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Indian River County 1 Impact Fee Update Study <br />Net Correctional Facilities Impact Cost <br />The net correctional impact fee per resident is the difference between the cost component <br />and the credit component. Table 11-8 summarizes the calculation of the net correctional <br />facility cost per resident. The first section of Table 11-8 identifies the total impact cost as <br />$485 per functional resident for correctional facilities. The second section of the table <br />identifies the revenue credits for the impact fee. The credit calculation includes a total of <br />approximately $299 per functional resident. The net impact cost per resident is the <br />different between the total impact cost and the total revenue credit per resident. This <br />results in a net impact cost of $186 per functional resident, which also represents the LOS <br />for impact fee purposes. <br />Table 11-8 <br />Net Impact Cost per Functional Resident <br />Calculation Step Impact Cost <br />Impact Cost <br />Revenue <br />Credits <br />Total Impact Cost per Functional Residentili <br />$485.08 <br />- <br />Revenue Credit <br />Avg Annual Capital Expansion Credit per Functional Resident(2) <br />$16.22 <br />Capitalization Rate <br />2.5% <br />Capitalization Period (in years) <br />25 <br />Capital Expansion Credit per Functional Residential <br />$298.84 <br />Net Impact Cost <br />Net Impact Cost per Functional Resident(4) <br />1 $186.24 <br />- <br />(1) Source: Table 11-6 <br />(2) Source: Table 11-7 <br />(3) Source: The present value of the capital improvement credit per functional resident (Item 2) at a <br />discount rate of 2.5% with a capitalization period of 25 years. The discount rate was provided by <br />Indian River County. <br />(4) Total impact cost per resident (Item 1) less the total revenue credit per resident (Item 3) <br />Calculated Correctional Facilities Impact Fee Schedule <br />Table 11-9 presents the calculated correctional facilities impact fee schedule for residential <br />and non-residential land uses, based on the net impact fee cost per resident figures <br />presented in Table 11-8. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 21 Impact Fee Update Study <br />64 <br />