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Columbine Ranches POA January 24-25, 2001 Agenda Item 8a. (Updated February 5, 2001) Table 3. 93% $33 52% $77 Income to repay the CWCB loan will come from an assessment increase of about $44 per month. This additional assessment is within the financial capability of subdivision residents. In addition, the Association's ability to enforce payment of assessments through lien and foreclosure against individual properties assures that assessments can always be collected. As security for the loan the CRPOA will pledge assessment revenues backed by assessment covenant and the water rights that are purchased with the CWCB loan. Recommendation Staff recommends an increase of $93,750 in the loan previously authorized to the Columbine Ranches Property Owners Association under SB 99-173, so that the new total loan amount becomes $399,000. The purpose of this loan is to pay for up to 75% of the costs to pUiChase 'vvatei iights for augmentation, and for diiectly related costs of engineering. The recommended loan terms for this $93,750 increase are 30 years at 5.5%. As security for the loan, the Columbine Ranches Property Owners Association will pledge assessment revenues backed by assessment covenant as well as the water rights purchased with this loan. The loan would be funded from the Construction Fund. Staff further recommends that final approval of the loan be conditioned upon acceptance of the project (purchase of senior water rights for augmentation) and the associated financial obligations by a vote of the members of the Association. Regardless of the water rights ultimately purchased, a written opinion of value must be provided by the Borrower as a condition of obtaining CWCB loan funds. Action Taken bv the CWCB January 24. 2001 The CWCB approved the staff recommendation. cc: Laura Woods, CRPOA Robert Longenbaugh, P.E. Linda Bassi, AGO Attachment C:\ColumbineRanches1 01 memo L:\wctrans\boardmem\jan2001\8a Columbine Ranches POA 4