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Table VI - 17 <br /> Total Credit per Resident <br /> Credit Element Figure <br /> Equipment Credit Percent 44% <br /> Library Equipment Cost per Resident(2 ) $ 1 . 25 <br /> Library Equipment Credit per Resident(3 ) $ 0 . 55 <br /> Optional Sales Tax (4) $ 68505 <br /> Estimated Annual Average Population ( 1999 -2008 )(5 ) 135 , 016 <br /> Average Annual Capital Funding per Resident(6) $ 5 . 08 <br /> Bequests (7) $ 1405530 <br /> Estimated Annual Average Population ( 1999 -2003 )" ) 126 , 552 <br /> Average Annual Capital Funding per Resident(9) $ 1 . 11 <br /> Total Optional Sales and Bequests Credit (10) $ 6 . 19 <br /> Capitalization Rate� 11 ) 5 % <br /> Capitalization Period (years)( 12 ) 25 <br /> Credit per Resident( 13 ) $ 87 . 24 <br /> Vacant Land Credit <br /> Total Impact Cost per Resident( 14) $ 289 . 55 <br /> Effective Vacant Land Percentage( 15 ) 0 . 02 % <br /> Vacant Land Credit( 16) $0 . 06 <br /> Total Credit per Resident( 17) $87. 85 <br /> ( 1 ) Source : Table VI - 16 <br /> (2 ) Source : Table VI - 13 <br /> ( 3 ) Equipment credit percent (Item 1 ) multiplied by library equipment cost per <br /> resident ( Item 2 ) . <br /> (4 ) Source : Table VI - 14 <br /> ( 5 ) Source : Estimate based on information provided by IRC and BEBR. <br /> (6 ) Optional Sales Tax revenues (Item 4) divided by estimated annual population <br /> (Item 5 ) . <br /> (7 ) Source : Table VI- 14 <br /> ( 8 ) Source : Estimate based on information provided by IRC and BEBR <br /> (9 ) Bequests (Item 7 ) divided by estimated annual population ( Item 8 ) <br /> ( 10 ) The sum of average annual capital funding per resident from optional sales <br /> tax and bequests (Items 6 and 9 ) <br /> ( 11 ) Capitalization rate is estimated at five percent . <br /> ( 12 ) Capitalization period is estimated at 25 years , which is typically when major <br /> renovations or replacements of capital facilities become necessary . <br /> ( 13 ) Present value of $ 6 . 19 of total optional sales tax and bequest credit (Item 10 ) <br /> over a 25 -year capitalization period (Item 12 ) with a capitalization rate of 5 <br /> percent (Item 11 ) . <br /> ( 14 ) Source : Table VI - 18 <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VI - 18 Impact Fee Study <br />