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Table IX =3 Total Impact Cost per Student � . � A Facility Impact Cost per Student Facility Cost per Student Station" ) $ 16,644. 54 $ 19,074.68 $24,957 .04 $21 ,897. 13 Projected Student Capacity for 2008/09 School Year(Z) 8,252 3,584 31621 15,457 Total Cost for All Students(s) $ 13713501744 $681363,653 $90,3699442 $296,0831839 Projected Students for 2008/09 School Year(') 75548 45074 4,866 16,488 Distribution of Projected Students for 2008/09 School YearI 45 . 8% 24. 7% 29. 5% 100.00/0 Weighted Average Total Facility Impact Cost per Students) $ 18, 196.971 S16,780.471 $189571 .61 $ 17,957.54 Debt Impact Cost per Student Five-Year Average Annual Debt for Capital Expansion(2) - $ 1 ,2521902 Average Annual Students for 2004/05 through 2008/0916) 16,266 Amount Financed per Student $77.03 Average Cost of Financing 5% Annual Interest $3 . 85 Capitalization Period, Years 25 Present Value Interest of Debt per Studenten $54.28 Total Impact Cost per Student(s) ( 1 ) Source : Table IX-2 (2) Source : School District, IRC (3 ) The total cost per student station (Item 1 ) multiplied by the projected student capacity for the 2008/09 (Item 2 ). (4) The distribution of projected students for the 2008/09 school year is calculated by dividing the projected number of students for the 2008/09 school year for each school type by the total projected students for the 2008/09 school year. ( 5 ) The weighted total facility impact cost per student by school type is calculated by dividing the total cost for all students for each school type (Item 3 ) by the respective projected number of students for each school type. (6) The five-year average annual number of students (for the 2004/05 through 2008/09 school years ) is used to determine the five-year average debt per student for that same time period. Note that the five-year average annual student figure is different than the total projected students for the 2008/09 school year, which is derived using information from the State of Florida Department of Education Preliminary Capital Outlay FTE Forecast for Facilities Planning for IRC . (7) The present value of the interest paid on the debt per student at 5 percent interest over a period of 25 years . ( 8) The total impact cost per student is the sum of the weighted total facilities impact cost per student (Item 5 ) and the present value interest of debt per student (Item 7) . Credit Component In addition to the school impact fees, other revenues generated by new development that are used towards capital expansion of school facilities must be considered in the credit component of the school impact fee . This ensures that each new residential development pays the appropriately calculated impact fee based on the type of housing unit, less any additional revenues included as part of the impact fee credit . A credit for school impact Tindale-Oliver & Associates, Inc . Indian River County February 2005 IX-9 Impact Fee Study