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ORD 15-028 ORDINANCE NO , 15 - 028 AN ORDINANCE approving and adopting by reference the text of that certain document entitled Washougal School District Capital Facilities Plan 2015 - 2021 . WHEREAS , the Washougal School District has submitted an amended capital facilities plan entitled "Washougal School District Capital Facilities Plan 2015 -2021 " to the City for its review and approval , and WHEREAS , the Council has considered said capital facilities plan and has conducted a public hearing, and desires to adopt the same as the capital facilities plan for the Washougal School District, NOW, THEREFORE , BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAMAS AS FOLLOWS . Section I The Council hereby approves and adopts by reference a volume of text entitled " Washougal School District Capital Facilities Plan 2015 - 2021 " as the amended capital facilities plan of the school district, which shall provide the basis for the collection of school impact fees by the City on behalf of the school district . Section 11 A copy of the Washougal School District Capital Facilities Plan 2015 -2021 shall be maintained in the council file on these proceedings , and copies of said Capital Facilities Plan shall be made available for public inspection at the Public Works Department . Ordinance No . 15 - 028 Page - 2 Section III This ordinance shall take force and be in effect five ( 5 ) days from and after its publication according to law . PASSED by the Council and APPROVED by the Mayor ° s 21St y of December, 2015 . t SIGNED : Mayor ATTEST : C� - Clerk APPROVED as to form : City Attorney WASHOUGAL SCHOOL DISTRICT CAPITAL FACILITIES PLAN 2015-2021 BOARD OF DIRECTORS Ron Dinius, President Elaine Pfeifer, Vice President Karen Rubino Teresa Lees Bruce Westfall SUPERINTENDENT Dawn Tarzian DIRECTOR OF Facilities Joe Steinbrenner Adopted by the Washougal School District Board of Directors May 26th, 2015 I. INTRODUCTION A. Purpose of the Capital Facilities Plan The Washington State Growth Management Act (the "GMA") includes public school facilities and services that must be provided as cities and counties plan for growth. School districts have adopted capital facilities plans to satisfy the requirements of the GMA and to identify additional school facilities necessary to meet the educational needs of the growing student populations anticipated in their districts. The Washougal School District (the "District") has prepared this Capital Facilities Plan (the "CFP") to provide Clark County (the "County") and the cities of Camas and Washougal (the "Cities") with the District's anticipated capital facility needs and the District's schedule and financing plan for those improvements over the next six years (2015-2021). In accordance with the Growth Management Act and the County and City Impact Fee Ordinances, this CFP contains the following required elements: ■ The District's standard of service, which is based on program year, class size by grade span, number of classrooms, types of facilities, and other factors identified by the District, including teacher contracts and funding requirements. ■ An inventory of existing capital facilities owned by the District, showing the locations and capacities of the facilities, based on the District's standard of service. ■ Future enrollment forecasts for each grade span (elementary, middle, and high schools). ■ A forecast of the future needs for capital facilities and school sites based on the District's enrollment projections. ■ The proposed capacities of expanded or new capital facilities over the next six years based on the inventory of existing facilities and the standard of service. ■ A six-year plan for financing capital facilities within projected funding capacities, which clearly identifies sources of public money for such purposes. The financing plan separates projects and portions of projects that add capacity from those that do not, since the latter are generally not appropriate for impact fee funding. ■ A calculation of impact fees based on the formula in the County and City impact fee ordinances and supporting data substantiating such fees. 1 B. Overview of the Washougal School District The Washougal School District is located in southwest Washington and serves residents of Washougal, Camas and unincorporated Clark County, as well as residents in the Columbia River Gorge who live in the Cape Horn area of Skamania County. The District map reveals a long, narrow band of land that extends from the Columbia River on the south all the way north to the White Pass School district in Lewis County. This geographical configuration gives Washougal the unusual feature of being incorporated into two counties (Clark and Skamania) and bordering two other counties to the north and west (Cowlitz and Lewis). The District is bordered on the west by seven school districts—Camas, Hockinson, Battle Ground, Woodland, Kalama, Kelso, and Toutle Lake school districts. It is bordered on the east by the Skamania School District. The northern end of the District includes the uninhabited wilderness around Mt. St. Helens in the Gifford Pinchot National Forest. One