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The City Council Tuesday night held off on putting a $20 million bond issue on the November ballot to fund flood control measures along the St. Vrain Creek over questions about the area’s bank swallow population.
Local activists told councilors they want language included on the proposed bond issue aimed at protecting the rare birds during construction of the anti-flooding efforts. Without that protection, the band swallows could be erased from Longmont forever, they said.
“We understand and support the need to continue with flood mitigation funding and implementation. We don't have any issue with the big publicly funded price tag,” Resident Shari Malloy, a member of Stand With Our St. Vrain Creek.
“ We are AOK with the disruption that will result when this section of the greenway is under construction. We realize it's going to look and feel very different than what we've so enjoyed and appreciated... All we're asking is for assurance that our public money will not be used to destroy this habitat as is certain if the preliminary design by the Army Corps of Engineers is adopted after funding is secured.”
Councilors asked staff members to study whether adding the bank swallows to the bond issue would affect its marketability. The proposed measure will return for another review at the next regular council meeting.
Jim Golden, the city’s chief financial officer, said adding the bank swallow language could make investors leery about the bond issue. Golden’s assessment worried the councilors
“I just don’t want to negatively impact this bond,” Mayor Joan Peck said.
Council Tim Waters also said the city should make clear that the bond issue would help people and businesses avoid another catastrophic flood along the St. Vrain Creek.
“If people feel they are falling somewhere below the bank swallows, that is a dangerous message to sell,” Waters said.
The bonds will finance the completion of the Resilient St. Vrain Project, according to a staff report. The RSVP was established after the 2013 flood to help protect property and people in the event of another major flood.
The issuance of $15 to $20 million in revenue bonds is supported by the city’s financial plan presented to the council in 2021, including a three-year schedule of rates adopted for 2022 to 2024. The city previously considered a $15 million bond sale, according to a staff report.
However, “due to macroeconomic conditions,” authorization of up to $20 million is recommended to cover potential cost increases, the staff report states.
