Flood Mitigation Project: City submits SRF Loan Application
April 19, 2023
Last week, the Three Forks City Council unanimously voted to apply for a $3 million loan with 2.5 percent interest from the State Revolving Fund. The municipality would use the money as part of a Flood Mitigation Project to create a conveyance channel and culvert crossing mitigation option designed to capture overflow flooding from the Jefferson River before reaching the City of Three Forks.
The city will use the SRF funding for the Special Improvement District (SID) created in October 2022 and to purchase easements needed for the project. City officials say the municipality needs interim financing through a Bond Anticipation Note to purchase the easements. City Clerk Crystal Turner said at the meeting that City might not have to borrow all of the $3 million SRF funding.
$4,152,375 for the Flood Mitigation Project will be funded through a FEMA Flood Mitigation Grant tentatively awarded through the State of Montana. The City of Three Forks must complete an environmental review before the official grant award is sent.
Property owners within the proposed Jefferson River flood SID will see a $194 increase in their taxes to help cover the City of Three Forks’ flood mitigation construction costs after the city council passed a resolution of intent to create such a district and selected a per parcel assessment method during a September 2022 meeting.