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5. Tax Credit Variables <br /> Under Ordinance 97-095, a credit is grant.' co new development to account for property taxes <br /> which will be paid to the school district over the next ten years. The credit is calculated using a <br /> "present value" formula. <br /> Interest Rate (20-year GO Bond). This is the interest rate of return on a 20-year General <br /> Obligation Bond and is derived from the bond buyer index. The current assumed interest rate <br /> is 6.08%. <br /> Levy Rate (in mils). The capital construction levy rate is determined by dividing the District's <br /> average capital property tax rate by one-thousand. The current levy rate for the Everett School <br /> District is.00285 <br /> Average Assessed Value. This figure is based on the District's average assessed value for each <br /> type of dwelling unit (single-family and multiple-family). The average assessed values are <br /> based on estimates made by the County's Planning and Development Services Department <br /> utilizing information from the Assessor's files. The current average assessed value is $152,997 <br /> for single-family detached residential dwellings; $45,933 for one-bedroom multi-family units, <br /> and $65,892 for two or more bedroom multi-family units. <br /> Loan Payoff (Years). This is the average amount of time remaining on Capital <br /> Projects/General Obligation Bonds issued by the District. The average time remaining on <br /> bonds issued by the all Snohomish County school districts is assumed to be 10 years for <br /> purposes of calculating this credit. <br /> Table 10 -- Impact Fees <br /> Everett School District 2001 <br /> Housing Type Impact Fee Per Unit <br /> Single Family $1,843 <br /> Multiple Family, 1 Bdrm $0 <br /> Multiple Family, 2+ Bdrm $718 <br /> Proposed Impact Fee Schedule <br /> Using the variables and formula described, impact fees under Ordinance 97-095 for the <br /> Everett School District are specified in Table 10 (refer to Appendix A for worksheets). The <br /> fee totals are subject to the 50% discount imposed by County ordinance 97-095. Without <br /> those conditions the fee total would be: <br /> Single Family Detached $ 3,686 <br /> One Bedroom Apartment $ -0- <br /> Two+ Bedroom Apartment $ 1,435 <br /> Everett School District Section 6 -9 Capital Facilities Plan <br />