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Table VIII - 11 <br /> Credit per Functional Resident <br /> Component/Calculation Step Figure <br /> Average Annual Capital Improvement Credit per Functional Resident( l ) $ 1 . 51 <br /> Capitalization Rate(2 ) 5 % <br /> Capitalization Period(3 ) ( in years) 25 <br /> Credit per Resident(4 ) $21 . 28 <br /> Facility Cost per Functional Resident( 5 ) $ 191 . 40 <br /> Unincorporated County - - Effective Vacant Land Value Percentage(6) 8 . 440/6 <br /> Revenue Credit for Past Property Taxes(7 ) $ 16 . 15 <br /> Total Revenue Credit(8) $37 . 43 <br /> ( 1 ) Source : Table VIII- 9 <br /> ( 2 ) Capitalization rate . is estimated at five percent <br /> ( 3 ) Capitalization period is estimated at 25 years , which is typically when major renovations <br /> or replacement of capital facilities become necessary . <br /> (4) Present value of $ 1 . 51 ( Item 1 ) over a 25 -year period ( Item 3 ) with a capitalization rate at <br /> 5 percent (Item 2 ) <br /> (5 ) Source : Table VIII-7 <br /> (6) Source : Table VIII- 10 <br /> ( 7) Facility cost per functional resident (Item 5 ) multiplied by unincorporated county <br /> effective vacant land percent (Item 6) <br /> ( 8 ) The sum of the credit per resident ( Item 4 ) and revenue credit for past property taxes <br /> (Item 7) <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard , there are no existing <br /> deficiencies of law enforcement facilities . While there are no existing deficiencies , <br /> adopting the existing LOS as the standard does , in fact, create the need to expand <br /> facilities in the near future to meet the needs of new growth . <br /> Net Law Enforcement Impact Cost <br /> The net impact fee per functional resident is the difference between the total impact cost <br /> per resident and the total revenue credit per resident . Table VIII - 12 presents the <br /> calculation of the net law enforcement impact cost per functional resident . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 VIII - 13 Impact Fee Study <br />