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was affected by the increase in property values in Sebastian . Due to the recent volatility <br /> in land prices in IRC , the study evaluated the vacant land sales of four to six- acre parcels <br /> in West IRC in 2004 . The West County is defined as the area between 58 `h Avenue and <br /> County Road 512 . The focus on sales in West County was due to the fact that most new <br /> facilities are likely to be built in this area . This analysis resulted in a per acre cost of <br /> $ 102 , 332 per acre and is shown in Appendix B , Table B - 1 . The per acre cost of <br /> $ 102 , 332 results in a cost of $ 11 . 36 per square foot of building ( $ 102 , 332 x 8 . 295 acres / <br /> 74 , 731 square feet) and will be used for the land cost in this section . <br /> Table VI -9 <br /> Land Cost( ' ) <br /> Year " <br /> Facility Acquired Square Feet Acres Cost Cost per SF Cost per Acre <br /> Land Values : <br /> North County Library 1988 18 ,470 3 . 125 $205 , 847 $ 11 . 14 $65 , 871 <br /> 1997 69975 0 . 990 $ 1817306 $25 . 99 $ 183 , 137 <br /> Main Library 1 1989 49,286 4 . 180 1 $801 ,2661 $ 16 . 261 $ 191 ,690 <br /> Total 1 1 74 , 731 8 .295 $ 11188 ,419 <br /> Weighted Average Cost per Acre I 1 1 $ 143 ,269 <br /> Weighted Average Cost per Building Square Footage 1 $ 15 . 90 <br /> ( 1 ) Source : Office of Management and Budget, IRC <br /> The following table provides a summary of building and land costs . <br /> Table VI - 10 <br /> Summary of Building and Land Costs per Resident <br /> Element Cost <br /> Building construction cost per sf $ 160 . 56 <br /> Furniture and equipment cost per sf (2 ) $ 81 . 61 <br /> Land cost per sf(3 ) $ 11 . 36 <br /> Total building and land cost per sf (4 ) $253 . 53 <br /> Square feet per resident (5 ) 0 . 58 <br /> Impact cost per resident (6) $ 147 . 05 <br /> ( 1 ) Source : Table VI- 8 <br /> (2 ) Source : Table VI - 8 <br /> (3 ) Source : The $ 102 , 332 cost per acre is determined <br /> based on vacant land sales of 4 to 6 -acre parcels in <br /> West County , in 2004 . This cost is converted to cost per <br /> square foot of building space by multiplying it with <br /> 8 . 295 acres from Table VI - 9 and dividing it by <br /> 74 , 731 square feet from Table VI-9 . <br /> (4 ) Sum of building, furniture, equipment and land costs <br /> (Items 1 , 2 , and 3 ) . <br /> ( 5 ) Source : Table VI-4 <br /> ( 6) Total building and land cost per square foot (Item 4 ) <br /> multiplied by LOS standard ( Item 5 ) . <br /> Tindale-Oliver & Associates , Inc . Indian River County <br /> May 2005 VI - 11 Impact Fee Study <br />