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February 16, 2009 (Regular Meeting) Page 1262 school sites. A combination of these methods may also be considered. In no case shall the value of the contribution be less than 60.572$ of the incurred capital cost by type of development as identified by the TischlerBise study and adjusted for construction costs changes each January lst. o Any method proposed to address school adequacy whether through monetary contribution, land donation or services shall be paid or completed prior to the issuance of any affected building permit within the subject development. The method to address adequacy and requirement that it shall be completed prior to building permits being issued shall be included in the Consent Agreement. o New development within the corporate limits of any of the cities located in Cabarrus County shall also be subject to the adequacy review through the Cabarrus County Subdivision Regulations Chapter 9, Section 17 "Adequate Public Facilities Standards" as provided for by Session Law 2004-39, House Bill 229, which became effective June 30, 2004. This review shall include existing school capacity as well as the additional capacity of schools under construction or for which funding of construction has been approved. In addition, the review shall include the existing enrollment and estimated enrollment based on previously approved development. School adequacy shall be defined as that estimated enrollment not exceeding 110°s of capacity as determined by the Kannapolis and Cabarrus School Systems. o The Board of Commissioners requests that each of the cities require new development to enter into a consent agreement with Cabarrus County to address school adequacy as part of the municipality's approval of that development. That consent agreement shall be subject to approval by the Board of Commissioners. o Any party wishing to obtain a voucher for or reimbursement of the adequate public facilities contribution must be actively working with a recognized non profit housing agency or government entity and shall provide the following documentation to the Cabarrus County Commerce Department to meet the qualifications: Any applications to a 501(c) (3) non profit organization or government agency which develops affordable owner occupied housing such as Habitat for Humanity, Prosperity Unlimited, LLC, and the Concord or Kannapolis Community Development Departments; and a letter from the recognized 501(c) (3) and/or government agency certifying completion of all required program requirements; and income documentation that accompanied the aforementioned applications. Eligible applicants will be required to have household incomes at or below 80~ of the current HUD published area median income for the Charlotte, North Carolina MSA. Any reimbursement will follow this process: A written request must be presented to the Cabarrus County Commerce Department, with all of the aforementioned documentation. Vouchers and reimbursements shall only be issued for structures that are the primary residence of the applicant(s). Vouchers should be requested during the development of the consent agreement which is part of the subdivision approval process if the subdivision is developed by a recognized non profit or government agency. Vouchers must be presented during the permitting process. If an eligible party purchases a new home in a subdivision affected by adequate public facility fees and that is not produced by a non profit agency or a government agency, a reimbursement may be made in the form of a soft second mortgage that will be applied to the buyer's mortgage. The soft second mortgage will have an amortized recapture clause. Cabarrus County may recapture a percentage of the reimbursement if the subject property changes ownership within five years of the date of purchase. The amount recaptured by the county will decrease by 20°s each year for a five year period. All funding will be subject to availability of appropriate funds in the County's budget. If insufficient funds are available to pay a request which has been properly submitted and approved as provided above, the Administrator shall promptly notify the applicant of the unavailability of the funding. Applications for funding shall not carry over from fiscal year to the next. The payment of school impact fees by the County shall be credited without actual transfer of monies, in the event of a voucher, into the school impact fee fund. Reimbursements will be made in the form of a soft second mortgage, therefore, loan closings will need to be scheduled