require me to evaluate policies, collaborate with stakeholders, and make balanced, informed decisions. In addition to my professional experience, I have a strong record of community involvement in Temecula, including serving as an emcee for nonprofit fundraisers, volunteering with local charities such as Rolling for a Cause, and actively participating in City of Temecula and Chamber of Commerce events. This combination of professional expertise, community involvement, and personal commitment gives me a broad perspective on the issues that matter to Temecula residents, businesses, and civic leaders. I am committed to listening to diverse viewpoints, fostering collaboration, and ensuring that Temecula's General Plan reflects a thoughtful vision that serves both current residents and future generations.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Denyse Wilson - Realtor, (Temecula Resident)
Joanne Castro - Broker, (Temecula Resident)
Cale Thomas - Broker, (Temecula Resident) Dot
Hawthorne - Founder Rolling for a Cause, (Temecula Resident) Self -Selection Options
Michael B Bouma
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit any supporting
documentation, inc]udlhg a resume ai letter of
racomrnendation, please do so hare. All tnaterials
must he upioaded as a singre doclllrielit.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
vW I Agree
Michael B Bouma
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Maricel
Firs[ Name
Home Address
Temecuia
City
Braga
Middle Last Name
Initlel
If you live in Temecula, which district do you live in? W District 2
Email Address
Home:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Lecturer/Researcher
Suite of Apt
CA 92593
state Pastas Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
Maricel Braga
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* MilitaryNeteran/Spouse
* Business groups
* Real Estate / Development
9 School -Affiliated
W Non -Profit Groups
G7 Faith -Based Organizations
If "Other(s)„ selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
vW Land Use / Housing
9 Transportation
9 Economic Development / Business
W Parks and Recreation
W Arts and Culture
9 Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
St. Catherine of Alexandria Catholic Church
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. if so, which one? M
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Bachelor of Science, City and Regional Planning, California Polytechnic State University, San Luis Obispo Certificate, Yale University Masters, Harvard University List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Lecturer, Yale University I New Haven, CT I Teach and develop coursework on the intersections of urban planning, environmental policy, sustainability, climate change, and public health Researcher, Harvard University I Boston, MA I Lead multi- and interdisciplinary research on sustainability, climate change, and health, while managing major research grants in collaboration with federal, state, local, and private partners Maricei Braga
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
St. Catherine of Alexandria Catholic Church i Volunteer Ministry City of Temecula i Planning Department
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I am interested in serving on the General Plan Advisory Committee because I value Temecula's strong sense of community and want to contribute to a vision that reflects its shared values and aspirations. As a long-time resident of Temecula and having worked for the City of Temecula early in my career as a planner, I understand how deeply residents care about preserving the city's character while planning responsibly for growth and change. My professional background and expertise in city and regional planning, land use, and research equips me to contribute meaningfully to issues central to the GPAC's mission, including land use, economic development, mobility, infrastructure, public health, and sustainability. These experiences have strengthened my capacity to address both immediate and long-term planning and policy objectives that safeguard public welfare, enhance quality of life, and promote sustainable, resilient, inclusive, and equitable communities. Above all, I value listening to and representing the voices of our community. I believe the most effective planning outcomes emerge from thoughtful dialogue, consensus -building, and cross -sector collaboration, grounded in open, equitable, and meaningful community engagement. Serving on the GPAC would allow me to give back to the community and help shape a General Plan that preserves TemecuIa's character while preparing for future ❑pportunities—stay ing true to our city's motto of honoring old traditions while embracing new opportunities.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Jodessa Braga, MA, NBC-HWC i Health and Resilience Specialist Rev. Emmanuel Azudiugwu i Parochial Vicar, St. Catherine of Alexandria Catholic Church [email protected] Deacon Jim Vargas I President and CEO, Father Joe's Villages i [email protected]
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here. All materials
must be uploaded as a single document.
Acknowledgment
Maricel Braga
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
w I Agree
Marice! Braga
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:38 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Annette T Brown
First Name Middle Last Name
InIbal
Home Address Suite of Apr.
Temecula CA
City State
If you live in Temecula, which district do you live in? V District 4
[email protected]
Email Address - - - - - -
Homer
Primary PhariL
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Marketing
92591
Pastel Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Live in Temecula
V Work in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
r,; Other(s)
Annette T Brown
If "atherisj" selected above, please describe below.
Tourism
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Economic Development/ Business
P Parks and Recreation
W Arts and Culture
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) 9 Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc.) For the question above, please provide the specific narne(s) of the entity you are affiliated with in the community.
Visit Temecula Valley, Temecula Valley Chamber of Commerce Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? Old Town Review Board
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Bachelor of Arts degree in English from California State University Long Beach.
List Employment History for Five Years (Employer Name and Address, Position Tale, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Visit Temecula Valley 2011 - Present Chief Marketing Officer 28690 Mercedes St, Temecula Oversee all marketing and public relations efforts domestically and internationally that inspire travelers to stay in Temecula during need periods.
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Past President and Board Member of Friends of Pennypickle's Workshop, past Board Member of Jacob's House, past Board Member of Old Town Review Board, past Ways & Means Chair of Temecula Valley Chamber of Commerce.
Annette T Brown
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. i Have been proud to call Temecula home since 1995 and have witnessed firsthand the city's remarkable growth and development. My involvement in the community began in 1998 when I founded Neighbors newspaper. Today, in my professional role, I continue to work closely with businesses and organizations across Temecula, giving me unique insight into both opportunities and challenges from the perspective of residents and the business community. I care deeply about the future of our city and am committed to preserving its heritage, supporting controlled and thoughtful growth, and maintaining the safe, welcoming environment that makes Temecula such a special place to live and work. I believe my long- standing community involvement, combined with daily engagement with stakeholders, uniquely qualifies me to contribute meaningfully as a member of the General Plan Advisory Committee. l would be honored to lend my perspective and serve as a voice for both residents and businesses in support of the City's vision for the future.
References
List Three Professional andlor Personal References (Name, Position, Phone, Email):
Jan Schneider, Owner Temecula Lavender Co, and OTTA Board Member Pat Comerchero, Friends of Temecula Children's Museum,
Executive Director, Rebecca Farnbach, Temecula
Historical Society, Board Officer,.
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
Annette Brown Resume OTLR Board.docx
If you dish to sllbmlr any soppORiny
documentation, including a resume or letter of
recommendation, please do so here. All materials
must he uploaded as a single document_
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Annette T Brown
A N N ETT E BROWN
Marketing & Business Professional
Temecula CA 92591
annette [email protected]
Marketing and business professional with 31 years experience in business operations, developing community relationships, content writing, market research, and public spokesperson. Created successful, forward -thinking comprehensive strategic plans that rncluded collaboration with community partners. A proven director, manager, and leader with excellent communication and people skills. Ability to work well across all organizational levels, with a true understanding of team concept. Respected for focused attitude and calm state under stressful situations. A creative thinker with fresh ideas and innovative approaches,
• Non-profit Fundraising • Print, Online and Broadcast Content • Budget & Expense Control • Strategic Marketing
• Community Relations - Crisis Communications
• Research & Development • Special Event Management
PROFESSIONAL EXPERIENCE
Visit Temecula Valley
March 2011 - Present
Marketing & Public Relations Manager, Director of Public Relations Created annual in-depth public relations and marketing strategic plans. Managed social media channels with nearly 100 thousand followers in total, managed advertising, created annual Visitor Guide, Meeting Guide and map brochure. Created and maintained annual department budget. Oversaw all outgoing images, messaging and marketing tools for brand quality control. Created story pitches, managed press release content and distribution of over 80 press releases per year to online media sources, as well as approximately 1200 media contacts. Annually hosted an average of 35 high -end international and domestic media groups on site tours, as well as nearly 200 individual press trips. Conducted media missions to Los Angeles, San Francisco, New York, Canada, and the United Kingdom, Instrumental in expanding the market from Southern California to nationwide and international. Formed Film Temecula in partnership with the City of Temecula as a new source of revenue.
Marketing a la carte
July 2007 - Present
Owner
Created and implemented strategic marketing plans for clients. Established and maintained key client relationships with organizations, community leaders, and total businesses. Developed and managed public relation campaigns. Coordinated marketing collateral with graphic designer and printer. Created and implemented promotions and special events. Managed each client within budget. Created and developed website and social media content. Trained client staff in customer service and established guidelines and procedures for quality customer relations. Researched target audience then
developed surveys and successful tactics to introduce new business. Defined competition and created brand identity.
Left Behind Games Inc.
September 2006 - July 2007
Marketing & Public Relations Manager
Managed launch of new product from box design to pop displays to advertisements and public relations plan. Coordinated media coverage with major broadcast networks, radio and the online sites. Wrote and distributed engaging press releases. Created plan-o- grams and brand presence in retail environments. Coordinated appointments for New York media tour. Wrote website content. Created marketing packages for retail sales and ❑ngoing special events. Worked closely with sales team developing enticing sales packages and support collateral.
Cahuilla Casino
January 2006 - September 2006
Marketing Director
Increased visitation by creating a positive, exciting gaming environment. ❑eveloped and managed Players Club, which turned Players Club representatives into casino advocates. Grew carded play by over 40%. Established and managed a gift shop.
