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<br />~oIt <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLOMDO <br /> <br />. <br /> <br />Bill Owens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Greg E. Walcher <br />Executive Director. ON R <br /> <br />Peter H. Evans <br />Director, eweB <br /> <br />DATE: <br /> <br />Colorado Water Conservation Board Members <br />/t?~ <br />Bill Green, P.E., Water Supply Planning and Finance Section J.S /11 ( <br />Mike Serlet, P.E., Chief, Water Supply Planning and Finance Section, V <br /> <br />November 15, 1999 <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Agenda Item Hf., November 22-23, 1999 Board Meeting - Water <br />Supply Planning and Finance - Changes in Existing Loans/Grants - <br />Elkhead Reservoir <br /> <br />Introduction <br /> <br />As noted in Agenda Item No. 10 g., the authorization for Elkhead Reservoir in SB 86-27 <br />does not identify a project or a project sponsor. The legislation simply provides $750,000 <br />for Elkbead Reservoir with a repayment period of 40 years and an implied lending rate of <br />5.0 percent. The purpose of this memorandum is to request that the Board amend the <br />authorization to identify a project and a project sponsor and revise the repayment period. <br /> <br />Discussion <br /> <br />For the past several years, the City of Craig and others have been conducting analyses <br />and studies of Elkbead Dam and Reservoir by Ayres Associates with the intent of <br />eventually acquiring the reservoir from the current owner, the Division of Wildlife. <br />Ownership would be obtained through an "Exchange Agreement" in which the City <br />would exchange land for the dam and reservoir. <br /> <br />The City of Craig would like to be named as the project sponsor in the authorization for <br />the project and is hoping to use all or a portion of the $750,000 for rehabilitation work <br />needed on the spillway, stilling basin and outlet gates. Before entering into a loan <br />contract, the City would submit an updated feasibility study to provide, as a minimum, a <br />description and evaluation of the proposed project as well as a financial plan. Staff would <br />request Board approval of the revised project before entering into a ioan contract. <br />