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4. Tax Credit Variables <br />Under Chapter 30.66C SCC, a credit is granted to new development to account for <br />property taxes which will be paid to the school district over the next ten years. The credit <br />is calculated using a "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 <br />rate is 4.60%. <br />Levy Rate (in mils). The capital construction levy rate is determined by dividing the <br />District's average capital property tax rate by one -thousand. The current levy rate for the <br />Everett School District is .002400. <br />Average Assessed Value. This figure is based on the District's average assessed value for <br />each type of dwelling unit (single-family and multiple -family). The average assessed <br />values are based on estimates made by the County's Planning and Development Services <br />Department utilizing information from the Assessor's files. The current average assessed <br />value is $235,050 for single-family detached residential dwellings; $86,354 for one - <br />bedroom multi -family units, and $126,902 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 all the Snohomish County school districts is assumed to be 10 years for <br />purposes of calculating this credit. <br />Impact Fee Schedule <br />Table 10 <br />School Impact Fees <br />Everett School District <br />Housing Type Impact Fee Per Unit <br />Single Family $5,170 <br />Multiple Family, 0-1 BR $0 <br />Multiple Family, 2+ BR $2,064 <br />Using the variables and formula described, impact fees under Ordinance 97-095 for the <br />Everett School District are specified in Table 10 above (refer to Appendix A for <br />worksheets). The fee totals are subject to the 50% discount imposed by County <br />Ordinance 97-095. Without those conditions the fee total would be: <br />Single Family Detached $10,340 <br />Multiple Family 0-1 Bedroom $ 0 <br />Multiple Family 2+ Bedroom $ 4,128 <br />Everett School District 6-9 Capital Facilities Plan <br />