Lynchburg, VA - Liberty University is looking over options after a state inspection found some safety problems with the Ivy Creek dam.
The dam was built in the early 1990s and created Ivy Lake in Forest.
Three developers gave the lake to Liberty five years ago.
Liberty sent a letter to homeowners saying one option is to repair the dam and expand its spillway.
Another option would be draining the lake and breaching the dam, but that would negatively affect the value of nearby properties.
Liberty also said they could transfer ownership of the lake and the dam to another organization or person.