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Indian River County I Impact Fee Update Study Net Parks& Recreation Facilities Impact Cost The net parks and recreation impact fee per resident is the difference between the cost component and the credit component. Table VIII-8 summarizes the calculation of the net parks and recreation cost per resident for both neighborhood/community and regional parks. The first section of Table VIII-8 identifies the total impact cost as $869 per resident for all parks. The second section of the table identifies the revenue credits for the parks and recreation impact fee,totaling approximately$34 for all parks. The net impact cost per resident is the different between the total impact cost and the total revenue credit per resident. This results in a net impact cost of $836 per resident for all parks, which also reflects the relevant measure of LOS for impact fee calculation purposes. Table VIII-8 Net Impact Cost per Resident Revenue Credits Calculation Step Impact Cost Sales Tax General Fund Total &Grants Impact Cost Total Impact Cost per Resident(') $869.24 Revenue Credit Avg Annual Capital Expansion Credit per Resident(2) $6.31 $0.24 Capitalization Rate 2.5% 2.5% Capitalization Period(in years) 5 25 Capital Expansion Credit per Resident(3) $29.32 $4.42 $33.74 Net Impact Cost Net Impact Cost per Resident(4) $835.50 (1) Source:Table VIII-6 (2) Source:Table VIII-7 (3) Source:The present value of the capital improvement credit per resident(Item 2)at a discount rate of 2.5%with a capitalization period of 5 years for sales tax expenditures and 25 years for general fund& grant expenditures. (4) Total impact cost per resident(Item 1)less the total revenue credit per resident(Item 3) Tindale-Oliver&Associates, Inc. Indian River County June 2014 100 Impact Fee Update Study (35