Created and managed three department budgets, totaling approximately 3-million dollars. Maintained all expenses within budget perimeters, while growing each department from start-up to revenue generators. Created direct mail campaigns, print and radio ad campaigns, press releases, website content, and indoor and outdoor signage. Repaired community relationships that matured into positive outreaches to the schools and community. Worked synergistically with directors of finance, food and beverage, security, and gaming to maintain a record level of revenue.
ADDITIONAL QUALIFICATIONS
Education
Cal State University Long Beach
Bachelor of Arts Degree - English/Creative Writing
Computer Skills
Macintosh & PC
Proficient in Microsoft Office Suite
Community Involvement
City of Temecula Old Town Local Review Board - 2017 - Present Friends of Temecula Children's Museum - Board Member 2004-2015 Jacob's House - Marketing Chairperson 2007-2015
Jacob's House - Board Member 2012-2015
Old Town Temecula Association - Marketing Chairperson 2007-2015 Temecula Valley Chamber of Commerce - Ways & Means Chairperson & Committee Member 1999-2002
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Richard J Carrillo
First W me Middle last Nome
kHClgl
Horne Address Suite o+ Apt
Temecula _ _ CA
City state
If you live in Temecula, which district do you live in? None Selected
E n)pii Addi e::.
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Vice President Travelers Insurance
92592
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Live in Temecula
9 Work in Temecula
9 own a Property in Temecula
Richard J Carrillo
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
• Business groups
• Real Estate / Development
• Faith -Based Organizations
• Service / Social Clubs (Rotary, VFW, Lions, Elks, etc.) If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
P Land Use / Housing
W Transportation
vV Economic Development / Business
W Parks and Recreation
P Arts and Culture
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) W Real Estate (Development Community, Southwest Riverside County Realtors Association, Homeowner and Property Owner Associations, etc.)
For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Richard Carrillo
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
UCLA BA Political Science 1986 SCLA American Educational inst CPCU Property and Casualty Underwriter Associate in Claims
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Travelers Insurance 2045 to current Aetna 1995 to 2005 CNA 1994 to 1995 Allstate 1993 to 1994
Community Engagement
Richard j Carrillo
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Volunteer Coach TYBA 15 years
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I love Temecula, the chance to serve In any capacity and to see the city continue to grow and prosper would he a blessing, 1 would be honored to chosen.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Kendra Clements teacher udy Perry QC public Defender office Eric Aguilera atty at la
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you WLsl1 to suijmlt any supporting
documentation. MOIL ding a resume or letter of
recarnmendation. please dp sp here. All materials
musk hc! uploaded as a single document.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
V I Agree
Richard j Carrillo
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Kristen Casillas
First Name Middle Last Name
IfHClgl
Home Address Suite o+ ARC.
Temecula CA -
City stabs.
If you live in Temecula, which district do you live in? None Selected
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Category Manager - Ground Transportation
92591
Pastel Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Live in Temecula
V Own a Property in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply.
W Other(s)
Kristen Casillas
If "Dther(s)" selected above, please describe below.
Travel industry
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
V Transportation
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs. wineries. breweries, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the Community.
E D,
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force, if so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Some college {MS]C)
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Festive Road/Amazon - Category Manager- Ground Transportation: Dec23- Present; Manage supplier relationships, reduce travel costs, influence travelers to choose preferred suppliers Avis Budget Group - Global Account Coordinator: complete buyer RFP's, manage day-to-day relationships with clients
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Participated in several peaceful protests at the Duck Pond, fostered/volunteered For many animal rescue groups
Statement of Interest
Kristen Casillas
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
Like many Temecula residents, i am a transplant from ❑C. l moved here because it was a beautiful, affordable city that provided quality education, affordable housing, and a sense of community. I hope that I can be a voice that advocates for those same qualities to those who wish to live here.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Jaime Clark - Business Development at DCADA,
Priscilla Scruggs - Global Account Manager at Sixt, [email protected], Paula Beck - Retired,
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wash to submit any supporting
document,3tion, including a resume or letter of
recommendation, please do so here. All materuals
must be uplogded as a single document_
Acknowledgment
I understand that any or all information on this form may be verified. 1 consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Kristen Casilias
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Jessica C Christopher
First Name Middle Last Nam,
!f}IClol
Horne Address Suite or Apt
Temecula CA
C: i l % state
If you live in Temecula, which district do you live in? V District 4
jzc@va[ue-n-sales.com
Email Address
Mobile:
Primary Phan¢
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Appraiser/Realtor
92591
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
V awn a Property in Temecula
Jessica C Christopher
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* MilitarylVeteran/Spouse
* Real Estate / Development
* Service / Social Clubs (Rotary, VFW, Lions, Elks, etc.) If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Land Use / Housing
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) W Real Estate (Development Community, Southwest Riverside County Realtors Association, Homeowner and Property Owner Associations, etc.)
For the question above, please provide the specific narne(s) of the entity you are affiliated with in the community.
VFW (life member), Board of Realtors
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
See Resume
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
See Resume
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Veterans of Foreign Wars, Life Member, donated over $3000 and 400 hours to support the Veterans of Foreign Wars Motorcycle Clubs' Food Box and Veterans Home inspection programs.
Jessica C Christopher
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I have lived and worked in Temecula for 28 years. I know the city better than most. My appraisal license and real estate license have given me the opportunity to know most of the zoning by heart. I have seen in other areas how zoning and planning can positively and negatively impact housing and the quality of life for residents. I would love to protect the city in which I live, and my knowledge of housing gives me exceptional experience to do that.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Kevin Bussdieker, Business owner, [email protected] Mary Augusta Business owner Susan Pifari, Business
owner, [email protected]
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
aaaa ■-a sal
If you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here. All materials
must he uploaded as a single document_
Acknowledgment
l understand that any or all information on this form may be verified. 1 consent to the release of this information pursuant to the California Public Records Act.
V I Agree
Jessica C Christopher
JESSICA CHRISTOPHER - Certified Residential Appraiser/Realtor Temecula, CA 92591 Phone Cell JZC_@_v_aiue-n-sai_es.co_m Professional Profile
Licensed trainee appraiser in 08/05 and Certified Residential in 07/11. working as a fee appraiser since being certified, licensed Real Estate Agent since 07/09.
Professional Experience
• Grievance/Pro Standards Committee for SRCAR 2012-Present • Added to the VA panel in 2017
+ Added to REL's High -end appraisal panel 2014
• Complex Single Family Residential
■ Certified by the Federal Housing Administration (FHA) • Single Family Residential / Manufactured
■ Condom! nium//Townhomes Appraisals
Career Highlights
■ Appraiser, JZC Appraisals 05/10-Present
+ Appraiser, Lynch Associates 04/12-5/13
• Appraiser, So Cal Appraisals 02/08-05/10
• Appraiser, Advanced Real Estate Appraisal 08/05-02/08 Professional Associations
Certified Residential Specialist
• NAA, National Association of Appraisers
Southwest Board of Realtors, Pro Standards and Grievance Volunteer Activities
Veterans of Foreign Wars, Life Member
• Donated over $3000 and 400 hours to support the Veterans of Foreign Wars Motorcycle Clubs' Food Box and Veterans Home inspection programs
Education
Associate of Science degree in Real Estate from Mount San Jacinto College. Quality education for continuing education. The most recent continuing education includes; + Ethics, Standards, Appraisal Practice 07/25/2024
• Elimination of Bias Cert-06/0912023
+ Accredited Green Appraiser Build It Green 10/09/2019
■ Affiliated Appraiser Workshops Federal & California State taws 9/27/2018 • US Department of Housing and Urban Development, FHA Appraisal 09/01/2022 Additional education provided upon request.
Qocusign Envelope ID: FA02A877-5C72-41 a8-9E46-D285465OF3E❑ September 15, 2025
To the Temecula City Council,
1 strongly recommend Jessica Christopher for the General Plan Advisory Committee.
Her extensive experience in the real estate and title insurance industries, combined with her exceptional communication skills and willingness to collaborate, makes her an ideal candidate, Jessica's vision for sustainable growth and preserving Temecula's unique character will help shape a general plan that reflects our community's values.
Her ability to work effectively with others ensures meaningful contributions to the committee. Please contact me for further details about her qualifications.
Sincerely,
E❑OCUSIoneci by!
po„A. 7�—
t VI8Mgra m
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Jeff Comerchero
First Name Middle
1111bol
Home Address Suite or Apt
Temecula CA
City $tabs+
If you live in Temecula, which district do you live in? W District 5
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Retired/consultant
92591
Pustal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
iJ Own a Property in Temecula
p Own a Business in Temecula
Jeff Comer hero
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
• Seniors (age 65+)
• Military/Veteran/Spouse
• Real Estate I Development
I-J Non -Profit Groups
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
• Land Use / Housing
• Transportation
I4 Economic Development / Business
9 Parks and Recreation
W Arts and Culture
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Non -Profit Organization (Habitat for Humanity, interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
First Tee of the Inland Empire (Chairman of the Board
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? Temecula City Council, Temeulca Community Services Commission, many other local and regional boards
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Brooklyn College
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Retired from private business in 2016 and public life at the end of 2018. For the last 5 years I've been a self-employed Real Estate Development consultant. My company is PIC, LLC.
