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Indian River County 1 Impact Fee Update Study <br />V. Libraries <br />Library impact fees are used to fund the capital construction and expansion of library <br />services related buildings, land, and materials/equipment required to support the additional <br />library facilities demand created by new growth. This section provides the results of the <br />library impact fee analysis. There are several major elements associated with the <br />development of the library facilities impact fee: <br />• Facility Inventory <br />• Service Area and Population <br />• Level -of -Service <br />• Cost Component <br />• Credit Component <br />• Net Library Facilities Impact^Cost <br />• <br />• <br />• <br />Calculated Library Facilities iinpactEee Schedule <br />Affordable Growth Strategy <br />Library FacilitiesImpact Fee Schedule Comparison <br />These various elements are summarized) in this section. It } <br />mshould be noted that library <br />impact fees are chargedito.residential land uses only. <br />Facility Inventory <br />The IRC Library Service operates five libraries with a total square footage of 110,000. The <br />following table presents the inventory of library facilities. The building value is estimated at <br />$240 per square foot based on recent library construction and insurance values of existing <br />libraries. Land value.for library buildings is estimated at $50,000 per acre based on value of <br />current parcels and an analysis of recent vacant land sales and values. Appendix F provides <br />additional information on building and land value estimates. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />January 2014 46 Impact Fee Update Study <br />