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, 0 BOOR iOJ PAGE Recreational Benefit The total recreational value of the County's beaches to an individual is estimated as the average value of a day at the beach multiplied by the number of days spent on average at the beach. To determine the recreational benefits associated with the projects identified in the BPP, a beach user survey was conducted to ascertain the characteristics of beach users on the Indian River County beaches during summer and winter months. These surveys were conducted between August 13 and October 11, 1998 for the summer period and between March 26 and April 10, 1999 to determine beach user characteristics for winter months. These surveys determined that, on average, the value placed on a day at the beach by respondents to the summer survey was $11.71 and the value placed on a day at the beach by winter respondents was $ 14.32. The average value of a day at the beach was multiplied by the number on days spent on average at the beach for each beach sector to determine the total recreational benefit. The net present value of the recreational benefits over the 30 year project horizon is estimated at $71,719,063 for the entire project area. Storm Protection Benefit The storm protection benefit resulting from the beach restoration program was computed for oceanfront property within a project area. The following factors were taken into consideration: (1) anticipated land loss from erosion if the project was not completed, (2) value of land that would be lost, (3) construction cost of erosion control structures required if the project was not completed, and (4) maintenance cost of erosion control structures. The aggregate net present value of the storm protection benefit for all property abutting the project over a 30 -year project horizon is estimated at $31,106,269. Distribution of Project Benefits and Costs The initial beach restoration projects will restore and improve 8.3 miles of shoreline along the County's 22 miles of barrier island beaches. The restored beaches will be renourished at intervals of approximately 8 years throughout the 30 -year project horizon. The present value of the initial beach restoration project is approximately $16,286,567, based on a total initial project cost of $17,685,540. The total 30 -year present worth benefits associated with storm protection ($31,106,269 or 30.3 percent) and recreational use ($71,719,063 or 69.7 percent) is $102,825,332. The total 30 -year present worth cost for the County's beach restoration projects is $33,884,070, resulting in a benefit to cost ratio of 3.03 to 1 (3:1), confirming the economic importance of improving the County's beaches. Recommended Funding Sources and Financing Plan Four primary sources of revenue are available to the County to fund the cost of the initial beach restoration projects. These sources are recommended based JULY 209 1999 -44-