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(3), resulting in nineteen (19) Banked Seats for the subject Development <br />Proposal (i.e. 22 seats constructed — 3 mitigated seats = 19 Banked Seats). In <br />this Agreement, "Banked Seats" and "Capacity Credits" shall be used <br />interchangeably unless otherwise specified. <br />c. Estimated Educational Facilities Impact Fee Credits. Pursuant to the <br />Miami -Dade County Educational Facilities Impact Fee Ordinance. the <br />Applicant must pay Educational Facilities Impact Fee(s) (`Impact Fee ") prior <br />to issuance of any residential building permit. However, since the Applicant <br />is required to pay the Monetary Proportionate Share Mitigation payment to the <br />School District prior to obtaining building permits, the School District shall <br />issue the Impact Fee Credit to the Applicant, which the Applicant may present <br />to the County in satisfaction (in whole or in part) of its Educational Facilities <br />Impact Fee obligation. The amount of the estimated Impact Fee Credit shall <br />be the result of multiplying 53,300.00 (the estimated Impact Fee per <br />residential dwelling unit) by the number of approved units (68 multi - family <br />residential dwelling units), resulting in an estimated Impact Fee Credit amount <br />of S224,400.00 (i.e. $3300.00 estimated impact fee x 68 residential dwelling <br />[nits = S224,400.00). The Impact Fee Credit shall not include any <br />administrative or other fees. which the County may impose as part of its <br />administrative process. The Parties understand and agree that the Impact Fee <br />Credit stated herein shall be adjusted to reflect the actual amount assessed by <br />the County for the subject Development Proposal. Adjustment to the <br />Mitigation Banking Cost, as hereinafter defined, shall also be required <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page 8 of 26 <br />Revised 12 -02 -2014 <br />