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DRAFT . SECTION 5 - FINANCIAL PROGRAM Funding for the NASF will be provided by 2.5 million from the Game Cash Fund of CDOW and through a grant of $2.0 million from the Fish and Wildlife Resources Account of the CWCB Construction Fund for a total of $4.5 million available for Phase I of the project. Subtracting the $1.1 million purchase price for the Chiles Farm properties leaves $3.4 million for design and construction of the facility. The CWCB portion of the funding was approved by the Board in January 1997 and authorized by the General Assembly in Colorado Session Laws, Chapter 168, Section 11(1). At the March 10, 1998 meeting ofthe CWCB, the Board gave conditional approval to a Memorandum of Understanding with CDOW for CWCB financial participation in the project. Board approval of the MOU was conditioned on the completion of all feasibility investigations by CWCB and CDOW staffs to the satisfaction of the Acting Director of the CWCB. The MOD provides that total compensation by the CWCB for the Phase I facility will not exceed $2.0 million of which no more than $200,000 will be used for operation and maintenance costs. The MOU also specifies that the CWCB shall pay no more than 40 percent of the total cost to develop, operate, and maintain the facility for up to the first three years following completion of construction. CWCB financial participation in the project is contingent upon CDOW acquiring the Chiles Farms property. Operating costs will be paid from ??????? Funding for future expansion of the facility, referred to here as Phase II, will depend upon the sources of funds available in the future. Some possible sources may include: . additional funds from the CDOW Game Cash Fund, . authorizations from the General Fund, . a grant from the Great Outdoors Colorado program, or . a declining species conservation trust fund which may be established in legislation currently before the General Assembly. 5-1