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• . <br />handle local inflows below the diversion channel. These proposed channel improvements are <br />estimated to cost an additional $2.7 million. These project improvements are not part of this <br />project application. <br />Based on the current cost estimate to 100-year flood protection from 95 percent of the basin the <br />benefit-cost ratio for the proposed project 3.5. This ratio is for a project cost of $2.5 million. <br />SECURITY FOR FLOODPLAIN PROJECT <br />The City of Fort Collins Stormwater Utility was created with the purpose of providing stormwater <br />facilities for the drainage and control of flood and surface waters within the city. The Utility is <br />considered a city-owned enterprise and may issue its own revenue bonds or other obligations on <br />behalf of the City. The bonds/loans are payable solely from net revenues derived from the <br />operation of the Utility. <br />Stormwater fees were established by ordinance for each of the 12 stormwater basins identified <br />in the City. Stormwater fees are established in amounts which will provide sufficient funds, <br />proportionately calculated and assessed, to construct the facilities which need to be installed in <br />-- -_- each basin. Each basin has a Master Drainageway Plan adopted in order to determine t�e ----- - <br />necessary improvements associated with flood control. Stormwater fees are collected through a <br />monthly charge added to the utility bills for each property. <br />The revenues from the Dry Creek basin amount to approximately $44,000 annually. Estimated <br />revenue from new development fees is $11,815 in the Dry Creek basin. The City currently has <br />a$351,000 positive fund balance in the Dry Creek basin for flood and stormwater improvements. <br />A"Public Works Fund" will be created by City ordinance to secure the CWCB loan. The fund's <br />moneys can only be used to payoff the CWCB loan. <br />PROJECT ADMINISTRATION - See Exhibit A <br />STAFF RECOMMENDATION <br />The staff recommends: <br />1. That a construction fund loan, in an amount of $600,000, not to exceed 75% of the <br />total project cost, be approved for the Dry Creek Floodplain Project for the City of Fort <br />Collins and Larimer County, and <br />2. That the financing terms shall be at an annual percentage rate equal to the low income <br />rat r a municipality as set by the Board at 'ts November 1995 meeting for a duration <br />0 20 ears, and � f�/ ��� � et�f ��o�,�it%�� %C�a�ea�_ <br />/� ,(�,P�r/t/' � � �� l r� � �` ���G�,��� 2���c � �1��°�� <br />3. That�an approval shall be co�ingent upon the satisfactory review of the Feasibility <br />Study by staff and execution of all the standard contracting provisions of the CWCB, and <br />