Title
Staff Report Discussing Potential Mitigation of Changes to the 100 Year Flood Zone Included in the Draft Flood Rate Insurance Maps Distributed by the Federal Emergency Management Agency (FEMA) in 2015
Staffreport
SUMMARY AND RECOMMENDATIONS
This is a report on flood zone mitigation activity to date and potential next steps.
Staff seeks comments from Council on exploring funding options including an assessment district consisting of properties that benefit from the flood mitigation work proposed in the vicinity of Neptune Drive and Marina Boulevard.
BACKGROUND
The Federal Emergency Management Agency (FEMA) strives to improve the Nation's capability to prepare for, protect against, respond to, recover from and mitigate all hazards including flooding. FEMA addresses flood hazards by evaluating flood risk and publishing their findings in their Flood Rate Insurance Maps (FIRMs). FEMA issued new FIRMs for San Leandro in March 2015 that raise the base flood elevation by approximately one foot and consequently expand the 100 year flood zone to include approximately 1,090 additional land parcels. A 100 year flood is an event that has a 1% likelihood of occurring each year. FEMA expects to issue a final determination on the new FIRMs in the middle of 2016; the maps will go into effect 6 months after that final determination date.
Risk of flooding is an important consideration for property owners and lenders who finance property. Each individual should examine their risk and decide how much, if any, insurance they want to purchase to guard against loss. Federally backed mortgages require flood insurance when the subject property is within the 100 year flood zone. Properties newly added to the 100 year flood zone can receive a discounted insurance rate when the insurance is purchased before or soon after new maps are adopted. FEMA reports that one in three San Leandro properties within the existing 100 year flood zone currently carry insura...
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