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Indian River County I Impact Fee Update Study <br /> estimated at 10 percent of construction for architectural/civil design costs, 10 percent for <br /> site preparation costs, and 7 percent for FF&E costs. <br /> Table X-3 presents the cost per square foot figures for the architectural/civil design/site <br /> improvement, construction, and FF&E cost components for each school type. Table X-3 also <br /> presents the weighted average figure for each cost component, based on all three school <br /> types. <br /> Land Cost <br /> For each school type, the land cost per square foot is based on a value of$50,000 per acre. <br /> This cost per acre is based on the current value of land owned by the District as well as <br /> additional analysis. This additional analysis included a countywide review of vacant land <br /> sales over the last three years and market values of all vacant land of parcels similar in size <br /> to the District's school sites. The results of the vacant land analysis confirm that the cost <br /> per acre used in the impact fee analysis is reasonable. Appendix G documents the results of <br /> the land value analysis. <br /> The land cost per square foot by school type was developed based on the acres per 1,000 <br /> permanent net square feet needed for the future schools. The resulting land cost figures <br /> for each type of school also are presented in Table X-3. <br /> Net Interest Cost <br /> When a School District issues Certificates of Participation (COP) or other types of bonds to <br /> fund additional capacity, interest costs incurred during the construction period need to be <br /> added to the school facility construction costs. The Indian River County School District has <br /> been using COPs to fund a portion of its expansion projects; however, to provide a <br /> conservative estimate,this cost is not included in the calculation. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> June 2014 131 Impact Fee Update Study <br /> I ee <br />