From KOAA.com (Rachael Wardwell):
The tank will be able to hold 250,000 gallons of treated water, doubling the town’s water capacity.
“We’ll have 500,000 gallons of water to fight a fire with to drink, to do whatever and if whatever and if we ever had a problem with this tank that’s also subterranean, than we’d have another tank to back us up,” said Palmer Lake Mayor John Cressman.
The tank will cost an estimated $1.3 million, and will be paid for through a low interest loan from the Colorado Water Resources and Power Development Authority.