Commencing January 1, 2006, each party agrees that it will donate the following amounts to Falcon Community Builders for Classrooms (“Nonprofit Corporation”), upon the issuance of each building permit that the party receives from the El Paso County Regional Building Department (RBD) for dwellings located in Falcon School District 49 (the “District”):
a.) One thousand five hundred dollars ($1500) for each new single family home up to four units per acre;
b.) Eight hundred fifty dollars ($850) per new multifamily unit with 5 to 8 units per acre; and
c.) Five hundred dollars ($500) per new multifamily unit for any density over eight units per acre.
The donation amounts may be adjusted annually on October 1st by Falcon Community Builders for Classrooms based upon the annual percent change in the Construction Cost Index published in the Engineering News Record (McGraw-Hill Construction).
The parties further agree that the Nonprofit Corporation may rely upon this donation commitment in making financial commitments, including but not limited to, bonded indebtedness for the construction or improvement of education support facilities.
This agreement shall be in force and effect through December 31, 2015, at which time it shall automatically terminate.
Payment is due no later than at the time of application for a building permit. A party who wishes to prepay (i.e., make the donation prior to application for a building permit) may submit payment directly to the Nonprofit Corporation. The Nonprofit Corporation will issue documentation certifying that the agreed upon donation has been made. This documentation will evidence the party’s agreed upon donation at time of submittal for a building permit to certify that payment has been made.
Monies collected by the Nonprofit Corporation shall be spent according to a capital facilities and expenditure plan to be hereafter adopted by the Board of Directors (the “Board”) of the Nonprofit Corporation (the “Plan”). In adopting the Plan, the Board shall work closely with the District, and adoption of the Plan shall take into account the following non-exclusive factors:
- The capital facilities needs of the District;
- Growth patterns and projections within the District; and
- Student population and classroom overcrowding within the District.
The Bond shall have the right, but not the obligation, to issue bonds or other indebtedness to be repaid from future anticipated donations.