Last Tuesday several members of Loveland’s City Council yawned as city staff described their surprise to find the proposed underground parking for the Foundry (formerly South Catalyst) is going to be located inside a contaminated natural artesian well. Even less interesting to the elected representatives is the fact the Foundry will now cost an additional $100,000 annually in perpetuity to prevent cars in the garage from being flooded with toxic affluent.
Loveland taxpayers will need to shoulder the additional estimated $240,000 capital costs and the additional estimated annual expenditure of $100,000 to pump up to 350 gallons per minute through filters and into the city’s storm water drain system from under the subterranean parking structure. Engineers working for the city (and presumably not terminated) estimated the underground water flow to be around 130 gallons per minute.
Staff is implementing an increase in the property taxes, sales taxes and hotel occupancy taxes to offset approximately 75% of the additional annual operational cost for the parking garage for the yet to be approved DDA (Downtown Develooment Authority). The balance will fall to the rest of Loveland taxpayers if not all of the annual cost depending on the success of the DDA approval vote on this November’s ballot.