Community Engagement
Jeff Comer hero
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Too numerous to mention, but a few are the ❑riginal Governing Board for Temecula Valley Hospital, First Tee of the Inland Empire, and representing the City of Temecula on RTA, SCAG's Regional Housing Needs Assessment Committee or RHNA, WRCOG, ROTC, etc.
Statement of interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I've worked to formulate, revise and implememt Temecula's General Plan for 25 years.
During my 21 years as Mayor and Council Member, I firmly believed that the strongest reason for our City's success has been insuring we had a sound General Plan, then being very careful not to consider GPAs unless they were in ❑ur citizens' best interest. Too many cities violate their own GP just because developers ask them to do so. My interest at this time is to play a role in insuring that Temecula's General Plan is sound and reflects the residents needs and desires.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Chuck Washington, 3rd District County Supervis❑ [email protected] Daniel Stephenson, Founder, the Rancon Group [email protected] Jeff Stone, Current Nevada State Senator
Self -Selection Options
Attachments
Question applies to General Plan Advisory Coninnittee
If you wish to submit any supporting
cloturnenlabon, rociticling a resuinE or letter of
recommendation, please de so here. All materials
must pe upinad, (d ys a ;inglr• dorurnettL.
Acknowledgment
I understand that any or all information an this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
Y I Agree
Jeff Comerchero
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Zachary_ Elliott
First Name Middle Last Name
Ir bat
Home Address Suite o+ Apt
Hemet CA
City State
If you live in Temecula, which district do you live in? None Selected
[email protected]
Email Address
Mobile:
Primary phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Pastor
92544
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Work in Temecula
V Own a Business in Temecula
Zachary Elliott
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* Business groups
* Non -Profit Groups
* Faith -Based Organizations
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
* Land Use / Housing
* Economic Development 1 Business
9 Parks and Recreation
9 Arts and Culture
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Fusion Christian Church, Project Touch, Circle of Care, Birth Choice Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
BA in Theology, Certificate in Church Consultation, Licensed Business & Life Coach, Certificate from Platform University, General Contractors License.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Fusion Christian Church Pastor/President 19 years
Community Engagement
Zachary Elliott
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
City wide clean up, Shelter in the Storm, Circle of Care, Project Touch, Birth Choice, Temecula Parade.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
As a pastor who connects with hundreds of Temecula Valley residents from all ages and walks of life, I believe I can bring a valuable and unique perspective to the future planning of our city.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
jame's 'Stew' Stewart Matthew Moore - Pastor & Teacher - - [email protected] Reuben Villar - Teacher & Friend - Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you Wish to submit any supportihu
documentation, IoWding at resume or letter of
ecommendation. please do sa here. All materials
must he uploaded as a skngle document.
Acknowledgment
1 understand that any or all information on this form may be verified. I Consent to the release of this information pursuant to the California Public Records Act.
9 1 Agree
Zachary Elliott
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Adam M Eventov
First Name Middle Last Name
lfHtot
Home Address Suite of Apr.
Temecula CA
City stabs.
If you live in Temecula, which district do you live in? V District 4
Email Address
Mobile:,
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
senior public affairs manager
92591
Pastal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
V awn a Property in Temecula
Adam M Eventov
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Business groups
9 Real Estate / Development
W Non -Profit Groups
vW Service / Social Clubs (Rotary, VFW, Lions, Elks, etc.) 9 Other(s)
If "Other(s)" selected above, please describe below.
Economic Development, Utilities, Government Affairs,
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
• Land Use / Housing
• Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) W Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) W Real Estate (Development Community, Southwest Riverside County Realtors Association, Homeowner and Property Owner Associations, etc.)
For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Murrieta Temecula Group, EDC of Southwest Riverside County, Workforce Development Board, Monday Morning Group, MSJC Foundation, Rotary, Temecula Chamber, Temecula Student of the Month, Higher Education Coalition, SoCalGas, CalCities, Inland Empire Chamber Alliance, Southwest California Legislative Council Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? Yes, REDI Commission
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Please see resume
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Please see resume
Adam M Eventov
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Past president and board member of the Mt. San Jacinto College Foundation. Past chair of the Economic Development Coalition. President of the Murrieta-Temecula Group, known as MTG.
Board member of the Temecula Valley Chamber and participant in many of the Chamber's committees. A founding member of the Race Equity Diversity and Inclusion Committee of the Temecula Valley Chamber. Served as a City Commissioner for the Race Equity Diversity and Inclusion Commission. In March 2024 he was appointed as a commissioner to the Riverside County Workforce Development Board. Cub scout den leader. TVHS tennis team volunteer.
Soccer assistant coach.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
There are few things more important to a city than developing a general plan. It is a complex process that takes into account state and regional housing and transportation requirements, as well as ever -evolving development and environmental standards and new legislation that is making changes to CEQA. My professional background includes the development of nearly $5 billion in energy, commercial, retail and residential projects, providing me with a familiarity with the challenges of development and environmental standards and local, state and federal requirements. These include state standards and those of the SCAQMD, SLAG and CARE. Having worked for a prominent Southern California tribe, I have a strong familiarity with the priorities of the tribal community and AB52 consultations. Working for a utility, I have a strong familiarity with the city permitting and construction process. As a REDI commissioner, I have been an active participant in City and community activities ranging from monthly mural unveilings to Special Olympic events to Arbor Day celebrations to parades and festivals. While that commission is disbanding, I remain committed to the mission of inclusiveness. I have helped coach youth sports, been a scout den leader and have supported several non -profits in the region, such as Oak Grove, Michelle's Place, Habitat for Humanity and the Boys & Girls Club. It would be an honor to help shape the future of the City of Temecula as it faces the challenges of the future.
References
(List Three Professional and/or Personal References (Name, Position, Phone, Email):
Connie Stopher, CEO, Economic Development Coalition of Southwest Riverside County,_ - cst❑ her edcswca.com Brooke Nunn, CEO, Temecula Valley Chamber of Commerce, brooke temecula.or Al Rubio, Past Chairman, Temecula Valley Chamber and other organizations, [email protected]
Self -Selection Options
Attachments
Adam M Eventov
Question applies to General Plan Advisory Committee
EventovResume09.22.24.Ddf
If you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here. All materials
must he unloaded as a single document.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
9 1 Agree
Adam M Eventov
A am Eventov
MEN. Temecula, CA 92591
• Government Affairs Manager, Western Riverside County
■ Strategic communications and political consultant
• Twenty years in media relations, public affairs, community outreach, event management • Award winning reporter and editor- for several Inland Southern California newspapers • Master's of Communications, Journalism; Bachelor's of Psychology Experience
Public Affairs Manager
SoCalGas, Murrieta, Calif., November 1, 2019, to the present ■ Work with local governments, school and college districts, Tribes and economic development coalitions to promote the economic development of the region while protecting SoCalGas rate payers.
- identify and develop policies that can further the economic and educational goals of the region.
- Secure permitting from cities, Tribes and agencies for the construction and repair of company facilities.
- Work with customers and the community to safely provide reliable utility service.
