FLOOD07643

• County: Statewide
• Basin: Statewide
• Title: Physical and Economic Feasibility of Nonstructural Flood Plain Management Measures
• Date: 3/1/1978
• Prepared For: US
• Prepared By: US Army Corps of Engineers
• Floodplain - Doc Type: Educational/Technical/Reference Information

TABLE 7-2

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ESTIMATED COSTS TO REMOVE CONTENTS TO A FLOOD-FREE SITE
AND DEMOLISH EXISTING STRUCTURE'

Item

Estimated Cost
$25,500.
5,100.
600.
1,000.
400.
= $32,600.
= $ 2,612.
= 8.7

Acquisition of Existing Structure and Site'
Demolition of Existing Structure'
Moving and Related Expenses
Replacement Housing for Homeowner'
Costs to Convey Property to Government
Total First Cost
Annual Cost'
Annual Cost as Percentage of
Structure Value

1 Costs were estimated assuming a 1600 square foot structure in a flood-free location was valued at
$30,000 and land at $5,000.

2 The value of the structure in the flood hazard area was assumed to be $5,000 below market value
of structures at flood-free sites and land value was assumed $500.

3 Costs include 25 percent for contractor's bonds, overhead, profit and engineering.

4 Replacement cost is sometimes interpreted as being the additional cost to provide a comparable
structure at a f1ood~free site. Ur1der this interpretation this cost could be over $9,500 since an
additional $5,000 would be needed for a comparable structure and $4,500 for flood-free land. This
cost item is limited to $15,000 by the Act.

5 Amortized at 7 percent for 30 years.

These data show an annual cost of 4.6 percent of structure value, where both structure and
contents are removed to a flood-free site, and 8.7 percent where only contents are removed and
the structure is demolished. These values represent the approximate lower and upper bound of
a range of costs which will vary depending upon the assumptions made regarding disposition of
existing property and availability of a new site. Removal and reuse of an existing structure at a
flood-free site is the most economical option because existing resources are being reused. The
least economical option is to forego both structure and site and simply remove the contents.

Economic Feasibility
With a structure and contents located at a flood hazard site flood damage occurs; with both
structure and contents removed to a flood-free site this damage is eliminated. The damage
reduced by removal is the amount of damage which would have occurred had the structure not
been removed. Figures 7-2 through 7-5 show this damage for four type structures at different
locations in the flood plain and different flood hazard factors. Details of this analysis are

51