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Indian River County I Impact Fee Update Study <br /> Net Correctional Facilities Impact Cost <br /> The net correctional impact fee per resident is the difference between the cost component <br /> and the credit component. Table II-8 summarizes the calculation of the net correctional <br /> facility cost per resident. The first section of Table II-8 identifies the total impact cost as <br /> $485 per functional resident for correctional facilities. The second section of the table <br /> identifies the revenue credits for the impact fee. The credit calculation includes a total of <br /> approximately $299 per functional resident. The net impact cost per resident is the <br /> different between the total impact cost and the total revenue credit per resident. This <br /> results in a net impact cost of $186 per functional resident, which also represents the LOS <br /> for impact fee purposes. <br /> Table II-8 <br /> Net Impact Cost per Functional Resident <br /> ImpactRevenue <br /> Calculation Step <br /> Impact Cost <br /> Total Impact Cost per Functional Resident(l) $485.08 - <br /> Revenue Credit <br /> Avg Annual Capital Expansion Credit per Functional Resident(2) $16.22 <br /> Capitalization Rate 2.5% <br /> Capitalization Period (in years) 25 <br /> Capital Expansion Credit per Functional Resident(3) $298.84 <br /> Net Impact Cost <br /> Net Impact Cost per Functional Resident(4) $186.24 - <br /> (1) Source:Table II-6 <br /> (2) Source:Table II-7 <br /> y (3) Source:The present value of the capital improvement credit per functional resident(Item 2)at a <br /> discount rate of 2.5%with a capitalization period of 25 years. The discount rate was provided by <br /> Indian River County. <br /> (4) Total impact cost per resident(Item 1) less the total revenue credit per resident(Item 3) <br /> Calculated Correctional Facilities Impact Fee Schedule <br /> Table II-9 presents the calculated correctional facilities impact fee schedule for residential <br /> and non-residential land uses, based on the net impact fee cost per resident figures <br /> presented in Table II-8. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> September 2014 22 Impact Fee Update Study <br />