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Council approves $19.68 million internal loan for North Dry Gulch drainage improvements
Summary
Lakewood City Council approved a $19,682,727 internal loan from the general fund to the stormwater enterprise fund to finance North Dry Gulch flood-control projects, with a 2% fixed interest rate over 20 years and annual repayments budgeted from the stormwater enterprise.
Lakewood City Council on March 24 approved an internal loan of $19,682,727 from the general fund to the stormwater enterprise fund to finance major drainage improvements in the North Dry Gulch area.
City Engineer Ray Hill and Director Max Kirschbaum presented the North Dry Gulch project as a multi-phase effort to address flooding that affects roughly 150 properties and about 130 buildings and 23 street crossings in the floodplain. "The North Dry Gulch project is a floodplain that impacts about 150 properties within the North Dry Gulch floodplain," Hill said, adding that…
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