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inasmuch as any adjustment to the Impact Fee Credit will also affect the value <br />of the Banked Seat(s) <br />d. i•fitieation Banking Cost. The \litigation Banking Cost of S272.756.00 <br />is the total combined value of the nineteen Banked Seats. which will be <br />eligible and available for transferring Capacity Credits to future residential <br />development applicants ('Ditigation Banking Cost'). The Mitigation <br />Banking Cost is derived by subtracting the estimated Impact Fee Credit <br />(S224,400.00) from the Monetary Proportionate Share Mitigation amount <br />(S497,156.00), less the value of three (3) seats ($67,794), which amount is <br />being voluntarily proffered by the Applicant over and above the three (3) <br />mitigated seats, resulting in S204,962.00 (i.e. S497,156.00 - S224,400.00 — <br />67.794 = S204.962.00). <br />e. Reimbursable Value of Banked Seats. At the time that the Monetary <br />Proportionate Share Mitigation payment is made by the Applicant. and after <br />clearance of all funds, the School District shall issue written confirmation to <br />the Applicant validating the number of Banked Seats available for transfer. <br />Capacity Credits may only be transferred to future residential development <br />proposals within the same Concurrency Service Area or adjacent Concurrency <br />Service Areas, and within the same Geographic Area. For purposes of <br />crediting the Applicant for each Banked Seat. the estimated reimbursable <br />value of each Banked Seat has been established at S9,316.00 ('Estimated <br />Reimbursable Value "). This Estimated Reimbursable Value is obtained by <br />dividing the Mitigation Banking Cost (5204,962.00), by the twenty-two (22) <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page 9 of 26 <br />Revised 12 -02 -2014 <br />