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<br />.,. <br />.,. ,4' <br /> <br />Agenda Item 29r. <br />November 4, 1994 <br /> <br />2 <br /> <br />This project will provide water for current growth within the city limits of Fort Lupton. <br /> <br />Two of the wells will be used to irrigate park lands, reducing the demand for treated water. <br /> <br />(City officials will be available to the November board meeting to answer questions.) <br /> <br />STAFF RECOMMENDATION (as mailed to Board members) <br /> <br />1. That a construction fund loan in an amount of $570,000 (not to exceed <br />75% of the total project cost) be approved for the City of Fort Lupton, to <br />construct four new wells, and <br /> <br />2. That this loan shall be contingent upon completion of the feasibility study, <br />and a finding that the selected alternative is feasible, and <br /> <br />3. That the financing terms shall be at an annual percentage rate of 5.5% <br />and for a duration of 30 years, and <br /> <br />4. That loan approval shall be contingent upon staff evaluation of the <br />Town's financial condition and ability to pay, and upon all standard <br />contracting provisions of the CWCB, and <br /> <br />5. That the loan shall be contingent upon the City being UNABLE to obtain <br />financing through the Colorado Water Resources and Power Development <br />Authority. <br /> <br />NOTE: On November 3, 1994 the City's consultant provided an updated loan request which <br />narrowed the project to 2 new municipal wells, and reduced the total project cost to $615,000. <br />Their loan request was thus revised to $461,625 (75% of the total project cost.) In addition, the <br />City's Median Household Income (MHI) of $26,017 is 86% of the State MHI of $30,140, and <br />therefore staff recommended an interest rate of 5 % for. this loan. The following revised staff <br />recommendation was presented to the board on November 4, 1994: <br /> <br />STAFF RECOMMENDATION (at the November 4. 1994 Board meeting): <br /> <br />1. That a construction fund loan in an amount of $461.625 (not to exceed <br />75% of the total project cost) be approved for the City of Fort Lupton, to <br />construct two new wells, and <br />