Second Residential Phase. Example of Additional Funding Calculation (Subject to CCI). For example, assume it is July 1, 2023, School Fees remain at the rates in effect as of the execution date of this Agreement, the Office Phase and First Residential Phase have each obtained a building permit and paid the amounts due under this Agreement, the second annual CCI adjustment is 3% (for a total of 7% since the Date of Adjustment) and Developer is seeking its first building permit for the Second Residential Phase. The calculation of the Additional Funding to be paid for the Second Residential Phase would be as follows: Total Funding Less Amounts Paid School Fees for all Phases Pro-rata Share for Second Residential Phase = 65.4% Additional Funding CCI Adjustment to Additional Funding Distribution to MVWSD 41.2% Distribution to MVLAUHSD 58.8% $12,000,000 ($2,184,097) x 0.654 = $6,419,600 x 1.07= $6,868,972 $2,830,016 $4,038,956 Additional Funding = {($12,000,000 – $2,184,097 [total paid School Fees for all Phases]) x 65.4% (pro-rata share for Second Residential Phase)} + 7% (4% +3%) total CCI = $6,868,972, distributed in the amount of $2,830,016 (41.2%) to MVWSD and in the amount of $4,038,956 (58.8%) to MVLAUHSD.
Second Residential Phase. Developer shall pay the then-applicable School Fees in the normal course at the residential rate for the entire Second Residential Phase when required for the issuance of the first building permit for the Second Residential Phase of the Project. The pro-rata share of the Additional Funding for the Second Residential Phase is sixty-five- point four percent (65.4%).
