Orestimba Creek Feasibility Study - Stanislaus County

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Economics Appendix – Draft Report - Orestimba Creek Feasibility Study, Stanislaus County, California – September 2012 Figure 2-3: Orestimba Creek Existing Condition Floodplain – 0.2% (1/500) Annual Chance Event 8
Economics Appendix – Draft Report - Orestimba Creek Feasibility Study, Stanislaus County, California – September 2012 2.3 Value of Damageable Property- Structure Value For the structural inventory, the value of property at risk was estimated based on depreciated replacement values. Value of structure was determined based on the following function: Depreciated Replacement Value = (1) Square Footage of Structure X (2) Cost per Square Foot X (3) Remaining Value (100% minus estimated depreciation percentage) Note that this value accounts for the depreciated replacement cost of the structure. Evaluation of Corps flood damage reduction projects, require that structures be valued using replacement costs minus depreciation. These values may differ from assessed values, sales or market values, reproduction costs or values determined by income capitalization. Depreciated replacement cost does not include land values and market prices (which include land value) or sale price for homes and commercial property would be higher than the value of the depreciated structure alone. Structures were valued using Marshall and Swift construction factors ($/sq ft). Each structure was categorized by specific value type (i.e. Dentist Office, Church, Elementary School, SFR, etc.) and then assigned a corresponding $/sq ft for that type of structure. This value was then updated to October 2011 price level using a current cost multiplier (CCM) for the general region (i.e. Western US) and then by local multiplier (LM) to adjust for more specific costs in the local area (in this case Modesto was used). @Risk software was then used to address the uncertainty in the construction quality using triangular distributions (fair, avg, good, etc.). An “expected value” was then placed on each structure based on this triangular distribution. This value per square foot was then multiplied by the actual square footage of the structure as listed in the County Assessor records to obtain a non-depreciated structure value. Finally, depreciation was applied using guidance from IWR 95-R-9. Non-Residential structures were 100% surveyed during fieldwork and residential structures were grouped geographically by areas of homogeneous characteristics. 2.4 Value of Damageable Property- Content Value In addition to structures, building contents can also be at risk of flood damages. For this study, non-residential content values were derived from the results of the Sacramento District SPK Expert Elicitation Panel of 2007. The value used is based on the “expected value” of a triangular distribution of the various land-use categories. Both depreciated and non-depreciated content are accounted for. These values have been indexed to 2011 prices using CPI data and a summary is listed below in Table 2-2. For residential structures, the content value is estimated at 50% of the depreciated structure value, similar to what’s been used in most other Corps Feasibility Studies 2 . 2 In accordance with IWR depth damage functions, content damages for residential structures are based upon a percentage of structure value, and therefore a 100% content to structure ratio is applied within FDA to assure that content depth damage percentages are applied to the structure value rather than the content value. 9
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Orestimba Creek Feasibility Study - Stanislaus County

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