Triview Acquires Water and Storage Capacity from Arkansas River
As we’ve shared in previous newsletters, we continue to look for cost-effective opportunities to acquire additional water rights as we transition from non-renewable Denver Basin groundwater to renewable surface water.
Having access to adequate water is critical for the long-term viability of our District, which is why we are pleased to announce that we have acquired an additional 568 acre feet of water and 850 acre feet of water storage in a transaction with the Stonewall Springs Reservoir Co. The water will come from the Arkansas River, just east of Pueblo and will be diverted at the Excelsior Ditch head gate. The deal includes acquiring shares in the company and, subsequently, 18,358 acre-feet of conditional water storage interests in the Stonewall Springs Reservoir Complex, which is partially constructed. It will allow Triview to sell water storage to other municipalities, lowering the total cost of the acquisition of water rights. The portion of the complex that has been constructed, known as the South Reservoir, is expected to be fully operational in 2020 and is estimated to hold 2,050 acre-feet of renewable water (of which Triview will own approximately 850 acre feet of storage). This reservoir space will enable the District to capture their existing reusable wastewater return flows, water diverted at the Fountain Mutual Irrigation Company (FMIC) head gate, storage releases from FMIC’s Big Johnson Reservoir, and water diverted under the Excelsior Ditch’s water rights.
How Triview is Financing the Water Acquisition
A critical piece of any metro district is the strength of its credit rating. Just like with our personal credit scores, the higher the score, the more easily we can borrow money at the lowest rates available. In May, Moody’s Investors Service assigned an A1 and an A3 revenue bond rating, which is a very high credit score for a special district. This is significant because it reduces the interest we have to pay when we finance deals like water rights described above. To that end, the District issued $16.7 million in water and wastewater enterprise revenue bonds that was insured by Build America Mutual Assurance Company and paid back over 30 years at an interest cost of 3.32%. There is an option to refinance or pay off the bonds after the eight-year anniversary without penalty.
In the coming months, we will share additional information about this water acquisition and the benefits it will provide to the District, our residents and businesses in Triview.
Triview Nearing Completion of Two Denver Basin Wells
In March, we completed drilling two new wells to access additional water sources: the Arapahoe Aquifer, which is 1,900 feet deep, and the Denver Aquifer, which is 1,400 feet deep. Both wells, which will become fully operational in July 2020, will ensure there is an adequate water supply for the District during the peak demands in the summer months.
- The Arapahoe Well will be capable of producing 350 gallons of water a minute.
- The Denver Well will be capable of producing 200 gallons a minute.
As the District transitions from non-renewable groundwater to renewable surface water the District’s existing Denver Basin Wells will be used as drought supply and will also provide a portion of the District’s potable water supply during the high usage months of May through September.
- The 2020 street overlay project in the District is now complete. Thank you for your patience as we finished this project that will increase the quality of life for our residents. In total, 433,539 square feet of our roads underwent the asphalt overlay process. And due to additional cost savings on the initial project, the District was able to also complete an asphalt overlay on Gleneagle Drive from Baptist Road north to Lyons Tail.
- In other good news, the Jackson Creek Parkway widening project is near completion. The final overlay will be done by June 26 and the cones will then be removed. Also, you may have noticed the new sidewalk on Jackson Creek Parkway between Blevins Buckle and Lyons Tail on the east side of the street. What was formerly a gravel path is now a nice sidewalk, making it easier and safer for pedestrians to navigate the busy road.
New Water Meters Available for Installation
The District is making a substantial investment in upgrading water meters in homes this year. Using a downloadable app, the new meters will allow residents to detect leaks and track excessive water use on an hourly basis. By providing homeowners with easy access to their water usage for irrigation and their home, it will help our customers manage costs and be good stewards of this precious resource. All water meters will be replaced over the next few years, so If you’re interested in replacing your water meter now, please email us: firstname.lastname@example.org.
Following is what you need to know about the water meter change:
- A trained District staff member (wearing a mask) will replace the meters.
- It will take approximately one hour to change out your meter.
- Homeowners will need to be present because most water meters are located in basements.
- Homeowners will be able to schedule their appointment, and some evening/weekend hours will be available.
- There is no cost to the homeowners.
Replacement of the meters was originally scheduled to begin last month but had to be delayed due to the COVID-19 pandemic.
Colorado Gov. Jared Polis is allowing restaurants to open for limited-capacity indoor and outdoor dining, and we encourage you to visit our many Monument restaurants. Also, keep shopping locally when possible as the District receives a 1.5% sales tax share-back from the Town of Monument for retail businesses along Baptist Road and Jackson Creek Parkway. These taxes pay for street maintenance, including street overlays and snow removal, parks and open space maintenance, and the operation of the storm water facilities.