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Table VII -13 <br /> Net Impact Cost per Functional Resident <br /> r <br /> Impact Cost <br /> Total Impact Cost per Functional Resident( l ) $274. 91 <br /> Impact Credit <br /> Average Annual Capital Improvement Credit per Functional Resident 42) $ 5 . 91 <br /> Capitalization Rate 5 % <br /> Capitalization Period ( in ears) 25 <br /> Capital Improvement Credit per Resident(3) ($83 . 30) <br /> Effective Vacant Land Value Percentage(4) 0 .48% <br /> Credit for Past Property Tax Payments on Vacant Land(5) ($ 1 . 32) <br /> Total Revenue Credit per Functional Resident(') ($84.62) <br /> Net Impact Cost <br /> Net Impact Cost per Functional Resident(7) $ 190.29 " C _- 7 <br /> ( 1 ) Source : Table VII-9 <br /> (2) Source : Table VII- I1 <br /> (3 ) Average annual capital improvement credit per functional resident (Item 2) over a <br /> capitalization rate of 5 percent for 25 years . <br /> (4 ) Source : Table VII- 12 <br /> (5 ) Effective vacant land value percentage (Item 4) multiplied by total impact cost per <br /> functional resident (Item 1 ) . <br /> (6) Sum of capital improvement credit per resident (Item 3 ) and for past property tax payments <br /> on vacant land (Item 5 ), <br /> (7) Total impact cost per functional resident (Item 1 ) less the total revenue credit per functional <br /> resident (Item 6) . <br /> The first section of Table VII - 13 identifies the facility impact cost per functional resident <br /> as $ 275 . The second section of the table identifies the revenue credits for the Fire/EMS <br /> impact fee . The credit calculation includes the present value of projected annual capital <br /> funding per functional resident of $ 83 , as well as a credit of $ 1 . 32 for past property tax <br /> payments on vacant land . The addition of these two credits results in a total revenue <br /> credit of $ 85 per functional resident. <br /> The net. impact cost per functional resident (third section of the table) is the difference <br /> between the total impact cost per functional resident and the total revenue credit. This <br /> results in a net impact cost of $ 190 per functional resident. <br /> Proposed Fire/EMS Impact Fee Schedule <br /> As presented in Table VII - 14, a Fire/EMS impact fee schedule was developed for <br /> residential and non-residential land uses , based on the net impact cost per functional <br /> Tindale-Oliver & Associates, Inc . Indian River County <br /> February 2005 VII- 15 Impact Fee Study <br />