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the School District of twenty -two (22) elementary school seats, resulting in nineteen (19) <br />seats in excess of the three (3) seats needed to be mitigated by the Applicant. As such. the <br />Applicant has the right to transfer the excess nineteen (19) seats ( "Capacity Credits`-) to <br />future residential developments, as set forth in this Agreement. In order for the School <br />District to manage and transfer Capacity Credits for the Applicant, a mitigation bank <br />shall be established in connection with this Development Proposal (" Nlitigation Bank') <br />for the School Project. The School District shall create and administer the Mitigation <br />Bank as follows: <br />a. Monetary Proportionate Share Dtitiaation Cost. The Monetary <br />Proportionate Share Mitigation amount of Four Hundred Ninety Seven <br />Thousand One Hundred Fifty Six Dollars (5497,156) is the cost of the <br />Monetary Proportionate Share Mitigation option selected by the Applicant, <br />and is derived by multiplying the total number of student stations to be <br />constructed (22 seats), by the student station cost of 522,598.00, which is the <br />construction cost projected by the Florida Department of Education to be in <br />place at the time of construction of the School Project (October 2017) (i.e.22 <br />student stations x S22,598.00 cost per station = S497.156.00). In this <br />Agreement, "student station' and "seat" shall be used interchangeably unless <br />otherwise specified. <br />b. Number of Banked Seats. The number of Banked Seats shall be <br />established by determining the excess number of school seats, if any, resulting <br />from construction of the School Project (-'Banked Seats'), to wit: the number <br />of seats to be constructed (22), less the number of seats needed to be mitigated <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page 7 of 26 <br />Revised 12 -02 -2014 <br />