TIGER Grant Benefit-Cost Analysis
Once completed, the 440 Greenway will directly connect the Charlotte Avenue Corridor with the Green Hills and 12th South neighborhoods and will act as an important corridor for West Nashville.
Nashville Metro’s Planning Department and Greenways for Nashville had begun plans to construct a 440 Greenway trail that had initially been proposed in the 1970’s when the I-440 was originally designed and constructed. The 440 Greenway will connect to the existing Greenway trails on the Harpeth River. It is expected to be constructed in two phases beginning in 2017. In order to help finance the construction of this important corridor, the Planning Department and Greenways chose to apply for a DOT TIGER Grant.
Wilmot was asked to complete the Benefit-Cost Analysis (BCA) portion of the grant application. Using benefit-cost methodology, Wilmot constructed a model that offset the costs of the project by calculating the estimated value of community benefits that are projected to arise as a result of the greenway. Wilmot modeled the projected number of new users, as well as benefits such as time-savings, mobility, safety, reduced road congestion, improved health to users from activity, reduced absenteeism, and recreational value. Based on the monetized value of each of these benefits and the cost of construction and maintenance of the greenway, Wilmot identified the benefit-cost ratio to be 7.7:1.