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� • , �} f <br />` <br />*Funding for frnal design, project formulation, and right-of-way. <br />Th rr n c st estimate is based on a desi which woul r vi 100- � <br />e cu e t o gn d p o de year flood protection to 95 percent <br />of the properties in the floodplain. The 1996 total project cost is $2.85 million. <br />SECURITY FOR FLOODPLAIN PROJECT <br />The City of Fort Collins Stormwater Utility was created with the purpose of providing stormwater facilities <br />for the drainage and control of flood and surface waters within the City. The Utility is considered a city- <br />owned enterprise and may issue its own revenue bonds or other obligations on behalf of the City. The <br />bonds/loans are payable solely from net revenues derived from the operation of the Utility. <br />Stormwater fees were established by ordinance for each of the 12 stormwater basins identified in the City. <br />Stormwater fees are established in amounts which will provide sufficient funds, proportionately calculated <br />and assessed, to construct the facilities which need to be installed in each basin. Each basin has a Master <br />Drainageway Plan adopted in order to deternune the necessary improvements associated with flood control. <br />Stormwater fees are collected through a monthly charge added to the utility bills for each property. <br />The annua.l revenues from stormwater fees on existing structures and development from the Dry Creek Basin <br />will amount to appro}cimately $44,000 in 1996 and ar� projected to be increased to $54,000 in 1997. <br />Estimated revenues from new development fees in the Dry Creek Basin are projected to be $11,815, <br />annually. The City currently has a$350,000 positive fund balance in the Dry Creek Basin for flood and <br />stormwater improvements. A"Public Works Fund" will be created by City ordinance to secure the CWCB <br />loan. The fund's monies can only be used to payofft lp�n. ,_,���—; �� ` ���L� <br />NOTE: Assuming a loan rate <br />terms, the annual payment ' <br />� <br />PROJECT ADMINISTRATION <br />See Exhibit A <br />.�--- / c / i � . � -- - <br />a term of 30-years which are the approved 19961oan <br />for a $1.1. million loan. <br />STAFF RECOMMENDATION <br />-, <br />The staff recommends: <br />1. That the additional construction fund loan request, in the amount of 600,000, not to exceed 75% of <br />the total project cost, be approved for the Dry Creek Floodplain Project for the City of Fort Collins <br />and Larimer County, <br />2. That the fina.ncing terms sha11 be at an annual percentage rate of 4.25% equal to the low income rate <br />for a municipality as set by the Board at its November 1995 meeting for a duration of 30-years; and <br />3. That the loan approval shall be contingent upon the satisfactory review of the feasibility study and <br />final � ct plans � staff an_d execution of all the standard contracting provisions of the CWCB; <br />_ _ <br />__ . / (:���� � � �' �7 <br />� <br />a-� �-�' a� �� � <br />m �'� <br />�, �� �d �-� <br />_ � �-�° <br />06� . <br />� a- <br />� <br />� �� <br />� <br />