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Indian River County 1 Impact Fee Update Study <br />In summary, Indian River County contributes approximately 16.7 pennies toward roadway <br />capacity expansion projects, while the State spends an average of 15.5 pennies for state roadway <br />projects in Indian County. Therefore, a total of 32.2 pennies of credit are included in the impact <br />fee calculation to recognize the future capital revenue that is expected to be generated by new <br />development from all non -impact fee revenues, as shown in Table IX -6. <br />Table IX -6 <br />Equivalent Pennies of Gas Tax Revenue <br />Credit <br />County Revenues (excluding sales tax)(' <br />County Revenues (sales tax ONLY)(�) <br />State Revenues(3) <br />Total <br />Equivalent <br />Pennies per <br />Gallon <br />$0.056 <br />$o.111 <br />$0.155 <br />$0.322 <br />(1) Source: Appendix D, Table D-2 <br />(2) Source: Appendix D, Table D-3 (only accounts for 5 years of sales <br />tax revenues) <br />(3) Source: Appendix D, Table D-4 <br />Present Worth Variables <br />Facility Life <br />The roadway facility life used in the impact fee analysis is 25 years, which represents the <br />reasonable life of a roadway. <br />Interest Rate <br />This is the discount rate at which gasoline tax revenues might be bonded. It is used to compute <br />the present value of the gasoline taxes generated by new development. The discount rate of 2.5 <br />percent was used in the transportation impact fee calculation based on the estimate obtained <br />from Indian River County. <br />Fuel Efficiency <br />The fuel efficiency (i.e., the average miles traveled per gallon of fuel consumed) of the fleet of <br />motor vehicles was estimated using the quantity of gasoline consumed by travel associated with <br />a particular land use. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 116 Impact Fee Update Study <br />