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

Table III-8 presents the unit cost that will be used for the impact fee analysis. This unit
cost was calculated as the addition of the building replacement cost and the equipment
cost, which totals $54,271 per bed. The table shows a cost per functional resident of
$278 under the LOS standard of 5.12 beds per 1,000 functional residents.
Table III-8
Unit Cost per Functional Resident
Component
Cost
Building and Land Replacement Cost per Bed (1) $51,633
Equipment Cost per Bed (2) $2,638
Total Capital Cost per Bed (3) $54,271
Level of Service (4) (Beds/1,000 Functional Residents) 5.12
Total Capital Cost per Functional Resident (5) $277.87
(1) Source: Table III-5
(2) Source: Table III-6
(3) Sum of building replacement cost per bed (Item 1) and equipment cost per bed
(Item 2).
(4) Source: Table III-4
(5) Total cost per bed (Item 3) multiplied by level of service (Item 4) divided by 1,000.
Credit Component
To avoid overcharging new development for the capital cost of providing correctional
facilities, a review of the capital financing program for correctional facilities was
completed. The purpose of this review was to identify any potential revenues, other than
impact fees, generated by new development that could be used for capital facilities, land,
and equipment expansion of the correctional facilities program. Once these revenues
were identified, a credit was given against the impact cost.
Revenue Sources for Capital Expenditures
The IRCSO has two different sources for correctional facility capital expenditures:
• General Fund
• Local Option Sales Tax
Table III-9 summarizes the capital expenditures and their funding sources over the last
six years. This table also specifies whether the capital expenditure was a replacement or
an expansion to existing capital facilities.
Tindale-Oliver & Associates, Inc.
Indian River County
May 2005 III-9 Impact Fee Study