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. e e The funding approved by the Colorado Water Conservation Board (CWCB) Construction Loan Fund is approximately 90 percent of the total project cost or about $11.0 Million. The annual debt service on a 30-year, 3.75-percent CWCB loan is approximately $616,964 Larimer County and the City of Fort Collins plan to implement a Dry Creek Basin Stormwater Utility that will collect revenue from basin landholders that benefit from the project. The estimated average annual revenue during the repayment period is about $650,000. In addition, the utility expects to collect payments from the Larimer and Weld Irrigation Company (Irrigation Company) for loan repayment corresponding to 1/2 of the cost of the pipeline, as well as system investment fees on new development and interest income on the utility's own reserve fund. Annual funding from these sources is projected to average approximately $296,000 during the repayment period. The utility's projected combined revenues can easily service the debt as demonstrated by a coverage ratio of 1.23, including anticipated utility expenditures on other capital projects. The funding for the project will not be sought if the revenue stream is not implemented. The Selected Project has been developed from the elements of the three alternatives presented herein. The Project will be constructed, operated and maintained by a combined joint effort of the City and County. The County is taking the lead in the construction ofthe project, in accordance with the terms of the Inter-Governmental Agreement (IGA). The City is taking the lead in the maintenance of the facilities after they are constructed. The hydrology used in sizing the flood control facilities is based on new rainfall intensities recently adapted by the City. This work (performed by URS) is based on the results of past hydrologic studies performed for Dry Creek basin. This information is appropriate for the alternatives analysis performed for this report. This report identifies and discusses the feasibility of alternative stormwater methods of reducing the flood threat within the Dry Creek basin. The County and City have identified . the preferred or selected alternative. The objective for the Selected Alternative will be to eliminate the flood threat to approximately 800 structures within the Lower Dry Creek basin during storms up to the 100-year event and remove the requirement of the enforcement of floodplain regulations. Initially three feasible alternatives for flood control were identified and compared as part of this study. These alternatives are: Alternative No.1) Divert peak flows of approximately 5,OOO-cfs at the Larimer -Weld Canal around the Lower Basin to the west and eventually into the Cache la Poudre River (Poudre River). This alternative was eliminated due to high cost, excessive environmental and permitting challenges, and the potential impact to water rights. Alternative No.2) Temporarily store much of the 100-year flood runoff in a flood detention reservoir and reduce the peak flow through the drainage basin to a safe discharge rate, or Alternative No.3) A combination of temporarily storage and diversion facilities to minimize flooding in the Lower Basin of the Dry Creek Lower Basin. Final Feasibility Study for the Dry Creek Basin 6