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" ;,.. * Funding for final design, project formulation, and right-of-way. The current cost estimate is based on a design which would provide 100-year flood protection to 95 percent of the properties in the floodplain. The 1996 total project cost is $2.85 million. SECURITY FOR FLOODPLAIN PROJECT The City of Fort Collins Stormwater Utility was created with the purpose of providing stormwater facilities for the drainage and control offlood and surface waters within the City. The Utility is considered a city- owned enterprise and may issue its own revenue bonds or other obligations on behalf of the City. The bonds/loans are payable solely from net revenues derived from the operation of the Utility. Stonnwater fees were established by ordinance for each of the 12 stormwater basins identified in the City. Stonnwater fees are established in amounts which will provide sufficient funds, proportionately calculated and assessed, to construct the facilities which need to be installed in each basin. Each basin has a Master Drainageway Plan adopted in order to determine the necessary improvements associated with flood control. Stormwater fees are collected through a monthly charge added to the utility bills for each property. The annual revenues from stormwater fees on existing structures and development from the Dry Creek Basin will amount to approximately $44,000 in 1996 and are projected to be increased to $54,000 in 1997. Estimated revenues from new development fees in the Dry Creek Basin are projected to be $11,815, annually. The City currently has a $350,000 positive fund balancein the Dry Creek Basin for flood and stormwater improvements. A "Public Works Fund" will be created by City ordinance to secure the CWCB loan. The fund's monies can only be used to payoff 1 ,an. ~ r NOTE: Assuming a loan rate terms, the annual payment . f PROJECT ADMINISTRA nON See Exhibit A o d a term of30-years which are the approved 1996 loan for a $1.1. million loan. STAFF RECOMMENDATION The staff recommends: 1. That the additional construction fund loan request, in the amount of 600,000, not to exceed 75% of the total project cost, be approved for the Dry Creek Floodplain Project for the City of Fort Collins and Larimer County, . 2. That the financing terms shall be at an annual percentage rate of 4.25% equal to the low income rate for a municipality as set by the Board at its November 1995 meeting for a duration of30-years; and 3. That the loan approval shall be contingent upon the satisfactory review of the feasibility study.and final . ct plans b staff and executig:n-2fall the standard contracting provisions of the CWCB; . hd~ (leV~ ~ 'Cf7 (;t C0~--. ~ ~ ~ ftJ~ ~tt: ~ " '.-;.,;)