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BROAD STREET PARKWAY

BROAD STREET PARKWAY. BENEFITS ANALYSIS METHODOLOGY. Purpose of this Workshop. To describe methods used in benefits analyses and to discuss the inputs, assumptions, metrics and potential benefits; &

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BROAD STREET PARKWAY

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  1. BROAD STREET PARKWAY BENEFITS ANALYSIS METHODOLOGY

  2. Purpose of this Workshop • To describe methods used in benefits analyses and to discuss the inputs, assumptions, metrics and potential benefits; & • To perform a preliminary economic benefit assessment to help determine whether members of the Board of Aldermen have sufficient information to proceed on R-08-111; & • To discuss if the city wants or needs to proceed on a comprehensive economic benefits analysis

  3. Benefit Analysis Methodology A benefit analysis forecasts and estimates all the public dividends and advantages of a project to the community. The benefits are computed and expressed in terms of dollars of a particular time.

  4. Benefit Analysis Models For a transportation improvement like the Broad Street Parkway, there are a variety of models available to assess a range of travel, economic, and environmental benefits that would result from its construction.

  5. Broad Range of Benefits • Travel Benefits - like: • Reduced trip times • Less congestion & improved access • Economic Benefits - like: • Improved freight movement • Sales and workforce efficiencies • Environmental Benefits - like: • Improvement in air quality (VOCs & NO2) • Reductions in greenhouse gasses (CO2)

  6. Benefit Analysis Models • ITS Deployment and Analysis System (IDAS) analyzes travel impacts, user benefits, infrastructure improvements, and other social benefits • Net_BC is a benefit-cost model that computes benefits like time savings, operating cost savings, and accident reductions • Highway Development and Management Tools (HDM-4) developed by the World Bank estimates road user benefits including accidents, energy, and emissions • StratBENCOST is a benefit-cost model that computes benefit-cost measures based on user-input traffic characteristics, project costs, and growth factors

  7. Benefit Analysis – Dual Approach Surface Transportation Efficiency Analysis Model (STEAM) developed by the Federal Highway Administration is first used to compute system wide user benefits including travel time savings, vehicle operating costs, and accident costs calculated for both freight and passenger traffic. The overall economic benefits to the region were then estimated using the REMI Model developed by Regional Economic Models, Inc. The output of the REMI model was used to identify overall impacts on employment, output, and personal income based on the region's travel demand model.

  8. Benefit Analysis – Full Service Economic Development Research Group, Inc. They employ a system called TREDIS: “Transportation Economic Development Impact System” “For any of its applications, TREDIS can be used either as a comprehensive planning tool or as a back-of-the-envelope sketch planning tool. The level of sophistication is up to the user, but projects can be set up and run in as little as fifteen minutes. More complex and comprehensive projects might take several hours to prepare.”

  9. Benefit Analysis – Disclaimer • Some of these benefits will be more difficult to quantify than others… no matter the model used • The more complicated and detailed the benefit analysis, the more it will cost and the more time it will take • The scope of the exercise also can be very broad and expansive… the only limiting factor is the client

  10. The 1st Step in the Process No Matter the Method Consensus on the inputs, assumptions, metrics, potential benefits, etc.

  11. POSSIBLE BENEFITS of the BROAD STREET PARKWAY

  12. Possible BSP Benefits Travel Related Benefits • Reduced trip time in Nashua’s core area • Reduced traffic congestion resulting in greater fuel economy • Reduced vehicle maintenance costs • Improved access into the Millyard • Improved access into the Downtown • Improved access into the “Tree Streets” neighborhood • An alternative Nashua River crossing • Other possible benefits?

