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<br />~. MAR-13-2000 11:33 <br /> <br />ICON Engineering. Inc. <br /> <br />303 221 4019 P.02/05 <br /> <br />PAW~E CREEK- STERLING <br />KICK-OFF MEnING <br />MARCH 2,2000 <br /> <br />~ <br /> <br /> <br />Attendance: ~om Browning <br />Bill Green <br />Jan Delean <br />Jim Wieger <br />Larry Lang <br />Joe Kiolbasa <br />Linda Bassi <br />Matt Ursetta <br />Penn Gildersleeve <br /> <br />MINUTES <br /> <br />Colorado Water Conservation Board (CWCB) <br />CWCB <br />CWCB <br />CWCB <br />CWCB <br />City of Sterling . <br />Attorney General's Office <br />ICON Engineering, Inc. (lCON) <br />ICON <br /> <br />1 The contract for the CWCBloan to the City was discussed. The CWCB approved an <br />initial load of $550,000 at an interest rate of 4.74%. A second loan fOT $610,000 was <br />approveCi at an interest rate of 3.5%. Joe thought the new rate would be used, but the <br />contract presents a "blended rate" of 4.09%. CWCB cannot use the lower interest rate for <br />all funds. There are no pre-payment penalties should the City wish to payoff the loans <br />carlyhowever, the City can't spend all of the CWCB's loan money first. Funds become <br />available as soon as the contract has been signed and the CWCB can begin to pay their <br />percentage of all invoices after that. The exact percentage of the project that will be paid <br />for by the CWCB loan is not known at this time but ICON's report presents 34%. The <br />length of the loans is 20 years. <br /> <br />2 The City would prefer not to have their' funds in a separate account that the state can <br />access, but this is a CWCB requirement. <br /> <br />3 Jim noted that Wade with FEMA is worried about the timeline for the project. Wade was <br />hoping that if the project is constructed in phases, that FEMA's money could be spent on <br />the first phase. FEMA wants to "clean things up" by spending their money fIrst to close . <br />out the contract. FEMA's contract states that project must be complete by June 2000 and <br />this issue needs to be addressed. ICON will put together a m.OTe detailed schedule to <br />address these issues. Jim will get theschedulc to FEMA for review. The Corps wants to <br />permit the project in one phase. <br /> <br />4 ICON has completed a feasibility study for submittal to FEMA as part of the mitigation <br />grant application in February 1998. The CWCB requires a similar study to be prepared <br />before the loan can be fmalized. The study completed for FEMA needs to be re- <br />organized to meet the CWCB's requirements and a financial plan and schedule need to be <br />included. Penn discussed the requirements of the financial plan with the group. The City. <br />will need to provide ICON with financial information so ICON can prepare the financial <br />plan. This feasibility study is the first order of business so that the state loans can be <br />approved. The CWCB needs the last three years of the City's financial statements. Bill <br />has reviewed the feasibility study that was prepared for FEMA and bas issued written <br />