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<br />Water Supply Reserve Account - Grant Application Form - ([l)c \!t)iJcrlUItl:J 1.Ditcl) ,,\: 3Rc5criJoir <!Co. <br /> <br />Form Revised Octo her 2006 <br /> <br />9. (Continued.) <br /> <br />There have been concerns expressed regarding why the GBRT should support funding a project for which <br />the CWCB has already approved funds. First, the funding already approved by the CWCB is a loan, not a <br />grant. Second, the CWCB loan was applied for and approved a year prior to the GBRT and the CWCB 179 <br />fund ever existed. Why should The Overland or any other organization be penalized for having the foresight <br />and ambition to recognize and pursue a very worthwhile water project without grant funds immediately <br />available? <br /> <br />There has also been concern expressed regarding the amounts and the availability of 179 funds being <br />allocated to a private sector firm. The eligibility requirements outlined by the 179 funds criteria and <br />guidelines are somewhat specific in expressing just the opposite - that such private sector organizations, <br />The Overland included, are expressly included without consideration to or limitation to amounts or project <br />description. (See section 8. above.) <br /> <br />Yes, The Overland did begin the early stages of work on this project by investigating the costs of the <br />project, the engineering and permitting requirements to recognize that funding support of some fashion <br />would be necessary for the project to move forward. Those efforts were initiated in earnest in 2004, again, <br />long before the origination of the Colorado Water of the 21st Century Act and the subsequent SB-179. As a <br />result of those early efforts and expenses by The Overland, this water project has the unique potential to <br />actually be completed within the next couple years - providing real benefit to Colorado. <br /> <br />We believe that projects such as this deserve funding assistance at least on an equal plane with projects <br />that are just now being derived, planned or dreamed about. <br /> <br />While this particular project may seem small compared to the highly publicized projects that promise tens or <br />hundreds of thousands of acre feet of water for use by what seems to be almost everyone, this project has <br />one of the lowest, if not the lowest, capital costs per stored acre-foot of any project in the state. The long <br />term benefits to all the citizens of the State of Colorado will become more and more apparent as years go by <br />and any water, especially that under the control of the State, becomes precious. <br /> <br />13 <br />