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4. MONETARY PROPORTIONATE SHARE MITIGATION. The <br />Parties agree that the amount of the Nlonetary Proportionate Share Mitigation shall be <br />Four Hundred Ninety Seven Thousand One Hundred Fifty Six Dollars (5497,156.00). <br />The Monetary Proportionate Share Mitigation funds shall be used by the School District <br />to provide for the creation of twenty -two (22) elementary school student stations at the <br />new K -8 (Northeast Miami -Dade Area) — Phase I Educational Facility (the "School <br />Project`). It is the intent of the School District to locate the School Project within the <br />City proper. Additionally, the Applicant is voluntarily contributing the value of three (3) <br />elementary school seats in the amount of Sixty Seven Thousand Seven Hundred Ninety <br />Four Dollars (567,794), as stipulated in Section 6(d) of this Agreement. Upon the full <br />execution of this Agreement by all appropriate Parties and receipt of the Monetary <br />Proportionate Share Mitigation payment. the School District shall issue a Finding of <br />Available School Facility Capacity ( "Finding ") pursuant to the ILA. The duration and <br />effect of this Finding shall be in accordance with the ILA. However, in no event shall <br />this Finding, or any allocation of student seats based on this Finding (`School <br />Concurrency Allocation "), continue to be effective if the Applicant fails to perform <br />his/her /its obligations under this Agreement. Conversely, once Applicant has completely <br />performed his /her /its obligations under this Agreement, Applicant shall be entitled to rely <br />on the Finding and School Concurrency Allocation to the extent of the School Capacity <br />provided by the Monetary Proportionate Share Mitigation. Delivery of the Monetary <br />Proportionate Share Mitigation payment shall be made by the Applicant within thirty (30) <br />calendar days following the full and proper execution of this Agreement (defined <br />hereinafter as Effective Date), by wire transfer or any other method of payment <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page S of 26 <br />Revised 12 -02 -2014 <br />