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Indian River County I Impact Fee Update Study <br /> summary of the correctional facilities land and building inventory, including a total land <br /> value of $1.8 million and a total building value of $63 million. As previously mentioned, <br /> these values do not include building space or land associated with other County <br /> departments. <br /> The building value per square foot is estimated based on research on recently built <br /> correctional facilities, discussions and information from architectural and construction <br /> companies, and the insurance values of the existing correctional facilities in Indian River <br /> County. This value is estimated at $250 per square foot for correctional facilities and $125 <br /> per square foot for the other ancillary facilities included in the inventory. Appendix F <br /> provides further detail on the building cost estimates. <br /> The land value for correctional facilities is estimated at $50,000 per acre based on an <br /> analysis of vacant land values and parcels sold in the County over the last three years as <br /> well as the value of land where the current facilities are located (see Appendix F). <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> September 2014 13 Impact Fee Update Study <br />