Floyd County Thoroughfare Plan - Floyd County Indiana - State of ...

Floyd County, IndianaFloyd County Thoroughfare PlanSection 1–Introduction and Executive SummaryE. Probable Construction CostsWe used a cost-estimating spreadsheet from the INDOT and previous project experience to determineestimates for the probable construction costs of the recommended projects. All estimated project costshave been adjusted for inflation and are shown in 2010 dollars. The projects were separated into threegroups based on the type of improvement and the source of the primary funding. The first group ofprojects are those located on County roads. For most of these projects, the County will have to pay for100 percent of the construction costs. The second group of projects are those located on State orFederal highways. We assumed that the County would be responsible for 20 percent of theconstruction costs of these projects. The third group are projects focusing on increasing theattractiveness and safety of multimodal transportation. We assumed the County would be responsiblefor 20 percent of the construction costs of these projects. A primary factor in determining how long it willtake to complete these improvementprojects is the identification of fundingsources to pay for the projects. Asummary of the probableconstruction costs is shown in Table1.02-1. More detailed information onthe probable construction costs canbe found in Section 5.F. Financing RecommendationsGroup Cost To County ($)County Improvement Projects 17,700,000State Improvement Projects 12,400,000Multimodal Improvement Projects 1,700,000Total 31,900,000Table 1.02-1Probable Construction CostsA sole source of money will not be adequate to fund the anticipated costs associated with theproposed transportation improvement projects in Floyd County. A combination of funding sourceswill need to be implemented to fund the various proposed projects. The study team feels that thefollowing funding sources are the most viable for Floyd County.1. Development Impact FeesThe County’s first funding source to consider should be a Development Impact Fee basedon the number of trips generated by each land use in a proposed development. Acommunity can implement Development Impact Fees to defray or mitigate the capital costsof improving parks, roads, water mains, sanitary sewer, and storm water drainage systemsto accommodate new development. Credits for improvements are also allowable under thestate code as a method of collection. The fees can be assessed either upon the submissionof a development plan, or at the submission of a housing permit. A final financial analysis isunderway to determine potential zone improvement areas and a cost per trip fee. Aconceptual estimate for the cost per daily trip has been determined to be in the range of$75 to $250.Prepared by Strand Associates, Inc. ® 1-6KRH:pll\S:\@SIECO\001--050\046\008\Wrd\Thoroughfare Plan\Draft 07-19-07\S1-Introduction and Executive Summary 07-19-07.doc\072007