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CWCB Construction Fund Loan Application Location. The JTR is located in the northern part of South Park adjacent to Michigan Creek approximately 2.0 miles southwest of Jefferson, CO. The area surrounding the JTR is primarily agricultural or zoned A-35, which is small lot agricultural. There are no structures in the vicinity of the project. The JTR is located immediately adjacent to Michigan Creek and the outlet of the JTR will discharge directly to Michigan Creek. Wetlands and dredge and fill issues have been fully addressed and approved by Park County and the Army Corps of Engineers (see below Regulatory Permits). Regulatory permits and approvals. Center of Colorado and Centennial have already obtained all of the permits and approvals required to construct and operate the JTR and construction of the project has commenced. Copies of the U.S. Army Corps of Engineers 404 Permit and the Park County "1041" Permit are attached in Appendices E-1 and E-2. The State Engineer's approval of the JTR design are attached in Appendix C-1. Park County has confirmed that the design plans for the JTR conform to the County's 1041 Permit (See, May 21, 2008 Letter from Park County attached in Appendix E-3). The Colorado Department of Transportation has issued the construction access permit to State Highway 285 (See, Appendix E-4). S onsor. As discussed above, the JTR is a joint project between Center of Colorado and Centennial. The loan sought from the CWCB by Center of Colorado is to pay for Center of Colorado's portion of the project. Revenue Sources and Financial Feasibility of Project. Center of Colorado is a Title 37 special district and it is funded by a 1.0 mill ad valorem tax on the real property located in Park County. Center of Colorado "De-Bruced" in 2000 and is authorized to retain all excess collected revenues. However, at present, it does not have voter approval to incur the multi-year obligation necessary to obtain the CWCB loan. Center of Colorado will ask the voters of Park County at the November, 2008 election for authorization to borrow up to $500,000 for the JTR from the CWCB. Kirk Russell, P.E., and Anna Mauss, P.E., of the CWCB attended the May, 2008 Center of Colorado Board meeting in Hartsel and suggested this procedure. A. Center of Colorado's general fund revenues from its tax revenue sources for 2008 will be approximately $396,000.00, including abatements and delinquent taxes. Copies of Center of Colorado's budgets for 2006, 2007 and 2008 are attached in Appendices F-1, F-2 and F-3, respectively. In addition, as of the June 11, 2008 Board of Directors meeting, Center of Colorado presently has approximately $385,000.00 in cash reserves, not including the $124,000.00 held in the JTR Construction Account currently on joint deposit with Centennial for the construction of the JTR. In addition, Center of Colorado has not yet received all of its general fund revenues for 2008. Center of Colorado expects to receive an additional approximately $130,000.00 by year end. Center of Colorado intends to fund the full share of the cost of construction of the JTR 9