Laserfiche WebLink
<br />. <br /> <br />John Peroulis & Sons Partnership <br />May 20-21, 2002 <br /> <br />Agenda Item 12c .)' <br />(Uf>tJ41EJ) 5/Z3/0Z <br /> <br />As security for the loan the JPSP will pledge the Martin Cull Reservoir, the water rights to fill the <br />reservoir, and 200 acres ofland underlying and surrounding the reservoir, Larry Whiteman, <br />Certified General Appraiser, has provided a written opinion that this property and water rights <br />has a value equivalent to the $250K total loan amount Lend Lease Agri-Business holds the first <br />lien on this property and has agreed to subordinate its interest to the CWCB for the collateral <br />described above, The CWCB has obtained a Lenders Title Insurance Policy in amount of <br />$1 OOK to cover the 80 acres under and immediately surrounding the reservoir, and will obtain <br />an updated policy that includes the remaining 120 acres, This security is in compliance with <br />CWCB Loan Policy #5 (Collateral), <br /> <br />Recommendation <br /> <br />Staff recommends a follow-up loan from the Smali Project Account not to exceed $150,000 to <br />the John Peroulis & Sons Partnership to rehabilitate and enlarge the Martin Cull Dam, The <br />recommended term of the loan is 30 years and the recommended lending rate is 2,75%, <br />Security for this loan and for the initial $100K loan will be the Martin Cull Reservoir, the water <br />rights to fill the reservoir, and 200 acres of land underlying and surrounding the reservoir. <br />Approval of this loan shall be contingent upon final approval of the Construction Fund Bill (HB <br />02-1152), allowing CWCB authorization of projects up to $1million without legislative approval. <br /> <br />Staff also recommends a grant of up to $5,000 from the Feasibility Study Small Grant Account to <br />pay for half the costs of the feasibility Study for this project <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB, and that all partners be signatories to the loan contract <br /> <br />Action taken bv the CWCS Mav 23. 2002 <br />The CWCB approved the Staff Recommendation with the following revisions: The follow-up <br />loan amount will be limited to $100,000 (instead of $150,000), based on the collateral described <br />in this memo, <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-NewIPeroulis502memo; <br /> <br />L:lboardmemlMay02112c May02 Peroulis <br /> <br />4 <br />