Laserfiche WebLink
<br />Woodchuck Ditch Co. <br />March 20-21, 2000 <br /> <br />Agenda Item 10a. <br />(Updated March 22, 2000) <br /> <br /><, <br /> <br />". <br /> <br />Recommendation <br />Staff recommends that the CWCS find that the Woodchuck Ditch Company is eligible for a loan <br />from the Small Project Loan Account because their ditch has been damaged by a landslide and <br />can not be used to deliver water unless repairs are completed in spring 2000. (Delaying the <br />project until summer or fall 2000 will result in undue hardship on the borrower,) <br /> <br />Staff recommends a CWCS Small Project Loan not to exceed $40.000 to the Woodchuck Ditch <br />Company for approximately 27% of the costs to reconstruct a 400-foot portion of the <br />Company's ditch. The recommended term of the loan is 20 years and the recommended <br />lending rate is 3.75% (20-year CWCS rate for agricultural borrowers in 2000,) Security for the <br />loan will be a pledge of assessment revenues backed by assessment covenant. one payment in <br />a certificate of deposit account to be held by the State. and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obiigations by a vote of the shareholders of the Company. <br />completion of the feasibility" study by April 30. 2000. and all standard contracting provisions of <br />the CWCS. <br /> <br />Action taken bv the ewes March 20, 2000 <br />The CWCS approved the Staff Recommendation. <br /> <br />cc: Joe Zimmerman. President Woodchuck Ditch Co., 42095 RCR 44. Steamboat Springs CO 80487 <br />John Fetcher. Upper Yampa WCD, 1175 Steamboat Blvd.. Steamboat Springs CO 804BB-0339 <br />Linda Bassi. AGO <br /> <br />Attachment <br />C:I WP51lProj-NewlWoodchuckDitchRepair300memo <br />L:lboardmemlmarDO\ 1 Oa-MarDO <br /> <br />4 <br />