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Pagosa Area Water & Sanitation Dishict <br />7anuaiy 14, 2007 <br />Page 6 of 6 <br />Staff Recommendation <br />.Agenda Item l la <br />Staff recommends the Board approve a loan not to exceed $11,217,060 ($11,106,000 for project costs and <br />$111,060 for the 1% Loan Service Fee) to the Pagosa Area Water & Sanitation District acting by and through <br />its Enterprise for project costs associated with the land acquisition for the future Dry Gulch Reservoir site <br />from the CWCB Construction Fund. The loan amount shall at no time exceed 90% of Project expenses. The <br />terms of the loan shall be a 30-year loan at 3.~0% per annum. Security for the loan shall be in compliance <br />with CWCB Financial Policy #5. <br />Staff fuf-ther recommends that final approval of the loan be conditioned upon all other standard contracting <br />provisions of the CWCB. In addition, the following Supplemental Loan Contract Conditions shall apply: <br />1) If any parcel of land purchased with CWCB loan funds is sold in part (or whole) the proceeds generated <br />from the sale in excess of the expenses of the sale shall be applied to the remaining balance of the CWCB <br />loan within 6 months of the date of sale. Annual payments shall remain unchanged unless the loan contract is <br />amended as described in the contract documents. <br />2) CWCB disbursements for the purchase of the Laverty property shall not be made until an appraisal is <br />performed by a Colorado Certified General Appraiser and submitted to CWCB. <br />Email copy: Carrie Weiss, Manager, Pagosa Area W&S District <br />Fred Schmidt, President, San Juan Water Conservancy District <br />Steve Haf-ris, PE, Harris Engineering <br />Amy Stengel, AGO <br />Attachment: Water Project Construction Loan Program -Project Data Sheet <br />