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~ . - 2 - Discussion . The Board's Financial Policy #14 - Approval and Prioritization of Construction Fund Applications for Non-Reimbursable Project Investments should be the basis for the Board's decision whether to approve this project or not. The policy clearly states that the Board should consider (1) projects or studies of statewide impact or importance and (2) feasibility studies and demonstration projects that are designed to answer questions related to statewide water issues or have a significant potential to result in loans from the CWCB water project loan programs. The applicant states that this research project would benefit many agencies in the state including water providers, the state highway department, ski areas, mining operations, municipalities and environmental organizations. They have also stated that the project is at a standstill due to lack of financial support (See Exhibit F). It appears to staff that this research project may benefit a much smaller cross section of the state than is possibly depicted in the CMC application. Currently, only two municipalities have shown an interest in the completion ofthis research project. Whereas staff does not oppose the basis for this study, we have struggled with determining the far reaching benefits of its conclusions to the majority of the state's water users. We also do not see significant potential in this project resulting in a loan from the CWCB water project loan program. We would suggest to the CMC that they develop financial commitments from many more multiple interested entities for this research project and possibly re-apply to the CWCB in the future. . Recommendation Staff recommends the Board not authorize an appropriation from the Construction Fund for the Colorado Mountain College application for a Fen Research Project. Ie Flood Protection. Water Project Planning and Financing. Stream and Lake Protection Water Supply Protection. Conservation Planning