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"Flood waters entering Blackwater Creek from College Lake will continue into Ivy Creek before entering the James River".

Last night, the National Weather Service warned that the worst-case scenario - a complete dam collapse - could send 17 feet of water into the central Virginia city in just seven minutes.

Piper Van De Perre, the spokeswoman for the city's Department of Emergency Services, told CNN affiliate WDBJ-TV early Friday morning that crews were targeting a list of 124 homes for evacuation that are at imminent threat of dam breach.

Local outlet WDBJ7 said a number of people whose homes were deemed to be at risk had been evacuated to nearby schools, along with their pets.

A flash-flood watch was in effect through 8 p.m. Friday in Lynchburg, with a warning lasting until 6 p.m.

In Lynchburg, they are still a little bit anxious because there is rain in the forecast that the water will add to the water in the reservoir and put pressure on this dam.

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College Lake is a manmade lake, built in the early 1930s by the Virginia Department of Highways as part of the development of U.S. Highway 460, west of Lynchburg.

In 2014, engineers began surveying College Lake Dam as the result of a study determining the dam could not handle the flow of water expected during severe weather conditions, creating a safety hazard for residents who live below the dam.

Lynchburg Water Resources is working with the University of Lynchburg to deal with this situation. The area impacted would be the city of Lynchburg, which is one mile downstream from the dam.

The University of Lynchburg was not ordered to evacuate, officials said, because it is not downstream from the dam.

Overnight, city officials monitored the dam for structural weaknesses. Since then, the city has continued to analyze the dam to determine how to move forward.

And every proposed fix would cost millions of dollars.