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The following schedule is proposed for implementation of the <br />proj ect : <br />Task Date <br />l. Complete Final Share Purchase 05/O1/07 <br />2. Request CWCB Loan 07/O1/07 <br />3. Receive CWCB Loan for Purchase 10/O1/07 <br />Social, Economic, and Physical Impacts <br />The project will have no significant social impacts. <br />Although Hillrose will be impacted with costs associated with <br />their portion of the water costs and loan repayment, the project <br />will have a long term positive economic impact by assuring the <br />continued use of their well and therefore the continued normal <br />operation of the town. <br />The project will have no significant physical impacts. <br />Permitting <br />All easements and rights of way are controlled by the Company <br />supplying the water, therefore no further arrangements are <br />required nor are any permits required. <br />Financial Plan <br />The total cost of the project is $55,000. $49,500 or 90% may come <br />from a loan with the Colorado Water Conservation Board, and the <br />remainder from the project sponsor, Hillrose. The CWCB Loan <br />Application is found in Appendix B. <br />A$49,500 CWCB loan at 3.Oo interest over a 30-year repayment <br />period would calculate to an annual payment of approximately <br />$2,550. The loan payment of $2,550 amounts to approximately $18 <br />per town tap annually or $1.50 monthly per tap. Hillrose <br />currently has a monthly surcharge of $2.55 for their previous <br />CWCB loan and the $1.50 will be added to that surcharge to cover <br />the cost of this proposed loan. <br />It should be noted that the dual water system is being funded <br />through other sources and will have a separate surcharge for its <br />Feasibility Study c <br />Hillrose Water Rights Project J <br />June 2007 <br />