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Indian River County 1 Impact Fee Update Study <br />Table IV -4 <br />Public Building Total Cost per Functional Resident <br />Cost Component <br />Total BuildingValuelll <br />Figure <br />$94,594,130 <br />Percent of <br />Total Value ) <br />95.14% <br />Total Land Valuer�1 <br />$4,832,100 <br />4.86% <br />Total Building and Land Valuei3l <br />$99,426, 230 <br />100.00% <br />Primary Building Square Footage) <br />414,388 <br />Total Building and Land Value per Square Foot(5) <br />$239.94 <br />Adopted LOS Standard - Bldg Sq Ft per Functional Resident(6) <br />2.10 <br />Total Impact Cost per Functional Resident(') <br />$503.87, <br />(1) Source: Table IV -1 <br />(2) Source: Table IV -1 <br />(3) Sum of building value (Item 1) and land value (Item 2) <br />(4) Source: Table IV -1 <br />(5) Total building and land value (Item 3) divided by primary building square footage (Item 4) <br />(6) Source: Table IV -2 <br />(7) Building and land value per square foot (Item 5) multiplied by building square footage per functional <br />resident (Item 6) <br />(8) Percentage distribution of building value and land value in relation to the combined building and land <br />value <br />Credit Component <br />To avoid overcharging development for the public buildings impact fee, a review of the <br />capital financing program for public buildings was conducted. The purpose of this review <br />was to determine any potential revenue credits that should be considered for revenues <br />generated by new development that could be used for capital facilities and land expansion <br />for public buildings. To estimate an average annual non -impact fee expenditure, capital <br />projects funded during the past five years and programmed for the next five years were <br />reviewed. Based on this analysis, a credit for these expenditures is provided in Table IV -5, <br />which results in an average annual credit of $5 per functional resident. It should be noted <br />that a large part of this funding is obtained from the optional sales tax, which will expire in <br />2019. The credit calculations assume that the sales tax will not be re -adopted. If the sales <br />tax is re -adopted, the credit calculations should be evaluated to determine if a revision is <br />necessary. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 40 Impact Fee Update Study <br />75 <br />