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<br />STATE OF COLORADO <br /> <br />:i <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.cwcb.state.co.us <br /> <br /> <br />November 14, 2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Tom Hill <br />Gore Pass Ranch <br />66838 Road <br />Palisade, CO 81526 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: McElroy Dam Rehabilitation Project <br /> <br />Dear Mr. Hill: <br /> <br />I am pleased to inform you that on November 13,2006 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to pay for the previous <br />construction and engineering work to breach the dam and future design and construction costs for the <br />reconstruction of the McElroy Dam. <br /> <br />The Board approved a loan not to exceed $862,540 ($854,000 for project costs and $8,540 for the 1 % <br />Loan Service Fee) with loan terms of2.5% per annum for 30 years. I have attached a copy ofthe <br />updated Board memo that includes the Board's approval language which includes revisions to the Staff <br />Recommendations. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibility Study: Kirk Russell has reviewed the study titled "McElroy Dam, CWCR <br />Loan Presentation, October 19,2006". Modifications will be requested by Mr. Russell <br />via phone/fax or email in the next couple days. The approved study, in combination with <br />the CWCB Board Memo revised November 14, 2006, will meet the requirements of the <br />CWCB Construction Fund Guidelines for loan feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be advanced. <br />Vaughn McWilliams will initiate the loan contracting process for this project. Once the <br />contract is finalized the Company may request loan funds to cover eligible project <br />expenses. You can contact Vaughn at 303-866-3462 regarding the requirements. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures, Tim Feehan will contact you regarding the requirements <br />concerning construction. Tim will make construction site visits, which will be the basis <br />of pay estimates for disbursement of your loan funds. You can contact Tim Feehan at <br />his desk at 303-866-3480 or cell phone 303.618.5010. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />