Foster City, California Measure P - Sea level rise abatement bond
Measure P is a $90 million bond measure approved by Foster City, San Francisco Bay area of California in June 2018, that will fund structural projects to reduce flood risks from sea level rise. Residential, office and commercial property owners will see an annual tax rate increase of approximately $40 per $100,000 of assessed property value.
An eight mile long sea wall or levee currently protects Foster City from coastal inundation today. The city proposes to raise the levee up to 8 feet higher, to meet the Federal Emergency Management Agency (FEMA)’s flood requirements, and the Bay Conservation Development Commission (BCDC) development guidance. The funds from Measure P will be allocated to raising this levee.
In 2014, the FEMA notified Foster City that its existing coastal levee system in the San Francisco Bay would no longer be adequate for a 100-year flood, and needed to be raised. As delineated by FEMA’s new flood map, Foster City is required to raise its levee 2 feet taller than what FEMA originally mandated. Analysis suggests that property owners with federally backed mortgages would have potentially been required to purchase thousands of dollars of flood insurance every year, if Measure P had not passed.
Publication Date: June 5, 2018
- Foster City, California