Laserfiche WebLink
Indian River County I Impact Fee Update Study <br /> This Appendix provides a summary of building and land value estimates for all impact fee <br /> program areas with the exception of transportation and educational facilities. Information <br /> related to transportation cost estimates is included in Appendix C and cost estimates for <br /> educational facilities are included in Appendix G. <br /> Building Values <br /> For all of the program areas, the following information was reviewed to estimate building <br /> values: <br /> • Recent construction completed by Indian River County(if any); <br /> • Estimates for any planned facilities; <br /> • Insurance values of existing facilities; <br /> • Data from other jurisdictions for recently completed facilities; and <br /> • Discussions with architects/contractors. <br /> The following paragraphs provide a summary for each program area. <br /> Correctional Facilities <br /> As presented in Table F-1, the construction cost associated with the County's most recent <br /> jail addition (completed in 2008) was $288 per square foot. There are no estimates <br /> available for future jail additions, and the insurance values of the existing jail buildings <br /> ranged from $140 to $220 per square foot. It is important to note insurance values are <br /> considered to provide estimates below the full cost since they typically do not take into <br /> consideration certain building components, such as foundation, architectural/design cost, <br /> furniture/fixture/equipment, security features, etc. <br /> Recent jail construction in other Florida counties and estimates obtained from construction <br /> companies and architects suggested a range of$225 to $445 per square foot. Given all this <br /> information, a unit cost of $250 per square foot for jail buildings is used in the study. This <br /> figure is approximately 8 percent higher than that used in the 2005 study ($232 per square <br /> foot) and 22 percent lower that the figure used in the 2007 impact fee study ($321 per <br /> square foot). Given that the most recent jail construction in Indian River County was <br /> completed at a cost of $288 per square foot, $250 per square foot represents a <br /> conservative estimate. <br /> Tindale-Oliver&Associates, Inc. Indian River County <br /> June 2014 F-1 Impact Fee Update Study <br /> 29D <br />