The results of a feasibility study over the expansion of Lake Storey were released Thursday.
In a February 3 City Council meeting, aldermen approved a contract with Edgewater Resources, a specialty planning consultant firm focused on water development, to conduct the feasibility study on expanding the lake from 144 acres to around 572 acres.
The results of the preliminary study seem to indicate that the proposed project is both physically and financially feasible and the city says it merits an additional detailed final feasibility analysis.
Potential benefits from the project are elaborated in the study but they do include increased quality of life, public recreation opportunities, and property tax revenues from new homes and developments along the area.
In addition, the project could serve as an economic catalyst by leveraging private investments, generating jobs in the new construction, and attracting new residents.
If a Phase Two study is approved by the City Council in 2021, a more comprehensive feasibility study will be conducted, which requires significant additional fieldwork, research, permitting investigation, and extensive community outreach.