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available School Facility Capacity will not be in place or under actual construction within <br /> three(3)years after the approval of the Development Proposal; and <br /> WHEREAS, the Parties agree that authorizing these new residential dwelling <br /> units will result in a failure of the Level of Service Standard for School Facility Capacity <br /> in the applicable Concurrency Service Area, or will exacerbate existing .. ciencies in <br /> r,-„ <br /> Level of Service Standards; and K <br /> WHEREAS, the Parties agree that Public School Cop. urre' y static satisfied <br /> by the Applicant's execution of this legally bindin•. Agreed j n full compliance <br /> k a4. <br /> therewith, to provide mitigation proportionate to th dem.n for Public School Facilities <br /> t, <br /> to be created by these new residential dwellini" • s; <br /> WHEREAS, the School Bo,,", at its meet g of January 14, 2015 (Agenda Item <br /> ., <br /> J% <br /> F-2), authorized entering i. 6 a Put chool Concurrency Proportionate Share <br /> Mitigation Development Ag ="a Vent between the School Board and PMG-S2 SUNNY <br /> s,. <br /> ISLES, LLC, a Delaf S. item Liability Company, which agreement is effective <br /> February 24, 0 ' and `, incorporated herein by reference (and hereinafter defined as <br /> ' " <br /> 4� aa.,-- .... <br /> "PMG- 2 ' S, LLC Agreement"); and <br /> S.pz" <br /> ry <br /> -",,-tit; tt tt <br /> AS, as a part of the PMG-S2 SUNNY i Y ISLES, LLC Agreement, the <br /> Lj <br /> School Bard authorized the creation and establishment of the PMG-S2 SUNNY ISLES, <br /> LLC Mitigation Bank, hereinafter referred to as "Mitigation Bank" or "Mitigation <br /> Bank#2015-002"; and <br /> SCHOOL BOARD/PROPORTIONATE SHARE MITIGATION- — <br /> BEACH CLUB ACQUISITION,LLC AGREEMENT—DRAFT#2-5/14/2015 Page 3 of 22 <br />