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s <br />• <br />• <br />Indian River County 1 Impact Fee Update Study <br />Net Parks & Recreation Facilities Impact Cost <br />The net parks and recreation impact fee per resident is the difference between the cost <br />component and the credit component. Table IX -8 summarizes the calculation of the net <br />parks and recreation cost per resident for both neighborhood/community and regional <br />parks. <br />The first section of Table IX -8 identifies_ the total impact cost as $869 per resident for all <br />J. <br />parks. The second section of the table identifies the .r`evernue credits for the parks and <br />• 7 <br />recreation impact fee, totaling approximately $34 forall=parks. <br />''-'- <br />The net impact cost per resident is the different -between the total impact cost and the total <br />revenue credit per resident. This results in a;net impact cost of $836:per resident for all <br />parks. <br />Table IX=8. <br />Net Impact Cost per Resident <br />Calculation Step <br />Impact Cost ( <br />Impact 1 <br />Cost <br />I <br />,' <br />- ! <br />Sales Tax <br />_ j <br />Revenue Credits <br />General Fund <br />& Grants <br />Total <br />Total Impact Cost per Res'ident(1) <br />' $869.24 <br />Revenue Credit --«- - -= <br />Avg Annual Ca.ital Ex.ansion;Credit •er•Resident(2 <br />$6.31 <br />$0.24 <br />Ca.italization Rate`' "' , <br />2.5% <br />2.5% <br />Capitalization Period (in'years) <br />5 <br />25 <br />Capital Ex•ansion Credit per•R6ident(3)'-'j-- . <br />$29.32 <br />$4.42 <br />$33.74 <br />Net Impact Cost-' ` <br />Net Impact Costper:Resident(4) \i';- '? <br />$835.50 <br />(1) Source Table IX:6; `4 <br />(2) Source Table IX -7 <br />(3) Source: The present value of;the capital improvement credit per resident (Item 2) at a discount rate of <br />2.5% with a capitalization period of 5 years for sales tax expenditures and 25 years for general fund & <br />grant expenditures. <br />(4) Total impact cost per resident (Item 1) less the total revenue credit per resident (Item 3) <br />Tindale -Oliver & Associates, Inc. <br />Indian River County <br />January 2014 97 Impact Fee Update Study <br />