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Table IX -6 <br /> Vacant Land Credit <br /> Calculation Step Figure <br /> Total Value of Vacant Land - Countywide( l ) $ 1508098199230 <br /> Value of 2 -Mills of Vacant Land(2 ) $2 , 1619638 <br /> Percent of Five- Year 2 -Mill Revenue Used for Capital Expansion(3 ) 27 . 3 % <br /> Value of 2- Mills of Vacant Land Used for Capital Expansion(4) $ 590 , 127 <br /> Total Five-Year Average Annual Students(5 ) 16 , 266 <br /> Value of 2 -Mills of Vacant Land Per Student(6) $36 . 28 <br /> Capitalization Rate 5 . 00% <br /> Capitalization Period, Years 25 <br /> Present Value of Annual Vacant Land Revenue(7) $ 511 .33 <br /> ( 1 ) Source : Property Appraiser, IRC <br /> ( 2 ) Total countywide value of vacant land (Item 1 ) apportioned to the 2 - mill revenues generated <br /> for the IRC School District . <br /> ( 3 ) Source : Table IX- 5 <br /> ( 4 ) Value of 2 -mills of vacant land (Item 2 ) multiplied by the percent of five-year 2 -mill revenue <br /> used for capital ( Item 3 ) . <br /> ( 5 ) Source : Table IX- 3 <br /> (6 ) The 2 -mill revenue per student figure is calculated by dividing the value of the 2 - mill revenue <br /> from vacant land used for expansion (Item 4) by the average annual number of planned <br /> student stations (Item 5 ) . <br /> ( 7 ) The present value of the 2 -mill revenue per student (Item 6 ) at capitalization rate 5 percent <br /> over a period of 25 years . <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard , there are no existing <br /> deficiencies of public school facilities . While there are no existing deficiencies , adopting <br /> the current LOS as the standard does , in fact, create the need to expand facilities in the <br /> near future to meet the needs of new growth . <br /> Net Impact Cost per Student <br /> The following table provides a summary of the three revenue credits discussed <br /> previously , with the result being the net impact cost per student of $ 5 , 321 . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 IX - 13 Impact Fee Study <br />