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0 Sector 3 has been expanded an additional 3,000 feet pursuant to a report brought to the Beach & Shores Preservation Advisory Committee in June. As a result of the winter survey, recreational benefits increased from 50 million to 71 million dollars over the 3 0 -year project. The costs were also adjusted to include the cost of monitoring the plan and acquiring construction easements, including estimated mitigation construction. The benefit -to -cost ratio has gone up to 3 to 1 which is a very solid number. Dr. Tom Curtis, economist at the University of South Florida, reviewed the surveys taken in each project area and noted that the value of a beach day in the winter is $14.32 and $7.71 in the summer, times a 30 -year benefit. Ms. Erickson then noted that the State is funding 100% of the cost for Sector 1 of 8.7 million dollars and the projections for the tourist development tax do not account for growth. Between these 2 funding sources, 65% of the total project cost will be paid and no special assessments will be required. Ms. Erickson then reviewed the following Executive Summary: Executive Summary In July 1998, the Indian River County Board of County Commissioners authorized Applied Technology and Management, Inc., to undertake economic studies and funding analyses to formulate alternative plans to finance the costs of the County's Beach Preservation Plan (BPP). This work was to be performed in two phases. The Phase I economic studies and alternative funding analyses are presented in a report titled "Beach Preservation Plan - Economic Analysis and Cost Allocation Plan" (ATM, 1998). The purpose of the Phase I economic work was to examine the economic viability of beach restoration along five (5) planning sectors of the County's shoreline, analyze storm protection and land loss benefits, compile summer recreational beach use benefits and identify alternative sources of revenue to fund the County's BPP. This report quantifies the benefits to be derived by Individual beneficiary groups over a 30 -year project horizon. This report represents the work product for Phase If. The purpose of the Phase II studies is to compile new winter recreational beach use data, revise the annual recreational benefits and formulate recommended funding sources and a financing plan. This report includes supplemental work to determine the value of the County's winter recreational beach use and the costs associated with an extension to the beach restoration project in Sector 3. JULY 209 1999 -43- 14 - ,� 'o -/';) BOOK 2.0PAGE 0 e 0