The Indianapolis North Flood Damage Reduction Project
The Indianapolis North Flood Damage Reduction Project (“Project”) is a 20-year, 3-mile levee and floodwall project designed to provide flood risk management for the communities of Broad Ripple, Warfleigh, South Warfleigh and North Butler-Tarkington. The project is fully funded and shovel ready with federal sources providing 75% of project funding going forward.
Completing the Project provides extensive benefit:
- A recent engineering study shows over five feet of floodwater would surround a representative flood plain home in the event of a significant flood event.
- Recent legislation (“Biggert-Waters Act”) and changes in the national federal flood insurance program cause annual flood insurance premiums to rise to the range of $8,000 to $10,000 per year.
- Current levels of annual flood insurance premiums drain roughly $10 million dollars per year of purchasing power from the local economy (=2,750 structures x $3,600 annual premium = $9.9 million).
- Current levels of annual flood insurance premiums depress area property values by roughly $173 million ($300/month premium = $63,000 mortgage (at 4%) x 2,750 structures).
The Project enjoys widespread support throughout the community including city and federal officials; the approximately 5,000 to 6,000 women, children and men for whom the project will provide flood protection (2,500 – 3,000 business and homes); and over 1,000 signatories of our on-line petition urging expeditious project completion.
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