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Comprehensive Plan Capital Improvements Element <br />• Special Assessments <br />Special assessments are compulsory <br />payments levied on real property for specific <br />benefits generated by public investments or <br />services; the assessment levied must fairly <br />reflect the actual costs of the improvements. <br />County revenues which fall under the <br />general category of special assessments <br />consist of street paving assessments, street <br />lighting district assessments, as well as <br />assessments for water, sewer, and drainage <br />improvements. Expenditures of special <br />assessment revenue are restricted to public <br />improvement projects that directly benefit <br />the property owner or payee. For example, <br />street paving assessment revenues must be <br />spent on paving streets that directly benefit <br />the payer of the assessment. <br />Special Assessment funds represented <br />0.21% of county funds for FY 2008/09 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, 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 $ ssz <br />$500 $494 $487 <br />$400 $392 $377 <br />$ 345 <br />$300 <br />$200 <br />$100 <br />$- <br />2004 2005 2006 2007 2008 2009 <br />■ Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Figure 6.5: Impact Fee Revenue <br />$40,000 $3s,2s7 <br />$35,000 <br />$30,000 <br />$ 24,634 <br />$25,000 <br />$20,000 <br />$15,000 — <br />$ ,4 10 <br />$10,000 $7,007 <br />$ 5,432 <br />$5,000 $z,osa <br />2004 2005 2006 2007 2008 2009 <br />■ Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Since 1986, Indian River County has levied traffic impact fees on new development projects. In June <br />of 2005, Indian River County began to levy 8 new impact fees. At the same time, the County <br />Community Development Department Indian River County <br />Supplement #_; Adopted November _, 2010, Ordinance 2010-_ 5 <br />