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<br />Mildred L. Rothe <br />July 28-30,2003 <br /> <br />Agenda Item 21h <br />(Updated August 7,2003) <br /> <br />As security for the loan the Rothe Farm will pledge 640 acres of farmland (501 acres irrigated), <br />located in Section 8, T5N, R59W. This property is valued at $1,600 per irrigated acre and <br />should appraise at approximately $800,000. A Colorado Certified General Appraiser will <br />establish the value. This collateral is in compliance with CWCS Loan Policy #5 (Collateral). <br /> <br />Recommendation <br />Staff recommends a CWCS Small Project Loan from the Construction Fund in amount of <br />$353,482 to Mildred L. Rothe for up to 90% of the cost to construct groundwater recharge and <br />augmentation facilities know as the Rothe Augmentation Plan. The recommended loan terms <br />are 30 years at 2.5% (2.577% Annual Percentage Rate). Security for the loan will be collateral <br />in accordance with cwes loan policy #5 (a first lien on 640 acres of land, including <br />improvements and water rights, located in Section 8, T5N, R59W with value atleast equal to <br />the loan amount, as established by a Colorado Certified General Appraiser.) The CWCS loan <br />may be used to payoff short-term construction loan financing. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all standard <br />contracting provisions of the CWCS, including the 1 % loan origination fee charged in <br />accordance with CWCS Policy #16. The loan amount may be increased to $357,016 if the <br />borrower elects to finance the 1 % loan service charge. <br /> <br />Action taken bv the CWCS Julv 28.2003 <br />The CWCS approved the staff recommendation. <br /> <br />cc: Larry Rothe <br />Brent Nation, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:Proj-New\Rothe 0703 memo; <br /> <br />L:\boardmem\July03\21 h - Rothe Farm <br /> <br />5 <br />