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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 correctionarfatilities since 2005 and the recent ver jail expansions were located on the existing Jail/ eriff ComplexSAs presented in Table F-6, ;h:: 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 vacantland 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 suggestth that sales data indicates higher values than estimates included in thevProperttyy Appraiser's database for those properties that have not been sold forta•while. Because correctionalkfa'cilities dot have tote located in centralized areas, it is thought to be appropriate to eval atewaluesofresidential properties, which tend to be lower than those forcommer.:ciaul_properties. In addition, values of all land uses are also provided. In terms of size, because the cu rent facilities are located on parcels with 10 to 15 acres, like., values and,�sales of similarsize 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£p ce of $51,000 per acre, and the remaining analysis provided a range of $13,000 per acre4o'$124,000 per acre for residential properties, an average land value of $50,000 per acrefor 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. January 2014 Indian River County F-8 Impact Fee Update Study