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<br />contiquous concurrency service area. Mitigation bankina shall be <br />administered by the School Board in accordance with the requirements <br />of the concurrency mitiaation system. <br /> <br />Proportionate-share mitiaation must be acceptable to the School Board. <br />Mitiaation shall be directed to projects in the first three (3) years of the <br />District Facilities Work Proaram that the School Board aarees will satisfy <br />the demand created by that development approval. <br /> <br />The amount of mitiaation required shall be calculated based on the cost <br />per student station, as defined above. and for each school type <br />(elementary. middle and hiah) for which there is not sufficient capacity. <br />The Proportionate Share for a development shall be determined by the <br />followina formulas: <br /> <br />Number Of New Student Stations Required For Mitigation (By School <br />Type) = <br />{Number Of Dwelling Units Generated By Development Proposal, By <br />Housing Type x <br />Student Generation Multiplier (By Housing Type And School Type)J-= <br />Credit for Districtwide Capacitv of MaGnet Schools and Charter <br />Schools - <br />Number of A vailable Student Stations <br /> <br />Cost of Proportionate Share Mitigation = <br />Number Of New Student Stations Required For Mitigation (By School <br />Type) x <br />Cost Per Student Station (By School Type). <br /> <br />The full cost of proportionate share mitiaation shall be required from the <br />proposed development <br /> <br />The local aovernment and the School Board shall consider the evaluation <br />report and the options that may be available for proportionate share <br />mitiaation includina the amendment of the District Facilities Work <br />Proaram. If the local qovernment and the School Board find that options <br />exist for proportionate share mitiaation, they shall authorize the <br />preparation of a development aareement and other documentation <br />appropriate to implement the proportionate share mitiaation option(s). A <br />leaally binding development aareement shall be entered into between the <br />School Board, the relevant local aovernment, and the applicant and <br />executed prior to issuance of the final plat, site plan or functional <br />equivalent. In that agreement, if the School Board accepts the mitiaation, <br />the School Board must commit to place the improvement required for <br />mitigation on the first three (3) years of the Five Year Plan. This <br />development aareement shall include the landowner's commitment to <br /> <br />27 <br />