  13. Quantifying Travel Benefits Reduced Travel Time in Nashua’s Core Area With the Broad Street Parkway in place: Average travel time from FEE Exit 7 to the corner of Main & Hollis Streets via Amherst Street reduced 39% Average travel time from FEE Exit 6 to the corner of Main & Hollis Streets via Broad & Amherst Street reduced 39% Source: 2025 traffic forecasts from NRPC’s Travel Demand Model

  14. Quantifying Travel Benefits Total travel time savings = 1,233 vehicle hours/day @1.125 persons per vehicle = 1,387 person hours/day Which = 291,296 person hours/year Dollar value/hour of travel time is estimated @ 60% median hourly wage (.6 x $25 = $15) Dollar value of travel time = $20,805 / day = $4,369,440 / year

  15. Quantifying Travel Benefits Reduced Spending for Fuel Total travel time savings = 1,233 vehicle hours / day Based on an average urban travel speed of 28.3 mph = total reduction of 34,893 miles / day At an average 20 mpg = reduction 1745 gal / day At $3.50 / gal = $1,282,317 savings / year At $4.00 / gal = $1,465,800 savings / year At $4.50 / gal = $1,649,025 savings / year

  16. Environmental Benefits • Nashua a non-attainment area for ground level ozone • Transportation improvements must reduce VOCs & NO2 • NRPC’s model predicts 403.83 kg/yr reduction • EPA air quality model for health effects • Incidence of respiratory ailments • Mortality rates among high risk groups • What are the economic implications? • Reduced overall medical expenditures

  17. Business Opportunities Improved Access into the Millyard Major properties: 10-88 Technology Way (Spilios) 1 Chestnut Street (Tichnor) 99 Factory Street (Picker) 100 Factory Street (Caro) 0 Pine Street (Bagshaw) 1C Pine St. and 5 Pine St Extension (Bonnette) NIMCO’s, PSNH’s & City’s 5 Parcels Others on Pine, Factory, Palm, Central & W. Hollis Greatest development potential is on Nashua’s own 6-7 acres

  18. Business Opportunities • Studies have shown that transportation investments induced businesses to locate in areas served • Studies have shown that business costs typically decrease when highway capital stock improves • But, can the city demand a commitment? • Can there ever be guarantees?

  19. Redevelopment Opportunities

  20. Improved Access to Downtown Traffic forecasts from NRPC’s Travel Demand Model Main St: 46,768 vs. 34,417 Amherst St. east of Broad St: 32,183 vs. 24,078 Amherst St. west of Main St: 26,886 vs. 21,614 What about the Main Street Bridge? • Built in 1925… no work on substructure or superstructure • Rebuilding could take more than one year • No room for a temporary bridge… Main Street narrowed or closed • What would be the economic impact on Downtown? • What would the traffic impact on core city neighborhoods?

  21. Other Infrastructure “Savings” The Bridges at Baldwin and Fairmont Streets • City owned (NH DOT purchased from RR) • Substandard and in need of replacement • $2.1 m for Baldwin + $1.6 m for Fairmont The Millyard Smokestack • What would it cost to rehabilitate? • What would it cost to demolish and remove? Pavement Wear on Broad, Amherst, Main St. • What savings would be accrued?

  22. Emergency Preparedness “The question of building the parkway has been debated, studied and analyzed fiscally, environmentally and structurally. But, what if disaster strikes? How prepared are our inner city and downtown for an evacuation?” “It doesn't have to be an event of epic proportions. It could be as simple as the bridge at the north end of Main Street becoming temporarily impassable. Emergency vehicles trying to access our inner city during such an incident could be forced to turn around, backtrack and find an alternative route from a southern access point, losing precious minutes.” President / CEO of St. Joseph Hospital & Director of Rockingham Ambulance Op-Ed “Another Viewpoint” Sunday Telegraph 8/10/08

  23. Tally of Possible Benefits Recurring Economic Benefits • Reduced Travel Time ($4.4 m / yr) • Reduced Fuel Spending (1.6 m / yr) One-Time Savings • Baldwin & Fairmont Bridges ($3.7 m) • Millyard Smokestack ($1 m) Other Potential Benefits • Development of the City’s Millyard Parcels • Emergency Preparedness and Response Times • Main Street Bridge & Downtown Business • Reduced Medical Expenditures • Repavement Savings on Core City Streets • Increased Assessments on Millyard area Buildings • Redevelopment in Pine / Central / W Hollis / west Downtown areas

  24. Attracting Business Investment National survey of over 9000 businesses on most important factors in investment decisions: After workforce, the next two most important were adequate infrastructure and a public environment conducive to business expansion. “We prefer to invest in communities that have a proven record of investing in themselves.” - NAIOP Member

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