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or transfer of all Capacity Credits, the School District shall issue a final report <br />to Applicant ( "Final Report'). <br />7. SCHOOL CAPACITY IMPROVEMENT. The School District agrees <br />to apply the Monetary Proportionate Share Mitigation payment made by the Applicant <br />toward the School Projects described under Section 4 of this Agreement. The School <br />Project will include the Monetary Proportionate Share Mitigation, which will be reflected <br />in the District's Facilities Work Program at the time of its next annual update following <br />the execution of this Agreement and receipt of the Monetary Proportionate Share <br />Mitigation payment as set forth herein. <br />S. EFFECTIVE DATE. This Agreement shall take effect upon the last of <br />the Parties signing this Agreement, but in no event later than 2015. <br />Failure to deliver this Agreement to the School Board executed by the Applicant and the <br />Citv by 20 may, in the sole discretion of the School District, <br />result in the revocation of the Concurrence Determination issued by the School District <br />on June 30, 2014, incorporated herein by reference. <br />9. TERM. This Agreement shall expire upon the Parties' completion <br />of their performance of all obligations herein or within six (6) years from Effective Date, <br />whichever comes first. <br />10. STATUTORY COMPLIANCE. The Parties agree that this Agreement <br />satisfies the requirements for a binding Proportionate Share Mitigation agreement in <br />Section 163.3130(6)(h)2, Florida Statutes and as provided for in the ILA. <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse tSP3114053000892) Page 12 of 26 <br />Revised 12 -02 -2014 <br />