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C150261 Approval Letter
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C150261 Approval Letter
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Last modified
7/26/2010 9:40:16 AM
Creation date
10/13/2008 10:37:53 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150261
Contractor Name
Pagosa Area Water and Sanitation District
Contract Type
Loan
Water District
0
County
Archuleta
Loan Projects - Doc Type
Approval Letter
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<br />Pagosa Area Water & Sanitation District <br />January 14,2007 (UPDATED January 28, 2008) <br />Page 6of6 <br /> <br />Agenda Item 11 a <br /> <br />Staff Recommendation (Board approved the Staff Recommendation on January 22, 2008) <br /> <br />. <br /> <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 3.50% per annum. Security for the loan shall be in compliance <br />with CWCB Financial Policy #5. <br /> <br />Staff further 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 /> <br />1) If any parcel ofland 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 ofthe 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 /> <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 /> <br />Email copy: <br /> <br />Carrie Weiss, Manager, Pagosa Area W &S District <br />Fred Schmidt, President, San Juan Water Conservancy District <br />Steve Harris, PE, Harris Engineering <br />Amy Stengel, AGO <br /> <br />. <br /> <br />Attachment: Water Project Construction Loan Program - Project Data Sheet <br /> <br />. <br />
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