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Indian River County 1 Impact Fee Update Study <br />Total Impact Cost per Resident <br />Table VIII -6 presents the total impact cost per resident for parks and recreation facilities in <br />Indian River County. Using the current achieved LOS, as previously presented in Table VIII - <br />2, the total cost for neighborhood/community parks in Indian River County is $61 per <br />resident and the total cost for regional parks is $809 per resident, for a total of $869 per <br />resident. <br />Table VIII -6 <br />Total Impact Cost per Resident <br />Component <br />Park Type <br />Neighborhood/ <br />Community <br />Regional <br />Total <br />Total Land Value per Residents' <br />$27.00 <br />$392.25 <br />$419.25 <br />Total Facility Value perResidenti�1 <br />$33.63416.36 <br />$449.99 <br />Total Impact Cost per Resident(3) <br />$60.63 <br />$808.61 <br />$869.24 <br />(1) Source: Table VIII -4 <br />(2) Source: Table VIII -5 <br />(3) Sum of the land value per resident (Item 1) and the facility value per acre (Item 2) <br />Credit Component <br />To avoid overcharging new development for the capital cost of providing parks and <br />recreation services, a review of the capital financing program for the parks and recreation <br />program was completed. The purpose of this review was to determine any potential <br />revenues generated by new development, other than impact fees, which have been used <br />within the last five years or planned to be used over the next five years to fund the <br />expansion of capital facilities, land, and equipment related to Indian River County's parks <br />and recreation program. Based on this review, Indian River County's parks capital <br />expansion improvements are being funded primarily with sales tax revenues (96 percent of <br />total non -impact fee spending), and, at a lesser degree, with general fund and grant <br />revenues. <br />Capital Expansion Expenditures Credit <br />Between 2008 and 2017, Indian River County spent or planned to spend a total of $6.4 <br />million for capital expansion of parks, resulting in an average annual capital expansion <br />expenditure of $639,000. Since the review of these expenditures spanned 2008 through <br />2017, the average annual capital expansion cost is divided by the average population for <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 97 Impact Fee Update Study <br />l32. <br />