dumontjanks

During the June 2008 flood of the Iowa River, arts and music facilities at the University of Iowa were severely damaged. In the spring of 2009 the Federal Emergency Management Agency determined that the damage was extensive enough to make the facilities eligible for replacement reimbursement. To gain access to FEMA funds, the university needed to undertake benefit cost analyses of potential replacement scenarios. We were asked to help. The primary challenge was to describe relevant criteria and find credible ways they could be monetized. Potential benefits included land ownership, land use, community economic impacts, the reduced probability of flood events, and insurance savings. Costs included parking, utilities, site development, and land use. The analyses provided a clear direction for replacement, and were successful in securing federal funds.