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Indian River County I Impact Fee Update Study <br /> Table IV-4 <br /> Public Building Total Cost per Functional Resident <br /> Cost Component Figure Pe rce nt of <br /> Total Value(8) <br /> Total Building Value(l) $94,594,130 95.14% <br /> Total Land Value(2) 14,8L2 100 4.86% <br /> Total Building and Land Value(3) $99,426,230 100.00% <br /> Primary Building Square Footage(4) 414,388 <br /> Total Building and Land Value per Square FootN $239.94 <br /> Adopted LOS Standard- Bldg Sq Ft per Functional Resident(6) 2.10 <br /> Total Impact Cost per Functional Resident(') $503.87 <br /> (1) Source:Table IV-1 <br /> (2) Source:Table IV-1 <br /> (3) Sum of building value(Item 1)and land value(Item 2) <br /> (4) Source:Table IV-1 <br /> (5) Total building and land value(Item 3)divided by primary building square footage(Item 4) <br /> (6) Source:Table IV-2 <br /> (7) Building and land value per square foot(Item 5)multiplied by building square footage per functional <br /> resident(Item 6) <br /> (8) Percentage distribution of building value and land value in relation to the combined building and land <br /> value <br /> Credit Component <br /> To avoid overcharging development for the public buildings impact fee, a review of the <br /> capital financing program for public buildings was conducted. The purpose of this review <br /> was to determine any potential revenue credits that should be considered for revenues <br /> generated by new development that could be used for capital facilities and land expansion <br /> for public buildings. To estimate an average annual non-impact fee expenditure, capital <br /> projects funded during the past five years and programmed for the next five years were <br /> reviewed. Based on this analysis, a credit for these expenditures is provided in Table IV-5, <br /> which results in an average annual credit of $5 per functional resident. It should be noted <br /> that a large part of this funding is obtained from the optional sales tax, which will expire in <br /> 2019. The credit calculations assume that the sales tax will not be re-adopted. If the sales <br /> tax is re-adopted, the credit calculations should be evaluated to determine if a revision is <br /> necessary. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> September 2014 41 Impact Fee Update Study <br /> A-4 <br />