of the district's schools, Jemtegaard Middle School, is located within the national boundary of the Columbia River Gorge Scenic Area. The District serves a population of 3,104 students. Of the 3,104 students, 1,399 students attend classes in 3 elementary schools (grades K-5), 741 students attend classes in two middle schools (grades 6-8), and 964 students attend classes in one high school and one alternative high school (grades 9-12). For purposes of facility planning this CFP considers grades K-5 as elementary, grades 6-8 as middle school, and grades 9-12 as high school. In November 2015, the District re-evaluated enrollment forecasts and student generation rates based on recognized methodologies including trends in land development, housing starts, and residential construction and that data is reflected in this plan. The most significant issues facing the District in terms of providing classroom capacity and maintaining support facilities to accommodate existing and projected demands are: ■ In 2005, the district purchased two portable units (4 classrooms) to alleviate overcrowding at Gause Elementary and Cape Horn-Skye Elementary. ■ Jemtegaard Middle School was constructed in 1982 and now qualifies for state matching funds. The main structure is surrounded by older portables used to house students beyond the school's original capacity. The entire facility is in need of modernization and repair to function as a quality educational space. ■ The District completed the OSPI Study and Survey in 2015 and presented a multi- project bond to voters in February 2015 that includes construction of a new K-8 school on the existing Jemtegaard site, which will be comprised of a new elementary school and a replacement middle school. The bond also includes construction of a new Alternative High School on -the Excelsior High School site. Extensive collaboration between the District and the Columbia River Gorge Commission resulted in preliminary understandings that can be drawn upon in the future. The District is overcrowded at the middle schools and two elementary schools. The former shop classroom and a home economics classroom at Jemtegaard Middle School continue to be used as general classroom space. Gause and Hathaway elementary schools have reached capacity. ■ The District owns property known as the Kerr property, which is suitable for a new elementary and a new middle school and a new district transportation facility. The 2 Kerr property was paid off in 2013. Purchase of additional land for future school facility sites is currently being studied. ■ The City of Washougal has initiated construction to modernize Washougal's main "E" Street corridor. The current school district transportation facility is located on "E" Street, and the District and Board met several times in 2009 with the City to determine the impact of the street construction on the district transportation property. Significant changes include a reduction in the number of driveways and a new pedestrian sidewalk, which will change the traffic flow from "E" street into and out of the bus maintenance garage. In order to accommodate the reduced access, five buses have been moved and are being parked at another district location to allow for a circular traffic flow into and out of the bus maintenance garage. ■ In 2005, the City of Washougal in partnership with the District began development of three baseball fields on District property known as the George Schmid Fields. Two fields have been completed. Completion plans for the third field includes the addition of a restroom and a small office/concession stand. ■ The District Administrative Services Center has no additional office space available. ■ District growth has been residential rather than industrial. Assessed valuation is slowly increasing since 2013. The District and local property taxpayers would still benefit from industrial growth. In summary, Washougal School District recognizes that quality schools are essential to a positive, growing community. People gravitate to communities with great schools, and businesses thrive in communities where there is pride and accomplishment associated with educational opportunity. Washougal School District is engaged in long-range educational, fiscal and operational planning that will benefit the students, families and community members it serves. II. DISTRICT EDUCATIONAL PROGRAMS AND STANDARDS OF SERVICE To provide quality education, the District must have quality facilities. Facilities provide the physical structure necessary for achieving educational goals established by the Board of Directors. School facility needs are dictated not only by student enrollment, but also by the space required to accommodate the District's adopted educational program. Beyond regular education, the district also provides specialized programs with unique facility needs such as special education, bilingual education, and technology education, pre-kindergarten and after school programs. The District's program and educational standards for 2015 are summarized below. The program and educational standards may vary during the six-year CFP window. Absent significant changes in factors that are beyond the District's control, the District will provide the following programs and standards of service in 2015, 2016, 2017, 2018, 2019 and 2020. If significant changes occur that require new facilities or improvements, beyond what is identified in this CFP, the District will prepare and submit an updated CFP. A. District-wide Educational Programs The Washougal School District's core services and program offerings include the following: ■ Elementary schools provide education in all core subject areas including reading, writing, math, social studies and science. In addition, students participate in P.E., music, art and library programs. 