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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 <br />for 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 funds represented 0.19% <br />of county funds for FY 2009/10 as shown in <br />table 6.1. Figure 6.4 displays the revenue <br />collected by Indian River County through <br />special assessments over the last six fiscal <br />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, certificate of occupancy <br />issuance, or other development or <br />construction approval when the revenues <br />collected are intended to fund the costs of <br />capital improvements for any public <br />facilities. <br />Figure 6.4: Special Assessments Revenue <br />$600 <br />$500 $494 M $487 <br />tt[ <br />- $420 <br />$400$300$200$100$- <br />2005 2006 2007 2008 2009 2010 <br />m Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Figure 6.5: Impact Fee Revenue <br />$40,000 $3s,zs7 <br />$35,000 --- <br />$30,000 <br />$25,000 <br />$ 24,634 <br />-- — ----- --- __-- -- <br />$20,000 -- <br />$15,000 — --- - <br />$10,000 $ 7,007 - $5,432 <br />$5,000 $ 2,054 $1,432 <br />2005 2006 2007 2008 2009 2010 <br />m Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Since 1986, Indian River County has levied <br />traffic impact fees on new development projects. In June of 2005, Indian River County began to levy <br />Community Development Department <br />Adopted November _, 2011, Ordinance 2011-_ <br />Indian River County <br />5 <br />