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Indian River County 1 Impact Fee Update Study <br />estimated at 10 percent of construction for architectural/civil design costs, 10 percent for <br />site preparation costs, and 7 percent for FF&E costs. <br />Table X-3 presents the cost per square foot figures for the architectural/civil design/site <br />improvement, construction, and FF&E cost components for each school type. Table X-3 also <br />presents the weighted average figure for each cost component, based on all three school <br />types. <br />Land Cost <br />For each school type, the land cost per square foot is based on a value of $50,000 per acre. <br />This cost per acre is based on the current value of land owned by the District as well as <br />additional analysis. This additional analysis included a countywide review of vacant land <br />sales over the last three years and market values of all vacant land of parcels similar in size <br />to the District's school sites. The results of the vacant land analysis confirm that the cost <br />per acre used in the impact fee analysis is reasonable. Appendix G documents the results of <br />the land value analysis. <br />The land cost per square foot by school type was developed based on the acres per 1,000 <br />permanent net square feet needed for the future schools. The resulting land cost figures <br />for each type of school also are presented in Table X-3. <br />Net Interest Cost <br />When a School District issues Certificates of Participation (COP) or other types of bonds to <br />fund additional capacity, interest costs incurred during the construction period need to be <br />added to the school facility construction costs. The Indian River County School District has <br />been using COPs to fund a portion of its expansion projects; however, to provide a <br />conservative estimate, this cost is not included in the calculation. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 131 Impact Fee Update Study <br />