- Negotiate fees and franchise agreements
- Deliver company messaging to elected officials, city staff and the public Government Affairs Manager
San Manuel Band of Mission Indians, Highland, Calif., Feb. 1, 2017, to Oct. 2019 • Monitor political activities of federal, state, city, county and regional agencies and governments as it applies, to Indian Country, the Tribe and its business operations
- Identify legislation and policy that would impact the Tribe, provide analysis, make recommendations and develop a plan of support or opposition - Prepare political contribution recommendations
- Maintain campaign finance reports and compliance
- Cultivate relationships with elected officials and government staff, convey messaging to elected officials, staff and community leaders - Represent Tribe at state and local government hearings, political associations, conferences and coalition meetings
- Assist with developing intergovernmental agreements t❑ create and improve infrastructure and public safety
- Assess agendas to determine threats and opportunities for the Tribe - Audit local, regional and national news sources and trade periodicals Public Relations and Community Outreach Consultant
WellSaid! Communications, Temecula, Calif., June 2010 to January 31, 2017 ■ Create and conduct strategic communications and outreach programs for political campaigns, solar power plant builders, and land -use developers - Write copy for press releases, websites, fact sheets, speeches, ❑p-Eds, PowerPoints
- Produce special events, write and coordinate event programs - ❑evelop and implement media and social media programs - Cultivate political and business relationships; suggest strategic political giving - Design and conduct media relations programs, media training, media buying, story pitching, and editorial board meetings
❑irector of Public Relations
TMG Communications Inc., Riverside, Calif., November 2005 t❑ June 2010 ■ Write and edit brochures, news and op/ed articles, newsletters, political mailers, email, websites, fact sheets, talking points, speeches and PowerPoint presentations
• Develop and conduct community relations and public affairs programs for land use clients, hospitals and energy developers
• Create and coordinate materials and programs for management symposiums and conferences
• Design and conduct media relations programs, media training, media outreach and editorial board meetings
Business Editor and Reporter
The Press -Enterprise, Riverside, Calif., May 2001 to November 2005 * Produced a daily business section, developed stories, managed reporters, selected content, and wrote headlines
• Covered military base reuse, the airline industry, economic development, logistics manufacturing, biotechnology, real estate, water issues and tourism Assistant Metro Editor, Business Editor, Reporter
The Inland Valley Daily Bulletin, Ontario, Calif., April 2000 t❑ May 2001 ■ Covered regional businesses, developed and budgeted stories, edited and managed reporters, produced a daily business section
Business Reporter
The Business Press, Ontario, Calif., August 1998 to April 2000 * Reported on commercial and residential real estate, transportation, retail, tourism, aerospace, commercial airlines and manufacturing Business Reporter
The Los Angeles Newspaper Group , Covina, Calif., January 1997 to August 1998 • Reported on commercial and residential real estate, transportation, retail, tourism, commercial airlines, technology transfer and manufacturing Professional Affiliations & Organizations
• California Association of Public Information Officials, past member • Pass Economic Development Alliance, board member
• Mt. San Jacinto College Foundation Board, past president • Economic Development Coalition of Southwest Riverside County, Chairman • Building Industry Association — Baldy View Chapter, past member • MSJC-TVUSD-M USD Career Technical Education Advisory Committee, member • Inland Action, past member
• Murrieta Temecula Group, President
• Beaumont Chamber of Commerce, board member, past vice chair • California Nations Indian Gaming Association, business affiliate member • City of Temecula Race Equity Diversity and Inclusion Commissioner • Riverside County Workforce Development, board member
• Society of Professional Journalists, past member
• Moreno Valley Chamber of Commerce, board member
• Victor Valley Chamber of Commerce, past member
• Hemet -San Jacinto Valley Chamber, past board member
• Apple Valley Chamber of Commerce, past member
• Temecula Valley Chamber of Commerce, board member
• Barstow Area Chamber of Commerce, past member
• Black Chamber of Commerce, Southwest Riverside County, member • Men+fee Rotary Club, member
• NAACP, Southwest Riverside County, member
• Rosamond Chamber of Commerce, past member
• Nuevo Community Scholarship Foundation Board, past member • Murrieta-Wildomar Chamber of Commerce, member
• Norco Area Chamber of Commerce, past member
• Lake Elsinore Chamber of Commerce, past board member, current member
• Perris Valley Chamber of Commerce, member
• Southwest Riverside County Legislative Council, board member • High Desert Hispanic Chamber of Commerce, past member • Antelope Valley Hispanic Chamber of Commerce, past board member • Menifee Valley Chamber of Commerce, past executive board member • Menifee Action Group, past member
• Nuview Community Theatre Board of Directors, past member • Greater Ontario Convention and Visitors Bureau, past tribal delegate • League of California Cities, Inland Empire and High Desert divisions, member Fnl Ii-ATIr1N
San Manuel Tribal Administrative Certification Program i & Il, 2017- 2018 Claremont Graduate University, Claremont Calif.
M.A., Communications, emphasis in journalism, 1997
California State University, Fullerton; Fullerton, Calif.
B.A., Psychology, early child language development, 1988 University of Southern California; Los Angeles, Calif.
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Rebecca _ M Farnbach
First Name Middle Last Name
1111tol
Home Address Suite 01-AW
Temecula CA
City State
If you live in Temecula, which district do you live in? V District 4
Email Address
Mobile:
Primary Phom,
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
retired
92591
Pastel Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
P Live in Temecula
9 Own a Property in Temecula
Rebecca M Farnbach
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* Seniors {age 65+}
* Non -Profit Groups
is Faith -Based Organizations
* Service / Social Clubs (Notary, VFW, Lions, Elks, etc.) If "Other(s)" selected above, please describe below.
I am very much involved with the Temecula Valley Historical Society Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
is Land Use / Housing
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply, * v Non-profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Wort: Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Temecula Valley Historical Society
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? I presently serve on the Old Town Temecula Advisory Committee Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
I retired after 40 years in the eye care field as a medical/surgical tech in ophthalmology and as a licensed optician. I have authored/coauthored 11 books and many articles, mostly about the history of the Temecula area. I have a leader of the team that advocated for saving the now Vail HQ National Historic District, Wolf's Tomb, and have been involved in several historic preservation efforts in Temecula. I lecture on historic topics in MSJC adult education classes and am a (request speaker to groups who are interested in Temecula history.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
i retired as an optician at LensCrafters in 2016, but prior to that time I was employed at the USC School of Medicine, Loma Linda University, and several private practices of ophthalmology.
Community Engagement
Rebecca M Farnbach
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
The Vail Ranch Restoration Association, Temecula Valley Historical Society, Temecula Valley Writers & Illustrators, Lions Club, Rancho Music Association, Rancho Community Church, Calvary Baptist Church, P.E.Q., LensCrafters Gift of Sight Program providing free eye exams and glasses to needy adults and children, Old Town Advisory Committee. Helped with Reality Rally. I collected materials from the Juan Murrieta family and placed them in the Murrieta Library. I have taught writing classes to church groups, PEO groups, and at the Ronald Roberts Library. I participate in and sometimes host Temecula Chamber of Commerce and Visit Temecula events.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. 1 am a longtime resident with concern for our future and want to have a say in what happens here. I have been here since 1985 when the population was 12,000 and want to bring my knowledge and understanding of the past to bridge into the future. I had experience working with the renovation of the Vail HQ historic site and have some understanding of procedure and policy that I can bring to the table.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
James Stewart, City Council Member Luke Watson,
Deputy City Manager, , [email protected] Betsy Lowrey, Assistant to the City Manager, 951-593-3959, [email protected] PS - I am already on the Old Town Temecula Advisory Committee, so I don't know if I can serve on both. If not, please decide where I can be most helpful.
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here. All materials
must be uploaded as a single document.
Acknowledgment
Rebecca M Farnbach
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
w I Agree
Rebecca M Farnbach
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r. Yes r No
Profile
Eric
First Name
Home Address
Temecula
City
❑ Faulkner
Mlddie last Name
P11U41
If you live in Temecula, which district do you live in? V District 2
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Management Analyst
Suite or Apt
CA 92592
State Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Live in Temecula
W Own a Property in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Military/Veteran/Spouse
Eric Q Faulkner
If "Other(s)" selected above, please describe below.
Previous Commissioner
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Land Use / Housing
P Transportation
P Economic Development / Business
f*-4 Parks and Recreation
W Arts and Culture
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * 9 Other Organizations (Bike Temecula Valley Coalition, Temecula Valley Historical Society, etc.)
For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Big Brother Big Sisters
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? RED! Commission, Blue Ribbon Committee Quakity of Life Master Plan Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Bachelor of Science in Health 5ciences Master of Sciences in Health Administration Certification in Diversity, Inclusion and Equity in the Workplace from University of Southern Florida Business College
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Health Administrator VA San Diego Healthcare System 2015 - 2017 VA Veteran Experience Office, Management Analyst 2017 - present
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
City Commissioner, Big Brother Big Sisters, Civilian Use of Force Advisory Council, City of Temecula Blue Ribbon Committe, supported multiple City of Temecula Community events (too numerous to count)
Eric D Faulkner
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I would like to serve on this commission to continue to move and lead Temecula into a prosperous future where every voice is heard and has the ability to contribute to build One Temecula.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Danny Young, Riverside Sheriff Department, Todd Htavac, Retired Navy and Registered Nurse, Antonio Allen, Command Master Chief United States Navy, Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to summit airy supporting
clncumentation, including a resume pl letter of
reronimendation, please do so here- All materials
must be uploaded as a single doClllY+EnL
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Eric D Faulkner
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, an or after 5:38 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
david
First Name
Home Address
Temecula
city
Matthew Flores
r4lddly Last Name
kutlal
If you live in Temecula, which district do you live in? W District 4
Entail Addr&-� -
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Tattooer/business owner
Suite or Apt
CA 92591
state Pustal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
9 Own a Property in Temecula
9 Own a Business in Temecula
david Matthew Flores
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Business groups
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
9 Economic Development 1 Business
ivo Arts and Culture
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * P Business {Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.} For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Old Rose Tattoo
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? I have not
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Fontana High School -High School Diploma
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Old Rose Tattoo (2415-Ctirrent), 29073 Overland ❑r. Suite j Temecula, CA 92591, Owner/Tattooer, Customer Service, Tattooing. Buju Tattoo (2411-current), 914 W Washington St. San Diego, CA 92193, Tattooer, Customer Service, Tattooing.
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Vintage Hills Elementary School PTA (current Vice President). Old Rose Tattoo Toy Drive. Still Not Asking For It benefit. Temecula Adult Softball.
david Matthew Flores
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. know I can help to give diverse representation to our city's General Plan Advisory Committee. As a small Business owner in the city of Temecula, 1 have a unique perspective on the process and decisions made By the GPAC for years to come.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Scott Sperry, Assistant Vice President Operations Strategy, =N" [email protected] Aaron Mason, Tattooer/Business Owner, Justin McCabe, Realtor, Justin@thebrandrealty,com
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit airy supporting
oocumentation, includlnq a resume pi letter of
reCorvrnendatlon, please do so here- All materials
must be uploaded as a Single &WUIY+ent.
