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i <br />r�' <br />STATE OF COLORADO <br />� <br />` Colorado Water Conservation Board <br />� � Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 86611474 <br />TO: Colorado Water Conservation Board Memb rs <br />FROM: Tim Feehan, P.E., Project Mana er <br />Mike Serlet, P.E., Chief, <br />Water Supply Planning and i ance Section <br />DATE: March 11, 2008 <br />SUBJECT: Consent Agenda Item 3b, March 18-19, 2008 Board Meeting <br />Water Supply Planning and Finance — Changes to Existing Loans <br />South Side Ditch Company — Ditch Rehabilitation Project <br />Bill Ritter Jr. <br />Governor <br />Hazris D. Shern�an <br />DNR Executive <br />Director <br />Jennifer L. Gimbel <br />cwcs n��cor <br />Dan McAuliffe <br />CWCB Deputy <br />Director <br />Introduction <br />At the May 2005 Board Meeting, the Board authorized staff to present revisions to existing <br />loans, totaling less then 20% of the original loan, as Consent Agenda Items. The South Side <br />Ditch Company loan increase presented below represents an approximate 20% increase to the <br />Company's original estimated project cost. <br />At the January 2003 board meeting, the Colorado Water Conservation Board (CWCB) approved a <br />loan to the South Side Ditch Company (Company) in the amount of $72,000 from the Construction <br />Fund Account. The $72,000 loan was for the construction of three hydraulic control structures and <br />the rehabilitation of three sections of ditch. <br />The Company is requesting (see attached letter), an increase of $15,000 to the Company's 2003 <br />authorization of $72,000, to complete the rehabilitation of the final ditch section. The requested <br />loan increase is the result of increasing the length of repair along the Sylvan Da1e Ditch Section <br />approximately 650-feet. <br />Staff Recommendation <br />� <br />Staff recommends a loan not to exceed $87,870 ($87,000 for project costs and $870 for the 1% <br />Loan Service Fee) to the South Side Ditch Company for engineering and construction costs <br />associated with the South Side Ditch Rehabilitation Project, from the Construction Fund Account. <br />The terms shall be based on their previous blended rate of 3.1 % per annum for 30-years. Final <br />approval of the loan shall be conditioned upon all standard contracting provisions of the CWCB <br />Loan Program. Security for the loan shall be collateral in compliance with CWCB Loan Policy #5. <br />