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<br />32 <br /> <br /> <br />c r ")1" tf:' [l <br />...:;......,,'1.1 <br /> <br />. <br /> <br />~h~ ~ve~age &nnu~l benef~ts shoUld equal or exceed the annual costs <br /> <br />i~ the Federal Government is to contribute toward the project, The <br /> <br />Yalue given to benefi~s, and costs at their time of accrual is made <br /> <br />cOmparable by conversi'on to an equivalent time basis using an appro~ <br /> <br />prrate interest rate, An interest rate of 5~7/8 percent applicable <br /> <br />to public projects' was' used in this report. The net effect of con- <br /> <br />vert~g benefits and costs' in this manner is to develop equivalent <br /> <br />,\verage annual v~lues', <br /> <br />Although the physical life of the project will be at least 100 <br /> <br />ye~rs, a 50-year period of analysis was selected in accordance with <br /> <br />the :lntent of Section 205 of the Flood Control Act, approved 30 ,Tune <br /> <br />1248, ~s amended by Section 205 of the Flood Control Act, approved <br /> <br />23 October 1962. <br /> <br />The development of costs and benefits follows standard Corps of <br /> <br />~ng~neers practice. The value of all goods and services used in the <br /> <br />l'roject is est~lIlated on the cost side, Damages prevented are estimated <br /> <br />on the benefit side, The development of damages prevented is based <br /> <br />on flood damage surveys made in the Town of Holly in 1973 and from <br /> <br />problem are~s h~ving like ch~r~cter~stics that have detailed damage <br /> <br />RUI'YCY dllta. III\i\ depth.,.d,ams,ge rel~tionships. This ma.terial is then <br /> <br />re:la.ted to i'requency d~'ta to) cOnvert it to average annual values, <br /> <br />~he pIIUl lIO\J:ld coni'ine flows to a nonde.m~ging area. reducing the <br /> <br />residual damages in Ho'l1.Y to 1?roduce damage l'revention benei'~ts, <br /> <br />. <br />