Acknowledgment
l understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
p I Agree
david Matthew Flores
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access t❑ open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Shari Franklin
First Name Mlddle Last Name
Inibal
Home AdC, •... Surte o+ Apt
Temecula CA
City state
If you live in Temecula, which district do you live in? None Selected
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Business Owner in Temecula
92592
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
v Live in Temecula
V Work in Temecula
9 Own a Property in Temecula
V Own a Business in Temecula
Shari Franklin
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* Youth (under age 18)
* Business groups
* Special Needs Community
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience: you would bring to the General Plan Advisory Committee. Check all that apply. *
* Land Use / Housing
* Economic Development / Business
9 Parks and Recreation
P Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * W Education (California State University San Marcos, Mount San Jacinto Community College, Temecula Valley Unified School District, Linfield Christian School, etc.) • Health (Temecula Valley Hospital, medical, dental, chiropratic, etc.) • Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
My company has connecctions to many schools, including TVUSD due to the services we provide to children with special needs; we also have relationships with hospitals and medical practices for our special needs patients and other providers in coordinator their care; My husband and I live in Pauba Rd in wine country and have interest in how tourism impacts residents, while also participating in the wine growers association with 400 vines of pinot grigio on our property
❑o you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. if so, which one? Not yet! I'd love to get more involved locally!
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
Bachelors degree in Communication Disorders from Biola University in La Mirada, CA Masters degree in Communication disorders from Cal State Fullerton. SEE RESUME List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
i have been a small business owner for the past 15 years here in the city of Temecula. SEE RESUME
Shari Franklin
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
I have been an active parent and participant in the Temecula community for many years. My husband and I relocated here with our 3 children in 2009. They all attended TVUSD and the youngest graduated in June 2021. When they were younger, we participated in many city classes for kids including dance, cooking, cheer. They also participated in many sporting activities through various soccer and volleyball clubs including Hawks, Surf, and Viper. We are now empty nesters and are enjoying a little more time to give back to the community.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
As a 15-year small business owner of a pediatric speech and occupational therapy practice in Temecula, 1 bring a deep understanding of the community's economic and social needs, making me well -suited for the General Plan Advisory Committee. My experience as a resident in the neighboring wine country, where my family grows grapes, gives me insight into Temecula's unique blend of tourism and natural beauty. As an empty nester with a strong connection to the community, I am committed to engaging collaboratively, reviewing extensive materials, and providing thoughtful and balanced input on diverse topics like land use, economic development, and community impact. I believe that my long-term investment in Temecula's growth and my successful ability to grow a business that serves the community qualifies me to work with others respectfully and aligns with the GPAC's mission.
As a long-time Temecula small business owner and resident, I believe I am qualified to join the General Plan Advisory Committee to contribute to shaping our city's future. With 15 years running a pediatric speech and occupational therapy practice in the city, I understand the importance of fostering a community that supports families and businesses alike. Living in the neighboring wine country, where my family grows grapes, I value Temecula's unique blend of the benefits of tourism and natural beauty. As an empty nester, I am motivated to give back by sharing my insights and collaborating with diverse voices to ensure the General Plan reflects our community's values, addresses critical issues, and promotes sustainable growth for the next 20 years.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Liselle De Grave -business owner, ❑eGrave Communications; W
WM&a
Portis, TVUS❑ Special Ed Teachers,
Tomlinson, Realtor TheTomlinson Group;
Self -Selection Options
Attachments
Shari Franklin
Question applies to General Plan Advisory Committee
hari Franklin Resume.odf
IF you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here_ All materials
must be unloaded as a single document.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
9 1 Agree
Shari Franklin
TEMECULA, CA 92592
PH[�\I. E-MAII.-
SHARI FRANKLIN
PROFESSIONAL MEMBERSHIPS
Certificate of Clinical Competence,
American Speech/Language/Hearing Association
ACCREDITATIONS
California State License SP9126
Clinical Rehabilitative Services Credential
EDUCATION
May 1993 California State University, Fullerton
Master of Arts, Speech Communication
May 1990 Biola University, La Mirada, CA
Bachelor of Arts, Communication Disorders
PROFESSIONAL EXPERIENCE
September 2008-present Little Sprouts Therapy Center
President, Owner, Speech/Language Pathologist
28765 Single Oak Dr, Suite 140
Temecula, CA 92590
951-552-1126 ph 951-552-1128 FAX
■ Provide speech/language assessments and therapy to children 18 months-6 years of age ■ Provide written reports and consultations with parents regarding assessment results and recommendations
■ Provide parents with recommended suggestions for encouraging speech/language development at home
■ Maintain insurance contracts and liability insurance
■ Successful vendor for Inland Regional Center
February 201 D June 2011 Temecula Valley Unified
School District
Contractual Speech/Language Pathologist
■ Provided speech/language remediation services to preschool age children with various disorders, including autism spectrum disorders and severe developmental disabilities ■ Conducted thorough speech/language assessments including data collection, standardized assessments, structured observations, and interviews
■ In cooperation with IEP team, determined the student's need and eligibility for special education or related services
■ Prepared IEP's using the SEIS program and attended IEP meetings representing the child's current speech and language skills
■ Completed DRDP's and progress reports in a timely manner
■ Consulted with students' teachers regarding progress and best practices for successful intervention
■ Communicated with parents regarding children's progress, providing quarterly progress reports and conducting annual reviews
■ Maintained clear, comprehensive records of student's progress ■ Provided resources for families regarding speech and language development and home practice July 2005 June 2009
Orange Unified School District
1401 North Handy Street
Preschool Assessment Team -Independent Contractor Orange, CA 92867 ■ Received initial intakes from parents concerned regarding their child's speech language development
■ Completed thorough assessments of children age 2 years, 11 months through 4 years 8 months including phonology, auditory comprehension, verbal expression, language samples, behavioral observations, fluency, voice, and oral motor development ■ Analyzed, interpreted and completed a written report regarding the results of the assessment ■ Planned and coordinated professionals for reporting results at the IEP meeting ■ Presented findings to parents and other professionals, including parent education regarding helpful tips for home, and community resources
■ Determined eligibility for services including making recommendations for the most appropriate setting
■ Investigated placement options throughout the district to ensure a proper setting for the child's speech therapy services
■ Communicated with receiving therapist regarding assessment results and suggested goals July 1999 July 2005 Orange Unified School District
Contractual Speech/Language Specialist
■ Provided speech/language remediation services to preschool through high school age children with various disorders, including autism spectrum disorders and severe developmental disabilities
■ Conducted thorough speech/language assessments including data collection, standardized assessments, structured observations, and interviews
■ In cooperation with IEP team, determined the student's need and eligibility for special education or related services
■ Developed an Individualized Education Program for students found eligible for services ■ Provided district program coordinator with alternate professional opinion and assessment of sensitive cases
■ Represented the district in mediation procedures by providing professional expertise and recommendations
■ Supervised, mentored, and oriented CFY candidates along with new graduates or employees ■ Provided direction and supervision to speech aide
■ Communicated with parents regarding children's progress, providing quarterly progress reports and conducting annual reviews
■ Maintained clear, comprehensive records of student's progress ■ Provided resources for families regarding speech and language development and home practice
January 2002 January 2006
Sub Contractor
Hephatha Lutheran Preschool
5900 E. Santa Ana Canyon Rd
Anaheim, CA 92807
■ Assess preschool age children to determine their readiness for kindergarten ■ Provide consultative services to preschool teachers regarding kindergarten expectations ■ Consult with preschool teachers regarding recommendations for kindergarten readiness ■ Provide written recommendations for parent and school staff ■ Provide preschool parents with suggestions for preparing their child for kindergarten June 1995-March 1998 Specialty Hospital of Southern California Director OfRehabtlitatton 14900 E Imperial Hwy
La Mirada, CA 90637
■ Manage physical therapists, occupational therapists, and speech pathologists at 3 campuses for a total of 30 employees
• Interview, hire, and negotiate contracts for rehab employees ■ Analyze treatment logs for maintaining successful productivity • Research and purchase necessary equipment for the gym • Develop and maintain $500,000 budget
June 1993 June 1995 Rehab Alliance
Rehab Manager 22995 Mill Creek Drive
Laguna Hills, CA 92653-1215
• Manage physical therapists, occupational therapists, and speech pathologists at multiple skilled nursing facilities in Southern California
• Provide speech therapy services to pediatric patients in the inpatient acute care hospitals and adults in rehab units, transitional care units and skilled nursing facilities
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
r• Yes r• No
Profile
Amy
First Name
Home Address
Murrieta
City
Freitas
Middle last Pt,++ne
1111ti l
If you live in Temecula, which district do you live in? None Selected
a my@adva nseniorcare. corn
Home:
Pnrnary PIWCO
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Business Owner/Operator
Suite o, Apt
CA
State
92563
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Own a Business in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Seniors (age 65+)
Amy Freltas
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
* Transportation
* Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply, * W Health (Temecula Valley Hospital, medical, dental, chiropratic, etc.) W Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
I am actively involved in the Temecula community, working closely with the local medical industry to support seniors and their families. My role often includes helping clients get to medical appointments, guiding these through the healthcare system, and ensuring they receive the right type of care for their needs. In addition to my work with seniors, I've also been a dedicated advocate for Alzheimer's awareness and support, serving on the planning committee far the Walk to End Alzheimer's in Temecula for aver five years. These affiliations allow me to not only connect with professionals and organizations but also to make a meaningful impact on the lives of families in our community.
