From the Loveland Reporter-Herald (Saja Hindi):
City of Loveland staff members will ask for approval from the Loveland City Council Tuesday to buy up to an additional 3,000 acre-feet of storage space in the Windy Gap Firming Project.
The meeting will take place at 6 p.m. in the municipal building at 500 E. Third St…
The city of Loveland already has 7,000 acre-feet of storage committed in the project and has an immediate opportunity to buy 2,000 more, each 1,000 requiring an immediate payment of $159,851 to Northern Water, according to a council memo.
City staff members are bringing a resolution to council members to ask that they be allowed to purchase up to 3,000 acre-feet because council members previously expressed interest in bumping the city’s storage to 10,000 acre-feet, the memo stated.
“Modeling indicates that this storage acquisition would increase the City’s overall firm yield value, available during drought conditions, by 500 acre-feet,” the memo stated.
The city’s estimated costs for the 7,000 acre-feet is $32,866,434, $2,084,608 of which has already been paid, according to the memo. Adding the 2,000 acre-feet would make the city’s estimated payment costs $42,136,434. An additional 1,000 acre-feet would be another $4,635,000 in costs.
Staff members are seeking new resolutions to obtain the 10,000 acre-feet because the ones passed in 2008 were for lesser amounts.
The Loveland Utilities Commission unanimously approved the resolution being recommended to City Council.