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PROJ01882
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PROJ01882
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Last modified
11/19/2009 11:43:31 AM
Creation date
6/28/2007 10:14:42 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150010
Contractor Name
Columbine Ranches Property Owners Association
Contract Type
Loan
Water District
1
County
Adams
Bill Number
SB 99-173
Loan Projects - Doc Type
Approval Letter
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<br />~ . <br />J <br />I <br /> Table 1 is a summary of the financial aspects of the project. The actual loan amount will be determined <br /> after the Association identifies senior rights to purchase, and enters into a contract to purchase those rights. <br /> As shown in Table 1, annual assessments may increase from $400 per member (lot), up to $530 per <br /> member with a Construction Fund loan of $237,750, and up to $611 per member with a loan amount of <br /> $305,250. This represents a monthly assessment of between $44 and $51 per lot, an increase over current <br /> levels of between $11 and $18 per month. <br /> Table 1. Columbine Ranches POA Financial Summary <br /> Project Cost $317,000 to $407,000 <br /> Loan Amount $237,750 to $305,250 <br /> Number of Members (Membership Units or Lots) 54 <br /> Current Assessment per Member (Lot) $400 <br /> Future Assessment per Member (Lot) $530 to $611 <br /> Future Assessment per Member, per Month $44 to $51 <br /> Annual Cost per acre-foot (120 acre-feet total yield) $239 to $275 <br /> MHI Adams County, 1990 (1990 State Average = $30,140) $30,522 <br /> As mentioned above, water is used by the members (lot owners) for lawn and garden irrigation, stock <br /> watering (primarily horses), and for fire protection. All uses occur within an existing subdivision located in <br /> unincorporated Adams County. The median household income in the service area appears to qualify for the <br /> Municipal Standard Income Lending rate (see Table 1.) <br /> The CRPOA has no existing debt. Income to repay the CWCB loan will come from an assessment increase <br /> expected to range between $11 and $18 per month. This additional assessment represents a small part of <br /> the disposable income for a middle income family. In addition, the Association's ability to enforce <br /> payment of assessments through lien and foreclosure against individual properties assures that assessments <br /> can always be collected. <br /> As security for the loan the CRPOA will pledge revenues from assessments, as well as the water rights that <br /> are purchased with the CWCB loan. <br /> Recommendation <br /> Staff recommends a loan not to exceed $305,250 to the Columbine Ranches Property Owners Association <br /> for 75% of the costs to purchase water rights for augmentation, and for directly related costs of engineering <br /> and construction associated with actually placing these rights into use for augmentation. The recommended <br /> term of the loan is 30 years and the lending rate would be that rate approved by the Board for Municipal <br /> Standard Income borrowers in 1999. As security for the loan, the Columbine Ranches Property Owners <br /> Association will pledge revenues from assessments as well as the water rights purchased with this loan. <br /> The Association would be allowed the option of purchasing water rights with a bridge loan, and then <br /> refinancing the purchase when the CWCB loan is approved. <br /> Staff further recommends that final approval of the loan be conditioned upon acceptance of the project <br /> (purchase of senior water rights for augmentation) and the associated financial obligations by a vote of the <br /> members of the Association. Regardless of the water rights ultimately purchased, a written opinion of value <br /> will be provided by the Borrower as a condition of obtaining the CWCB loan. <br /> 3 <br />
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