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Last modified
8/16/2009 2:34:27 PM
Creation date
1/17/2008 4:26:25 PM
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Board Meetings
Board Meeting Date
1/22/2008
Description
CF Section – Construction Fund and Severance Tax Trust Fund Perpetual Base Account – New Loans - Town of Bennett - Well #5 Replacement Project
Board Meetings - Doc Type
Memo
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Water Project Construction Loan Program -Project Data Sheet <br />Borrower: Town of Bennett <br />Project Name: Well #5 Replacement <br />Drainage Basin: South Platte <br />Total Project Cost: $280,000 <br />County: Adams & Arapahoe <br />Project Type: Water Well <br />Water Source: Denver Basin Aquifers <br />Funding Sources: CWCB, Bcnnett's Water <br />Enterprise <br />Type of Borrower: Municipal Middle Income Aver. Delivery: 60 acre-feet <br />CWCB Loan: $252,500 (Including 1%fee) Interest Rate: 3.5% Term: 30 years <br />Bennett is a community of 2,500 people and is located approximately 25 miles east of Denver in <br />south Adams County and north Arapahoe County. It was incorporated in 1929. The town manages <br />its water through a Water Enterprise Fund. User fees and property taxes fund the Water Enterprise. <br />Bennett supplies water from two systems: a north supply system and a south supply system. In <br />September of 2007 Well #5 (part of the north system) failed. Well #5 has historically supplied 60 <br />of/yr. With Well #5 inoperable, Bennett will likely be unable to meet the water demands during the <br />summer months in 2008. It is therefore critical to re-drill and complete Well #5 before the summer <br />of 2008. The Colorado Division of Water Resources has issued a permit to re-drill the well within <br />200 feet of the existing well location. Construction is expected to begin in January 2008. Due to the <br />urgency of replacing Well #5, Bennett has obtained a short term bridge loan with Guaranty Bank and <br />is looking to the CWCB for long term financing of the project. <br />Location Map <br />
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