Commission Meeting Agenda Item
Agenda Item Title
Consideration of Approval of the Proportionate Share Mitigation Agreement between The School Board of Lake County, Florida, The Town of Lady Lake, and Linden Street Development, LLC, for the Lady Lake Luxury Apartments.
Agenda Item ID
Staff Recommended Motion
Staff recommends approval of the Proportionate Share Mitigation Agreement.
On August 21, 2023, the Town Commission approved MJSP 07/22-002 a Major Site Plan for a multi-family apartment complex totaling 330 units, zoned Planned Commercial (CP), located on a 27.82-acre property on South Highway 27/441.
As part of the process of securing entitlements for the project, Linden Street Development, LLC, submitted a request to the School Board of Lake County, Florida for concurrency determination and school capacity availability for the Lady Lake Luxury Apartments. In a letter dated August 9, 2023, the school board informed the applicants that the project is anticipated to generate a demand of 92 student seats: 50 at the elementary level, 20 at the middle school level, and 22 at the high school level. However, the school board further determined that 14 high school seats are not available to serve the project, therefore, a proportionate share mitigation agreement would have to be entered into to satisfy the concurrency requirement pursuant to the First Amended Interlocal Agreement for School Facilities Planning and Siting recorded in Official Records Book 3644, Page 1, in the public records of Lake County, Florida.
The applicant’s proportionate share mitigation payment is six hundred thousand eight hundred and thirty-eight dollars. There is a cost of $42,917.00 per student station multiplied by the demand generation of the 97 students. The payment must be made to the School Board of Lake County, Florida, prior to issuance of building permits. The payments will be made across multiple phases of the development.
The agreement was executed by the applicant on October 6, 2023, and subsequently executed by the Board Chair of the School Board of Lake County on October 23, 2023. At this time, the Town of Lady Lake, as the third and final party to the agreement, must execute the agreement to establish the agreement’s validity prior to collection of the mitigation payment from the applicant.
There will be no fiscal impact to the Town of Lady Lake as a result of being a party to the agreement, nor is there any obligation of the Town to collect the mitigation payment on behalf of the school board or further responsibilities of the Town pertaining to school concurrency mitigation in association with the Lady Lake Luxury Apartments project.
The agreement has been reviewed and approved by Town Attorney Derek Schroth.
Source of Funding