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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 d-' ciencies in <br /> Level of Service Standards; and <br /> WHEREAS, the Parties agree that Public School Co a urre y shal,..e satisfied <br /> by the Applicant's execution of this legally bindin.,,Agreea e*'yQ.n full compliance <br /> therewith, to provide mitigation proportionate to th dema N for Public School Facilities <br /> to be created by these new residential dwellin u • a <br /> • <br /> WHEREAS, the School Bo 'd, at its meet!.g of January 14, 2015 (Agenda Item <br /> F-2), authorized entering i .ct Y'a Pu6i. School Concurrency Proportionate Share <br /> Mitigation Development Agri 'ent between the School Board and PMG-S2 SUNNY <br /> ISLES, LLC, a Delat•`='%; ' itsr Liability Company, which agreement is effective <br /> February 24; and incorporated herein by reference (and hereinafter defined as <br /> n <br /> `bur, t ✓ . <br /> "PMG-S2 �I ' '' S, LLC Agreement"); and <br /> �� <br /> 4. <, <br /> AS, as a part of the PMG-S2 SUNNY ISLES, LLC Agreement, the <br /> 4 n% <br /> School B•.ard 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 /> SUNNY ISLES PROPERTY VENTURE,LLC AGREEMENT—DRAFT#2—5/14/15 Page 3 of 22 <br />