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Indian River County I Impact Fee Update Study Annual Gas/Sales Tax= ([Trip Rate x Total Trip Length x % New Trips] /2) x (Effective Days per Year x$/Gallon to Capital)/Fuel Efficiency Each of the inputs has been discussed previously in this document; however, for purposes of this example, brief definitions for each input are provided in the following paragraphs, along with the actual inputs used in the calculation of the fee for the single-family detached residential land use (1,500-2,499 sf) category: • Trip Rate=the average daily trip generation rate, in vehicle-trips/day(7.81). • Assessable Trip Length = the actual average trip length for the category, in vehicle-miles (6.62). • Total Trip Length = the assessable trip length plus an adjustment factor of half a mile, which is added to the trip length to account for the fact that gas taxes are collected for travel on all roads including local roads(6.62+0.50=7.12). • % New Trips = adjustment factor to account for trips that are already on the roadway (100%). • Divide by 2 = the total daily miles of travel generated by a particular category (i.e., rate*length*% new trips) is divided by two to prevent the double-counting of travel generated between two land use codes since every trip has an origin and a destination. • Interstate/Toll Facility Discount Factor = discount factor to account for the travel demand occurring on interstate highways and/or toll facilities (17.3%). • Cost per Lane Mile = unit cost to construct one lane mile of roadway, in $/lane-mile ($2,591,000). • Average Capacity Added per Lane Mile = represents the average daily traffic on one travel lane at capacity for one lane mile of roadway, in vehicles/lane-mile/day(8,255). • Cost per Vehicle-Mile of Capacity= unit of vehicle-miles of capacity consumed per unit of development. Cost per lane mile divided by average capacity added per lane mile ($2,591,000/8,255=$313.87). • Present Value=calculation of the present value of a uniform series of cash flows,gas tax payments in this case, given an interest rate, "i," and a number of periods, "n;"for 2.5% interest and a 25-year facility life, the uniform series present worth factor is 18.4244. For sales tax, which is available only for the next five years, the present worth factor is 4.6458. • Effective Days per Year= 365 days. Tindale-Oliver&Associates, Inc. Indian River County June 2014 119 Impact Fee Update Study 7 q