2021-12-15 City Council Item No. 13.4 - 2020-1 McCall Mesa_Presentation Regular MEETING - Additional Meeting MaterialsCity of Menifee
Community Facilities District No. 2020-1
(McCall Mesa)
Special Tax Bonds, Series 2022AItem 13.4
December 15, 2021
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Table of Contents
Financing Overview
Authorizing Resolution
Financing Details and Tentative Schedule
Financing Overview
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Aerial Map
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CFD 2020-1 Formed on August 5, 2020
Located on the Southwest corner of Menifee and Rouse Roads
Consists of a new residential community known as Remington Place being developed by Lennar Homes
Planned for 258 single-family detached homes
Development Status as of December 1, 2021:
119 Homes Completed and Conveyed to Individual Homeowners
5 Model Homes and 1 Completed Home Owned by Developer
56 Under Construction
77 Finished Lots
Lennar Homes holds more than 20% of the properties subject to maximum Fiscal Year 2022-23 special tax levy
Required to provide letter of credit for approximately $428,000
Lennar currently expects to complete/convey all homes by July 1, 2023
Project and Development Summary
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Financing Overview
Not to Exceed Par Amount of $18,000,000 Approved at Formation
Proposed 2022A Special Tax Bonds are Expected to be Issued in a
Par Amount of $11,050,000 (Subject to Prevailing Market Conditions)
2022A Bonds secured by special taxes levied in the CFD
Proceeds to finance public improvements benefitting the
development within the CFD
Estimated Special Tax for Homeowners: Approximately $2,502 to
$3,794 starting in FY2022-23
Annual Assigned Special Tax will increase at approximately 2% per
year
Authorizing Resolution
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Items Subject to City Council Approval
Resolution of the City Council of the City of Menifee
Authorizing the Issuance of the 2022A Special Tax Bonds in an Amount
Not to Exceed $13,000,000
Approving Certain Documents and Taking Certain Other Actions
Preliminary Official Statement
Bond Indenture
Continuing Disclosure Certificate
Bond Purchase Agreement
Acknowledgment of Good Faith Estimates
Financing Details and Tentative Schedule
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Current Estimated Par Amount: $11,050,000
Final Maturity of 2051 (30-year term)
Sources & Uses and Proposed Debt Service
Sources of Funds
Par Amount $11,050,000
Premium 1,308,930
Total Sources $12,358,930
Uses of Funds
Project Fund $11,161,124
Reserve Fund 850,581
Cost of Issuance 189,000
Underwriter Discount 158,225
Total Uses $12,358,930
All numbers are preliminary, subject to change
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Estimated Costs of Issuance
All numbers are preliminary, subject to change
Estimated Costs of Issuance for CFD 2020-1 Bonds
Role Party Total
Underwriter Stifel $158,225
Staff Time City 25,000
Disclosure Counsel Stradling 35,000
Bond Counsel Stradling 40,000
Municipal Advisor Urban Futures 37,500
Special Tax Consultant Spicer Consulting 25,000
Appraiser Kitty Siino & Associates 16,500
Trustee Wilmington 5,000
Printer To be Determined 3,000
Miscellaneous --2,000
TOTAL Estimated Costs of Issuance $347,225
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Tentative Schedule
Date Description
December 15th City Council Meeting to Approve Financing
December 28th Post Preliminary Official Statement
(Make Available to Prospective Investors)
January 12th Pricing of Bonds
January 26th Settlement of Bonds (Date of Issuance)
All numbers are preliminary, subject to change
Assuming Council Approval this Evening, the Bonds are Expected
to be sold in January 2022