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<br />. <br /> <br />CONCLUSION: <br />Based on staffs review of the original feasibility cost projections, the supporting documentation <br />provided by Rothe Farms for additional cost inccurred to-date, inspection of the site, and overall <br />financial strength of the Farm, staff finds the requested loan increase of $25,977 to be economically, <br />financially, and technically sound. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the Board approve an increase of $26,237 ($25,977 for project costs and <br />$260 for the 1 % loan origination fee, in accordance with CWCB Loan Policy No. 16) from the <br />Construction Fund. The additional $26,237 increment of funding would be for 30-years at the <br />present lending rate of 2.5%. Security for the loan will be collateral in accordance with CWCB <br />loan policy #5 (a first lien on 640 acres of land, including improvements and water rights, located in <br />Section 8, T5N, R59W, with a value at least equal to the loan amount). <br /> <br />Staff further recommends that [mal approval of the loan be conditioned upon all standard <br />contracting provisions of the CWCB. <br /> <br />ACTION TAKEN BY THE CWCB BOARD ON MARCH 17. 2004 <br />Board approved staff recommendation. <br /> <br />4 <br />