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Indian River County I Impact Fee Update Study <br /> Cost Component <br /> The total cost per resident for parks and recreation facilities consists of two components: <br /> the cost of purchasing and developing land for each park and the cost of facilities and <br /> equipment located at each park. <br /> Land Cost <br /> Because of recent fluctuations in land values statewide, a detailed analysis of land values for <br /> each type of park (and the geographic subareas within the county) was conducted. This <br /> analysis takes into consideration current land value of the existing parks as reported by the <br /> Indian River County Property Appraiser as well as an analysis of recent sales of vacant land <br /> similar in size and location to Indian River County's parks. Based on this analysis, an average <br /> land value of $50,000 per acre is used in the impact fee calculations. Appendix F provides <br /> the data used for this analysis. <br /> The cost of land for parks and recreation facilities includes more than just the purchase cost <br /> of the land. Landscaping/site improvement and utilities/paving costs are also considered. <br /> These costs can vary greatly, depending on the type of services offered at each park. Based <br /> on information provided by the County, as well as information from similarly sized <br /> jurisdictions and park types, basic landscaping, site preparation, and irrigation costs were <br /> estimated and are presented in Table VIII-4. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> June 2014 94 Impact Fee Update Study <br /> � 24 <br />