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Table IM 2 - Mill Revenue Credit Calculation Ste Fi ure Total Five -Year Projected 2 -Mill Revenues( i ) $ 137 , 968 , 539 Percent of Five-Year 2 - Mill Revenue used for Capital Expansion(2 ) 27 . 3 % Average Annual Five- Year 2 -Mill Revenue Used for Capital Expansion(3 ) $7 , 5331082 Total Five-Year Average Annual Students(4) 16 ,266 2-Mill Annual Revenue Per Student(5 ) $463 . 12 Capitalization Rate 5 . 00 % Capitalization Period , Years 25 Present Value of Annual 2-Mill Revenue(6) $6,527. 19 ( 1 ) Source : IRC School District ' s Capital Outlay Five - Year Plan Revenue Forecast, adopted September 7 , 2004 . ( 2 ) Ratio of five-year 2-mill revenue used for expansion to total 2 -mill revenues , from the Capital Outlay Five-Year Plan Revenue Forecast, adopted September 7 , 2004 . ( 3 ) Adjusted total five-year projected 2 - mill revenues ( Item 1 ) multiplied by the percentage of total five- year 2- mill revenues used for capital expansion ( Item 2 ) and divided by five years to determine the average annual five-year 2 -mill revenue used for capital expansion . (4 ) Source : Table IX- 3 ( 5 ) The 2 - mill revenue per student figure is calculated by dividing the total expected 2 -mill revenue used for expansion ( Item 3 ) by the average annual number of planned student stations (Item 4) . (6) The present value of the 2 -mill revenue per student (Item 5 ) at capitalization rate of 5 percent over 25 years . Vacant Land Credit The last credit is for past payments of property taxes for vacant land . Here , the value of the 2 - mills of vacant land used for capital expansion is calculated per student . The value of countywide vacant land is $ 1 . 08 billion, of which $2 . 1 million is attributed to the 2 - mills levied by the School District . Of the 2 -mill revenue levied , approximately 27 . 3 percent is used for capital expansion . Therefore , the value of countywide vacant land for the portion of the 2 - mill revenues for expansion of school facilities is $ 590 , 127 . This amount is used to give credit for past property taxes paid by property owners of vacant land on a per- student basis . The total credit amount for vacant land is determined by dividing the value of 2 - mills of vacant land used for expansion by the average annual number of student stations . This results in a vacant land credit of $36 . 28 per student . The present value of the vacant land revenue per student is based on a capitalization rate of 5 percent over a capitalization period of 25 years . This results in a present value credit of $ 511 per student . Tindale -Oliver & Associates , Inc . Indian River County May 2005 IX - 12 Impact Fee Study