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• Evaluate changes in productivity • Calculate contributions of the ferry service in reducing highway congestion • Calculate potential travel time savings using a Value of Travel Time model • Evaluate potential costs to recreational boaters who may not be able to utilize waterways of the ferry travel paths during certain times • Estimate costs over the entire life cycle of the project (capital construction, operations, maintenance, and capital rehabilitation) • Estimate external costs during construction phases such as delays, impact to recreational boaters, etc. • Identify and estimate the value of benefits to existing and additional users of other transit modes due to the addition of a ferry service. If possible, estimate the potential number of commuters who will be diverted away from other transit modes • Identify and describe qualitatively benefits that cannot be quantified or monetized • Distinguish between benefits and transfer payments The following is required of the analysis: • Provide sources as it relates to the assumptions, methodology or approach chosen, calculations, and rationale for divergence from recommended approaches • Where applicable, utilize tables to describe costs, benefits and monetary values in o Nominal dollars, o Real dollars, and o Discounted real dollars. Following guidance from Office of Management and Budget Circulars A-4 and A-94 (http://www.whitehouse.aov/omb/circulars), real discount rate should be 7%. Consultant teams should also provide an alternative analysis with a real discount rate of 3% following past Department of Transportation (DOT) guidance pertaining to the former Transportation Investment Generating Economy Recovery grant program Tie costs and benefits to the expected useful life Deliverable — Draft Cost -Benefit Analysis Task 2.4 — Economic Impact Analysis The Economic Impact Analysis will: • Assess the economic development effects of ferry expansion by examining and referencing cities or areas with new ferry service to cities or areas that with planned ferry service • Evaluate the short-term and long-term impacts associated with ferry terminal construction and ferry service, including but not limited to: o Spending, o Property Values, o Tax revenue, o Employment, and o Tourism • Estimate short-term and long-term jobs created Page 13 of 17 REV: 01-15-19 VR ATTY/AGR.2019.016/CDM Smith