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<br />John Peroulis & Sons Partnership <br />September 24-25. 2001 <br /> <br />Agenda Item 16b, <br />(Updated September 26, 2001) <br /> <br />Recommendation <br />Staff recommends that the CWCS find that the John Peroulis & Sons Partnership is eligible for <br />a loan from the Small Project Loan Account. The Martin Cull Reservoir Dam failed in 2000 and <br />can not be used for storage of irrigation water. Delaying the project until summer or fall 2002 <br />would jeopardize crops and result in undue hardship on the borrower. <br /> <br />Staff recommends a Loan from the Small Project Account not to exceed $100,000 to the John <br />Peroulis & Sons Partnership to rehabilitate the Martin Cull Dam, The recommended term of the <br />loan is 30 years and the recommended lending rate is 3.5%, Security for the loan will be a <br />pledge of facilities, water rights, and/or other real property of value equal to the loan amount. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCs. This will include a favorable credit report from the current <br />lender, a lender's title policy for the CWCS loan, and an appraisal of the property pledged, <br /> <br />Action taken bv the CWCS September 25. 2001 <br />The CWCS approved the Staff Recommendation and confirmed the requirement that the value <br />and ownership of the collateral be confirmed prior to contracting, and that all partners be <br />signatories to the loan contract. <br /> <br />cc: John peroulis, P,O, Box 1015, Craig, CO 81626 <br />Brian Len. PE, NWCC, P,O, Box 775226, Steamboat Springs, CO 80477 <br />Linda Bassi. AGO <br /> <br />Attachment <br /> <br />C:IWP51IProj-NewIPeroulis901 memo; <br /> <br />L:lboardmemlSept01116b Sept 01 Peroulis <br /> <br />4 <br />