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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natura! Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />November 17,2005 <br /> <br />Bill Owens <br />Governor <br /> <br />Bob Schlagel, President <br />The Highland Ditch Company <br />PO Box 649 <br />Mead, CO 80542-0649 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Rick Brown <br />Acting Deputy <br />Director <br /> <br />RE: The Foothills Reservoir Dam Repair Project Loan <br /> <br />Dear Mr. Schlegel: <br /> <br />I am pleased to inform you that on November 16, 2005 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to pay off the bridge <br />loan at Centennial Bank of the West and pay for repair work required to reduce dam seepage at the <br />Foothills Reservoir. <br /> <br />The Board approved a loan not to exceed $545,400 ($540,000 for project costs and $5,400 for the 1 % <br />Loan Service Fee) with loan terms of2.25% per annum for 20 years. I have attached a copy of the <br />updated Board memo that includes a section "Action taken by the CWCB on November 16,2005. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibility Study: Kirk Russell has reviewed the study titled "Feasibility Study for <br />Foothills Reservoir Dam Repair, September 2005". The approved study, in <br />combination with the CWCB Board Memo revised November 17,2005, will meet the <br />requirements of the CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />b) Contracting: A signed contract must be in place before funds can be advanced. Chad <br />Henderson has delivered the loan contract documents for this project to your office. <br />Once the contract is finalized the Company may request loan funds to cover the bridge <br />loan and eligible project expenses. Mr. Henderson can be reached at 303-866-3462 <br />regarding contracting requirements. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding the requirements <br />concerning construction. Tim will make construction site visits, which will be the basis <br />of pay estimates for disbursement of your loan funds. You can contact Tim Feehan at <br />303-866-3480. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />