Title
Resolution 16-30 Supporting the National Flood Insurance Program's Community Rating System 2016 Recertification for Oregon City
Body
RECOMMENDED ACTION (Motion):
Approve Resolution 16-30 supporting Oregon City's 2016 Community Rating System recertification.
BACKGROUND:
The National Flood Insurance Program (NFIP) provides federally supported flood insurance for communities that regulate floodplains and the Community Rating System (CRS) rewards communities that exceed the minimum requirements of the NFIP. Oregon City has been a CRS community since 2003 and is currently a level 7 community entitling flood insurance policy holders in the 100-year flood plain with a reduction of 15% off their flood insurance and 5% off for those in the 500-year flood plain.
Currently, Oregon City has just under 300 properties in the floodplain and only 41 flood policy holders. Although the number of flood policy holders continues to go down, this appears to be in direct relation to the length of time its been since Oregon City has experienced a major flood event. Maintaining Oregon City as a CRS community translates to a current estimated savings for policy holders of $21,069/year.
Staff intends to maintain its CRS rating as long as our current staffing can justify the time needed to meet the ongoing regulatory requirements. For the current recertification period, staff are required to provide the City Commission a report and presentation. Adoption of the resolution and the attachments thereto shall serve as the report and presentation.
BUDGET IMPACT:
Amount: N/A
FY(s): N/A
Funding Source: N/A