3 • Middle schools provide instruction in the core disciplines of English, mathematics, social studies, science, P.E., music and art. Students have elective offerings available including robotics, music and art. An extracurricular sports program is offered after school to students in 7t1 and 8` grades. ■ High schools provide course work including English, history, science, mathematics, P.E., music and art. Additional offerings include career and technical education programs, career counseling, access to Running Start at Clark College, and Advanced Placement courses. An extracurricular program includes clubs, sports, arts, etc. ■ The District provides science classroom space supporting advanced coursework at the secondary level that require water, sinks, gas, hoods, safety equipment, etc. Schools are working to meet expanded science standards and this will require spaces that cannot typically be met by adding portables. ■ The District will need to upgrade elementary, middle school, and high school spaces supporting health, fitness, and extracurricular activities. This includes replacing the turf and gym floor at the high school. ■ Technology access is necessary and expectations are increasing. Technology (either within the classroom or in dedicated labs) takes extra space that is not calculated in current state square footage allowances, but is necessary for student learning. Technology support and infrastructure needs are also increasing including the installation of fiber optic cable to Jemtegaard and Canyon Creek Middle School as well as Cape Horn Elementary. ■ Beginning in the fall of 2014, the District changed to an all-day Kindergarten program. This change has required one additional classroom space per elementary school. ■ Art and Music spaces are critical to the District's educational programs. As student population grows, so too will the need grow for spaces to support these essential programs. ■ Library/Media demands are crucial. In an information driven environment, access to knowledge through appropriately sized library/media spaces is essential. ■ Extra-curricular activities need space in order to be supported properly with growing student populations. ■ Supplementary services in core academic areas and multiple pathways that prepare students for a broader range of post-secondary learning opportunities require additional space. In addition to the above core educational programs, the following support services are essential to the District's educational program: ■ Given current enrollment, the core facilities are sufficient at all schools except Jemtegaard Middle School where the addition of six basic education portable classrooms is beyond the capacity of the older commons area where all students have lunch. 4 ■ Maintenance and warehouse support facilities are a necessary component to the District operations. The following special services are also required to meet the needs of special populations: ■ Special Education programs are provided at all schools within the District. Special needs program standards change year to year as a result of various state and Federal regulation adjustments. Changes may also be prompted by research-based modifications to programs, class sizes, and the changes in the population of students eligible for services. Modifications in school facilities are sometimes needed to meet the unique needs of individual students or cluster small groups of students with similar needs. ■ Federal and state programs, including Title 1 Reading and Math, Highly Capable, and Bilingual are required programs with limited funds that do not cover the expense of adding facilities as needed to support the programs. ■ The District's pre-school program is housed in five classrooms across the district, one or two classrooms at each elementary school. B. Elementary Educational Standards The following District educational standards of service affect elementary school capacity: ■ Class sizes for grades K-3 are targeted not to exceed 25 students per class. ■ Class sizes for grades 4 and 5 are targeted not to exceed 28 students per class. ■ Music instruction will be provided but in separate (pull-out) classrooms. ■ Physical education is provided in a separate area. ■ All elementary schools have a library/media resource center. ■ A standard for technology is being developed for elementary classrooms. ■ Special education, Title I and LAP (Learning Assistance Program) instruction is provided for some students in classrooms that are separate from regular teaching stations. Class sizes in these programs tend to be small, usually not more than 15 students. C. Middle and High School Program Standards The following District educational standards of service affect middle and high school capacity: ■ Class sizes for grades 6-8 are targeted not to exceed 28 students per class. ■ Class sizes for grades 9-12 are targeted not to exceed 28 students per class. ■ Music, art, PE, drama, and career and technical education classes are provided in separate instructional space. 