
If you've been following the construction of Three Rivers Park over the past year or two, you may know that there are three very important connections on the horizon for Pittsburgh's interconnected riverfront park system
So what's the cost-benefit ratio of these three connections?
A Benefit/Cost Analysis (BCA) was conducted by the Renaissance Planning Group for Riverlife during the fall of 2011. The BCA derives the benefits of building these riverfront connections following five steps to identify the likely number of users who would switch from auto travel if given the chance to walk or bicycle along the Mon Wharf Switchback, Point State Park Connector and Allegheny Riverfront Trail.
Taking into account population growth, user neighborhood locations, weekday vs. weekend usage and other factors, the BCA estimates that these three riverfront connection projects are expected to shift 16,030 users from auto travel to bike/pedestrian travel along the riverfronts (accruing 10.77 million vehicle miles traveled over their 30-year useful lifespans.)
Let's say that again. When the Mon Wharf Switchback, Allegheny Riverfront Trail and Point State Park Connector are built, it is anticipated that 16,030 people will use riverfront trails to commute instead of cars!
That goes a long way towards reducing traffic, scaling back on pollution, increasing the health of Pittsburgh commuters and raising the recreational value of our downtown riverfront trails.
Once again, Pittsburgh continues to show its emergence as a city reborn for the 21st century! Be part of the transformation of America's Most Livable City. Donate now to Riverlife's efforts to build these three vital riverfront connections with a donation of $20.
Read more about the economic benefits of building Pittsburgh's Three Rivers Park.
Sources cited by the BCA:
The calculation of user benefits...[is] derived by applying unit rate benefits to the total accrued use over the project lifespan and calculating the Net Present Value (NPV) of those benefits using a monetizing factor of 3% (which results in a NPV factor of 0.6377 considering the constant growth rate of 0.50% per year), as the project funding sources are all public agency dollars. The calculation of each of the benefit amounts is as follows:
11.16.2011
11.10.2011
Three proposed riverfront projects will have a big impact on traffic, pollution, health
09.02.2011
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