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2 <br /> have been partially met through the approval of a <br /> $52 . 0 million bond issue in November, 1992 . A new <br /> high school and two middle schools are being <br /> constructed with these funds. There is an unfunded <br /> need for the two elementary schools identified in <br /> the 5-Year CIP. <br /> To fund the identified needs of the school systems <br /> through impact fees, Orange County is required to <br /> calculate the maximum fee. Although this has been <br /> done, the Board of Commissioners has elected to set <br /> the fees at a lesser amount, averaging from $500 to <br /> $750 per residential unit, to fund a portion of the <br /> cost of new elementary school space. Revenues from <br /> such a fee range would generate approximately <br /> $770, 000 to $1. 2 million for both school districts <br /> during the first year. The alternative being <br /> considered by the Board was an 1.8 cent to 2 .8 cent <br /> increase in the property tax rate to raise similar <br /> amounts for both school districts. <br /> The Board conducted two public hearings to receive <br /> comments from citizens and organizations interested <br /> in school impact fees. The first hearing was held on <br /> May 18, 1993 in conjunction with a regular Board of <br /> Commissioners' meeting. The second hearing was held <br /> in conjunction with a regular quarterly public <br /> hearing on May 24, 1993 . <br /> By adopting the resolution that is included with <br /> this abstract, the Board of Commissioners decided to <br /> establish a fee of $750 per dwelling unit, collect <br /> the fees at the time of issuance of a Certificate of <br /> Occupancy, provide for a capital planning period for <br /> public schools to 10 years, and establish a fund <br /> from which impact fees for low-income housing units <br /> would be paid. An ordinance including all applicable <br /> points has been prepared and is included with this <br /> abstract for the Board's consideration. <br /> If the Board adopts the ordinance, it must establish <br /> an effective date and adopt a shorter time frame <br /> (five years) within which school impact fees must be <br /> expended (see Section 5.C.5) . Including a 10-year <br /> period in the ordinance will require Board approval <br /> of a 10-Year CIP Plan for schools and revision of <br /> the technical report, including recalculation of the <br /> maximum impact fees. There is insufficient time to <br /> accomplish these steps if the Board wishes to <br /> establish an ordinance effective date of July 1, <br /> 1993 . <br /> RECOMMENDATION: As the Board decides. <br />