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. if so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application. i hold a Bachelor's degree in Business and a Certificate from the Department of Social Services Community Care Licensing Division for Residential Care Facility for the Elderly.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
AdvanCare 27715 Jefferson Ave. Suite 113A Temecula, Ca. 92590 Owner/Operator This includes managing day-to-day business functions, ensuring compliance with state and federal regulations, building and maintaining strong relationships with clients, families, caregivers, and community partners, and developing programs that meet the unique needs of seniors.
Community Engagement
Amy Freitas
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Community & Volunteer Involvement Alzheimer's Association - Served on the planning committee for the Walk to End Alzheimer's in Temecula for over 5 years, supporting awareness, fundraising, and community engagement. Inland Empire Network for Care (IENC) - Served as a board member for over 3 years, collaborating with other professionals to improve resources, education, and support for seniors and their families across the region.
Veterans Expos - Participated in local expos to provide resources, information, and support for veterans and their families. Temecula Senior Center - Collaborated with staff and seniors to promote health, wellness, and social engagement through programs and outreach. Senior Living & Care Facilities - Organized and participated in activities and events for residents, helping enhance quality of life and provide companionship. Healthcare Partnerships - Worked closely with the local medical community to assist seniors and families with navigating care options, appointments, and healthcare needs.
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I wish to serve on the General Plan Advisory Committee because I am deeply invested in the future of the City of Temecula and committed to contributing to the continued growth, health, and well-being of our community. I have been a business owner in Temecula for over 10 years and bring both professional and personal insight into the city's growth and development. Through my work with seniors, families, and the local medical industry, I have gained a broad perspective on the unique needs of our residents, from healthcare access to senior services and community resources. My passion lies in ensuring that Temecula remains a city where people of all ages can thrive, and I believe serving on this committee will allow me to be a voice for those populations who may not always be represented.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Krystle Joseph Executive Director for Riverside Medical Charitable Foundation [email protected] Lakissa Shirley Business Development Manager for BBSI [email protected] Dominque Daphness US Navy Command Master Chief Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit any supporting
documentation, including a resume or letter of
recommendation, please do so here. All materials
must be uploaded as a single document.
Acknowledgment
Amy Freitas
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
w I Agree
Amy Freltds
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Mark J Garcie
First Name Middle Last S.me
1111bol
Home Address Suite of ARC.
Temecula CA
City stabs.
If you live in Temecula, which district do you live in? W District 4
Email Address
Mobile: 9
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Fire Captain
92591
Pastel Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Non -Profit Groups
Mark J Garde
If "ather(s)" selected above, please describe below.
Labor organization
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector andlor industry you are affiliated with in the community. Check all that apply. * V Education (California State University San Marcos, Mount Sari Jacinto Community College, Temecula Valley Unified School District, Linfield Christian School, etc.) For the question above, please provide the specific names) of the entity you are affiliated with in the Community.
Fire department, IAFFICPF,
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force, if so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
College (fire Tech and Admin) instructor (CSFM/IFSAC) HAZMAT instructor, WMD course mgnt List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
CALFIRE - fire and emergency services (stations 92, 3, 23, Bautista Camp, RRU) Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
JDRF - 5 years annual walk and advisory group Scouting program - explorer advisor (2 years) School site councils (ranch elementary, Margarita middle, Chaparral HS) Political action, local PAC, assisted in candidate campaigns for both council and school district Statement of Interest
Mark J Garde
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
A resident of over 25 years, and being involved in school councils and scouting while raising our children, we have seen the city double in size. I believe that as I transition into retirement, I can bring a range of views and ideas about the future growth of the city, while still maintaining the general atmosphere that first attracted myself and my family to the city.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Peter Boctor , state director of rank and file IAFF 2881 Rob Rios, retired LAPD Neal Mangan, Retired HPD, err Sack, Retired, USMC Fire Chief, Colin Bell, retired Fire Chief, Fed Fire Ventura
Self -Selection Options
Attachments
Question applies to General Plan Advisory Camrrrittee
IF you wish to submit any supporting
document,tion, including a resume or letter of
recommendation, please do so here. All mate reels
must be uplogded as a single document_
Acknowledgment
I understand that any or all information on this form may be verified. 1 consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Mark J Garde
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Donald
Middle
Initial
Home Address
Temecula
City
Graham
Last Nam,
If you live in Temecula, which district do you live in? V District 1
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Telecommunications Systems Manager
Suite orpPt
CA
State
92592
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Live in Temecula
V Work in Temecula
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Other(s)
Donald Graham
If "Qther(s)" selected above, please describe below.
Long time citizen
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
W Land Use/ Housing
V Transportation
W Economic Development I Business
i7 Parks and Recreation
W Arts and Culture
Check which category best describes the sector andlor industry you are affiliated with in the community. Check all that apply. * V Tourism (Visit Temecula Valley, Pechanga, Temecula Winegrowers Association, French Valley Airport, Galway Downs, wineries, breweries, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
Work for Pechanga
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? No
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
High School Diploma. Multiple certificates in the Telecommunications industry.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Pechanga Resort Casino, 45000 Pechanga parkway Temecula, Ca. 92592 IT Telecommunications Systems Manager - Oversee all telecommunications for Pechanga and Temecula Creek Inn including, cellular devices, landlines, call centers and all systems associated and the team managing them.
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
have no past volunteer directly with the city, but I have been active with pechanga's volunteer efforts.
Donald Graham
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I'd like to believe that I can bring a fresh perspective and maybe some experience as I have lived in temecula for nearly 30 years,
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Heather Graham - Spouse pan Levitt -Audio/ Visual
contractor/ Antraupanour - David Tillman - Teacher - -
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit ally supporting
dOt a rn a nt H t of). indudlilt] a re541ne OF latter of rec]rnmndation, please do so here. All matertais
must be upioaded a5 a single decument.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Donald Graham
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
JACK M GUERRERO
First Name Middle last Name
lrHtiq!
Home Address Suite or Apt
TEMECULA CA
City $hats+
If you live in Temecula, which district do you live in? W District 4
Email address
Mobile:
Primary Phom¢!
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Economist and Certified Public Accountant jCPA)
92591
Pustal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
W Own a Property in Temecula
JACK M GUERRERO
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Business groups
9 School -Affiliated
W Non -Profit Groups
!-J Other(s)
If "Other(s)" selected above, please describe below.
Private sector banking professional (CPA); political party official (county and state level); and taxpayer advocate
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
* Land Use / Housing
* Transportation
* Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * P Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) W Education (California State University San Marcos, Mount San Jacinto Community College, Temecula Valley Unified School District, Linfield Christian School, etc.) W Other Organizations (Bike Temecula Valley Coalition, Temecula Valley Historical Society, etc.)
For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
In the City of Temecula, I am affiliated with Temecula Valley Unified School District (Advisory Committee); Murrieta-Temecula Republican Assembly; and U.S. Bancorp (employed by the corporate office, but company has branch presence in Temecula).
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? I have been a resident of Temecula for three (3) years. Prior thereto, I lived in Los Angeles County, where I served as Mayor and City Council Member of local municipality and as Board Member to various regional commissions.
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application. -MBA (focus on finance), Harvard Business School, Harvard University, Cambridge, MA -BA, Quantitative Economics, Stanford University, Palo Alto, CA -Certified Public Accountant (CPA), licensed in state of California, by the California Board of Accountancy -Series 79 and series 63, by Financial Regulatory Authority (FINRA)
JACK M GUERRERO
List Employment History for Five Years [Employer Name and Address, Position Title, Primary Responsibilities]. State "see resume" if attaching a resume at the end of this application.
-12/2022 to present, Vice President, Capital Management, U.S. Bancorp, Minneapolis, MN (working remotely from home, in Temecula, CA). Primary responsibilities include capital management, capital optimization, economic stress testing, and regulatory filings with the Federal Reserve Board-1/2014 - 12/2022, Vice President Corporate Treasury, MUFG Union Bank, Los Angeles, CA -Previous employers: KPMG LLP (San Francisco & Zurich, Switzerland), Ernst & Young LLP (San Francisco), American Express Company (New York & London, UK), and William & Henry Associates - Investment Bankers (Los Angeles, CA) Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
- Advisory Committee, Temecula Valley Unified School District - Murrieta Temecula Republican Assembly (MTRA) - Republican Party of Riverside County (Southwest Caucus - Temecula/Murrieta)
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I am a three-year resident of Temecula, California, actively engaged in my community through church affiliation; Advisory Committee work with the Temecula Valley Unified School District; and political activism with the Murrieta-Temecula Republican Assembly (MTRA) and the Republican Party of Riverside County. I love my community and my neighborhood, and I seek to apply my skill -set and extensive professional experience to enhance the City's General Plan. In the private sector, I have a diversified financial background, as a licensed Certified Public Accountant (CPA), Treasury professional in the banking sector, auditor, investment banker, and merger & acquisitions advisor. In my professional capacity, I have worked with large corporate organizations (Fortune 500 companies/ SEC registrants), as well as government agencies including municipalities and agencies of the federal government. am intimately familiar with financial statements, including the Comprehensive Annual Financial Report that government agencies produce. I am also a subject matter expert in government accounting. In the public sector, I served previously as Mayor and City Council Member for a local municipality in Los Angeles County (prior to my residential relocation to Temecula, CA, three years ago). During my time on that City Council, I worked extensively on a variety of issues, including multiple years of financial budgets, several audits and forensic examinations, and update to the City's General Plan. I understand the challenges and opportunities we have at this moment, to refresh the City's General Plan in Temecula.
