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Indian River County 1 Impact Fee Update Study <br />Net Public Buildings Impact Cost <br />The net impact fee per functional resident is the difference between the Cost Component <br />and the Credit Component. Table IV -6 presents the calculation of the net public buildings <br />facilities impact cost per functional resident. <br />The first section of Table IV -6 identifies the total impact cost as $504 per functional <br />resident. The second section of the table identifies the capital expandion expenditure <br />credits for the public buildings facilities impact fee. <br />The net impact cost per functional resident (third section of the table) is the difference <br />between the total impact cost per functional resident of $504 and the total revenue credit <br />of $24 per functional resident. The result is a net impact cost of $480 per functional <br />resident, which also represents the relevant LOS measure for impact fee purposes. <br />Table IV -6 <br />Net Public Building Impact Cost per Functional Resident <br />Calculation Step <br />Revenue Credits <br />Impact Court <br />Cost Sales Tax Facility Total <br />Surcharge <br />Impact Cost <br />Total Impact Cost per Functional Resident(1) <br />$503.87 <br />Revenue Credit <br />Avg Annual Capital Expansion Credit Amount per Functional Resident(2) <br />$4.94 <br />$0.18 <br />Capitalization Rate <br />2.5% <br />2.5% <br />Capitalization Period (in years) <br />5 <br />5 <br />Capital Expansion Credit per Resident(3) <br />$22.95 <br />$0.84 <br />$23.79 <br />Net Impact Cost <br />Net Impact Cost per Functional Resident(4) <br />$480.08 <br />(1) Source: Table IV -4 <br />(2) Source: Table IV -5 <br />(3) Average annual capital improvement credit per functional resident (Item 2) over a capitalization rate of <br />2.5% for 5 years for sales tax and the court facility surcharge. The estimated discount rate is provided by <br />Indian River County. <br />(4) Total cost per resident (Item 1) less the total credit per resident (Item 3) <br />Calculated Public Buildings Impact Fee Schedule <br />Based on the analysis conducted in this section, a public buildings impact fee schedule was <br />developed for residential and nonresidential land uses and is illustrated in Table IV -7. <br />Tindale -Oliver & Associates, Inc. Indian River County <br />June 2014 42 Impact Fee Update Study <br />77 <br />