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<br />~ ~ - <br />,-.. ,..- <br /> <br />Agenda Item 290 <br />November 4, 1994 <br /> <br />3 <br /> <br />NOTE: On October 20,1994 I met with Mr. Thiebaud and was provided an engineering cost <br />estimate and preliminary design from Ed Currier, P.E. This information indicated that the <br />project to enlarge the Eureka #1 to its decreed capacity (height of 15 feet and capacity of 85.2 <br />Ac Ft) will cost $70;000. However, Mr. Thiebaud considers himself financially capable of a <br />project of up to $25,000. This might involve rehabilitation of the dam and enlargement to a size <br />less that the decreed capacity. (For example, if the dam were rehabilitated so that it could store <br />a 10 foot water depth, it would have a capacity of about 50 Ac Ft, and the structure would be <br />non-jurisdictional in relation to the State Engineer's Rules and Regulations. There appears to <br />be a financially feasible project, and I recommended a loan approval of $18,750 (75 % of the <br />$25,000 total project cost). Since the water will be for agricultural purposes, the recommended <br />interest rate was revised to 4.0%. Since the borrower is an individual, the CWCB required that <br />the loan include a "Due on Sale Clause". <br /> <br />STAFF RECOMMENDATION (at the November 4. 1994 Board meeting): <br /> <br />1. That a construction fund loan in an amount of $18.750 (not to exceed 75% of the <br />total project cost) be approved for Melvin L. Thiebaud, a private individual, for the <br />rehabilitation and enlargement of the Eureka Dam #1, and <br /> <br />2. That loan approval shall be contingent upon Mr. Thiebaud providing an <br />engineering cost estimate, and plans and specifications upon which the estimate is <br />based, and <br /> <br />3. That the financing terms shall be 4.0% annual percentage rate, for a duration <br />of 30 years, and <br /> <br />4. That loan approval shall be contingent upon staff evaluation of Mr. Thiebaud's <br />financial condition and ability to pay, and upon all standard contracting provisions <br />of the CWCB, and <br /> <br />5. That the loan contract must include a provision that the loan must be paid off <br />by the Borrower UDon sale of his interest in the Eureka #1 Dam. <br /> <br />ACTION TAKEN BY THE CWCB NOVEMBER 4. 1994: <br /> <br />The CWCB approved the revised staff recommendation as presented at the <br />November 4, 1994 meeting. <br /> <br />Attachments ' <br />C:\wp51 \john\290,nov <br />