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Comprehensive Plan Capital Improvements Element Changes to the Capital Improvements Program With the ongoing depressed housing market, challenges in the national and global financial markets, and limited building permit activity, County revenue again decreased in Fiscal Year 2011/12 and is expected to remain lower than forecasted in the prior year's Capital Improvements Program (Fiscal Years 2011/12 through 2015/16). As a result of the decrease in projected revenue and the associated decrease in projected demand for public facilities, the overall Capital Improvements Program has been scaled back. Consequently, some of the projects within the 2012/13 through 2015/16 CIP have had their time frame extended. None of the changes, however, will impact development project concurrency reservations. Because of the depressed housing market, problems with the financial markets, and limited construction activity, it is anticipated that the capacity associated with most of those projects will not be needed until later dates. One of the transportation projects that had its construction dates extended involves improvements to a roadway that is over capacity according to the County's concurrency management system. Listed in Table 6. 10, that deficient link is C.R. 510 between 58th Avenue and U.S. Highway 1. One other roadway segment within the County's concurrency management system has limited available capacity. That is C.R. 510 between 66th Avenue and C.R. 512. Like the C.R. 510 between 58th Avenue and U.S. Highway 1 project, C.R. 510 between 66th Avenue and C.R. 512 is a project that has had its construction date extended. In this CIP the C.R. 510 from 61 St Drive to the Indian River project has been divided into two separate projects. Those projects are C.R. 510 from 55th Avenue to the Indian River and C.R. 510 from 61St Drive to 55th Avenue. One of those projects, C.R. 510 from 55th Avenue to the Indian River has been moved up to be fully funded in the first three years. The other project, as well as the other C.R. 510 projects have been re -scheduled to later years of the CIP. While some of the C.R. 510 transportation projects are being rescheduled to later years of the CIP, there are several factors that are expected to increase available capacity in the short term. One such factor is that concurrency certificates for some development projects with vested trips will expire soon. At that time, the reserved trips reflected by those projects will be removed from the concurrency management system. Another factor is that recent traffic counts indicate that traffic volumes are continuing to decrease on most roadways. Those new traffic counts will soon be reflected in the County's concurrency management system. At that time, the increased capacity and decreased demand will have the effect of increasing the available capacity on County roadways and will likely further decrease the need for scheduling, financing, and constructing transportation projects in the County's CIP. Community Development Department Indian River County Adopted , 2012, Ordinance 2012- 32