Fallout from the demise of Colorado Springs’ stormwater fund

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From The Colorado Springs Gazette (Daniel Chaćon):

…city officials say is abundantly clear is that without the enterprise, there is no longer a funding source to pay for improvements to the 2-mile Templeton Gap Floodway, which is actually a levee. That will force hundreds, if not thousands, of nearby property owners with federally-backed mortgages to buy flood insurance. Collectively, annual insurance premiums for those property owners could reach about $3 million, according to city government estimates. “I’ve tried my best to circumvent that and prevent that, but it looks like that’s going to happen,” City Councilman Scott Hente, whose district includes the floodway, said Tuesday after his colleagues voted 5-4 to abolish the enterprise at the end of this year. “I’m sorry for that,” Hente added…

A two-year phaseout would have allowed the enterprise to complete projects under construction and also add capacity to the floodway, which protects more than 3,000 properties and 5,000 buildings from flooding. The floodway starts just east of Union Boulevard and runs west to Monument Creek between Fillmore Street and Austin Bluffs Parkway. The added capacity is needed to gain certification from the Federal Emergency Management Agency, which sped up an effort to digitize its maps after Hurricane Katrina broke several levees in New Orleans. That effort put the Templeton Gap Floodway under scrutiny, and many properties that hadn’t been previously identified as being at risk of flooding are now. In September, the enterprise notified property owners affected by the floodway that it planned to add capacity to the levee…

[city spokeswoman Mary Scott] said no other source of money has been identified to pay for the work that had been planned for the floodway through the Stormwater Enterprise. “It’s likely that project is not going to be done,” she said. Scott also said the enterprise is still trying to figure out how to develop an automated process for refunds as well as how to collect from delinquent property owners.

More stormwater coverage here.

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