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Comprehensive Plan Capital Improvements Element <br />• Special Assessments <br />Special assessments are compulsory payments <br />levied on real property for specific benefits <br />generated by public investments or services. <br />By law, the assessment levied must fairly <br />reflect the actual costs of the improvements. <br />County revenues which fall under the general <br />category of special assessments consist of <br />street paving assessments, street lighting <br />district assessments, as well as assessments for <br />water, sewer, and drainage improvements. <br />Expenditures of special assessment revenue <br />are restricted to public improvement projects <br />that directly benefit the property owner or <br />payee. For example, street paving assessment <br />revenues must be spent on paving streets that <br />directly benefit the payer of the assessment. <br />Special Assessment revenue represented <br />0.26% of county funds for FY 2010/11 as <br />shown in table 6.1. Figure 6.4 displays the <br />revenue collected by Indian River County <br />through special assessments over the last six <br />fiscal years. <br />• Impact Fees <br />An impact fee is a one time charge, fee, or <br />assessment levied as a condition of <br />subdivision or site plan approval, building <br />permit issuance, or other development or <br />construction approval when the revenues <br />collected are intended to fund the costs of <br />capital improvements for public facilities. <br />C h 1 d <br />Figure 6.4: Special Assessments Revenue <br />$600 $552 <br />$520 <br />$494 $487 <br />$500 <br />$ 420 <br />$400 $377 <br />$300 <br />$200 <br />$100 <br />$- <br />2006 2007 2008 2009 2010 2011 <br />■ Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Figure 6.5: Impact Fee Revenue <br />$30,000 — �-- <br />$ 24,634 <br />$25,000 <br />$20,000 <br />$15,000 <br />$10,000 $7,007 <br />$ 5,432 <br />$5,000 $2,054 <br />$1,432 $1,741 <br />2006 2007 2008 2009 2010 2011 <br />■ Revenue (in thousands) <br />Since 1986, Indian River ounty as evae <br />Source: Indian River County Finance Department <br />traffic impact fees on new development <br />projects. In June of 2005, Indian River County <br />began to levy 8 new impact fees. At the same time, the County increased the existing traffic impact <br />Community Development Department <br />Adopted , 2012, Ordinance 2012 - <br />Indian River County <br />5 <br />