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• • Indian River County I Impact Fee Update Study Table IV -4 Public Building Total Cost per Functional Resident 1) Source: Table IV -1 2) Source: Table IV -1 3) Sum of building value (Item 1) and land value (Item 2) 4) Source: Table IV -1 5) Total buildingand land value(Item 3)divided by primarybuild�ingYsquare footage (Item 6) Source: Table IV -2 7) Building and land value per square foot (-Item 5) multiplied'13y building square footage per functional •resident (Item 6) YrtWON" tem (8) Percentage distribution of building value and landwalue in relation to;the combined building and land value Credit Component Are 14.4 ern To avoid overcharging deve epment for the public buildings impact fee, a review of the capital‘fancing.�program for public buildings was inconducted. The purpose of this review was to determine any potent al,rfievenuecredits that should be considered for revenues generateedd by new development that "could be used for capital facilities and land expansion for public buildings. To estimate an average annual non -impact fee expenditure, capital projects funded 'during the past five years and programmed for the next five years were reviewed. Based on this analysis, a credit for these expenditures is provided in Table IV -5, which results in an average annual credit of $5 per functional resident. It should be noted that a Targe part of this is obtained from the optional sales tax, which will expire in 2019. The credit calculations assume that the sales tax will not be re -adopted. If the sales tax is re -adopted, the credit calculations should be evaluated to determine if a revision is necessary. r. Sterke Ate Tindale -Oliver & Associates, Inc. January 2014 Indian River County 38 Impact Fee Update Study Cost Component - - - - _ Total Building Value(1) i Figure Percent of Total Value%8• $94,594,130 95.14% Total Land Value(2) $4,832,100 4.86% Total Building and Land Value(3) $99,426,230 100.00% Primary Building Square Footage(4) a 414,388 Total Building and Land Value per Square Foot(5) , $239.94 Adopted LOS Standard - Bldg Sq Ft per Functional Resident- .et..:. 2.10 Total Impact Cost per Functional Residentl'I ..: $503.87 1) Source: Table IV -1 2) Source: Table IV -1 3) Sum of building value (Item 1) and land value (Item 2) 4) Source: Table IV -1 5) Total buildingand land value(Item 3)divided by primarybuild�ingYsquare footage (Item 6) Source: Table IV -2 7) Building and land value per square foot (-Item 5) multiplied'13y building square footage per functional •resident (Item 6) YrtWON" tem (8) Percentage distribution of building value and landwalue in relation to;the combined building and land value Credit Component Are 14.4 ern To avoid overcharging deve epment for the public buildings impact fee, a review of the capital‘fancing.�program for public buildings was inconducted. The purpose of this review was to determine any potent al,rfievenuecredits that should be considered for revenues generateedd by new development that "could be used for capital facilities and land expansion for public buildings. To estimate an average annual non -impact fee expenditure, capital projects funded 'during the past five years and programmed for the next five years were reviewed. Based on this analysis, a credit for these expenditures is provided in Table IV -5, which results in an average annual credit of $5 per functional resident. It should be noted that a Targe part of this is obtained from the optional sales tax, which will expire in 2019. The credit calculations assume that the sales tax will not be re -adopted. If the sales tax is re -adopted, the credit calculations should be evaluated to determine if a revision is necessary. r. Sterke Ate Tindale -Oliver & Associates, Inc. January 2014 Indian River County 38 Impact Fee Update Study