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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwchstate.co.us <br /> <br /> <br />June 7, 2004 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. John Guenzi, Vice-President <br />Guenzi Farms Inc. <br />16898 County Road 39 <br />Sterling, Colorado 80751 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Loan to Purchase and Construct Groundwater Recharge Facilities <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr. Guenzi: <br /> <br />I am pleased to inform you that on May 25,2004 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to purchase an existing well <br />augmentation recharge project and to construct additional groundwater recharge facilities. <br /> <br />The Board approved a loan in a maximum amount of $334,739 (including the 1 % loan service charge) <br />with loan terms of 2.5% per annum for 30 years. I have attached a copy of the updated Board memo <br />that includes a section "Action taken by the CWCB on May 25, 2004." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A FeasibilitvStudy is required. Bruce Johnson has reviewed the study titled <br />"Feasibility of Construction of the Ken, Dave & John Guenzi Augmentation Project - <br />April 2004." No further action is required of you on this item. The report, in <br />combination with the CWCB board memo dated May 14, 2004 will meet the <br />requirements of the CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan lllian will <br />place this project on our contracting "hot list" and will initiate the loan contracting <br />process. Once the contract is finalized the Company may request loan funds to cover <br />eligible project expenses. For future reference Jan's phone number is 303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 303-866-3480. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />