AUSTIN, TX — Today, the Texas Water Development Board (TWDB) approved the City of Corpus Christi’s request of $4.751 million in financial assistance from the Clean Water State Revolving Fund (CWSRF) to address the flooding of the Oso Creek. The City of Corpus Christi’s project includes planning and design of stormwater system improvements.
Oso Creek, which serves as the natural storm water conveyance for the region, extends 24 miles through the City’s limits and extraterritorial jurisdiction and terminates on the Cayo del Oso. The creek has been subjected to severe floods including four major storm events occurring in September 2010, May 2015, September 2018, and most recently July 2021. Each event resulted in flooding of several neighborhoods, including the Lakes, Kings Crossing, Sun Valley Estates, Oso Parkway, and Cedar Ridge on the north side of the creek.
For other cities, counties, or water seeking funding, the cost savings through the CWSRF can be significant. The program is a federal-state partnership that provides communities with below-market interest rate loans for a wide range of water quality infrastructure projects. As part of the $4.751 million, the City of Corpus Christi is eligible for $1,190,000 in principal forgiveness because the service area of the project qualifies as a disadvantage community under the CWSRF. The City is also saving approximately $348,614 over the life of the financing based on a 20-year maturity schedule and current interest rates.
Senator Hinojosa issued the following statement:
“I am pleased that the TWDB has approved the City of Corpus Christi’s project funding request of $4.751 million to deal with the flooding of the Oso Creek. Over the past eleven years, the Corpus Christi area has experienced higher number of extreme storms and an increase in severity. Flood mitigation is necessary for this fast-growing region. The proposal will have a positive impact on approximately 123,300 people living in the service area of the project.”