5 ■ Counseling and career center programs are provided in separate spaces. ■ A standard for technology is being developed for secondary classrooms. Technology labs and distance learning labs are provided in separate spaces. ■ Each middle and high school has a separate library/media resource center. III. CAPITAL FACILITIES INVENTORY The facilities inventory serves to establish a baseline for determining the facilities that will be necessary to accommodate future demand (student enrollment) at acceptable levels of service. This section provides an inventory of capital facilities owned and operated by the District including schools, portables, and support facilities. A. Schools The District maintains three (3) elementary schools, two (2) middle schools, one (1) high school, and one (1) alternative school. The elementary schools serve grades K-5, middle schools serve grades 6-8, and the high school serves grades 9-12. Presently the alternative school serves grades 9-12. Table 1 shows the name, number of teaching stations and student capacity for the elementary schools based on the District's standard of service described above. Table 1: Elementary School Inventory 2014/15 Three (3) Total Bldg. Teaching 2014/15 Elementary Student Capacity Schools Sq. Ft. Stations Enrollment Gause Elem. 56,196 19 475 587 Hathaway Elem. 48,901 17 425 405 Cape-Horn Skye 43,838 16 400 407 Total 148,935 52 1300 1399 Table 2 shows the name, number of teaching stations and student capacity of the two (2) middle schools based on the District standard of service described above. Table 2: Middle School Inventory 2014/15 Two (2) Total Bldg. Teaching Student 2014/15 Middle Schools Sq. Ft. Stations Capacity Enrollment Canyon Creek MS 46,609 9 252 249 Jemtegaard MS 50,808 11 308 492 Total 97,417 20 560 741 6 Table 3 shows the name and number of teaching stations and student capacity of each school based on the District standard of service described above. Table 3: High School Inventory 2014/15 High Schools Total Bldg. Teaching Student 2014/15 Sq. Ft. Stations Capacity Enrollment Washougal HS 150,471 34 952 895 Excelsior Portables 3 0 69 Total 157,291 37 952 964 Student capacity was determined based on the number of teaching stations within each building and the space requirements of the District's current educational programs and standards of service. Student capacity as noted in Tables 1, 2, and 3 does not include capacity that is currently provided in portables at each school. B. Portables Portable classrooms are used on an interim basis to house students until funding can be secured to construct permanent classrooms. To accommodate future growth on a short term and immediate basis, the Washougal School District may purchase and utilize portable classrooms. The District currently uses a total of 16 dual classroom portables and 1 single room portable. Of the 16 dual classroom portables (32 teaching stations), 16 teaching stations are used for basic education instructional classrooms. Table 4 identifies the total number of portables at elementary, middle and high school sites distinguishing between the number that are used to provide interim capacity (as teaching stations) and those are used for special programs or to address other educational needs. Table 4: Portables Inventory Number of Number of Facility Type Number of Portables Classrooms Used as Students Housed Number of Classrooms in Portable Teaching Stations Classrooms Elementary Schools 9 Portables 10 teaching stations 230 18 Classrooms Middle Schools 5 Portables 9 teaching stations 225 9 Classrooms High Schools 0 0 0 Other (Excelsior) 2 Portables 3 teaching stations 69 4 Classrooms TOTAL 16/31 22 524 7 C. Support Facilities In addition to schools, the District owns and operates additional facilities that provide special programs and operational support functions to the schools. An inventory of these facilities is provided in Table 5. Table 5: Support Facility Inventory Facility Location Community Education Center 630 24th Street Washougal, WA 98671 Administrative Service Center 4855 Evergreen Way Washougal, WA 98671 Maintenance Facility/ 4855 Evergreen Way Warehouse Washougal, WA 98671 Fishback Stadium 1201 39th Street Washougal, WA 98671 Transportation Facility 995 E Street Washougal, WA 98671 Transportation Facility North 9731 Washougal River Rd. Washougal, WA 98671 IV. STUDENT ENROLLMENT PROJECTIONS A. Existing Enrollment The District's enrollment by grade level in October 2014 was 3,104 students. Of the 3,104 students, 1,399 were enrolled in elementary schools, 741 were enrolled in middle schools and 964 were enrolled in high schools. B. Projected Student Enrollment 2015-2020 The District's