| OCR Text |
Show Boundaries plan may sink values By JUDY JENSEN Asst. Managing Editor CENTER VILLE The federal government's plan to realign flood plain boundaries may sink the future of millions of dollars' worth of property if Davis County can't stop the action, a spokesman said Friday. "I had 32 lots sold and the buyer was told about the realignment and dropped the project," said one frustrated banker who asked not to be named. "Nobody will loan on that property now' he said. The area being considered for realignment re-alignment will incorporate about 90 existing homes and 50 building lots located between 1500 and 1700 North, from Main Street west to 1-15. County Public Works Director Sid Smith said the Federal Emergency Management Agency (FEMA) is threatening to include the property in its new flood plain map because it disagrees with the county's plan to upgrade flood control con-trol programs in the area. "We've been working on this since 1985, and we're still in disagreement. dis-agreement. They want us to spend more money than we believe is necessary,' Smith said. He explained FEMA has insisted that the county plan include the ability to control flooding of a "huge" event. "They want us to plan for something bigger than we had when Rudd Creek overflowed in 1983 and took out houses. We've told them that kind of an event won't happen," Smith said. He said the FEMA plan would require an expenditure of $250,000. The county plan can be completed for $100,000. "They (FEMA) gave us an ultimatum in November and told us they were going to redraw their map and include the area. Since then we've been preparing our case. We have evidence to back up our claims," Smith said. He will present that evidence to FEMA officials at a meeting in ; Denver on May 9. Smith said ; FEMA is insisting the work be done '. before they inspect it for adequacy. 'We don't want to put in a culvert ; and have them tell us it's too small. We want them to review our plan ' before we start the work,' ' he said. '. Smith said there are two elements ; of the disagreement between the ; county and FEMA that will be debated in Denver. "First we'll '. discuss the size of the event, and ; then we'll discuss how much needs ; to be done to channel the flow from that event." If the county wins its argument ; on the size of the event, Smith ; believes ccMA will delay publishing its new map until the county can complete the required work. "But if we lose, they will publish the map and all of those land ; owners who have government fi- ; nancing will be required to have ; flood insurance and that could cost ! a lot of money," Smith said. He ; estimated costs to homeowners for ; flood insurance could range between be-tween $300 to $500 each year, "and '. in some cases it would be a lot ' higher," Smith said. The re- ; alignment would also affect homeowners in the are who proceed with "major remodeling" as fed- ; eral funding could not be used without flood insurance. He added if the county loses, the debate will then go on for "several years," which could increase the loss for property owners in the area. We would have to insist on flood insurance on any loan on homes that are included in the flood zone area on the FEMA map," said First National Bank of Layton President Ralph Firth. He added banks have no choice. "We must all require the insurance if the property is on the map," he said. The cost of that insurance varies. On a $100,000 home that cost would be $284 per year. On a home valued at $150,000 the cost would be $414 annually, said Rick Fadel with Farmers Insurance. |
