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Table V= 7 Total Impact Cost per Functional Resident Gast Com" ©Hent y r ure LOS --Public Bldg Sq Ft per Functional Resident( l ) 2 . 49 Replacement Cost per Square Foot of Public Building Building Replacement Cost per Square Foot(2) $ 169 . 22 Land Replacement Cost per Square Foot(2) $ 12 .43 Total Replacement Cost per Square Foot of Building, 2004(3) $ 181 . 65 Total Impact Cost per Functional Resident(4) $452 .31 ( 1 ) Source : Table V-4 (2) Source : Table V-6 (3 ) Sum of building replacement cost and land replacement cost . (4) Square feet per functional resident (Item 1 ) multiplied by the total cost per square foot of building (Item 3 ) . Credit Component To avoid overcharging development for the public building impact fee , a review of the capital financing program for general county administrative services was completed . The purpose of this review was to determine any potential revenue credits generated by new development that could be used for capital facilities , land, and equipment expansion of the general county administrative program . Revenue credits are then applied against the cost per functional resident so that new development is not charged twice for capital revenue contributions . The following sources of revenue will be considered in the public building impact fee credit calculation : • Local revenues used to pay for government building debt service ; • Local revenues anticipated to be used to fund future capital expenditures ; and • Local revenues generated from taxes paid on vacant land . Debt Service Credit According to the County , there is currently no debt service on public facilities . Therefore , debt service credit is zero at this time . Capital Improvement Credit An analysis of the historical and future public building capital expenditures for the eleven year period from FY 1998/99 to FY 2008/09 was completed and reviewed with the IRC General Services Department and Office of Management and Budget. Tindale-Oliver & Associates , Inc . Indian River County February 2005 V- 9 Impact Fee Study