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• <br />• <br />• <br />Indian River County 1 Impact Fee Update Study <br />Land Cost <br />Because of recent fluctuations in land values statewide, a detailed analysis of land values for <br />each type of park (and the geographic subareas within the county) was conducted. This <br />analysis takes into consideration current land value of the existing parks as reported by the <br />Indian River County Property Appraiser as well as an analysis of recent sales of vacant land <br />similar in size and location to Indian River County's parks. Based on this analysis, an average <br />land value of $50,000 per acre is used in the impact fee calculations. Appendix F provides <br />the data used for this analysis. <br />The cost of land for parks and recreation facilities includes more than just the purchase cost <br />of the land. Landscaping/site improvement and-utilities/paving,costs are also considered. <br />These costs can vary greatly, depending on the type of services -offered at each park. Based <br />on information provided by the County, as'" well as information :from similarly sized <br />jurisdictions and park types, basic landscaping; -'site preparation, andir.rigation costs were <br />estimated and are presented in Table IX -4. <br />'Table IX -4 <br />Land Cost`per Resident <br />Facility/Calculation Step <br />Land Purchase Cost perAcrehf '' '� r` `a <br />1 Cost per Acre <br />$50,000 <br />Landscaping, Site:Peparation, and Irrigation Costs (peracre)(2) <br />$5,000 <br />Utilities and Pavin`racre 1: ' <br />g (pe ) ; <br />$20,000 <br />Total Land:Cost�perAcre�4� <br />$75,000 <br />Regional Parks LOS (acres per -1,000 Residents).;) <br />5.23 <br />Land Cost per Resident`- Regional Park Component(6) <br />$392.25 <br />Neighborhood/Community'Parks LOS(acres per 1,000 Residents)(5) <br />0.36 <br />Land Cost per Resident - Neighborhood/Community Park Componentm <br />$27.00 <br />Land Cost per Resident - All Parks(8) <br />$419.25 <br />1) Source: Appendix F,s-Table F-10 <br />2) Source: Indian RiverCounty` <br />3) Source: Indian River County <br />(4) Sum of land purchase cost (Item 1), landscaping, site preparation, and irrigation costs (Item 2), and <br />utilities and paving per acre cost (Item 3) <br />(5) Source. Table IX -2 <br />(6) Total land cost per acre (Item 4) multiplied by regional parks LOS, divided by 1,000 <br />(7) Total land cost per acre (Item 4) multiplied by neighborhood/community parks LOS, divided by 1,000 <br />(8) Sum of land cost per resident for regional parks (Item 6) and neighborhood/community parks (Item 7) <br />Tindale -Oliver & Associates, Inc. Indian River County <br />January 2014 91 Impact Fee Update Study <br />