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This agenda item is very ambitious and in order to stay within the allotted time each item will need to be reviewed in about 5 minutes. Applicants will not be asked to provide presentations but may be available to answer questions if they attend. Since it is an open meeting applicants may ask to address the Board but staff has indicated that this is not needed unless the applicant disagrees with the staff or Board and wishes to `-make their case". Waiver of 60 day Review Criteria During this round of applications an emergency project was identified in the Arkansas Basin. The project, Colorado State Parks Zebra Mussel Response, was submitted less than 60 day prior to the Board meeting. However, given the urgency the project staff is recommending a waiver of the 60 day criteria. On March 7t1i the Interbasin Compact Committee voted unanimously to waive the 60 day criteria. Review of Issues Reg the Goodman Point Phase 2 Project The Board will recall that at the September 2007 meeting staff and the Board recommended funding of the Goodman Point Phase 2 Project. The recommendation included a creative way to fund the project by providing both a grant ($120,000) and no interest loan ($120,000) to the Goodman Point Homeowners Association (Association). Since that time staff has been working with the Association to identify trigger mechanisms for repayment of the loan (repayment is based on future taps being issued and coi~-esponding portion of the tap fees paid to the CWCB to pay down the loan principle) and to identify collateral for the loan. In both cases the option must have a high likelihood of being successfully routed through the state system. It appeals that the Association may receive the federal funding for the project in the near future. In the event that staff is unable to draft a loan document that would likely make it through the state system then staff is requesting that the Board authorize staff to provide the full $240,000 in the form of a grant. Staff Recommendation Staff's recommendations are contained within each Water Activity Summary Sheet. During this funding cycle there were sufficient funds to fund all requests. However, staff recommends funding 10 of the 14 applications (one project is only recommended for partial funding). Four projects are not recommended for funding for the reasons stated in the Water Activity Summary Sheets. Staff recommends that in the event that staff is unable to draft a Goodman Point Phase 2 project loan document that would likely make it through the state system then the Board authorizes staff to provide the full $240,000 for the project in the form of a grant.