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Indian River County I Impact Fee Update Study <br /> Table II-6 <br /> Total Impact Cost per Functional Resident <br /> Description <br /> Total Value(7) <br /> Building Value(l) $63,327,000 93.22% <br /> Land Value(l) $1,825,500 2.69% <br /> Equipment Value(2) 2 780 601 4.09% <br /> Total Asset Value $67,933,101 100.00'/0 <br /> Number of Beds(3) 612 <br /> Net Asset Value per Bed(') $111,002 <br /> Current LOS(Beds per 1,000 Functional Residents)(5) 4.37 <br /> Total Impact Cost per Functional Resident(6) $485.08 <br /> (1) Source:Table II-1 <br /> (2) Source:Table II-2 <br /> (3) Source:Table II-4 <br /> (4) Total asset value divided by the number of beds(Item 3) <br /> (5) Source:Table II-4 <br /> (6) Net asset value per bed(Item 4)multiplied by the current correctional facilities LOS(Item 5) <br /> divided by 1,000 <br /> (7) Percent of building value, land value,and equipment value of the total asset value <br /> Credit Component <br /> To avoid overcharging new development for the correctional facility impact fee, a review of <br /> the capital financing program for correctional services was completed. The purpose of this <br /> review was to determine any potential revenue credits generated by new development that <br /> are being used for expansion of capital facilities, land, and equipment included in the <br /> inventory. <br /> Capital Expansion Expenditures Credit <br /> The capital expansion expenditures credit per functional resident was calculated based on <br /> the capital expansion projects that were completed over the past five years and those <br /> programmed for the next five years. The average annual capital expansion expenditures <br /> were divided by the average functional residents for the same period in order to calculate <br /> the average capital expansion cost per functional resident. <br /> The County completed Phase IV expansion of the correctional facilities in 2008, which was <br /> funded with sales tax revenues. Since then, there have not been any capacity expansion <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> September 2014 19 Impact Fee Update Study <br /> ,q -a� <br />