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Table X- 14 Nov '` <br /> Credit per Resident <br /> Revenue Credit per Resident( ' ) $24 . 77 <br /> Capitalization Rate(2) 5 % <br /> Capitalization Period(3) (in years) 25 <br /> Capital Improvement Credit per Resident(4) ($349 . 11 ) <br /> Regional Parks Cost per Resident(5) $944 .71 <br /> Community & Neighborhood Cost per Resident(6) $58 . 46 <br /> Total Cost per Resident(7) $ 1 ,003 . 17 <br /> Effective Vacant Land Value Percentage(8) 0. 16% <br /> Revenue Credit for Past Property Taxes(9) ($ 1 . 61 ) <br /> Total Credit per Resident( 10) ($350.72) <br /> ( 1 ) Source : Table X- 12 <br /> (2) Capitalization rate is estimated at 5 percent <br /> (3 ) Capitalization period is estimated at 25 years, which is typically when major renovations or <br /> replacement of capital facilities becomes necessary . <br /> (4) Present value of the revenue credit per resident (Item 1 ) at a capitalization rate of five <br /> percent (Item 2) over a 25-year period (Item 3 ) <br /> (5 ) Source : Table X- 10 <br /> (6) Source : Table X- 10 ter''' <br /> (7) The sum of regional parks cost per resident (Item 5 ) and neighborhood/community parks <br /> cost per resident (Item 6) . <br /> ( 8) Source : Table X- 13 <br /> (9) Total cost per resident (Item 7) multiplied by effective vacant land value percentage (Item <br /> 8) . <br /> ( 10) The sum of capital improvement credit per resident (Item 4) and revenue credit for past <br /> property taxes (Item 9) . <br /> Existing Deficiencies <br /> Since the current LOS will become the adopted LOS standard, there are no existing <br /> deficiencies of parks and recreation facilities . While there are no existing deficiencies, <br /> adopting the current LOS as the standard does, in fact, create the need to expand facilities <br /> in the near future to meet the needs of new growth . <br /> Net Parks and Recreational Facilities Impact Cost <br /> The net impact fee cost per resident is the difference between the total cost per resident, <br /> calculated in Table X- 10 , and the total credit per resident, calculated in Table X- 14 . <br /> Table X- 15 presents the calculation of the net parks and recreational facilities impact cost <br /> per resident. <br /> Tindale-Oliver & Associates, Inc . Indian River County <br /> February 2005 X-21 Impact Fee Study <br />