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<br />Agenda Item 29s. <br />. November 4, 1994 <br /> <br />2 <br /> <br />DISCUSSION <br /> <br />The 1994 Master Plan Update covers a number of feasibility issues, and indicates no roadblock <br />to the project. However, approval of funding. should be contingent upon a fmding that the <br />selected alternative is feasible. <br /> <br />The project is needed to meet summertime water demands in 1995. The Town wants to drill the <br />well in the spring of 1995. <br /> <br />This project will provide water for current residents, and for normal growth within the town <br />limits of Elizabeth. <br /> <br />(Town officials will be available to the November board meeting to answer questions.) <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. 'rhat a construction fund loan authorization in an amount of $437,250 (not to <br />exceed 75% of the total project cost) he approved for the Town of Elizabeth, to <br />construct a new well, and <br /> <br />2. That this loan sha1I be contingent upon completion of the feasibility study, <br />and a fmding that the selected alternative is feasible, and <br /> <br />3. That the fmancing terms shall be at an annual percentage rate of 5.5% <br />and for a duration of 30 years, and <br /> <br />4. That loan approval shall be contingent upon staff evaluation of the <br />Town's f"mandal condition and ability to pay, and upon all standard <br />contracting provisions of the CWCR, and <br /> <br />5. That the loan shall be contingent upon the Town being UNABLE to obtain <br />f"mancing through the Colorado Water Resources and Power Development <br />Authority. <br /> <br />6. That the loan may be used to REFINANCE project costs incurred prior <br />to contracting with the State, only if approved by the Director of the <br />Colorado Water Conservation Board. <br />