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Indian River County 1 Impact Fee Update Study Correctional Facilities The land value estimate for correctional facilities was provided by the County during the 2005 study ($35,000 per acre) and was based on the sale of vacant land for 4- to 6 -acre parcels in West Indian River County (IRC) during the 2007 study ($184,000 per acre). West IRC is defined as the area between 58th Avenue and County Road 512 and represents the area where the County is likely to build future facilities. To provide an apples -to -apples comparison to the 2007 study, vacant land sales for parcels with 4 to 6 acres in West IRC was conducted and supplemented with additional analysis, which is summarized in Table F- 6. The County has not purchased any land for correctional facilities since 2005 and the recent jail expansions were located on the existing Jail/Sheriff Complex. As presented in Table F-6, the value of parcels where the current facilities are located is approximately $46,000 per acre. To supplement this figure, TOA conducted an analysis of vacant land sales and values based on the data included in the Indian River County Property Appraiser database. Vacant land sales and values were evaluated by land use (residential vs. all land uses) and by size. As mentioned previously, this analysis suggested that sales data indicates higher values than estimates included in the Property Appraiser's database for those properties that have not been sold for a while. Because correctional facilities do not have to be located in centralized areas, it is thought to be appropriate to evaluate values of residential properties, which tend to be lower than those for commercial properties. In addition, values of all land uses are also provided. In terms of size, because the current facilities are located on parcels with 10 to 15 acres, values and sales of similar size parcels were evaluated. Given that the land of current facilities is valued at $46,000 per acre, sales of 4 to 6 -acre parcels suggested an average price of $51,000 per acre, and the remaining analysis provided a range of $13,000 per acre to $124,000 per acre for residential properties, an average land value of $50,000 per acre for correctional facilities is found to be a reasonable estimate. This figure represents an increase of approximately 40 percent from the 2005 study and a decrease of 70 percent from the 2007 study. Tindale -Oliver & Associates, Inc. Indian River County June 2014 F-8 Impact Fee Update Study ?S'7