| Benefit-Cost Analysis | Net Present Value of Benefits | Costs | Benefit-Cost Ratio |
| Benefit-Cost Results North Gap | |||
|---|---|---|---|
| Benefits with 7% Discount Rate | |||
| High Estimate | $922,652,549 | $17,652,440 | 52.27 |
| Best Estimate | $485,784,202 | $17,652,440 | 27.52 |
| Low Estimate | $385,156,423 | $17,652,440 | 21.82 |
| Benefits with 3% Discount Rate | |||
| High Estimate | $1,273,047,552 | $17,826,240 | 71.41 |
| Best Estimate | $670,270,071 | $17,826,240 | 37.60 |
| Low Estimate | $531,426,962 | $17,826,240 | 29.81 |
| Benefit-Cost Results South Gap | |||
| Benefits with 7% Discount Rate | |||
| High Estimate | $1,514,069,478 | $21,053,123 | 71.92 |
| Best Estimate | $1,063,210,420 | $21,053,123 | 50.50 |
| Low Estimate | $959,359,614 | $21,053,123 | 45.57 |
| Benefits with 3% Discount Rate | |||
| High Estimate | $2,089,066,405 | $21,053,123 | 99.23 |
| Best Estimate | $1,466,984,972 | $21,053,123 | 69.68 |
| Low Estimate | $1,323,694,830 | $21,053,123 | 62.87 |
| Benefit-Cost Results Entire Loop | |||
| Benefits with 7% Discount Rate | |||
| High Estimate | $2,115,906,002 | $38,303,161 | 55.24 |
| Best Estimate | $1,339,703,770 | $38,303,161 | 34.98 |
| Low Estimate | $1,160,913,835 | $38,303,161 | 30.31 |
| Benefits with 3% Discount Rate | |||
| High Estimate | $3,116,725,614 | $39,223,190 | 79.46 |
| Best Estimate | $1,973,381,167 | $39,223,190 | 50.31 |
| Low Estimate | $1,710,023,925 | $39,223,190 | 43.60 |
Project Readiness
Technical Feasibility
Completing the Pinellas Trail Loop will involve the utilization of non-traditional construction techniques (through design-build) in existing right-of-way. The North Gap will use both existing Duke Energy utility corridor right-of-way and right-of-way along state, county and municipal roadways. The South Gap will utilize existing Duke Energy utility right-of-way, in addition to utilizing state and county right-of-way and over/underpasses where available.
Alternative alignments using public and private properties and right-of-way are available and feasible. Further design will be completed with part of this grant funding. Cost estimates were based on mileage, and also include allowances for engineering, design, project administration and management, and potential cost overruns. Built into the budget is a contingency rate.
Each segment of Completing the Pinellas Trail Loop has independent utility, but as the final pieces of the Pinellas Trail Loop, these segments function as part of a complete, multi-modal transportation facility. A Statement of Work is included as Appendix A.
Financial Feasibility
Since 1991, more than $82.5 million (2015$) has been invested in creating the existing Pinellas Trail Loop. More than $37.8 million local dollars have contributed to the Loop through local sources, such as sales tax revenue and impact fees. Over $6 million has been provided by the State of Florida, which has committed additional funds for part of the Loop completion. Finally, the federal government has contributed more than $38.4 million dollars through various sources, including Congestion Mitigation and Air Quality Improvement (CMAQ), Transportation Enhancements (TE) and federal appropriations.
Local funding for Completing the Pinellas Trail Loop is being provided by the Penny for Pinellas infrastructure sales tax. The Pinellas County Capital Improvements Program includes the local funding match being used to leverage this project. The Board of County Commissioners approved the use of these funds as a match at the same time the TIGER grant application was approved for submittal (Appendix E). Combined with full TIGER grant funding, all segments needed for Completing the Pinellas Trail Loop will be fully funded and able to move forward.
The dollars from the local match will be used to construct a portion of the Trail segment in the North Gap, extending from the Brighthouse Networks Field baseball facility in Clearwater, north to the existing Trail overpass at U.S. Highway 19. Local match dollars will also be spent on the South Gap, paying for the reconstruction of the San Martin Bridge. This bridge facility is in need of replacement and does not currently safely accommodate bicyclists and pedestrians. Local funds will be utilized to contribute to the redesign and reconstruction of this bridge to accommodate a designated Trail facility, providing a critical missing link in the Pinellas Trail Loop system.
Operating revenue for the County Loop components will be provided by the Pinellas County Parks and Conservation Resources Department.
Table 6, below, displays a breakdown of anticipated expenditures by quarter, including the percent per quarter of the total project coast. Service is scheduled to be available for the first phase of the project in the first quarter (October to December) of FY 2017/2018.
| Year | quarter | Expended by Quarter, TIGER | Expended by Quarter, Local | Percent of Total Cost | Components |
|---|---|---|---|---|---|
| 2015/16 | 1 | $298,210 | $185,661 | 1.56% | Phases 1-3, In-House Design/Engineering |
| 2 | $466,596 | $290,496 | 2.44% | Phase 1 begins Design Build Contract and Award | |
| 3 | $466,596 | $290,496 | 2.44% | Phase 1 begins Construction | |
| 4 | $883,512 | $550,062 | 4.61% | Phase 2 begins Design Build Contract and Award, Phase 2 begins Construction | |
| 2016/17 | 1 | $883,512 | $550,062 | 4.61% | Continue work from previous quarter |
| 2 | $971,885 | $605,082 | 5.07% | Continue work from previous quarter | |
| 3 | $971,885 | $605,082 | 5.07% | Continue work from previous quarter | |
| 4 | $1,106,654 | $688,987 | 5.78% | Phases 3 & 4 begin Design Build Contract and Award | |
| 2017/18 | 1 | $1,106,654 | $688,987 | 5.78% | Service begins in Phase 1, Phases 3 & 4 begin Construction |
| 2 | $1,325,236 | $825,074 | 6.92% | Continue work from previous quarter | |
| 3 | $1,618,361 | $1,007,570 | 8.45% | Continue work from previous quarter | |
| 4 | $1,618,361 | $1,007,570 | 8.45% | Continue work from previous quarter | |
| 2018/19 | 1 | $1,618,361 | $1,007,570 | 8.45% | Service begins in Phase 2 |
| 2 | $1,085,643 | $675,907 | 5.67% | Continue work from previous quarter | |
| 3 | $1,040,442 | $647,765 | 5.43% | Continue work from previous quarter | |
| 4 | $1,040,442 | $647,765 | 5.43% | Continue work from previous quarter | |
| 2019/20 | 1 | $1,040,442 | $647,765 | 5.43% | Service begins in Phase 3 |
| 2 | $793,922 | $494,285 | 4.14% | Continue work from previous quarter | |
| 3 | $506,170 | $315,134 | 2.64% | Service begins in Phase 4 | |
| 4 | $313,247 | $195,778 | 1.64% | Project Management | |
| Total | $19,156,129 | $11,927,100 | 100.00% | Service begins on Phase 4 (final phase) in January 2020 |