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<br /> <br />. <br /> <br />.MQthfilit' oons':l:<!Le:rat:l:on :1::& 'll\~:bn:l:z:t.ng net ta,ns:l:bJ,e benef:tts:. ~h:l.s <br /> <br /> <br />:l.,s s,n econCllll:l:o oonoe);lt a;blted at s::l:dng e; Pit'oject, o:r investment, to <br /> <br /> <br />the, po:l:nt where the git'ee.test' exoel!l'S' of benefits oveit' costs occurs. <br /> <br /> <br />~ effect, th:l;S.:l:s thepoi~t where the'last tncrement in p:roject size <br /> <br /> <br />has: an :l:ncremental cost equs,J, to tncremental'benef:l:ts, and any fUrther <br /> <br /> <br />fncit'es,se in s-:he 'iro1.1'l.d not be ecbnomicallY' justified. <br /> <br />COS'rS <br />'rhe esti1nated f:l:!:'st costs' and annual changes of improvement, based <br />upon August 1974 p!:':l:ces, s,:re summarized in Table 6. An allowance of 12 <br />percent for contingenc:l:es is included. The estimate includes engineer- <br />:l:ng and des:l:gn, and supervis:l:on and 'administration, based on the cost <br />of these items- for s:IM:i:1ar projects, 'The non-federal cost represents <br />ll,n esti:me.ted value fo:r use in compl!.!i:'ing annual cost to benefits and <br /> <br /> <br />does not necessarily reflect ~ctual c~sh outlay, P~oject life is con- <br /> <br />s:l;de:red at 50 years, Inte:rest and wnortization are based upon a rate <br /> <br /> <br />of 5_7/8 pe:rcent. The detailed cost estimate presented in Appendix 3, <br /> <br /> <br />is within 2 pe!:'cent of the preliminary' costs computed during the proj- <br /> <br /> <br />ect formulation stage; the:refore, no reformulation was necessary. <br /> <br />13!mEF;(:L'S <br />EBt;blta.te.S o:f ')l)onetll,ll:'f' benE\f~ll !l,it'e ba.se<l. on noit'Jllal:l:zed and <br />August 19.74 p:r;l,-oe leye],ll and ]'276eeonOlll:l:c conditions. ~he p:rojected <br />:1,976' ecimOlll:l:c cond:l:t:l:ons.we.:l'e ~e],eeted for use :b1 the study becs,use <br />:1,976' b the mOB'll probab:1,e da.te fQ:r conS<tl:I'Uct:l:onof the :recol1llllended <br /> <br />. <br /> <br />33 <br />