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<br />e <br /> <br />e <br /> <br />Table 3. Green Ridge Glade Summary <br /> <br />. <br /> <br />Dam Type Earth Embankment <br />Reservoir Capacity (Acre-Feet) 6,000 <br />Total Cost $19,700,000 <br />Cost per Acre-Foot $3,300 <br />City Financing $10,000,000 <br />Financing from Other Sources $9,700,000 <br /> <br />Permittine: Considerations <br />The City is seeking a long-term contract with the Bureau of Reclamation and with the <br />Northern Colorado Water Conservancy District to deliver its Big Thompson water through <br />the facilities of the C-BT system. The long-term contract is considered a "major federal <br />action" and will therefore require an environmental assessment (EA). A draft of the EA is <br />scheduled for completion in January 1998. Inundation of wetlands due to reservoir <br />expansion may require a 404 permit from the Corps of Engineers. <br /> <br />Financial Summary <br />Beginning in 1989, the City increased water rates in order to establish a reserve fund to pay <br />for a portion of the project costs. By the year 2000 it is expected that $10 million will be <br />accumulated in the reserve fund. The City is thus seeking the difference between the <br />estimated project cost of$19.7 million and the expected reserve of$1O million, or roughly <br />$9.7 million, in funding from other sources. <br /> <br />. <br /> <br />The other sources to which the City will look include the Colorado Water Resources and <br />Power Development Authority and the CWCB. The City may also raise funds in the bond <br />market but is hoping to obtain several million dollars in funding from the CWCB and the <br />Authority . <br /> <br />The City is applying to the Board for a ten-year loan of $2.0 million. Based on median <br />household income, the City would qualify for the Standard Municipal lending rate which the <br />staff recommends at 5.0 percent for 1998 (see Agenda Item No. 15.b.) and a reduction in that <br />rate of one-half of one-percent due to the ten-year term which would imply a 4.5 percent rate. <br />Staff is recommending a rate one-quarter of one-percent higher (4.75 percent if the staff <br />recommendations in Item 15.b. are adopted) due to the City's financial strength and apparent <br />ability to sell bonds. <br /> <br />The Water & Power Authority has stated by letter that: "The Authority is seeking a statutory <br />increase in its Small Water Program limitof$10 million to $25 million in 1998. Once this <br />limit has been increased, the Authority could fund this project through its Small Water <br />Program without any further legislative action." <br /> <br />. <br /> <br />4 <br /> <br />,i <br />