Indian River County Impact Fee Study Final Report - irccdd.com

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Table IX-5 2-Mill Revenue Credit Calculation Step Figure Total Five-Year Projected 2-Mill Revenues (1) $137,968,539 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) $7,533,082 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 May 2005 IX-12 Impact Fee Study
Table IX-6 Vacant Land Credit Calculation Step Figure Total Value of Vacant Land - Countywide (1) $1,080,819,230 Value of 2-Mills of Vacant Land (2) $2,161,638 Percent of Five-Year 2-Mill Revenue Used for Capital Expansion (3) 27.3% Value of 2-Mills of Vacant Land Used for Capital Expansion (4) $590,127 Total Five-Year Average Annual Students (5) 16,266 Value of 2-Mills of Vacant Land Per Student (6) $36.28 Capitalization Rate 5.00% Capitalization Period, Years 25 Present Value of Annual Vacant Land Revenue (7) $511.33 (1) Source: Property Appraiser, IRC (2) Total countywide value of vacant land (Item 1) apportioned to the 2-mill revenues generated for the IRC School District. (3) Source: Table IX-5 (4) Value of 2-mills of vacant land (Item 2) multiplied by the percent of five-year 2-mill revenue used for capital (Item 3). (5) Source: Table IX-3 (6) The 2-mill revenue per student figure is calculated by dividing the value of the 2-mill revenue from vacant land used for expansion (Item 4) by the average annual number of planned student stations (Item 5). (7) The present value of the 2-mill revenue per student (Item 6) at capitalization rate 5 percent over a period of 25 years. Existing Deficiencies Since the current LOS will become the adopted LOS standard, there are no existing deficiencies of public school facilities. While there are no existing deficiencies, adopting the current LOS as the standard does, in fact, create the need to expand facilities in the near future to meet the needs of new growth. Net Impact Cost per Student The following table provides a summary of the three revenue credits discussed previously, with the result being the net impact cost per student of $5,321. Tindale-Oliver & Associates, Inc. Indian River County May 2005 IX-13 Impact Fee Study
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Credit Component...................
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Tables Proposed Parks and Recreatio
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Table VI-5 Comparison of IRC Curren
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Maps Map III-1 Correctional Facilit
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Appendix A Appendix B Appendix C Ap
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o A non-charter county may adopt co
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• Most communities make the effec
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• Reasonable administrative costs
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• The BCC may establish a policy
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Table I-2 Current and Recommended S
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Table I-4 Historical and Projected
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Table II-1 IRC Population Estimates
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Table II-4 Unincorporated County Ar
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Table II-8 Unincorporated County Ar
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Residential Functional Population I
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Table II-10 11-Hour/5-Day General F
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Table II-12 Countywide Excluding In
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Table II-14 Countywide Functional P
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Table II-16 Functional Residents fo
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Table II-19 Assumptions for Nonresi
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Table III-1 Land & Buildings Invent
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Tindale-Oliver & Associates, Inc. I
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Table III-3 Level of Service Compar
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Table III-6 Equipment Cost Equipmen
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Table III-9 Historical Capital Expe
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Existing Deficiencies As discussed
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Table III-13 (continued) Impact Fee
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Table III-15 Annual Impact Fee Reve
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• The SWDD also operates five cus
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Demand Component Based on the LOS s
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Table IV-4 Proposed Capital Expendi
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As mentioned previously, future cap
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Table IV-7 Historical Revenue Sourc
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The following table provides a summ
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Existing Deficiencies As presented
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Table IV-13 Proposed Solid Waste Im
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Estimated Revenues As presented in
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Table V-1 Summary of Public Buildin
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Services provided by County-owned a
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Table V-6 Public Building Replaceme
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Table V-8 summarizes the capital ex
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The vacant land value as a percenta
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Table V-12 Proposed Public Building
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Table V-13 2025 Demand and Cost For
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guideline in planning future infras
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In addition to the available materi
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Table VI-5 compares the County’s
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Table VI-8 Building Unit Costs (1)
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Library Materials and Equipment The
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Table VI-13 Library Materials and E
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It should be noted that it is the C
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Table VI-17 Total Credit per Reside
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Table VI-19 Persons per Housing Uni
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(1) Source: Section II, Table II-1
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As presented in Table VI-21, the pr
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Page 134 and 135: Table VII-3 Capital Equipment Repla
Page 136 and 137: Table VII-5 Current Level of Servic
Page 138 and 139: Table VII-7 Station Equipment Costs
Page 140 and 141: Table VII-10 Six-Year Historical Ca
Page 142 and 143: Table VII-12 Percent of Past Proper
Page 144 and 145: Table VII-14 Proposed Fire/EMS Impa
Page 146 and 147: Table VII-15 2025 Demand and Cost F
Page 148 and 149: guideline in planning future infras
Page 150 and 151: Table VIII-1 Land and Building Inve
Page 154 and 155: unincorporated county area. The cur
Page 156 and 157: Table VIII-6 Equipment Cost Equipme
Page 158 and 159: Table VIII-8 Historical Capital Exp
Page 160 and 161: Table VIII-10 Vacant Land Value Per
Page 162 and 163: Table VIII-12 Net Impact Cost Impac
Page 164 and 165: Table VIII-13 (continued) Proposed
Page 166 and 167: Table VIII-15 Annual Impact Fee Rev
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Page 174 and 175: Cost Component Cost per Student Sta
Page 176 and 177: Total Impact Cost per Student Stati
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Page 200 and 201: Table X-7 Regional Parks Equipment/
Page 202 and 203: Table X-9 Programmed Capital Costs
Page 204 and 205: Table X-11 Historical Capital Expen
Page 206 and 207: Table X-13 Vacant Land Value Percen
Page 208 and 209: Table X-15 Net Impact Cost per Resi
Page 210 and 211: Table X-18 2025 Demand and Cost For
Page 212 and 213: For impact fee purposes, revenue pr
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Page 216 and 217: Table A-3 24-Hour Baseline - Uninco
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Page 222 and 223: Table A-14 IRC Weighted Average Sea
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Table C-1 Proposed Solid Waste Impa
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Table D-2 IRC School District Inven
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Table F-2 Inventory of Available Im
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Table F-2 Inventory of Available Im
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Table F-3-2 Comparison of Standards
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County SF per Capita Table F-3-4 Co
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Table G-2 Solid Waste - Residential
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Table G-4 Library Facilities - Resi
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Table G-6 Law Enforcement - Residen
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Table G-8 Park and Recreation Facil
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Presentation Overview 1 2 3 4 5 6 B
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Background • BCC initiated study
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Decision Points Decision Points Enc
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Basic Impact Fee Formula Impact Fee
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Distribution of Impact Fees Transpo
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2 Legal Requirements
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Impact Fee vs. Tax • An impact fe
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Authority in IRC • Non-charter co
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Defendable Methodology • Study th
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Revenue Credits • Ensure proporti
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Administration • Must be easy to
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Effective Date • May be effective
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Applicability • Creates a measura
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Decision Point Will each city enter
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Imposition & Collection • As earl
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Use of Impact Fee Revenue • Must
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Decision Point The consultant recom
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Decision Points The consultant reco
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4 LOS Standards
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Impact Fee Comparisons • Single F
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5 Funding Sources (see Table 4)
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Decision Point Does the BCC want to
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Next Steps • Finalize Data Collec
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