Fountain Creek Watershed Feasibility Study Act of 2007 - Directs the Chief of Engineers to complete a study to determine the feasibility of constructing a multipurpose water resources project that shall: (1) be located in the Fountain Creek watershed, Colorado; (2) consist of one or more dams or other structures, other facilities, or management activities or one or more other reservoirs that are to be located on- or off-channel of the watershed; and (3) be designed, with respect to the area located in the watershed and the Arkansas River Valley and any residential or commercial activity therein, to provide more reliable flood control and better sediment control, to increase the water supply, to improve water quality, and to conserve fish and wildlife and preserve the ecosystem located close to the project.
Requires the Chief to: (1) take into consideration the Supplemental Report on Fountain Reservoir and Reevaluation of Report on Review Survey for Flood Control and Allied Purposes, Arkansas River and Tributaries Above John Martin Dam, Colorado, dated May 15, 1970, and the Fountain Creek Watershed Study prepared by the Corps of Engineers; and (2) conduct the study independently from the Fountain Creek watershed, the Fryingpan-Arkansas Project, or the proposed Southern Delivery System Project.