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Indian River County 1 Impact Fee Update Study Table 11-6 Total Impact Cost per Functional Resident 1) 2) 3) 4) 5) 6) Source: Table II 1 Source: Table 11 2 Source: Table II 4 Total asset value divided by the number of beds (Item Source: Table 11-4 • Net asset value per bed (Item 4) -multiplied by the currentorrectional facilities LOS (Item 5) divided by 1 000 (7) Percent of building value, land val eland equipment value ofithetotal asset value Credit Componen To avoid overcharging newideveloprnentfor the correctional facility impact fee, a review of ‘ irkte the capitahfinancing .program for correctionalkservices was completed. The purpose of this review was to determine.any potential revenue -credits generated by new development that are being used for expansion of capital facilities, land, and equipment included in the inventory. Capital Expansion Expenditur>estCredit The capital expansion expenditures credit per functional resident was calculated based on Nge the capital expansion projects that were completed over the past five years and those programmed for the next five years. The average annual capital expansion expenditures were divided by the average functional residents for the same period in order to calculate the average capital expansion cost per functional resident. The County completed Phase IV expansion of the correctional facilities in 2008, which was funded with sales tax revenues. Since then, there have not been any capacity expansion Tindale -Oliver & Associates, Inc. Indian River County January 2014 16 Impact Fee Update Study f Description _ } Percent of ,Total Value'' Figure — Building Value(1) $63,327,000 93.22% Land Value(1) $1,825,500 2.69% Equipment Value(2) $2,780,601 4.09% Total Asset Value ,$67,933,101 100.00% Number of Beds(3) 612 Net Asset Value per Bedl4'kmNw:s, $111,002 Current LOS (Beds per 1,000 Functional Resident' e a 4.37 Total Impact Cost per Functional Resident'•' $485.08 1) 2) 3) 4) 5) 6) Source: Table II 1 Source: Table 11 2 Source: Table II 4 Total asset value divided by the number of beds (Item Source: Table 11-4 • Net asset value per bed (Item 4) -multiplied by the currentorrectional facilities LOS (Item 5) divided by 1 000 (7) Percent of building value, land val eland equipment value ofithetotal asset value Credit Componen To avoid overcharging newideveloprnentfor the correctional facility impact fee, a review of ‘ irkte the capitahfinancing .program for correctionalkservices was completed. The purpose of this review was to determine.any potential revenue -credits generated by new development that are being used for expansion of capital facilities, land, and equipment included in the inventory. Capital Expansion Expenditur>estCredit The capital expansion expenditures credit per functional resident was calculated based on Nge the capital expansion projects that were completed over the past five years and those programmed for the next five years. The average annual capital expansion expenditures were divided by the average functional residents for the same period in order to calculate the average capital expansion cost per functional resident. The County completed Phase IV expansion of the correctional facilities in 2008, which was funded with sales tax revenues. Since then, there have not been any capacity expansion Tindale -Oliver & Associates, Inc. Indian River County January 2014 16 Impact Fee Update Study