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Table X - 14 <br /> Credit per Resident <br /> Calculation Step Figure <br /> Revenue Credit per Resident( l ) $22 . 59 <br /> Capitalization Rate('` ) 5 % <br /> Capitalization Period(3 ) ( in years) 25 <br /> Capital Improvement Credit per Resident(4) ($ 318 . 38) <br /> Regional Parks Cost per Residents ) $ 865 . 13 <br /> Community & Neighborhood Cost per Resident(6 ) $ 53 . 28 <br /> Total Cost per Resident(7 ) $918 . 41 <br /> Effective Vacant Land Value Percentage(8) 0 . 16% <br /> Revenue Credit for Past Property Taxes(9 ) ($ 1 . 47) <br /> Total Credit per Resident( 10) ($319 . 85) <br /> ( 1 ) Source : Table X- 12 <br /> ( 2 ) Capitalization rate is estimated at 5 percent <br /> ( 3 ) Capitalization period is estimated at 25 years , which is typically when major renovations or <br /> replacement of capital facilities becomes necessary . <br /> (4) Present value of the revenue credit per resident (Item 1 ) at a capitalization rate of five <br /> percent (Item 2 ) over a 25 -year period (Item 3 ) <br /> ( 5 ) Source : Table X- 10 <br /> (6 ) Source : Table X- 10 <br /> (7 ) The sum of regional parks cost per resident ( Item 5 ) and neighborhood/community parks <br /> cost per resident ( Item 6 ) . <br /> ( 8 ) Source : Table X- 13 <br /> ( 9 ) Total cost per resident ( Item 7 ) multiplied by effective vacant land value percentage ( Item <br /> 8 ) . <br /> ( 10 ) The sum of capital improvement credit per resident ( Item 4 ) and revenue credit for past <br /> property taxes (Item 9 ) . <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard , there are no existing <br /> deficiencies of parks and recreation facilities . While there are no existing deficiencies , <br /> adopting the current LOS as the standard does , in fact, create the need to expand facilities <br /> in the near future to meet the needs of new growth . <br /> Net Parks and Recreational Facilities Impact Cost <br /> The net impact fee cost per resident is the difference between the total cost per resident, <br /> calculated in Table X - 10 , and the total credit per resident, calculated in Table X - 14 . <br /> Table X - 15 presents the calculation of the net parks and recreational facilities impact cost <br /> per resident . <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 X -21 Impact Fee Study <br />