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4. If current available capacity is inadequate, Formula #2, above, is applied (two (2) years of planned capacity). If future available capacity is equal to or grater than the projected enrollment that will be produced by the proposed development for all school types, the development may be approved with conditions related to phasing or mitigation, and the applicant shall; be permitted to proceed through the development approval process. If future available capacity pursuant to Formula #2 is less than zero (0), Formula #3, above, is applied (five (5) years of planned capacity). If future available capacity is then greater than or equal to the projected enrollment that will be produced by the proposed development for all school types, the application will only be approved with the following conditions: a) that Currently Available Revenue Sources are committed to all Public Facilities in the Capital Improvements Program that are needed to accommodate the impacts of the development; and b) that phasing conditions are included that link the timing of new development to Planned Capacity that will be available, as shown in the Capital Improvements Program or that is guaranteed by Mitigation as provided in subsection c), below; and c) the applicant has agreed to Mitigation for its pro-rata share of Planned Capacity. The Mitigation must include all proposed development within the first two (2) years of the phasing program. 6. Applicants may propose mitigation measures to overcome a failure to meet one or more LOS standards including, but not limited to, payment of a pro rata share of facility capacity costs (Voluntary Mitigation Payment) necessary to accommodate the demand generated by the proposed development.; 7. Mitigation measures that involve the payment of money to the County or School District" to defray the per-unit impacts of school facilities must be based on calculated capital costs associated with new construction. The capital costs shall be re-assessed every five years. The Board of Commissioners shall adopt the minimum mitigation amount based upon that calculatign and the annual rate of inflation. The Marshall and Swift valuation service shall be the index used to calculate the rate of inflation. The minimurrj amount of the Voluntary Mitigation Payment shall be adopted at tha regular meeting in January of each year., DRAFT TEXT OPTION 2 8/20/2007 ' - 20 - C:\Documents and Settings\gkhoneycutt\Local Settings\Temporary Internet Files\OLK7\APFO_drafifigrBOCoption2_08_20 07_^meeting.doc ~r-O2