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<br />IV -2 <br /> <br /> <br />CD = Damage caused by flood event in dollars. <br /> <br />KD = Flood damage per foot of flood depth per market <br />value of structures. <br /> <br />MS = Market value of structures inundated in dollars <br />per developed acre <br /> <br />h <= Average flood depth in feet. <br /> <br />A = Area flooded in acres.' <br /> <br />These flood damage values for different flood frequencies are shown <br />on Figure 13. <br /> <br />The cost-benefit analysis for the undeveloped or natural land takes <br />a different form than the analysis of developed land. Here. if a stream <br />floods, there will be no major structural damage. The major flood con- <br />trol measure maybe the zoning or purchase of flood plain land. <br /> <br />If the land is purchased a major cost includes the cost of taking this land <br />out of development or farming and purchasing it for greenbelt land. This <br />cost can be computed by evaluating the following factors using the approach <br />as proposed by L. Douglas James. (3) <br /> <br />CL = [(~, i%. t) ~o - (~ j%,t) M~ Ia - 9 A <br /> <br />This equation will help evaluate the effects of land <br />purchasing for flood control. This equation is not <br />applicable for flood plain zoning where land is not <br />purchased. <br /> <br />CL <br /> <br />A <br />P <br /> <br />i%, t= <br /> <br />Mo = <br />P j%, t = <br />F <br /> <br />Mt <br /> <br />(3) Ibid. <br /> <br />= <br /> <br />Discounted average annual cos t of prevention <br />of development in the flood pIa in. <br /> <br />Capital recovery factor based on project <br />discount rate and t years. <br /> <br />Current average market value of flood plain land <br />adjusted to include effects of floor hazard in dollars. <br /> <br />Single payment present worth factor based on <br />return expected on real estate and t years. <br /> <br />= <br /> <br />Projected val ue of M after t years adjusted <br />o <br />to exclude inflation effects. <br />