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School Construction Assistance Credit Variables <br /> 1. Construction Cost Allocation - currently$188.55 for new construction projects approved <br /> in July of 2012. <br /> 2. State Funding Assistance Percentage-percentage of State funds that the District expects <br /> to receive. For new construction and additions,the District is currently eligible to <br /> receive a maximum state match of 48.61%of eligible costs (as defined by the State). <br /> Tax Credit Variables <br /> A credit is granted to new development to account for future payments that will be paid or are <br /> reasonably anticipated to be paid to the District. The credit is calculated using a"present value" <br /> formula. <br /> 1. Interest Rate(20-Year General Obligation Bond) -interest rate of return on a 20-year <br /> General Obligation Bond and is derived from the Bond Buyer index. As of April 1, 2012 the <br /> current interest rate is 4.00%. <br /> 2. Bond Levy Rate-current bond levy rate is$1.31 per$1,000 in assessed value. <br /> 3. Average Assessed Value -based on estimates made by the County's Planning and <br /> Development Services Department utilizing information from the Assessor's files. The <br /> current average assessed value is $344,883 for single family dwelling units; $86,007 for <br /> one-bedroom multi-family dwelling units; and $125,606 for two or more bedroom <br /> multi-family dwelling units. <br /> Proposed Mukilteo School District Impact Fee Schedule <br /> Using the variables and formula described, impact fees proposed for the District are summarized <br /> in Table 13. See also Appendix D. <br /> Table 13- School Impact Fees <br /> Impact Fee <br /> Housing Type Per Unit <br /> Single Family $ 2643 <br /> Multi-Family(2+ Bedroom) $ 2833 <br /> 20 <br />