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v. Construction of a school in advance of the time set forth in the School District Five -Year Facilities Work Program: or vi. Construction of a charter school designed in accordance with School District standards and State Requirements for Educational Facilities (SREF), providing permanent School Capacity to the District's inventory of student stations. Use of a charter school for mitigation must include provisions for its continued existence, including but not limited to the transfer of ownership of the charter school property and/or operation of the school to the School Board. 3. In exchange for the construction of a public school facility which provides more capacity than required by the development subject to Proportionate Share Mitigation, the developer will have the right to sell capacity credits for School Capacity in excess of what was required to serve the Proposed Residential Development. 4. If and to the extent required by Florida Law, a Development Permit shall not be denied because of inadequate Available School Capacity, if such capacity is available or may be achieved pursuant to the provisions of Florida law or if the developer executes a legally binding commitment to provide mitigation proportionate to the demand for public school facilities to be created pursuant to the provisions of Florida law. Where a Development Order requested is identified as requiring a conditional SCADL as set forth in the table shown in Section 14.2, the conditions in Section 14.2(b)4i shall apply. (e) For the mitigation options provided above, the costs associated with the identified mitigation shall be based on the estimated cost of the improvement on the date that the improvement is programmed for construction. Future costs will be calculated using estimated values at the time the mitigation is anticipated to commence. 1. The cost of the mitigation required by the developer shall be credited toward the payment of his school impact fee. 2. If the developer's required mitigation cost is greater than the school impact fees for the development, the difference between the developer's mitigation costs and the impact fee credit is the responsibility of the developer. (f) Upon conclusion of the ninety (90) day negotiation period, or as extended by mutual agreement, a new School Capacity Availability Determination Letter shall be issued identifying whether or not sufficient Available Student Capacity has been identified to serve the development. If mitigation has been agreed to, the School District shall identify in the School Capacity Availability Determination Letter that there is adequate Available School Capacity for the development, subject to those mitigation measures agreed to by the Local Government, Developer and the School Board. Prior to vesting approval of a Proportionate Share Mitigation project, the mitigation measures shall be memorialized in an enforceable and binding agreement with the Local Government, the School Board and the developer, and impact fees shall be paid. The mitigation agreement shall specifically detail mitigation provisions, identify the capacity project, indicate the financial contribution to be paid by the developer, provide a method of surety in form of a bond or letter of credit in the amount of the contribution, and include any relevant terms and conditions. If mitigation is not agreed to, the School Capacity Availability Determination Letter shall detail why any mitigation proposals were rejected and detail why the Proposed Residential Development is not in compliance with school concurrency requirements. F \Community DevelopmentTsers'd.ONG RANGE\CompPlan Amendmenis\Publfc Schools\UpdatesULA\FINAL IRC Interlocal Alpeement- January 31, 2008.doc 28