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

Table X-14
Credit per Resident
Calculation Step
Figure
Revenue Credit per Resident (1) $22.59
Capitalization Rate (2) 5%
Capitalization Period (3) (in years) 25
Capital Improvement Credit per Resident (4) ($318.38)
Regional Parks Cost per Resident (5) $865.13
Community & Neighborhood Cost per Resident (6) $53.28
Total Cost per Resident (7) $918.41
Effective Vacant Land Value Percentage (8) 0.16%
Revenue Credit for Past Property Taxes (9) ($1.47)
Total Credit per Resident (10) ($319.85)
(1) Source: Table X-12
(2) Capitalization rate is estimated at 5 percent
(3) Capitalization period is estimated at 25 years, which is typically when major renovations or
replacement of capital facilities becomes necessary.
(4) Present value of the revenue credit per resident (Item 1) at a capitalization rate of five
percent (Item 2) over a 25-year period (Item 3)
(5) Source: Table X-10
(6) Source: Table X-10
(7) The sum of regional parks cost per resident (Item 5) and neighborhood/community parks
cost per resident (Item 6).
(8) Source: Table X-13
(9) Total cost per resident (Item 7) multiplied by effective vacant land value percentage (Item
8).
(10) The sum of capital improvement credit per resident (Item 4) and revenue credit for past
property taxes (Item 9).
Existing Deficiencies
Since the current LOS will become the adopted LOS standard, there are no existing
deficiencies of parks and recreation 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 Parks and Recreational Facilities Impact Cost
The net impact fee cost per resident is the difference between the total cost per resident,
calculated in Table X-10, and the total credit per resident, calculated in Table X-14.
Table X-15 presents the calculation of the net parks and recreational facilities impact cost
per resident.
Tindale-Oliver & Associates, Inc.
Indian River County
May 2005 X-21 Impact Fee Study