Sec. 655.413. - Proportionate Share Mitigation.

(a) Methodology. The following methodology shall be used to determine proportionate share within the CSAs: (1) The number of proposed housing units, multiplied by the Student Generation Rate by affected school type, multiplied by the Cost per Student Station by affected school type. (2) Applicable credits shall be deducted to determine the proportionate share mitigation amount. Applicable credits are: (i) City contributions to address co-locations with other public facilities or hurricane shelter provision. (ii) Ad Valorem Tax Credits - The present value of 50 percent of that portion of the 2 mils collected by Duval County and distributed. The two mils collected shall be based on the median appraised value per housing unit. The term shall be 25 years. The discount shall be equal to the current rate for DCPS Certificates of Participation (COPs), as of the date of the proportionate share Mitigation Agreement. The result of this present value shall be multiplied by the number of seats mitigated. (iii) Residential units existing on the site at the time proportionate share mitigation is proposed, which will be replaced by the proposed project. (b) General requirements. Proportionate Share Mitigation Agreements may be for a term up to ten years as permitted by Section 655.412 above and payments shall be due no later than building permit issuance. (Ord. 2007-1146-E, § 2)