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6 <br /> 1 Impact Fee Assessment (Potential Revenues) <br /> 2 ✓ $5,492,630 <br /> 3 ✓ 299 Students <br /> 4 o 5 multi-family units generate one student <br /> 5 Capital (Potential Expenditures) <br /> 6 ✓ $12,800,000 — 51% of a school <br /> 7 (cost $25m +) <br /> 8 <br /> 9 Craig Benedict referred to the positives and negatives of the project and said that <br /> 10 several perceived negatives can also be positives. He noted that possible congestion would <br /> 11 actually help support the criteria required for the MPO to provide funding for traffic <br /> 12 improvements. <br /> 13 Craig Benedict referred to the slide on Orange County's participation and said the <br /> 14 majority of the parcels in the area are almost 100 percent impervious and will have to pay into <br /> 15 offsite funds to compensate for their inability to meet standards. He said there is interest in <br /> 16 having some of the additional best management practices (BMP) turned into environmental <br /> 17 aspects to be maintained by a municipal service district. He said a mechanism for maintenance <br /> 18 is important. <br /> 19 Craig Benedict noted that the school impact information uses hypothetical student <br /> 20 generation rates that are in the books, but this may not be an accurate reflection of the future <br /> 21 numbers. He said there is a wide range of variability with multi-family projects. He said the total <br /> 22 number of projected units is 1495, but 198 of those units are being redeveloped and will be <br /> 23 removed from the equation. <br /> 24 Craig Benedict said a new student generation study was completed in November, and it <br /> 25 showed an increase in development over the last 10 years. He said the 2007 numbers in all of <br /> 26 the multi-family units showed only .07 students per unit. He said the new numbers are broken <br /> 27 into categories by the number of bedrooms in the units. He said even the 0 to 2 bedroom <br /> 28 numbers are higher than the 2007 projections. <br /> 29 Craig Benedict said the County receives about $1,286 per unit with the current rates, <br /> 30 which is very low. He said the school impact fees were never intended to cover the full cost of a <br /> 31 student, but the number has been anywhere from 20-40 percent. He said, as we try to get <br /> 32 closer to 60 percent, school construction accelerates, and the impact fee does not necessarily <br /> 33 accelerate. He said scenarios B and C show that impact fees are an important revenue source, <br /> 34 but they do not pay for the capital side of building the school based on the new development. <br /> 35 <br /> 36 Paul Laughton reviewed scenarios in their packet for the Fordham Financial Analysis- <br /> 37 Based on Phases of Education. He said the first 2 scenarios have been presented to the Board, <br /> 38 and the packet also includes scenario 3, which shows more of a cumulative effect. He outlined <br /> 39 the following spreadsheet: <br /> 40 <br /> Ephesus-Fordham Financial Analysis (Scenario 1) <br /> Based on Phases 284.00 <br /> With Education 175.00 19.00 90.00 <br /> Phase 1 Phase 2 Phase 3 <br /> Percentage of <br /> Percentage County <br /> Fy14-15 of Services Revenues Revenues Revenues <br /> FY14-15 Allocated to <br /> Budeet Budeet Project $ 1,424,704.00 $ 154,721.00 $ 726,694.00 <br />