Beyond City Council, I served on the Board of several regional commissions in Los Angeles County, including the Gateway Cities Council of Governments (COG), League of California Cities, California Contract Cities Association, and the Los Angeles County Sanitation District. I also served on the Board of the Los Angeles County Taxpayers Association, the Southern California Advisory Council of the Hispanic Scholarship Fund, and the Board of the Harvard Latino Alumni Association.
References
JACK M GUERRERO
List Three Professional and/or Personal References (Name, Position, Phone, Email):
-Dr. Joseph Komrosky, Board Member, Temecula Valley Unified School District,- -Ms. Janette Chun, CEO of Birth Choice (Temecula), and Chair of the Murrieta-Temecula Republican Assembly (MTRA), -Mr. John Leonard, Chairman, Southwest Caucus (Murrieta/ Temecula), Republican Party of Riverside Count Self -Selection Options
Attachments
Question applies to General Plan Ativisory Coml-nittee
If you Wish to S ibmit any Supporting
documentation, inUuding a resilme or letter of
recommendation, please do so here. All mate rla is
mutt tie uploaded as a single document.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
1,J 1 Agree
JACK M GUERRERO
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access t❑ open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Sidney
S Hamilton
First Name
Middle Last Name
lrHtigl
Suite of Apt
Home Address
Temecula CA -
City state
If you live in Temecula, which district do you live in? None Selected
EmaO Address
Mobile:
Primary phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Restaurant ❑wner
92590
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Live in Temecula
W Work in Temecula
9 Own a Business in Temecula
Sidney S Hamilton
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Other(s)
If "other[s]" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
9 Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Business {Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.} For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
None
Do you currently, or have you previously, served on the City Council and/or any City hoard, committee, commission, or task force. If so, which one? None
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
College
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Restaurant owner for 34 years in old town temecula
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Hosted car shows in old town.
Statement of Interest
Sidney S Hamilton
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
I have owned and worked at a my families restaurant in old town Temecula for 34 years. I have watched old town grow and change with the times. I want to see all businesses and families thrive and enjoy this city. I want to get involved in the community to make it a better place for the next generations.
References
List Three Professional and/or personal References (Name, Position, Phone, Email):
Mike, beer and wine garden/ liquor store own er Brenden Kalfus Mayor of Temecula Julie ngo State Farm
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to submit any supporting
documentation, ncluuin❑ a resume or letter of
recommendation, please do so here. All materials
nnLi5f hE !rplorider7 R3 a Single document.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
V I Agree
Sidney S Hamilton
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:38 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Justin
Firs[ Name
Home Address
Temecula
City
Holmquist
Middle i_a7t N.M�
Ir}Itlgl
If you live in Temecula, which district do you live in? W District 3
Email Address
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Business owner, Cool Air Solutions
Suite o+ Apt
CA 92592
state Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Live in Temecula
9 Work in Temecula
V awn a Property in Temecula
Justin Holmquist
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
9 Business groups
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
• Land Use / Housing
• Transportation
• Economic Development / Business
W Parks and Recreation
9 Public Safety (police, fire, emergency management, etc.) Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Business {Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.} For the question above. please provide the specific names) of the entity you are affiliated with in the community.
n1a
Do you currently, or have you previously, served on the City Council and/or any City board, Committee, commission, or task force. If so, which one? n/a
Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
C20, C36 HVAC and Plumbing Contractor, Owner of Cool Air Solutions, Inc. Currently located in Murrieta and servicing Temecula. Involved in community events including homeless outreach, Mission of Hope and Jacobs House.
List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
Cool Air Solutions last 20 years Owner, GM. 41638 Eastman Dr. Ste b Murrieta, Ca, 92562 Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Mission of Hope, Jacobs douse.
Justin Holmquist
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. am 54 year old with over 22 years in Temecula running a successful business in the community. 1 would fove the opportunity to get more involved, with the hope to shape the successful future of the community that my family, friends and coworkers live.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Joseph Gray, Business Owner in Temecula, Chuck Jines,
Business Owner, Air Temperature 5 ecialist, [email protected] Brian Clements, Former Building official,
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you wish to suomit airy supporting
docurnentabon, including a resuine or letter of
recornmenamit)n, please do So here. All materials
mllsr be uploaded as a single dOCUIT)ellt.
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
FO I Agree
Justin Holmquist
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r. Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r No
Profile
Bishop Terrence L Hundley
First Name Middle Last Name
lrHClq!
Hon-e AcjorFs5 Suite of Apt
Murrieta CA -
City State
If you live in Temecula, which district do you live in? None Selected
En -oil Aocjrr
Mobile:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Building Contractor/Pastor
92563
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
V Own a Business in Temecula
Bishop Terrence L Hundley
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
* Seniors (age 65+)
* Business groups
* Non -Profit Groups
* Faith -Based Organizations
If "Other(s)" selected above, please describe below.
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
V Land Use 1 Housing
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * V Non -Profit Organization (Habitat for Humanity, Interfaith Council, Empowerment Center, Social Work Action Group, Nature Conservancy, Veterans of Foreign Wars, etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
The Place City of Miracles Cathedral
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? Education and Employment
List Educational Background (Degrees, Licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
License Building Contractor/ Ordained Bishop and Pastor List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
HUNOC❑ Development Inc., Building Contractor/CEO-25060 Hancock Ave., Bld. #103- Unit #221 The Place City of Miracles Cathedral, Bishop/Pastor/CEO-41823 Enterprise Circle N., Ste #100, Temecula CA 92590 ACTS II Covenant Network International, Presiding Bishop/CEO-- 41823 Enterprise Circle N., Ste #100, Temecula CA 92590 Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
Community Outreach Programs with Project Touch, Servicing to Homeless. Counseling for Couples b Fathers
Bishop Terrence L Hundley
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity. i believe I would best serve on the General Plan Advisory Committee because I bring moth a deep commitment to community well-being and proven experience in leadership, collaboration, and vision -casting. Through my years of service in ministry and community engagement, i have worked with diverse groups of people, listening to their needs, building consensus, and helping develop solutions that strengthen families and neighborhoods. I value inclusivity, fairness, and forward -thinking planning. I am dedicated to ensuring that our General Plan reflects not only the current needs of our community but also a sustainable and hopeful future for the next generation. My leadership experience has taught me the importance of being on time, prepared, and fully engaged in every assignment --qualities I will bring to this committee. Serving on the GPAC would be both an honor and an opportunity to contribute my voice, skills, and passion toward shaping a plan that benefits the entire community.
References
List Three Professional and/or Personal References (Name:, Position, Phone, Email):
1-Kellee Malone, Broker Reliable Realty Group
[email protected] 2-Pastor Dwight Steward, Pastor, Family Worship Center 3-Symantha Seasay, Beauty Salon Owner _
Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
If you kNish to Sd]Init any stipportirlg
documentation, including a resume or letter of
recommendation, please do so here. All materials
W..ust tie uplUaded as a single document_
Acknowledgment
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
W I Agree
Bishop Terrence L Hundley
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:38 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
Ross Jackson
First Name Mlddle Last Name
Inibal
Home Address Suite of Apt
Temecula CA
City stabs.
If you live in Temecula, which district do you live in? V District 2
rocs@ rj cmsery i ces. com
Email Address - - -
Home:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Construction Management Consultant services
92592
Postal Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
iJ Live in Temecula
9 Work in Temecula
iJ Own a Property in Temecula
p Own a Business in Temecula
Ross jackson
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
• Seniors (age 65+)
• Military/Veteran/Spouse
• Real Estate I Development
EJ Non -Profit Groups
W Other(s)
If "ather[s]" selected above, please describe below.
OLD TOWN TENANT ASSOCIATION BOARD MEMBER
Check which category best describes the areas of interest, skills, and experience you would bring to the General Plan Advisory Committee. Check all that apply. *
* Land Use / Housing
* Economic Development / Business
Check which category best describes the sector and/or industry you are affiliated with in the community. Check all that apply. * 9 Business (Chamber of Commerce, Auto Mall, Promendade Mall, Manufacturing Industry, Old Town Merchants Association, Entrepreneur's Exchange , etc.) For the question above, please provide the specific name(s) of the entity you are affiliated with in the community.
OLD TOWN TENANT ASSOCIATION
Do you currently, or have you previously, served on the City Council and/or any City board, committee, commission, or task force. If so, which one? PREVIOUSLY OLD TOWN LOCAL REVIEW COMMITTEE. MASTER PLAN COMMITTEE Education and Employment
List Educational Background (Degrees, licenses, Certificates, etc.). State "see resume" if attaching a resume at the end of this application.
