Got this message from town council chairman Gino Sund at roughly 4 PM:

This latest I have is that the road will be open to one way traffic is a couple of hours.  Trails are being installed to divert the water.  Emergency use is currently allowed at this time.

Laura Monteros at the Examiner has some more pictures and interviews, and check out Greg Stanton's Meadows blog for more pictures and on-the-scene updates.