six-year enrollment projections are based on a report from OSPI Report 1049. The following table shows existing enrollment and the District's six-year enrollment forecast by grade level bands. As reflected in Table 6, the District is forecasting an increase of 199 elementary students, 50 middle school students and 36 high school students. Table 6: Enrollment Forecast Grade 2014 2015 2016 2017 2018 2019 2020 Total K-5 1399 1448 1450 1,491 1531 1564 1598 Total 6-8 741 721 750 753 782 766 791 Total 9-12 964 974 994 1006 967 1004 1000 TOTALS 3104 3143 3194 3250 3280 3334 3389 V. CAPITAL FACILITY NEEDS Capital Facility Needs are determined by existing conditions of support facilities, the need to make improvements and expand to serve growth, and the current school capacity in light of forecast enrollment. Table 7A below shows existing capacity at the schools, the forecast enrollment and the facility need to serve the enrollment. Improvements that are needed at facilities that support the schools are identified in Table 7B. 8 Table 7: Facility Needs for Schools Facility Current Forecast Facility Capacity Enrollment Needs Elementary 1,300 1598 298 (K-5) Middle 560 791 231 (6-8) High 952 1000 48 (9-12) To provide additional capacity for 298 elementary school students, the District will construct a new 400 student elementary school at the Jemtegaard Middle School site. The District will replace Jemtegaard Middle School with a new/replacement middle school that will serve 600 students. This will increase the middle school capacity by 292. Forecast growth in the high school will be accommodated by adding portables at the high school and with the construction of a 90 student alternative high school, which will take the place of Excelsior High School. These planned improvements, along with other improvements at facilities that support the schools, are listed in Table 8 below. Table 8: Planned Im rovement and Facility Costs to Address Needs Project Description Cost Estimate Added Capacity Capacity Added Cost for Added to Serve Capacity ** Growth* New Elementary $19,097,675 400 301 $14,371,000 School New/Replacement $28,646,512 600 (292 new) 111 $5,299,604 Middle School New/Replacement $4,507,004 90 78 $3,906,070 Excelsior High High School $250,000 0*** 0 $0 Portables Future School Site $2,000,000 TBD**** TBD $2,000,000 Maintenance $1,000,000 Forecast growth Forecast growth $90,000 Facility/Warehouse Transportation $1,500,000 Forecast growth Forecast growth $135,000 Facility on Kerr Property Fishback Stadium $300,000 Forecast growth Forecast growth $27,000 TOTAL $57,301,191 782 490 $25,828,674 * Capacity that is added to serve growth is determined by subtracting the existing need from the total capacity that will be provided. ** Cost for added capacity is the percentage of the total cost for the improvement that will be incurred to serve the forecast growth. For schools it is calculated by dividing total added capacity by capacity needed for increased enrollment and using that percentage of the total cost. For support facilities it is calculated by dividing the forecast growth (285) by the total forecast enrollment (3389) that will be served, which is approximately 9%and using that percent of the total cost. *** Portables provide a temporary interim capacity and not treated as permanent facilities that add capacity. **** Additional capacity will be determined when the type of school and capacity needs for that school are determined. 9 To accommodate growth on a short term and immediate basis, the Washougal School District may purchase and utilize portable classrooms and this plan incorporates those facilities and the equipment and Furniture necessary to equip these classrooms in the District's project list. Impact fee revenue can be available to fund portable facilities if these facilities are needed to serve growth. V. CAPTIAL FACILITIES FINANCE PLAN A. Six Year Finance Plan for Planned Facility Improvements The total cost for the above planned and needed improvements is $57,301,191. Secured and unsecured funds for the improvements are identified in Table 9A and 9B below. Table 9A: Secured Finance Plan Type Amount Impact Fees (as of 8/31/14) $401,524 Unreserved Capital Projects Funds $0 Total Secured $401,524 Table 913: Unsecured Finance Plan Type Amount Impact Fees $1,020,000* a ital Projects Funds bonds and state match $57,685,000 eTotal Unsecured $58,705,000 *Unsecured impact fees are an estimate that is based on an assumption that building permits will continue to be issued at a constant rate that is similar to that observed over the past three years and the fee amounts being recommended are collected for the six year planning period. If there is a decrease in the number of building permits that are issued for single family homes in the District, or the impact fee amounts are decreased,the District will collect less impact fees, if there is an increase in the number of building permits that are issued or an increase in the impact fee amounts,the District will collect more impact fees. B. Financing Sources The cost for all the planned improvements will be paid for with a combination of voter approved bonds, state match and school impact fees, which are described below. If there is insufficient revenue using these funding sources, the District may have to use its general fund to pay for the facilities that are needed. A summary of the funding sources is below. 