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<br />. <br /> <br />Porzak Browning &JohnsonLLP <br /> <br />ATTORNEYS-AT.LAW <br /> <br />Glenn E. Porzak <br />Michael F. Browning <br />Richard A. Johnson <br />George V. Berg, Jr. <br />Steven J. Bushong <br /> <br />1300 Walnut Street <br />Suite 100 <br />Boulder, CO 80302 <br />303 443-6800 <br />Fax 303 443-6864 <br /> <br />November 5,1996 <br /> <br />William E. Green, P .E. <br />Colorado Water Conservation Board <br />721 State Centennial Bldg. <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />RECEIVED <br />N 0 V 0 6 1996 <br /> <br />Colorado Water <br />Conservation Board <br /> <br />Dear Bill: <br /> <br />By application dated August 31, 1995, a request for a construction fund loan for the Eagle <br />Park Reservoir Project was made by the Board of County Commissioners of Eagle County, the <br />Upper Eagle Regional Water Authority, Vail Valley Consolidated Water District and Vail <br />Associates, Inc. This application was for $12,500,000 to be advanced in stages over a four year <br />period. This application was supplemented by materials provided to you on October 25, 1995 <br />and January 23, 1996. <br /> <br />At the January 24, 1996 meeting of the Colorado Water Conservation Board, the Board <br />recommended that the Eagle Park Reservoir Project be included in the 1996 Construction Fund <br />recommendation to the General Assembly for a loan of$3,125,000. The conditions of this <br />recommendation are set forth in the March 5, 1996 letter from William P. Stanton to the <br />applicants. This loan recommendation was subsequently approved by the General Assembly as <br />part of the 1996 Construction Fund legislation. <br /> <br />As discussed during the recent on-site tour of the Eagle Park Reservoir Project by members <br />of the Conservation Board and its staff, the applicants seek to renew their loan request for an <br />additional $5,375,000. With the $3,125,000 in funding that has already been approved, the total <br />loan would be $8,500,000. This would allow the applicants to complete the acquisition of the <br />reclaimed Eagle Park Reservoir for a total purchase price of $11 ,500,000, $3,000,000 of which <br />has already been paid in cash by Vail Associates. <br /> <br />In support of this request for an additional construction fund loan of $5,375,000, the <br />applicants submit the following materials to supplement and update the information previously <br />furnished to the Conservation Board: <br /> <br />fd0818 <br /> <br />I <br />1- <br />