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Historical/Replacement Capital Costs Table III - 5 summarizes historical and replacement costs of existing buildings based on the information provided by the County . The land value for correctional facilities shown in the table represents the replacement value and not the historical value . According to information provided by County representatives , the historical cost of land was $ 68 , 638 for 9 . 81 acres . The County ' s estimate of replacement value for this land is $ 343 , 175 ( or $ 34 ,982 per acre) , which represents an increase of 400 percent over the past 21 years . As presented , the future expansion cost is $ 51 , 633 per bed (2004 dollars) . The land cost included in this cost is based on $ 35 , 467 per acre , which is consistent with the replacement land cost used for the existing land . The building replacement cost is $232 per square foot based on the estimates provided by the Public Works Department and the Office of Management and Budget . The land cost of $ 35 , 467 per acre and building cost of $ 232 per square foot are used in impact fee calculations since they reflect the most accurate estimated cost to build the addition to the correctional facilities . Table 111 =5 Land & Buildings Costl ' 1 Year " Number of Facility Description Ac uired/Built Acres Square Feet Num er of Beds Land Cost Building Costal Current Buildings IRC Correctional Facility Phase I 1987 N/A N/A $4,273,234 IRC Correctional Facility Phase U 1988 N/A N/A $2,275,084 IRC Correctional Facility Phase UI 1991 N/A 1 67,716 411 1 N/A $5,597,251 Miscellaneous Buildings on Site(3) Guardhouse N/A N/A 100 N/A $ 13 ,000 Guardhouse N/A N/A 100 N/A $ 13 ,000 Land for Correctional Facilities(4) 1983 9. 81 N/A $343 , 175 N/A Total Current 411 $ 12,514,745 Cost per Bed $30,450 Future Expansion Hammond Parcel for Future Jail Expansion 1 2003 25 . 896 1 N/A $ 918,466 .00 N/A UtC Jail Ex ansion 2004/06 N/A 52,985 256 $ 12,299,637 Total Future Ex ansion 256 $ 13 ,218, 103 Future Expansion Cost per Bed $517633 ( 1 ) Source : Public Works Department, General Services Department, and Office of Management and Budget, IRC (2 ) For existing buildings , historical cost is shown . (3 ) Total cost of miscellaneous buildings was provided by IRC . The cost was distributed among buildings based on the percentage of square feet. (4 ) The Correctional Facility Detention Complex and the Sheriffs Administration Building are located at the same site . Based on the review of aerial photos included in the "Needs Assessment and Master Plan for the Correctional Facility , " it was determined that each occupies 50 percent of the site . The historical cost for equipment is shown in Table I11 - 6 . The replacement cost for equipment was not available . Using historical (acquisition) values , however, results in a conservative estimate of equipment cost . The total cost was obtained from the IRCSO "Asset Report by Asset # , " and the figures were prorated between correctional facilities and law enforcement facilities based on information provided by the IRCSO staff. The resulting equipment cost per bed is $2 , 638 . Tindale -Oliver & Associates , Inc . Indian River County May 2005 III - 7 Impact Fee Study