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<br />RECOMMENDA TION <br /> <br />Staff recommends that the Board approve the increase to CWCB's cost participation <br />under Loan Contract C150163 from 75% to 89%. The total loan funds to NCLPIC will not <br />exceed $7,272,000 ($7,200,000 for project costs and $72,000 for the 1 % loan service fee in <br />accordance with CWCB Loan Policy #16). Loan Contract C150163 will be amended to extend <br />the time of completion of the project to January 1,2014, to accommodate NCLPIC's land <br />purchase contract with Cornish Plain Livestock, LLP. Also, the terms of the approved loan will <br />be amended from 30-years to 20-years at their current interest rate of2.5% per annum, upon <br />substantial completion of the project. IfNCLPIC should choose to sell any portion of the 1,300 <br />acres purchased under the Cornish Plains Livestock Land Purchase Agreement, the proceeds <br />from that sale shall be used to pay down NCLPIC Loan Contract C150163 with CWCB. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. <br /> <br />c: Mike Hungenberg, President, New Cache La Poudre Irrigating Company <br />Don Magnuson, Superintendent, New Cache La Poudre Irrigating Compan <br />Vaughn McWilliams, CWCB <br /> <br />4 <br />