- Why so much turnover in mayor's office?
- Hearing on the Ruby Hill towers
- Let freedom ring
- Promoting socialized medicine
- Immigration Laws or Lack Thereof
- Atheist Diversionary Tactics
- The "Melting Pot" is unique to America
- Many mighty hearts covering the world
- Roan Drilling Bad for Colorado, country
- Americans entitled to universal health care
Save the Poudre River
This Speakout has not been edited
By Mark Easter, Fort Collins
An Open Letter to the Taxpayers of Weld, Larimer, Morgan, and Boulder Counties: I’m writing to you about your local government’s participation in what is likely the worst proposed public works project in fifty years, a project that local governments appear to want to slip under the radar screen, which would likely cost you a great deal of money, and degrade your quality of life. I’m talking about the proposed $400+ million ($800+ million with interest) Northern Integrated Supply Project (NISP), which includes the proposed Glade Reservoir. The project would take the last free-flowing water from the Cache la Poudre River, near where I live. Your local governments propose to borrow hundreds of millions of dollars to build the project, from which you will receive little or no benefit. They propose to do it through revenue bonds, using a loophole allowing them to increase municipal debt while going around TABOR restrictions. Revenue bonds allow them to borrow hundreds of millions of dollars without voter approval.
The town of Erie, for example, proposes to borrow up to $65 million (up to $135 million with interest) for their stake in the water from this project.
For Windsor, Eaton, and the Central Weld County Water District, the numbers are $52 million, $26 million, and $167 million, respectively, including interest. Other towns and water districts involved are Berthoud, Evans, Fort Lupton, Fort Morgan, Lafayette, Left Hand Water District, Morgan County Quality Water District, and Severance.
The debt loads range up to $20,000 per 4-person family in the communities involved ($42,000 with interest). Towns will have to grow at rates up to 3 times the regional growth rate, selling tap fees for new growth to pay off the loans. Many are already considering raising water rates to support the project, and if there is an economic slowdown, just a blip in your town’s growth rate over the next 20 to 30 years, your water rates will increase again to service the debt. I think it is fair to ask who benefits from your town’s participation in NISP. It certainly isn’t the people of Larimer and Northern Weld County, who will bear all the impacts. Nor will it be you, either. Buying into NISP will make your town highly vulnerable to an economic slowdown, will literally require unsustainable, hyper-fast growth rates to pay off the debt, while leading to increased water rates for existing residents.
There are much less risky and less costly alternatives to NISP that must be utilized.
Please visit www.SaveThePoudre.org