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8.B. - Page 5 of 25
<br />Table 2. Summary Assumptions, Costs, and Financial Metrics
<br />Service Assumptions
<br />AM Trips (Peak Direction/Reverse Direction)
<br />PM Trios (Peak Direction/Reverse Direction)
<br />3/3 4/4 7/7
<br />3/3 4/4 7/7
<br />Capital Costs
<br />Vessel S2 $40,000,000 $40,000,000 $80,000,000
<br />Terminal estimates range from $15 million to $20 million
<br />Operating Metrics (2019/20 Dollars)
<br />Expenses
<br />Year 1 (2025)
<br />Year 10 (2034)
<br />Revenues
<br />Year 1 (2025)
<br />Year 10 (2034)
<br />Subsidy Gap
<br />Year 1 (2025)
<br />Year 10 (2034)
<br />$6,100,000 $6,700,000 $12,800,000
<br />$8,200,000 $9,000,000 $17,200,000
<br />$3,200,000 $4,500,000 $7,700,000
<br />$5,800,000 $7,300,000 $13,100,000
<br />$2,900,000 $2,200,000 $5,100,000
<br />$2,400,000 $1,700,000 $4,100,000
<br />Farebox Recovery Ratio
<br />Year 1 (2025) 52% 67% 60%
<br />Year 10 (2034) 71% 81% 76%
<br />Sources: CDM Smith; WETA; Economic & Planning Systems
<br />1 "Combined" service assumes both routes start operation at the same time. If both services are pursued, it may be that
<br />start dates are staggered.
<br />z Assume two vessels and a shared spare for each route, resulting in five new vessels for both routes. Estimate ferry costs
<br />at $16 million each, depending on size and technology.
<br />3 Costs for terminal are in FY 2019 dollars
<br />Other costs to consider are for shuttles to get passengers to and from the ferry terminal. Funding for
<br />shuttles is not widely available, but the City may pursue private and public funding to support shuttle
<br />operations. Overall funding for ferry and shuttle service may come in the form of employer -paid fares,
<br />employer-provided but publicly accessible shuttles, and grants.
<br />Benefit -Cost Analvsis
<br />The Benefit -cost analyses (BCA) compares monetized benefits (savings in travel time, passenger vehicle
<br />operating costs, accidents, emissions, and parking fees/tolls) to the costs of constructing a terminal,
<br />acquiring ferries, and annual operating costs. The BCA evaluated the routes in isolation and in combination
<br />with each other and found that the benefits of ferry service are generally positive. The biggest factor in
<br />determining benefit is how ferry users value time on the ferry and if their time on the ferry could be
<br />productive (i.e. they are able to work while on the ferry).
<br />Economic Impact Analysis
<br />The Economic Impact Analysis compares the quantitative and qualitative impacts of the proposed ferry
<br />service. The Project Team found the quantifiable impacts (jobs created from terminal construction or for
<br />terminal maintenance) to be relatively modest. The qualitative impacts (employers in the mid -Peninsula
<br />are able to access a larger labor pool from the East Bay) may be much greater.
<br />Conclusions
<br />Answering the questions of feasibility (Figure 1), the Project Team concludes that the Redwood City Ferry
<br />Project is feasible based on the results of the analyses. Commute alternatives to and from the mid -
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