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rr.. Table VIII - 11 <br /> Credit per Functional Resident <br /> Al a <br /> a _ PUMAIM <br /> � a <br /> Average Annual Capital Improvement Credit per Functional Resident( ] $ 1 . 61 <br /> Capitalization Rate(2) 5 % <br /> Capitalization Period(3 ) (in years) 25 <br /> Credit per Resident�4) $22 . 69 <br /> Facility Cost per Functional Resident(5) $203 . 88 <br /> Unincorporated County -- Effective Vacant Land Value Percentage(6) 8 .44% <br /> Revenue Credit for Past Property Taxes(7) $ 17 . 21 <br /> Total Revenue Credit(8) $39.90 <br /> ( 1 ) Source : Table VIII-9 <br /> (2 ) Capitalization rate is estimated at five percent <br /> (3 ) Capitalization period is estimated at 25 years , which is typically when major renovations <br /> or replacement of capital facilities become necessary . <br /> (4) Present value of $ 1 .61 (Item 1 ) over a 25 -year period (Item 3 ) with a capitalization rate at <br /> 5 percent (Item 2) <br /> (5 ) Source : Table VIII-7 <br /> (6) Source : Table VIII- 10 <br /> ;4, (7) Facility cost per functional resident (Item 5) multiplied by unincorporated county <br /> effective vacant land percent (Item 6) <br /> (8 ) The sum of the credit per resident (Item 4) and revenue credit for past property taxes <br /> (Item 7) <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard, there are no existing <br /> deficiencies of law enforcement facilities . While there are no existing deficiencies, <br /> adopting the existing LOS as the standard does, in fact, create the need to expand <br /> facilities in the near future to meet the needs of new growth . <br /> Net Law Enforcement Impact Cost <br /> The net impact fee per functional resident is the difference between the total impact cost <br /> per resident and the total revenue credit per resident. Table VIII- 12 presents the <br /> calculation of the net law enforcement impact cost per functional resident. <br /> Tindale-Oliver & Associates , Inc . Indian River County <br /> February 2005 VIII- 13 Impact Fee Study <br />