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Table VI - 17 Total Credit per Resident I sm� Equipment Credit Percent 44% Library Equipment Cost per Resident(2) $ 1 . 57 Library Equipment Credit per Resident(3 ) $ 0 . 69 Optional Sales Tax (4) $6853885 Estimated Annual Average Population ( 1999-2008)5) 123 , 235 Average Annual Capital Funding per Resident(6) $ 5 . 57 Bequests (7) $ 140 , 530 Estimated Annual Average Population ( 1999-2003 )(8) 1155667 Average Annual Capital Funding per Resident(9) $ 1 .21 Total Optional Sales and Bequests Credit (10) $6 . 78 Capitalization Rate� ll ) 5 % Capitalization Period (years)( 12) 25 Credit per Resident( 13 ) $ 95 . 56 Vacant Land Credit Total Impact Cost per Resident� 14) $316 . 09 Effective Vacant Land Percentage0 . 02% Vacant Land Credit� 16) $0 . 06 Total Credit per Resident $96.31 ( 1 ) Source : Table VI- 16 (2) Source : Table VI- 13 (3 ) Equipment credit percent (Item 1 ) multiplied by library equipment cost per resident (Item 2 ) . (4) Source : Table VI - 14 (5 ) Source : Estimate based on information provided by IRC and BEBR. (6) Optional Sales Tax revenues (Item 4) divided by estimated annual population (Item 5 ). (7) Source : Table VI- 14 (8) Source : Estimate based on information provided by IRC and BEBR (9) Bequests (Item 7) divided by estimated annual population (Item 8 ) ( 10 ) The sum of average annual capital funding per resident from optional sales tax and bequests (Items 6 and 9) ( 11 ) Capitalization rate is estimated at five percent. ( 12 ) Capitalization period is estimated at 25 years, which is typically when major renovations or replacements of capital facilities become necessary . ( 13 ) Present value of $6 . 78 of total optional sales tax and bequest credit (Item 10) over a 25 -year capitalization period (Item 12) with a capitalization rate of 5 percent (Item 11 ) . Tindale-Oliver & Associates , Inc . Indian River County February 2005 VI- 18 Impact Fee Study