SCHOOL IMPACT FEE CREDIT Sample Clauses

SCHOOL IMPACT FEE CREDIT. In accordance with Section 163.3180(6)(h)2.b, Florida Statutes, and Section 20.11-9(e), Public School Concurrency Management Ordinance, the Parties agree that the County and the School Board shall provide school impact fee credit equal to the dollar value of the Proportionate Share Mitigation payment (“School Impact Fee Credit” or “Credit”). The Credit must be applied against the total school impact fee assessed and not on the impact fee for any particular type of school. BC Holdings may assign School Impact Fee Credit (or entitlement to School Impact Fee Credit) to assignee(s) pursuant to Section 20 below. The Proportionate Share Mitigation shall be paid prior to recording of the final plat for single family dwelling units in the Development Proposal and prior to the initiation of vertical construction for multi-family dwelling units in the Development Proposal. Upon payment of all or a portion of the Proportionate Share Mitigation due to the School Board as provided in Section 4 above, the School Board shall issue to BC Holdings, or its assignees pursuant to Section 20 below, a written School Impact Credit Ledger confirming: payment of and the dollar amount of the Proportionate Share Mitigation paid; the date of payment; the identity of the paying party; and the name/description of the subdivision final plat or multi-family development (phase) and the number of dwelling units therein for which the Proportionate Share Mitigation is being paid (collectively the “School Impact Fee Credit Ledger”). The School Board shall maintain in its records a copy of each School Impact Fee Credit Ledger issued. BC Holdings or its assignee shall also submit such a copy of the School Impact Fee Credit Ledger to the County’s Impact Fee Coordinator.
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SCHOOL IMPACT FEE CREDIT. Proportionate Share Mitigation shall be credited against the School Impact Fee otherwise due for the Residential Units within a Residential Development as provided for by statute.

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