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V-4 CL == The discounted average annual cost of prevention of development in the flood plain in dollars. Ip = The average annual value the community places on having open land in the flood plain in dollars. One approximation by Boulder residents of the value of acqulnng open space is the present cost of open space easements which is in the range of $160 per acre per year. In economic terms, pur- chase of flood plain land for open space would result in a net bene- fit of $18 an acre per year, or on a present worth basis, $270 per acre. It is important to note that the acq uis ition of land has little advantage over strong and well enforced flood plain ordinance if only flood con- trol is considered. Both methods, if implemented properly, will re- duce flood damage. However, the greenbelt concept has strong appeal when the advantages of having permanent open space and recreational areas are considered. Flood plain zoned land would continue to be available for uses compatible with zoning and flood-proof structures could be built. The underdeveloped area along South Boulder Creek would be a logical addition to Boulder I s nationally recognized green- belt program. Flood Insurance. Flood insurance is a non-structural alternative avail- able to property owners for flood damage compensation. The Federal flood insurance program is designed to make limited amounts of flood insurance available to property owners in qualified communi- ties at reduced rates by a means of Federal subsidy. To become eligible for this insurance, a community must submit evidence to the Department of Housing and Urban Development that the community or county has a need for flood insurance. The application must cite measures taken to reduce property damage from flooding. Maps showing areas in the community that are prone to flooding and a brief history of flooding in the community must be included. Also, the community must take legislative action committing itself to maintain adequate land use and control measures to reduce the exposure to floods. Both Boulder County and the City of Boulder have taken these measures. The City of Boulder was eligible for flood insurance as of Apri 16, 1971, and Boulder County was eligible as of May 14, 1971. After these dates, flood insurance policies can be purchased from local property and casualty insurance agents or brokers licensed to do business within Colorado. One to four-family dwellings and small bus iness properties can purchase flood insurance.