1. General Obligation Bonds In February, 2015 the District voters approved a $57,000,000 bond. A 60% majority vote is required to approve the issuance of the bonds. Bond proceeds are placed in the Capital Projects Fund and are used to pay for the facility improvement costs identified in the ballot measure and set forth in this CFP. The bond is retired through collection of property taxes. 2. State Match Funds State Match Funds primarily come from the Common School Construction Fund, which is administered by OSPI. The District may receive state match for a portion of eligible costs to rebuild and expand Jemtegaard Middle School. The amount of funds is based on a state 10 prioritization schedule, a formula in state regulations and the District's assessed valuation per student. The District is eligible for 59.76% state match. 3. Impact Fees Impact fees are a means of supplementing traditional funding sources for construction of public facilities needed to accommodate new development. School impact fees are generally collected by the permitting agency at the time plats are approved or building permits are issued. They are calculated as described below. VI. SCHOOL IMPACT FEES The Growth Management Act (GMA) authorizes local jurisdictions to collect impact fees to supplement funding of additional public facilities needed to accommodate new development. Local jurisdictions in Clark County have adopted impact fee programs that require school districts to prepare and adopt Capital Facilities Plans. Impact fees are calculated in accordance with an established formula, which is based on school facility costs to serve new growth. The District's impact fees have been calculated utilizing the formula in the Clark County and the City of Washougal Impact Fee Ordinance. The resulting figures in the attached Appendix A, are based on the proportionate share of the costs to build a new elementary and middle school to serve growth. Credits have also been applied in the formula to account for State Match funds the District could receive and projected future property taxes that will be paid by the owners of the dwelling units. Amount of School Impact Fees: Single Family: $5,600 Muiti-Family: $5,800 Appendices Appendix A Impact Fee Calculation Appendix B District SEPA documents for CFP 11 WASHOUGAL SCHOOL DISTRICT 112-6 RESOLUTION NO. 2014-15-09 Capital Facilities Plan WHEREAS,the Clark County Planning Commission requires school districts to update their 6- year Capital Facilities Plans every three years, and WHEREAS, the Washougal School District has assessed future needs for capital facilities improvements for 2015-2021, THEREFORE, BE IT RESOLVED, the Board of Directors of Washougal School District, Clark County, Washington,hereby do approve this Capital Facilities Plan, 2015-2021. DATED this 26'h day of May 2015. n Di ni s, President Elaine Pfeifer,Vieezwesidenr J Karen Rubino Teresa L Bruce Westfall n,. Dawn Tarzian, Boa ecre f _ 1 Washougal School District 2015 Impact Fee Calculation APPENDIX A �o S.1F=[CS(SF)—(SM)—((] xA_4VxTLR'� x-4—FC J Single Family Residence: Elementary Middle School Hlgh School Formula $14,371,000.00 $5,299,604.00 $3,906,070.00 Facility Cost 301 111 78 Additional Capacity $47,744.19 $47,744.18 $50,077.82 Cost per Student(CS) 0.147 0.077 0.080 Student Factor(SF) $7,018.40 $3,676.30 $4,006.23 CS x SF $200.40 $200.40 $200.40 Boeck Index 90.00 117.00 130.00 OSPI Sq Ft 59.76% 59.76% 59.76% State Match Eligibility% $1,584.41 $1,078.91 $1,245.49 State Match Credit 1'+`,'! $5,433.98 $2,597.39 $2,760.73 CS x SF-SM $10,792.11 Cost per Single Family Residence 0.00356 Average Interest Rate 0.03617576 Tax Credit Numerator 0.003688786 Tax Credit Denominator 9.806956251 Tax Credit Multiplier(TCM) $256,643.00 Average Assessed Value(AAV) 2516886.67 TCM x AAV 0.00157 Tax Levy Rate(TLR) $4.203.20 TCM x AAV x TLR- t f r-1 $6,588.91 Cost per Single Family Residence-Tax Credit $988.34 15%reduction; $5,600.57 Calculated Single Family Fee Amount $5,600 Recommended Fee Amount Multi-Family Residence: Elementary Middle School High School Formula $14,371,000.00 $5,299,604.00 $3,906,070.00 Facility Cost 301 111 78 Additional Capacity $47,744.19 $47,744.18 $50,077.82 Cost per Student 0.165 0.089 0.087 Student Factor r4:F $7,877.79 $4,249.23 $4,356.77 CS x SF $200.40 $200.40 $200.40 Boeck Index 90.00 117.00 130.00 OSPI Sq Ft 59.76% 59.76% 59.76% State Match Eligibility% $1,778.42 $1,247.05 $1,354.47 State Match Credit $6,099.37 $3,002.18 $3,002.30 CS x SF-SM $12,103.85 Cost per Multi-Family Residence 0.00356 Average Interest Rate 0.03617576 Tax Credit Numerator 0.003688785 Tax Credit Denominator 9.806956251 Tax Credit Multiplier(TCM) $55,262.00 Average Assessed Value(AAV) 541952.02 TCM x AAV 0.00167 Tax Levy Rate(TLR) $905.06 TCM x AAV x TLR=(TC) $11,198.79 Cost per Multi-Family Residence-Tax Credit $1,679.82 15%reduction:. s $9,518.97 Calculated Multi-Family Fee Amount $5,800 Recommended Fee Amount