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<br />r <br />Jr{c"(O)~ <br /> <br />ENGINEERING, INC 7108-6 South Alton Wa\:j. Englewood, CO 80lle Fhone (303) eel-080e / Fax (303) eel-4019 <br /> <br /> <br />October 29, 1999 <br /> <br />Flanning <br /> <br />..,.J"" <br />" -- -',' : <br />.",..".n "',.,..>' :_,'~,','" <br />-.-'"-", ~L_': <br /> <br /> <br />Design <br /> <br />Mr. James E. Watson, Jr. <br />Mayor <br />City of Victor <br />P.O. Box 86 <br />Victor, CO 80860 <br /> <br /> <br />RE: Victor Dam No.2 Status <br /> <br />Management Dear Mr. Watson: <br /> <br />As you will recall, ICON Engineering, and Greenhome & O'Mara (our previous name) <br />have had a long history of working with the City on the rehabilitation of the Victor No.2 <br />Dam. We initially completed a Feasibility Study in March 1987. That study was then <br />updated in August 1995. By the terms of our agreement related to the 1995 study, the <br />City's part in the study was to complete a chapter which essentially documented the <br />City's ability to payoff a loan to be obtained from the Colorado Water Conservation <br />Board (CWCB). The 1995 study was incomplete in that the Financial Program was not <br />prepared. Never-the-less, the study was submitted to the CWCB and as a result of the <br />study, the City was informed that it had been awarded a low interest loan by the State in <br />the amount not to exceed $600,000. To obtain the loan, the City would need to fulfill <br />several conditions such as completing the Financial Program portion of the study, and <br />provide 25% matching funds. <br /> <br />ICON Engineering was subsequently contracted to complete the financial program. We <br />completed a draft ofthe program and faxed a copy to the City on October 14th, along with <br />a request for the City to review and comment back to us. We also delivered a copy of the <br />draft to Mr. Bill Green with the CWCB. Although we have not yet received review <br />comments, we have had several follow-up conversations with Mr. Green regarding the <br />City's intentions with respect to the loan. <br /> <br />Based upon my discussions with Mr. Green, it is my understanding that the State <br />authorized the loan, but of course the loan has not been used. The State has set aside the <br />money for the loan to the City for use in rehabilitating the dam. Since funding of this <br />nature is limited, the CWCB is facing increased pressure to either use the loan for the <br />City's needed improvement or to make the money available toothers. If the City intends <br />to use the loan, it is in your best interest to make your intentions known immediately to <br />Mr. Green. I strongly suggest that the City send him a letter that outlines the work that <br />has been done in anticipation of completing the construction. The letter should reference <br />the new agreement with the mine and the completion of the draft financial program. <br />According to Mr. Green, the letter should also outline a tentative schedule for the <br />