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IA <br />i <br />Table 2 <br />Indian River County Beach Preservation Projects <br />Sector FOEP Monument Project Type and Sand Volume Recommendation <br />1 & 2 T-16 feeder beach — 700,000 cubic yards (R-4 + 400 ft n. <br />through T-17) <br />3 R-44 beach restoration — 380,000 cubic yards (R-37+290 It s. <br />through T-45 + 100 ft n.) <br />5 R-84 beach restoration — 540,000 cubic yards (R-74 through <br />R-86) <br />7 R-104 beach restoration and structures — 330,000 cubic yards <br />(T-100 + 95 ft n. through R-107 + 105 ft s.) <br />Five (5)-, 15- and 30 -year return interval storm events were simulated, As an <br />example, the 15 -year storm eroded approximately 26 cubic yards per front foot of <br />the lower beach, berm and dune segments of the beach at Sector 7 (R-104), <br />while the 30 -year event caused a unit loss of approximately 32 cubic yards per <br />foot. A 15 -year design level storm (6.67 percent probability of recurrence in any <br />given year) was determined to provide the optimum project volumetric <br />requirements. <br />As stated previously, in order to account for the future cost of storm protection, a <br />two (2) percent inflation factor is used and a five (5) percent interest rate is used <br />to reduce costs 'back to net present worth. In effect, the real discount rate is, <br />therefore, three (3) percent. For armored properties the costs for annual <br />maintenance 2r1r1 repair Of structural daiiayc tV ille seaWali Over a 30 -year <br />project horizon is included in the computation of project benefits. <br />An estimate of land values for the purpose of calculating dollar value of land lost <br />to erosion was based on square footage land values obtained from the Indian <br />River County Property Assessor's office. The total appraised value of properties <br />in Indian River County (1998 values) is $ $8,072,475,977, of which 35.7 percent <br />or $2.870,409,036 represents the barrier island properties. The average value <br />