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

Table V-7
Total Impact Cost per Functional Resident
Cost Component
Figure
LOS--Public Bldg Sq Ft per Functional Resident (1) 2.40
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)
(1) Source: Table V-4
$435.96
(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
May 2005 V-9 Impact Fee Study