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Indian River County I Impact Fee Update Study Table II-6 Total Impact Cost per Functional Resident Percent of Description Figure Total Value(7) Building Value(i) $63,327,000 93.229. Land Valuel1i $1,825,500 2.69% Equipment Valueizi $2,780,601 4.09% Total Asset Value $67,933,101 100.00.0/0 Number of Beds(3) 612 Net Asset Value per Bed(4) $111,002 Current LOS(Beds per 1,000 Functional Residents)(5) 4.37 Total Impact Cost per Functional Resident(6) $485.08 (1) Source:Table II-1 (2) Source:Table II-2 (3) Source:Table II-4 (4) Total asset value divided by the number of beds(Item 3) (5) Source:Table II-4 (6) Net asset value per bed(Item 4)multiplied by the current correctional facilities LOS(Item 5) divided by 1,000 (7) Percent of building value,land value,and equipment value of the total asset value Credit Component To avoid overcharging new development for the correctional facility impact fee, a review of the capital financing program for correctional services was completed. The purpose of this review was to determine any potential revenue credits generated by new development that are being used for expansion of capital facilities, land, and equipment included in the inventory. Capital Expansion Expenditures Credit The capital expansion expenditures credit per functional resident was calculated based on the capital expansion projects that were completed over the past five years and those programmed for the next five years. The average annual capital expansion expenditures were divided by the average functional residents for the same period in order to calculate the average capital expansion cost per functional resident. The County completed Phase IV expansion of the correctional facilities in 2008, which was funded with sales tax revenues. Since then, there have not been any capacity expansion Tindale-Oliver&Associates, Inc. Indian River County June 2014 18 Impact Fee Update Study 3'3