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<br />City of Fort Collins <br /> <br />Hazard Mitigation 404 Grant Application <br /> <br />Part 6 <br /> <br />COST EFFECTIVENESS <br /> <br />A. Discussion of Cost of Project vs. Value of Benefits <br /> <br />I. Cost: Total Project Cost is $60,000. <br /> <br />2, Useful Life of Project: 30 to 50 years <br /> <br />Measures implemented by this program will have an economic (service) life <br />ranging from 30 to 50 years. This duration will provide a matching of <br />benefits to the maximum mortgage period of a typical property owner and <br />better correlate economic life with the risk of flood damage. <br /> <br />3, Project Benefits Long or Short Term: <br /> <br />The project's benefits are long-term. It is expected that the economic service <br />life is 30 to 50 years_ <br /> <br />4, Frequency of Required Maintenance: Annual. <br /> <br />-~ <br /> <br />Annual inspections, painting and lubrication may be required. Every 2-3 <br />years painting or landscaping may be required. <br /> <br />5. Annual Maintenance Cost: $0 to program. 5% of construction value <br />borne by property owner. <br /> <br />It is anticipated that residents, resulting in lower annual maintenance costs <br />will adopt a more structural approach (vs. Non-structural), Maintenance is <br />expected to consist of inspections, painting, lubrication, and landscaping. The <br />annual cost of these services, which are estimated to be 5 % of the <br />construction value (labor, materials, and equipment), will be borne by <br />property owners_ For a $5,000 project, annual maintenance would be $250_ <br /> <br />6. Discussion: <br /> <br />Floodproofing is gaining national acceptance as a means of cost effectively <br />protecting certain classes of properties. The application and screening process <br />described in the Floodproofing Application section will consider information <br />that demonstrates the economic value of investing in floodproofing measures. <br />Generally floodproofing will be most economical in the following <br />applications: <br /> <br />. Isolated structures with a moderate depth (I to 3 feet) of flooding <br />under major (lOO-year) conditions <br />. Areas subject to broad shallow flooding where improved conveyance <br />of a drainageway is not practical or not planned <br />. Isolated buildings flooded by localized street flooding <br />22 <br />