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Indian River County 1 Impact Fee Update Study <br />Cost Component <br />The total cost per resident for parks and recreation facilities consists of two components: <br />the cost of purchasing and developing land for each park and the cost of facilities and <br />equipment located at each park. <br />Land Cost <br />Because of recent fluctuations in land values statewide, a detailed analysis of land values for <br />each type of park (and the geographic subareas within the county) was conducted. This <br />analysis takes into consideration current land value of the existing parks as reported by the <br />Indian River County Property Appraiser as well as an analysis of recent sales of vacant land <br />similar in size and location to Indian River County's parks. Based on this analysis, an average <br />land value of $50,000 per acre is used in the impact fee calculations. Appendix F provides <br />the data used for this analysis. <br />The cost of land for parks and recreation facilities includes more than just the purchase cost <br />of the land. Landscaping/site improvement and utilities/paving costs are also considered. <br />These costs can vary greatly, depending on the type of services offered at each park. Based <br />on information provided by the County, as well as information from similarly sized <br />jurisdictions and park types, basic landscaping, site preparation, and irrigation costs were <br />estimated and are presented in Table VIII -4. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 94 Impact Fee Update Study <br />OA <br />