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<br />- 3 - <br /> <br />The total installed cost of these structural measures is $302,962. <br />The flood prevention cost for Structures PR-l and PR-2 is estimated at <br />$99,101, with a local share of $2,073 and a Public Law 566 share of <br />$97,028. The cost -of the water control structures is estimated at <br />$203,861, with a local share of $80,642 and a Public Law 566 share of <br />$123,219. In addition to the stated local cost-share, the estimated <br />value of land, easements, and rights-of way represented by 30 miles of <br />main canal and the 42 miles of laterals is $81,500 based on present <br />value of these items. <br /> <br />The estimated annual installed cost of these structures amortized <br />over a 50-year period at 3 1/8 percent is $3,943 for the two floodwater-. <br />retarding structures and $8,112 for the water management features. <br />Operation and maintenance for the two floodwater-retarding structures is <br />estimated at $322, and operation, maintenance, and replacement for the <br />canal rehabilitation is estimated at $9,726. The combined annual <br />installed cost including operation, maintenance, and replacement is <br />$22,103. <br /> <br />The two floodwater-retarding structures will provide protection to <br />over 300 acres of irrigated land, to roads and bridges, and to private <br />property dong the flood channels and will defInitely reduce the <br />potential for loss or interruption of canal service to most of the <br />irrigated lands in the project. <br /> <br />It is estimated that the water management benefits attributable to <br />the proposed project will result from an expected stabilization in <br />project economy and a raise in the project efficiency from 44 percent <br />to 54 percen t. <br /> <br />With estimated flood damage benefits of $6,808 annually and <br />irrigation benefits of $46,635 annually, total benefits of $53,443 <br />annually will accrue to structural measures to be installed in the <br />project. The average annual cost of these measures is $22,103. The <br />benefit-cost ratio is 2.4 to LO. Secondary benefits of $6,759 were <br />included. <br /> <br />The Pine River Canal Company will contract for the construction of <br />the two floodwater-retarding reservoirs and for the new and replacement <br />structures for the rehabilitation of the main canal distribution system. <br />Funds for financing construction costs will be obtained by loan from the <br />Farmers Home Administration under Section 8 of the Watershed Protection <br />and Flood Prevention Act. Loan repayment funds will be provided by <br />assessments on the shares of the Canal Company collected annually by the <br />Pine River Canal Company. <br /> <br />Land treatment measures applied on private agricultural lands and <br />on the participating lateral ditches will be maintained by the <br />