Valley No. 2 is a historic earth dam located in Colorado Springs, Colorado, completed in 1906 for the primary purpose of recreation. Standing at 42 feet in height, the dam holds a storage capacity of 252 acre-feet and spans 350 feet in length. Situated on Camp Creek-TR, the dam's spillway type is uncontrolled with a width of 8 feet. Despite its age, Valley No. 2 has a high hazard potential and an unsatisfactory condition assessment, prompting regular inspections to ensure public safety.

This dam, managed by the local government, is regulated by the Colorado Department of Water Resources and falls under state jurisdiction for permitting, inspection, and enforcement. With a moderate risk assessment rating of 3, Valley No. 2 is deemed to have a level of risk that warrants attention and management measures. The emergency action plan (EAP) for the dam has been prepared, but its last revision dates back to May 2017, raising questions about the adequacy of the current response strategies in case of a disaster. The dam's location within El Paso County, Colorado, and its proximity to the Omaha District highlight the importance of continued monitoring and maintenance to mitigate potential risks to the surrounding community and environment.