FLOOD05115 - Laserfiche WebLink

Home Browse Search

Lo~s of Rents - This flood loss w~s based on ~wo 6-uni~ apartment buildings losing rent receipts. The dur~tion of lost rents wa~ assumed to be I month and 2 months, respectively, for the 10- and lOO-year floods. Loss of Tax Revenue - Loss of local property tax revenue by the own of Erie, 'Ield County, the school district, ~"d the fire district "'as estimated based on a total mill levy of 96.74 mills and an average a~"essed valuation of $16,500 for each residential or commercial property that will have first- floor flooding. This aSSumeS that the city and county officials will wa1ve these taxes for the flood year. A lo~s of income tax revenue to the State of Colorado and the Federal Government will also result when residents of the flOOded area Claim a casualty loss on their income tax returns. Ihis loss of tax reVenue was not specifically evaluated. Incerest on Disaster Loans - The reconstruction of many damaged residen- tial and commercial properties will depend on disaster loans g~anted by the ~deral Government through the Federal Disaster Assistsnce Admi~istration. Ihe interest payment on these loans is an add,'d financial burd..no" tll<' recipients of the loans. It "as assumed that o",,-third of the residents In the flOOded arca of the community with first_floor flooding "ill require a loan of $~,OOQ per structure for the la-year flood and a loan of $10,000 per .trH"r"re fnr tb.. l(l(l-)'..~>:" no",t. Tl>e losns .......e ass'J",..d to have a~_ average payback period of 20 years sod an interest ~ate of 71 percent. (In a few very cat"stroph.C flood disusters, such as 1n the B.g Thompson Conyon flood- 1976, the inte~est rate ~as lo".red by an Act of Congress to J percent). Ibe amount of loaned money "as based only on the direct damages to rcsLdentisl and non-residential structures. Miscellaneous Losses - The cstagory of miscellaneous losses includes costs of flood righcing, policing, relief activities (Red Cross), and pre- servation of public health. Miscellaneous losses were estimated at 2 perc"nt of cotal direct damage" for !teach 2 and 5 percent for Reach i.. -66- E. Summary of Total Damages The total direct and indirect flood damages for the 10-year flood for Reach 2 sdded up to $1,711,600; and the 100-year flood da~ges added up to $5,122,500. Indirectda..ages atllOunted to 23.7 percent of lO.year flood damages and 29.3 percent of 100-year flood damages. A summary of ba~eline flood damages for Reach 2 based on present dollar values is shown in Table-S. For Reach 4, the total direct and indirect flood damages for the 10- and 100-year floods are $313,000 and $360,200, respectively. A summary of base- line flood damages based on present dollar values is shown in Iable-9. F. Average Annual Flood Damage~ ThedollarvaluesofdirectandindirectdaTIl3gesforReaches2and4for the 10- and lOO-year floods were plotted against the probability of e~ceed- ence in percent per year (inverse of the retllrn period) a~ sho..-n ,n Figures 6 and 7. The curve is a visual illustration of the relationship of flood magnitudeandtotalflooddamsge. Significant flood damages at J-;ric area result of infrequent floods. The ~~e~ under the cu~ve repr~scnts the ~verag~ annual flcod damage. Ihi" is the yearly cost of leaving the existing condition" as they are. The average annual flood damages on Co"l Creek for Rcaehes 2 and 4 '~e~e calcu- lated to be $467,500 pcr year and $56,000, respectively. These are the "baseline conditions" that must be compared with the average annual cosrs of a proposed plan of improvement for the selection of th" O1o.t f"adble plan. I I I -67-