Bags ‘O Money.
That’s what it takes to build a $2 billion dollar diversion. Bags ‘O Bags ‘O Money. The question is who will pay? After successful prodding by the Fargo Mayor, voters last spring approved an extension of a half cent sales tax. That means Fargo residents will only have to pay 60% of additional financing for the dam and ditch. We kind, out of town folks, who drop our coins in the business tills of the city, pay the other 40%. But that will not be enough money. The diversion finance committee is now saying, after the sales tax vote, they need the Water Resource District to create special assessment districts. That’s timing.
The Upstream Resistance predicted a year ago that special assessments will have to be steep to cover the cost. If the project is to be paid off in the 20 year length of the original sales tax measures, everyone on the North Dakota side within the diversion, may have to pay over 100 mills to get protection. That includes West Fargo and Horace. Remember that those two communities, as well as a large part of southwest Fargo, are protected to the 100 year flood level by the Sheyenne Diversion, and 100 years is all anyone gets from the Fargo plan. They need more money.
At a recent diversion meeting, it was discussed that this project should be financed over a longer period. More generations should have the opportunity to pay for it. Extend payments to 40 or maybe 60 years. “Borrow it Forward,” that’s how the Federal Government does it. Fargo asked the North Dakota Congressional delegation to get $30 million dollars allocated in President Obama’s budget for continued work by the Army Corps. They got $5 million and the Corps said they could live with that.
But wait, Fargo decided to “accelerate” $17 million in payments to the project, to make up for the lack of federal funding. At a North Dakota Legislative hearing in Fargo last spring, diversion financial representatives raised the possibility that the Federal Government may not be able to come up with its $844 million share of the $2 billion dollar project. So who exactly will pay the Bags ‘O Money for this behemoth.
You will. The State of North Dakota is the only source of funds that can bail out Fargo. Project planners originally asked for $300 million.
The legislature has allocated $75 million. The likely request will need to be almost $600 million or the project will not be built as planned. Minnesota has protected their side of the river with levees above the 100 year level. It’s unlikely they’ll kick in anything. Representatives of the Richland Wilkin Joint Powers Authority have asked that any money allocated to flood protection in Fargo not include a dam and reservoir. Residents of Richland and southern Cass Counties, shouldn’t have to pay for their own demise.
Fargo needs flood protection, but not an open checkbook that puts state taxpayers on the hook for unknown hundreds of millions of dollars.
Remember, all this money is for the ‘estimated’ cost. Corps projects in this neck of the woods don’t have a history of making budget. It’s not just Bags ‘O Money, it’s going to be Bags ‘O Bags ‘O Money.