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Indian River County 1 Impact Fee Update Study <br />Given this information, the high end of vacant land sales ($60,000 per acre) is used for the <br />value of land for emergency services impact fee calculations. This figure is lower than the <br />value of land where existing stations are located and represents a 30 -percent decrease from <br />the 2005 study and a 60 -percent decrease from the 2007 study. <br />Public Buildings <br />Public buildings include a range of facilities from County offices and courthouses that need <br />to be in central locations to maintenance facilities that have more flexibility in location. <br />Given that the County has not bought any land for public buildings recently and <br />programmed capital expansions will take place on existing land, the land value of parcels <br />where the existing buildings are located is evaluated, which averaged $89,615. This value is <br />used in the impact fee calculations, and represents a decrease of 12 percent from the 2005 <br />study and 50 percent decrease from the 2007 study. <br />Libraries <br />As presented in Table F-9, the current value of land where existing libraries are located <br />averages $38,000, with a range of $15,000 per acre to $330,000 per acre. This information <br />along with the vacant sales values of 4 to 6 -acre parcels suggests that an average land value <br />of $50,000 per acre is a reasonable estimate. This figure is 50 percent lower than that used <br />in the 2005 study and 75 percent lower than the 2007 study. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 <br />F-13 Impact Fee Update Study <br />ZL2- <br />