C150203 Coorespondance 01/30/2008

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During the initial geotechnical investigation of the reservoir site, it was determined that the construction of a dam for flood control and/or water supply storage purposes was no longer a feasible option. The COE and the City are planning to continue with the original study's scope of work by evaluating all the feasible alternatives to reduce flooding impacts to the City. The following is a breakdown of the funding to date for the Project: Entity Budget Current Expenditures Corp of Engineers $448,000 $151,783 Town of Florence $281,000 $91,070 CWCB $167,000 $60,713 Total $896,000 $303,566 Discussion The City of Florence has been considered by many to be one of Colorado's larger flood threats despite its small geographic size and population. The City currently ranks 21st in the State of Colorado (out of 235 communities eligible to purchase flood insurance) in number of active flood insurance policies through the National Flood Insurance Program. Even more relevant is the fact that only one of the Top 20 communities above Florence (the Town of Telluride) has a smaller population. In fact,with one policy per 20 residents, the City of Florence has the second highest ratio in the state for medium or large communities. While this is only an indirect measurement of actual flood risk,past experience has shown that the number of insurance policies held often correlates very well to actual or perceived flood risk. Because the scope of the COE's project has not changed from the initial flood control feasibility study, this change only removes the water storage component but does not represent a change in the study's intent. The flood control aspect of this study is well within the mission of the Colorado Water Conservation Board. Because it is one of the more floodprone communities in the entire state, any activity taken to reduce flood potential in this community will serve the goal of mitigating flood risk to the State. Staff Recommendation (Board Approved Staff Recommendation on November 14,2007) Staff recommends that the Board approve the use of a previously approved Non-Reimbursable Project Investment to the City of Florence for a Feasibility Study for the purposes of flood control mitigation to be performed by the U.S. Corps of Engineers. The staff also recommends transferring the appropriated funds remaining under Non-Reimbursable Contract number C150203 to a new contract for the same. The project title and description as shown in the original Non-Reimbursable Project investment, SB05-084, must be revised in the 2008 Projects Bill before a contract can be executed. Staff recommends the use of the following language to be used in the Projects Bill. 2