CONSTRUCTION /DEVELOPMENT INDUSTRY FOR OVER 45 YRS, SERVED IN THE AIR FORCE - DVA 72-80 NATO FORCES SERVED ON OLD TOWN LOCAL REVIEW BOARD AS A MEMBER AND AS CHAIRMAN. CURRENTLY ON THE OLD TOWN TENANT ASSOCIATION BOARD AS THE VICE CHAIRPERSON. HAVE BEEN SERVING ON THIS BOARD FOR THE PAST 6YRS List Employment History for Five Years (Employer Name and Address, Position Title, Primary Responsibilities). State "see resume" if attaching a resume at the end of this application.
TRUAX DEVELOPMENT FOR 10 YEARS 2011-2021 DIRECTOR OF CONSTRUCTION DEVELOPMENT, BUSINESS -OWNED AND OWNED AND OPERATED JCMS SINCE 2008- CURRENT CONSULTING SERVICES, 2021- CURRENT- SERVING AS A CON SULTAT TO THE TEMECULA RESORT AND SPA PROJECT FOR MR.STEVE KIM DEVELOPER OF SAID PROJECT ASSOiCATED WITH DA GILL COMPANY AS SUPPORT MEMBER FOR HIS COMPANY.
Ross jackson
Community Engagement
Provide a list of your past involvement in the community and/or volunteer activities in the City of Temecula.
CURRENT SPONSERSHIP TO THE NATURE EDUCATION FOUNDATION,SANTA ROSA PLATEAU,
CURRENTLY A MONTHLY SPONSER AT OAK GROVE CENTER, SUPPORTER TO BIRTH CHOICE
TEMECULA
Statement of Interest
Describe why you wish to serve on the General Plan Advisory Committee and why you believe you are qualified to serve in this capacity.
My connection to this community has been nurtured through years of active participation and involvement. My past role as Chairman of the Old Town Local Review Board has afforded me the privilege of shaping the development of our area, ensuring that every voice is heard and represented. Currently serving as Vice President for the Old Town Tenant Association has further amplified my dedication to bettering the lives of those around me. Through these endeavors. My life experiences have honed my strengths, chief among them being an unwavering commitment to truth and integrity. My military background has instilled in me a sense of duty to uphold the principles of fairness and equity that are foundational to a just society. My work experience has provided me the knowledge to asset, support progress, manage, and understand challenges with the open-mindedness' required to ensure the results are in the best interest of the community and its citizens.
References
List Three Professional and/or Personal References (Name, Position, Phone, Email):
Will Joyce, Allstate insurance owner and member of OTTA (C) will.o [email protected] Julie Ngo, Statefarm insurance owner and president of OTTA- W
W(C) [email protected] TIC Williams retired marine (C) Jill Erickson Family counselor (C)
Dana Laursen, owner of Laursen Electrical C] [email protected] Self -Selection Options
Attachments
Question applies to General Plan Advisory Committee
RI -resume 2025.odf
If you wish r.o Su4mlt any sunpnning
dOCU rn a nt a Elu n, mClUdlhg a re4UIT; e Or letter Of recommendation, please do So here. All materials
must be UGlgaded as a single docurne7t.
Acknowledgment
Ross }ackson
I understand that any or all information on this form may be verified. I consent to the release of this information pursuant to the California Public Records Act.
w I Agree
Ross jackson
Ross Jackson
Temecula ca 92592
[email protected]
Professional Summary
Construction professional with over 44 years of extensive experience in the commercial construction, hospitality, and government sectors, including the US Navy, Coast Guard, Corps of Engineers, DOD, State, and City contract work. Structural engineering background. Proven track record in overseeing and executing large-scale projects, commercial complexes, and infrastructure developments. Adept in managing teams, ensuring compliance with safety standards, and delivering projects on time and within budget. Strong leadership, problem - solving, and decision -making skills with a deep understanding of the construction industry's best practices.
Core Competencies
• Owner Representative Services/Consultant
• Project Management & Execution
• Project superintendent management
• Budgeting & Cost Control, Developing Project Proformas • Team Leadership & Development
• Safety Compliance & Risk Management
• Vendor & Contractor Coordination
• Quality Assurance & Control
• Construction Planning & Scheduling
• Client Relations & Communication
• Blueprint & Technical Drawing Interpretation
• Permitting & Regulatory Compliance
• Contractor Submittal processing
• Contractor RFI processing
• Monthly invoice control documentation processing
• Precon Construction Estimating
• Plan check review
• Contract negotiations
Professional Experience
Owner's Representative
Represented owners on -site, managing day-to-day operations for large-scale commercial projects, including hotels, office buildings, and retail complexes.
• Ensured that construction activities adhered to the agreed -upon design, budget, and. timeline, making necessary adjustments to meet project goals. • Conducted regular site inspections with owners and other stakeholders, providing detailed progress reports and addressing any issues or changes requested by the owners. • Facilitated communication between the construction team and the owners, ensuring transparency and fostering a collaborative environment. • Implemented quality control measures to ensure that all work met the owners' standards and industry best practices.
• Supported the owner's team by assisting in the design and planning of commercial and hotel projects, ensuring alignment with the owner's vision and objectives. • Coordinated with contractors, suppliers, and vendors to ensure timely delivery of materials and services in line with the project timeline. • Conducted site inspections to monitor progress and ensure compliance with project specifications, providing feedback to the owners and recommending improvements. • Assisted in developing budgets and schedules, providing owners with insights on potential cost -saving measures and efficiency improvements.
Senior Project Manager
• Execution of high -value commercial construction projects, ensuring timely delivery and adherence to budget constraints.
• Managed teams of engineers, contractors, and subcontractors, fostering a collaborative and productive work environment
• Developed and maintained project schedules, budgets, and reports, regularly updating stakeholders and clients.
• Ensured strict compliance with safety regulations and industry standards, resulting in a significant reduction in on -site accidents.
• Coordinated with architects, engineers, and local authorities to secure necessary permits and approvals.
• Supervised on -site construction activities to ensure projects were completed to the highest quality standards.
• Managed day-to-day operations, including labor allocation, materials procurement, and equipment maintenance.
• Conducted regular site inspections to monitor progress and identify potential issues, implementing corrective measures as needed.
• Collaborated with project managers to develop and refine construction schedules, optimizing resource utilization.
• Maintained open lines of communication with clients, addressing concerns and providing updates on project status.
• Assisted in the design and planning phases of commercial construction projects, contributing to the development of detailed project plans. • Coordinated with contractors and vendors to ensure timely delivery of materials and services, minimizing project delays.
Performed site inspections and quality control assessments to verify compliance with project specifications and industry standards.
Supported the project management team in developing budgets, schedules, and progress reports.
Participated in safety meetings and training sessions, promoting a safety culture on the job site.
Achievements
• Project Manager for the construction of the Pechanga Repository 20,000 SF building, Pechanga Indian Reservation, completed October 2024.
• Truax Building, a 4-story office/mixed-use in Temecula, CA. Old Town — Owner's Representative 1 Director of Development and Construction for Truax Development Company.
• Played a key role in the development of projects for the Truax development company, Truax Hotel, Truax Annex, and Marketplace Old Town Temecula • Construction of several restaurants and office spaces within the city of Temecula and the surrounding area.
• Currently working as an owner's representative for a 355-room, seven -story hotel in Old Town Temecula; Mr. Kim is from the Los Angeles area. Representing his interests to the City of Temecula building officials.
Volunteer Work
Old Town Tenant Association
Old Town Temecula
still active Vice -Chairman
Technical Skills
• Experienced in using AutoCAD, Revit, and other design software for blueprint analysis and project planning.
• Skilled in Microsoft Office Suite (Word, Excel, PowerPoint) for creating documentation, generating reports, and preparing presentations.
• Familiar with BIM (Building Information Modeling) processes and tools. • Strong understanding of construction materials, methods, and technologies.
References
Available upon request.
The GPAC meetings are expected to take place in -person at City Hall, on weekday evenings on monthly basis (2nd Thursday of the month, on or after 5:30 p.m.; with 3rd Tuesday of the month being an alternative day). The Committee will meet up to eight (8) times, starting late Fall 2025. Each meeting will last 2 to 3 hours. Can you commit to this timeline? r Yes r No
GPAC members are expected to provide a valid email address for communication purposes and have computer access to open and review documents in Microsoft Word and PDF. All communications, agendas, and reading materials will be provided electronically via email. Hardcopies will not be available. Can you meet this requirement?
(. Yes r• No
Profile
William Joyce
First Name Mlddle Last Name
Initial
Home Address Suite of Ape.
Temecula CA
City State
If you live in Temecula, which district do you live in? V District 4
Email Address
Home:
Primary Phone
Which Boards would you like to apply for?
General Plan Advisory Committee: For Review
What is your current occupation?
Insurance Agent
92591
Pastel Code
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
iJ Live in Temecula
9 Work in Temecula
iJ Own a Property in Temecula
p Own a Business in Temecula
William Joyce
The City of Temecula is seeking individuals with various backgrounds. Check all that apply. *
W Seniors {age 65+}
I"J Business groups
W Service / Social Clubs (Rotary, VFW, Lions, Elks, etc.) If "Other(s)" selected above, please describe below.