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Indian River County 1 Impact Fee Update Study <br />Net Correctional Facilities Impact Cost <br />The net correctional impact fee per resident is the difference between the cost component <br />and the credit component. Table 11-8 summarizes the calculation of the net correctional <br />facility cost per resident. The first section of Table 11-8 identifies the total impact cost as <br />$485 per functional resident for correctional facilities. The second section of the table <br />identifies the revenue credits for the impact fee. The credit calculation includes a total of <br />approximately $299 per functional resident. The net impact cost per resident is the <br />different between the total impact cost and the total revenue credit per resident. This <br />results in a net impact cost of $186 per functional reside t, <br />Table II <br />8 <br />Net Impact Cost perFunctional Resident <br />(1) Source: Table 11-6 <br />(2) Source: Table 11-7 <br />• <br />(3) Source present value okthe capital improvement credit per functional resident (Item 2) at a <br />wv <br />discount rate of 2.5% with a capitalization period of 25 years The discount rate was provided by <br />Indian River ounty. <br />(4) Total impact cost e residerit:(Item 1) less the total revenue credit per resident (Item 3) <br />Calculated Correctional Facilities Impact Fee Schedule <br />Table 11-9 presents the calculated correctional facilities impact fee schedule for residential <br />and non-residential land uses, based on the net impact fee cost per resident figures <br />presented in Table 11-8. <br />Tindale -Oliver & Associates, Inc. <br />Indian River County <br />January 2014 19 Impact Fee Update Study <br />Calculation. Step <br />Impact Cost <br />Revenue <br />Credits <br />ImpactCost �rr> .,. • <br />Total Impact <br />Cost <br />per Functional Resident iT) <br />P... <br />„_ <br />$485.08 <br />- <br />a <br />Revenue Credit <br />Avg <br />Annual Capital <br />Exp nsion,Credit <br />pe FunctionalrResident(2)N <br />$16.22 <br />Capitalization <br />Rat <br />1 is .. . <br />2.5% <br />Capitalization <br />Perioch(in years).; <br />25 <br />Capital <br />Expansion <br />Cred er Functional, <br />Resident <br />$298.84 <br />• <br /><Net Impact C x. _ . <br />Netlmpact Cost <br />per-FunctlonaI <br />Resident(4) <br />$186.24 <br />- <br />(1) Source: Table 11-6 <br />(2) Source: Table 11-7 <br />• <br />(3) Source present value okthe capital improvement credit per functional resident (Item 2) at a <br />wv <br />discount rate of 2.5% with a capitalization period of 25 years The discount rate was provided by <br />Indian River ounty. <br />(4) Total impact cost e residerit:(Item 1) less the total revenue credit per resident (Item 3) <br />Calculated Correctional Facilities Impact Fee Schedule <br />Table 11-9 presents the calculated correctional facilities impact fee schedule for residential <br />and non-residential land uses, based on the net impact fee cost per resident figures <br />presented in Table 11-8. <br />Tindale -Oliver & Associates, Inc. <br />Indian River County <br />January 2014 19 Impact Fee Update Study <br />