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Table iX =5 2 -Mill Revenue Credit . . .. .ern. Total Five-Year Projected 2-Mill Revenues( ' ) $ 1379968 , 539 Percent of Five-Year 2-Mill Revenue used for Capital Expansion(2) 27 . 3 % Average Annual Five-Year 2-Mill Revenue Used for Capital Expansion(3) $795333082 Total Five-Year Average Annual Students(4) 16 ,266 2-Mill Annual Revenue Per Student(5) $463 . 12 Capitalization Rate 5 . 00% Capitalization Period, Years 25 Present Value of Annual 2-Mill Revenue(6) $6,527. 19 ( 1 ) Source : IRC School District ' s Capital Outlay Five-Year Plan Revenue Forecast, adopted September 7 , 2004 . (2) Ratio of five-year 2 -mill revenue used for expansion to total 2-mill revenues, from the Capital Outlay Five-Year Plan Revenue Forecast, adopted September 7, 2004 . (3 ) Adjusted total five-year projected 2-mill revenues (Item 1 ) multiplied by the percentage of total five-year 2-mill revenues used for capital expansion (Item 2) and divided by five years to determine the average annual five-year 2 -mill revenue used for capital expansion. (4) Source : Table IX-3 (5 ) The 2-mill revenue per student figure is calculated by dividing the total expected 2-mill revenue used for expansion (Item 3 ) by the average annual number of planned student stations (Item 4) . (6) The present value of the 2-mill revenue per student (Item 5 ) at capitalization rate of 5 percent over 25 years . Vacant Land Credit The last credit is for past payments of property taxes for vacant land. Here, the value of the 2 -mills of vacant land used for capital expansion is calculated per student. The value of countywide vacant land is $ 1 . 08 billion, of which $2 . 1 million is attributed to the 2 - mills levied by the School District. Of the 2 -mill revenue levied, approximately 27 . 3 percent is used for capital expansion . Therefore, the value of countywide vacant land for the portion of the 2-mill revenues for expansion of school facilities is $ 590, 127 . This amount is used to give credit for past property taxes paid by property owners of vacant land on a per- student basis . The total credit amount for vacant land is determined by dividing the value of 2 -mills of vacant land used for expansion by the average annual number of student stations . . This results in a vacant land credit of $36 .28 per student. The present value of the vacant land revenue per student is based on a capitalization rate of 5 percent over a capitalization period of 25 years . This results in a present value credit of $ 511 per student. Tindale-Oliver & Associates, Inc . Indian River County February 2005 IX- 12 Impact Fee Study