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Indian River County I Impact Fee Update Study <br /> V. Libraries <br /> Library impact fees are used to fund the capital construction and expansion of library <br /> services related buildings, land, and materials/equipment required to support the additional <br /> library facilities demand created by new growth. This section provides the results of the <br /> library impact fee analysis. There are several major elements associated with the <br /> development of the library facilities impact fee: <br /> • Facility Inventory <br /> • Service Area and Population <br /> • Level-of-Service <br /> • Cost Component <br /> • Credit Component <br /> • Net Library Facilities Impact Cost <br /> • Calculated Library Facilities Impact Fee Schedule <br /> • Affordable Growth Strategy <br /> • Staff Recommended Fee Rate <br /> • Library Facilities Impact Fee Schedule Comparison <br /> These various elements are summarized in this section. It should be noted that library <br /> impact fees are charged to residential land uses only. <br /> Facility Inventory <br /> The IRC Library Service operates five libraries with a total square footage of 110,000. The <br /> following table presents the inventory of library facilities. The building value is estimated at <br /> $240 per square foot based on recent library construction and insurance values of existing <br /> libraries. Land value for library buildings is estimated at $50,000 per acre based on value of <br /> current parcels and an analysis of recent vacant land sales and values. Appendix F provides <br /> additional information on building and land value estimates. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> September 2014 51 Impact Fee Update Study <br /> A•S& <br />