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• Indian River County I Impact Fee Update Study More specifically, the concept of affordable growth incorporates the following thought process and analysis: • Impact fees calculated under traditional methods are not sensitive to growth rates experienced in the community. For example, as explained previously, the consumption -based impact fees are based on the value of asset that is being consumed by the new development. These calculations are not affected by slow or high growth rates and do not consider the contributidrhs of the existing development to maintain the current achieved LOS. • Historically, many jurisdictions within Florida experienced high growth rates, which y 4:Y required a significant amount of investment in new infrastructure. With slower growth rate in recent years, the burden of new growth has started to become more manageable. Indian River County experienced an average annual growth rate of 2.4 percent between 2000 and 2008, which is�;estimated to decrease tapproximately 1.4 percent over the next 25:years • :.. • Affordable Growth incorporates the existing%community's ability to absorb a lower growth rate with existing revenuessfrom current development while maintaining the current/achieved LOS. Impact fees calculated correctly and adopted at the maximum level; would allow a community to maintain its LOS for a given increment of infrastwcture without any tadditional evenue contributions beyond what was contributed from they new developmental When additional funds from existing ,1 _.., development arealso used toward the expansion of the same infrastructure, the L®Swill improve • It is important to note that whether to fund capacity expansion projects solely with f impact fee ``collections:or supplement them with alternative fundingsources is .' largely a policy decision, allowing the County to contribute or limit non -impact fee funding in its service areas as appropriate based on its capital improvement planning goals and the nature of its existing impact fee program. If the County desires to improve the LOS, there will be a need for supplemental funding in addition to impact fee revenues. Alternatively, if the County is satisfied with the existing LOS, the Affordable Growth Strategy reduces the impact fee levels and maintains the existing LOS as long as there are other dedicated revenues sources, such as sales tax, ad valorem tax, etc. For example, in the case of programs that are critical to the safety Tindale -Oliver & Associates, Inc. January 2014 Indian River County 7 Impact Fee Update Study