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City of Mounds View Staff Report Highway 10 Pedestrian Bridge February 24, 1997 Page 7 111 In talking with Greg Felt and Robb Urquhart at MnDOT, they indicated that the federal and state highway agencies use as a gauge, in doing cost/benefit analysis, that an individual life is worth$1 million. So, according to this method, if the pedestrian bridge saves at least 1-2 lives in the entire time it is in place, it will have been a worthwhile investment. Conclusion The City has received a$480,000 grant for construction of the pedestrian bridge. The total cost of the project is estimated to be$761,500 of which $5,000 is contingency and $41,500 is the drainage pond. The City is responsible for$246,500 of these costs. Funds to cover these costs have been budgeted as follows: Construction $120,000 Franchise Fee/General Fund Design&Inspections $ 65,000 Special Projects/Street Light Contingency $ 5,000 Fund/Recreation Activity Fund Easements $ 10,000 Amount not budgeted;being paid from 680 account Design work on drainage pond alternatives $ 7,600 Surface Water Fund Improvements to drainage pond $33,900 Traffic signal modifications $ 5,000 Not budgeted It appears there are three options at this point: • Proceed with the pedestrian bridge under the current approach for funding and identify the source of funding for the easements and the traffic signal modifications. • Proceed with the pedestrian bridge using different sources of funding or a combination of current sources and alternative sources. The approximate amount of funding needed is $246,500. Alternative sources of funding are discussed in this report and in Appendix B. • Halt the project. Costs which have been incurred to date include approximately$58,337 plus the initial $1,900 spent on the original bridge design for the grant application, and staff and committee members' time. Pamela Sheldon, Community Development Director N:\DATA\USERSTAMS\SHARE\SPECPROASP009.96\2-2497.SR •