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STATE OF COLORADO <br />Colorado Water Conservation <br />Department of Natural Resources <br />1313 Sherrnan Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax: (303) 866474 <br />www.cwcb.state.co.us <br />January 27, 2009 <br />Debbie Marsicano, District Manager <br />Park Center Water District <br />P.O. Box 1406 <br />Canon City, Colorado 81215 <br />RE: Well Redrilling Project <br />Contract Number C 150280 <br />Dear Ms. Marsicano: <br />Board <br />Bill Ritter, Jr. <br />Governor <br />Harris D. Sherman <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />I am pleased to inform you that on January 27, 2009 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the Well Redrilling Project as described in the Application and <br />approved Loan Feasibility Study titled "Feasibility of Drilling a New Well at the Existing Park <br />Center Well, November, 2008 ". The Board approved a loan not to exceed $1,010,000 ($1,000,000 for <br />project costs and $10,000 for the 1 % Loan Service Fee) with loan terms of 3.5% per annum for 30 <br />years. I have attached a copy of the updated Board memo dated January 27, 2009 that includes the <br />Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Board/Staff Approval Conditions: Requirements prior to contracting or disbursements. <br />1) Prior to signing a contract with the CWCB, the District must execute an extended lease <br />agreement with the BLM showing a 30 year minimum lease so that the timeframe of the lease <br />meets or exceeds the CWCB debt service repayment schedule. <br />2) Prior to signing a contract with the CWCB, the District must obtain written approval of the <br />Well Redrilling Project from the BLM as required in its existing lease document. <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />