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CWCB Construction Loan Program <br />Project Data Sheet <br />Borrower: Park Center Water District County: Fremont <br />Project Name: Well Redrilling Project <br />Drainage Basin: Arkansas <br />Total Project Cost: $1,500,000 <br />Type of Borrower: Municipal (Low Income) <br />Loan Amount: $1,010,000 (including 1 % service fee) <br />Project Type: Well Drilling <br />Water Source: Nontributary Well <br />Funding Sources: District &CWCB <br />Average Diversion: 400 acre-feet <br />Interest Rate: 3.5% Term: 30 years <br />Park Center Water District (District) is located in Fremont County on the north side of Canon City. <br />The District was formed in 1968 to supply drinking water to area residents. The primary source of <br />this water is a well owned by the Bureau of Land Management (BLM) and leased by the District. <br />The District has leased this well for forty years and has a first right of refusal to renew the lease <br />when the current contract expires in 2021. In the spring of 2008, the 3,216 foot deep well developed <br />a leak. The BLM and District had a contractor inspect the well and it was determined that leaks <br />existed at 10 feet below the surface and at depths as great as 2,400 feet. The District decided the <br />most cost effective solution is to redrill the well. The redrilling is expected to begin in February <br />2009 with completion by the end of March. <br />