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Table IX =3 <br /> Total Impact Cost per Student <br /> Elementary Middle High Weighted Avg/ <br /> Calculation Step School Schbol School Total <br /> Facility Impact Cost per Student <br /> Facility Cost per Student StationM $ 161644. 54 $ 19,074 . 68 $245957 . 04 $21 , 897 . 13 <br /> Projected Student Capacity for 2008/09 School Year 85252 35584 3 ,621 15 ,457 <br /> Total Cost for All Students(3 ) $ 137,3501744 $68 ,363 ,653 $90,3699442 $296,083 ,839 <br /> Projected Students for 2008/09 School Year(2) 71548 43074 4,866 161488 <br /> Distribution of Projected Students for 2008/09 School Year(') 45 . 8% 24 .7% 29. 5% 100. 0% <br /> Weighted Average Total Facility Impact Cost per Student(5) $ 189196.97 $ 16o780.471 $ 18,571 .611 $ 179957.54 <br /> Debt impact Cost per Student <br /> Five-Year Average Annual Debt for Capital Expansion(2) $ 112521902 <br /> Average Annual Students for 2004/05 through 2008/0916) 16,266 <br /> Amount Financed per Student $77 . 03 <br /> Average Cost of Financing 501( <br /> Annual Interest ' $3 . 85 <br /> Capitalization Period, Years 25 <br /> Present Value Interest of Debt per Student(7) $54.28 <br /> Total Impact Cost per Student(8) $ 18,011 .82 <br /> ( 1 ) Source : Table IX -2 <br /> ( 2) Source : School District, IRC <br /> ( 3 ) The total cost per student station ( Item 1 ) multiplied by the projected student capacity for <br /> the 2008 /09 (Item 2 ) . <br /> (4 ) The distribution of projected students for the 2008/09 school year is calculated by dividing <br /> the projected number of students for the 2008/09 school year for each school type by the <br /> total projected students for the 2008/09 school year. <br /> ( 5 ) The weighted total facility impact cost per student by school type is calculated by dividing <br /> the total cost for all students for each school type ( Item 3 ) by the respective projected <br /> number of students for each school type . <br /> (6 ) The five-year average annual number of students ( for the 2004/05 through 2008 /09 school <br /> years ) is used to determine the five-year average debt per student for that same time period . <br /> Note that the five-year average annual student figure is different than the total projected <br /> students for the 2008/09 school year, which is derived using information from the State of <br /> Florida Department of Education Preliminary Capital Outlay FTE Forecast for Facilities <br /> Planning for IRC . <br /> ( 7 ) The present value of the interest paid on the debt per student at 5 percent interest over a <br /> period of 25 years . <br /> ( 8 ) The total impact cost per student is the sum of the weighted total facilities impact cost per <br /> student ( Item 5 ) and the present value interest of debt per student (Item 7 ) . <br /> Credit Component <br /> In addition to the school impact fees , other revenues generated by new development that <br /> are used towards capital expansion of school facilities must be considered in the credit <br /> component of the school impact fee . This ensures that each new residential development <br /> pays the appropriately calculated impact fee based on the type of housing unit, less any <br /> additional revenues included as part of the impact fee credit . A credit for school impact <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 IX -9 Impact Fee Study <br />