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City of Florence November 19-20,2001 Agenda Item 26a. (Up[dated December 4, 2001) Staff Comments The Scope of Work for this study addresses the technical aspects of the project. The study should be expanded to include economic and financial evaluation of the project so that it would form the basis for a future CWCB loan. This funding request is in the category "Feasibility Studies.. ...that have a significant potential to result in loans from either the Construction Fund or the Severance Tax Fund Perpetual Base Account'~ from Policy #14 (Non-reimbursable Project Investments) The CWCB Finance Committee reviewed this non-reimbursable funding request at its September 23, 2001 meeting. The committee recommended that the CWCB Board approve the request at the November 19-20,2001 Board meeting. The City of Florence has requested that funds be made available as soon as possible, so that the Study can proceed this winter. (Funding through the Construction Fund would not be available until summer 2002.) The Feasibility Study Small Grant Fund (CRS 37-60-122.7) is a source of immediate funding for studies that will likely develop into raw water projects financed by a CWCB loan. (There is currently $180,000 available in this fund.) Staff Recommendation Staff recommends: That the CWCBapprove non-reimbursable funding in amount of $33,000 to the City of Florence to conduct a Feasibility Study to evaluate construction of the Oak Creek Reservoir. That the CWCB approve funding for the study from the Feasibility Study Small Grant Fund (CRS 37-60-122.7) That the approvai be contingent upon a revised Scope of Work which includes evaluation of the financiaL and economic aspects of the project, and upon all other standard contracting provisions - -of tRe GWCB.- Action taken bv the CWCS November 20. 2001 The CWCB approved the staff recommendation. C:\wp51\proj-new\Florence 1101 memo L:\boardmem\Nov01\ 26a Nov 01 Florence 2