Laserfiche WebLink
<br />."-'. ..... <br /> <br />Agenda Item 18g. <br />November 6, 1995 <br /> <br />2 <br /> <br />DISCUSSION <br /> <br />Rehabilitation of these reservoirs will allow the HOA to put their water to beneficial use for <br />outside irrigation. <br /> <br />Wadley Farms, Filing 3, is 98% built out at this time. There are currently 100 homes. <br /> <br />The Wadley Farms subdivision is located in unincorporated Adams county, north of Thornton. <br />and Northglen, and South of Brighton. These surrounding Towns have 1990 Median Household <br />Incomes (MHI) in the range of 80% to 110% of the Statewide average. Therefor the Staff is <br />recommending the loan rate be at the "Standard Income" rate for a municipality, as set by the <br />Board on November 6,1995. <br /> <br />The approximate cost per acre foot of storage reclaimed is $9000/ AF . <br /> <br />The HOA has voted to proceed with the formation of a special district to be called the "Wadley <br />Farms Special District". The new district, when formed in 1996, will be responsible for <br />completion of the rehabilitation project, and would have the added benefit of taxing authority <br />for repayment of the CWCB loan. The HOA has asked that the CWCB authorization include <br />the "Wadley Farms Special District" as a borrower. <br /> <br />The HOA has already committed considerable funds to this project, including about $20,000 for <br />engineering, and $55,000 for initial work on Wadley #3 dam. <br /> <br />COLLATERAL <br /> <br />The Wadley Farms, Filing 3, HOA is a Non-Profit Corporation in Colorado, and has the power <br />to assess its membership for capital improvements. The cost per household to repay a $500K <br />CWCB loan would be approximately $325 per year, or $27 per month. The CWCB will take <br />a collateral interest in this stream of revenue from assessments. <br /> <br />The HOA receives royalty income from oil leases, in excess of $40,000 per year. The annual <br />payment on a $500K CWCB loan would be approximately $32,500. The CWCB will take a <br />collateral interest in this stream of royalty income. The HOA also owns 3 shares of Farmer's <br />Highline water, valued at about $500K, which it can pledge as additional collateral. <br /> <br />The "Wadley Farms Special District" would be able to provide similar collateral, and would <br />have the added advantage of having taxing authority on property owners in a fully built out <br />subdivision. <br />