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<br />Advantage - This is a relatively quick option for completing the project with an estimated <br />completion date in fall 2008. <br /> <br />Disadvantage - This option would require two FEMA reviews estimated to be $4,400 <br />each and about $3,000 in consulting fees for a total cost of$II,800. <br /> <br />Option 2- The City would (1) construct the project in the summer of2008; and (2) <br />obtain a LOMR following construction of the project. <br /> <br />Advantage - This the quickest option for completing the project since it eliminates the <br />first two steps and cost associated with Option 1 above. Completion could be several <br />months sooner and at a reduced cost of $4,400 by the elimination of the CLOMR. <br /> <br />Disadvantages - There would be a risk associated with this option that the modeling done <br />by the DNR might involve other unanticipated changes other than the reduced flow rate <br />and could result in insufficient area being removed from the floodplain to correct the <br />current floodway encroachment. <br /> <br />Option 3 - The City would (1) allow DNR to complete the remodeling of the <br />floodplain using the lower flood flow; (2) allow FEMA to review and concur with DNR; <br />(3) complete the project in the late summer of2010; <br /> <br />Advantage- This alternative would eliminate the cost ofFEMA reviews and consultant <br />expenditures, a total of $7,400 to $11,800 depending on whether Option 2 or 1 above <br />would be selected. <br /> <br />Disadvantages - The 100 year flood could occur within the delay period. Additionally, <br />construction cost could increase at a rate great as 10% per year. At this rate the <br />construction cost would increase $25,600 ifnot constructed until 2010. <br /> <br />Recommendation: <br /> <br />Staff recommends proceeding with Option 1 for the following reasons; (1) it has a <br />relatively small incremental project cost increase at $11,800; (2) it eliminates the risk <br />associated with option 2; (3) it accomplishes the project in 2008 whereas allowing the <br />DNR to perform the work would delay the project for at least two years and is susceptible <br />to further delays due to funding uncertainty and workloads. <br /> <br />Financial Impact: <br /> <br />At the present time the City has a contract with the consultant, Bolton & Menk Inc. to <br />provide services (which include the LOMR but not the CLOMR) at agreed upon hourly <br />rates not to exceed $38,500. Staff is anticipating that the reduction in other engineering <br />costs, (ie. less staking, less inspection, and shorter construction time) will be realized <br /> <br />12 <br />