Aug122019

$ 2 Million Loan to Three Rivers Levee Improvement Authority for land acquisitions

Yuba County

 

The Yuba Water Agency additionally approved a cash-flow loan for the Three Rivers Levee Improvement Authority to help advance the Goldfields levee project. 

The $2 million loan will provide funding to move forward with the acquisition of approximately 108-acres of land needed for the project. 

Total cost for the land acquisition is approximately $7.7 million and the California Department of Water Resources has agreed to cover $5.8 million of that cost, with Three Rivers paying the remainder. Due to the uncertainty of when the state funding will become available, Yuba Water has agreed to provide a bridge loan to Three Rivers to keep the project on schedule. 

The project will reduce flood risk for properties within Reclamation District 784’s service area, and will meet the state’s 200-year levee standards, meaning there is a 1-in-200 chance in any given year that a storm could overwhelm the system. 

Three Rivers has agreed to reimburse Yuba Water Agency by 2020.

Yuba Water’s loan to Three Rivers is part of the agency’s long-standing mission to reduce flood risk for Yuba County. In prior years, Yuba Water has assisted Three Rivers with policy, technical and financial aid, including carrying the local cost-share for the construction of the Feather River Setback Levee. Yuba Water is repaying $5.5 million per year for that project, which was part of the levee repairs and improvements completed under the authority of the federal Yuba River Basin Flood Damage Reduction Project.

Yuba Water is able to make these financial contributions to support projects within its mission areas for the benefit of the people of Yuba County. The agency’s missions include reducing flood risk, ensuring a sustainable water supply, hydropower generation, fish habitat enhancement and recreation at New Bullards Bar.

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