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VNIOW Cost Component Historical/Replacement Capital Costs Table III - 5 summarizes historical and replacement costs of existing buildings based on the information provided by the County . The land value for correctional facilities shown in the table represents the replacement value and not the historical value . According to information provided by County representatives, the historical cost of land was $ 68 , 638 for 9 . 81 acres . The County ' s estimate of replacement value for this land is $ 343 , 175 (or $34 , 982 per acre), which represents an increase of 400 percent over the past 21 years . As presented , the future expansion cost is $ 51 , 633 per bed (2004 dollars) . The land cost included in this cost is based on $ 35 ,467 per acre, which is consistent with the replacement land cost used for the existing land . The building replacement cost is $232 per square foot based on the estimates provided by the Public Works Department and the Office of Management and Budget. The land cost of $ 35 ,467 per acre and building cost of $232 per square foot are used in impact fee calculations since they reflect the most accurate estimated cost to build the addition to the correctional facilities . Table III =5 Land & Buildings Cost( ' ) Current Buildings IRC Correctional Facility Phase 1 1987 N/A N/A 54,273,234 IRC Correctional Facility Phase 11 1988 N/A N/A 52,275,084 IRC Correctional Facility Phase 111 1991 N/A 67,716 4l I N/A 55,597,251 Miscellaneous Buildings on Site(3) Guardhouse N/A N/A 100 N/A $ 13,000 Guardhouse N/A N/A 100 N/A 513,000 Land for Correctional Facilities t0l 1983 9. 81 N/A $343, 175 N/A Total Current 411 $ 12,514,745 Cost per Bed 5301450 Future Expansion Hammond Parcel for Future Jail Expansion 1 2003 1 25. 896 1 N/A S 918,466.00 N/A BRC Jail Ex ansion 2004/06 N/A 52,985 256 $ 12,299,637 Total Future Ex ansion 256 $ 13,218, 103 Future Expansion Cost per Bed $51 ,633 ( 1 ) Source : Public Works Department, General Services Department, and Office of Management and Budget, IRC (2) For existing buildings, historical cost is shown. (3 ) Total cost of miscellaneous buildings was provided by IRC . The cost was distributed among buildings based on the percentage of square feet. (4) The Correctional Facility Detention Complex and the Sheriffs Administration Building are located at the same site . Based on the review of aerial photos included in the "Needs Assessment and Master Plan for the Correctional Facility," it was determined that each occupies 50 percent of the site. The historical cost for equipment is shown in Table 111-6 . The replacement cost for equipment was not available . Using historical (acquisition) values, however, results in a conservative estimate of equipment cost. The total cost was obtained from the IRCSO Tindale-Oliver & Associates, Inc . Indian River County February 2005 III-7 Impact Fee Study