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Indian River County 1 Impact Fee Update Study Net Correctional Facilities Impact Cost The net correctional impact fee per resident is the difference between the cost component and the credit component. Table 11-8 summarizes the calculation of the net correctional facility cost per resident. The first section of Table 11-8 identifies the total impact cost as $485 per functional resident for correctional facilities. The second section of the table identifies the revenue credits for the impact fee. The credit calculation includes a total of approximately $299 per functional resident. The net impact cost per resident is the different between the total impact cost and the total. revere a credit per resident. This results in a net impact cost of $186 per functional resident.: Table II -8 Net Impact Cost per: Functional Resident Calculation Step ._ _-_ _ Impact Cost Impact Cost Revenue Credits Total Impact Cost per Functional Resiidentlll. $485.08 - Revenue Credit . ,, Avg Annual Capital,Expansion.Credit per Functional Resident(2) $16.22 Capitalization Rate- ; 4, . 2.5% Capitalization Period (in years)`• 25 Capital Expansion CreditPerFunctional,Resident(3) $298.84 Net Impact.Cost_ ; . Net Impact Cost per -Functional Resident(4) $186.24 (1) (2) (3) Source: Table 11-6 SourceTable 11-7 Source--Jhe present value of the capital improvement credit discount rate of 2.5% with a'capitalization period of 25 years Indian RiverCounty. f, (4) Total impact cost per,resident:(Item 1) less the total revenue Calculated Correctional Facilities Impact Fee Schedule per functional resident (Item 2) at a . The discount rate was provided by credit per resident (Item 3) Table 11-9 presents the calculated correctional facilities impact fee schedule for residential and non-residential land uses, based on the net impact fee cost per resident figures presented in Table 11-8. Tindale -Oliver & Associates, Inc. Indian River County January 2014 19 Impact Fee Update Study