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<br />,. <br /> <br />J <br /> <br />Based on staff's review of the original feasibility cost projections, the supporting documentation <br />provided by the Stromberger Land and Cattle Company for additional cost incurred to-date, <br />inspection of the site, and overall financial strength of the Company, staff finds the requested loan <br />increase of$59,000 to be economically, financially, and technically sound. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the Board approve an increase of $59,000 to the Stromberger Land and <br />Cattle Company existing $414,000 loan, in accordance with CWCB Loan Policy No. 16, from the <br />Construction Fund. The additional $59,000 in funding would be for 20-years at the present lending <br />rate of 2.5%. Security for the loan will be collateral in accordance with CWCR, loan policy #5 (a <br />first lien on real estate with a total value equal to or greater than the CWCB loan amount). <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all standard- <br />contracting provisions of the CWCB. <br /> <br />ACTION TAKEN BY THE eweR BOARD ON Mav 24. 2005 <br />Board approved staff recommendation. <br /> <br />4 <br />