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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax:(303)866-4474 <br />www.cwcb. state.co. us <br /> Bill Ritter, Jr. <br /> Govemor <br />TO: Colorado Water Conservation Board Members <br /> Harris D. Sherman <br /> <br />P <br />E <br />FROM: Anna Mauss DNR Executive Director <br />. <br />. <br />, <br />Mike Serlet P.E. Chief <br />> > ~ ~ <br />Jennifer L. Gimbel <br />CWCB Director <br />Water Supply Planning and Finance Section <br /> Dan McAuliffe <br /> CWCB Deputy Director <br />DATE: May 12, 2009 (UPDATED May 22, 2009) <br />SUBJECT: Agenda Item 17g, May 19-20, 2009 Board Meeting <br />Water Supply Planning and Finance Section - New Project Loans <br />Riverside Reservoir and Land Company - Spillway Project <br />Introduction <br />The Riverside Reservoir and Land Company (Company) is applying for a$2,810,000 loan to <br />construct its Spillway Project (Project). Currently Riverside Reservoir (Reservoir) does not have a <br />spillway and the State Engineer's Office (SEO) has imposed a nominal storage restriction until a <br />spillway is built. The purpose of the spillway is to discharge inflows from large storm events to <br />avoid overtopping of the dam. The estimated total cost of the project is $3,124,000. See the <br />attached Project Data Sheet for a location map and project summary. <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $2,838,100 ($2,810,000 for project <br />costs and $28,100 for the 1% Loan Service Fee) to the Riverside Reservoir and Land Company <br />to construct its Spillway Project from the Severance Tax Trust Fund Perpetual Base Account. <br />The loan terms shall be 30 years at the agricultural interest rate of 2.5% per annum. Security for <br />the loan shall be in compliance with CWCB Financial Policy #5. <br />Background <br />The Company owns and operates the 64,000 acre-foot capacity Reservoir, an inlet canal known as <br />Riverside Ditch, and a river diversion structure located near the town of Kersey, Colorado. The <br />Company diverts water from the South Platte River approximately 10 miles downstream of <br />Greeley, Colorado. It stores water primarily during winter months for irrigation releases during the <br />following water season to approximately 50,000 acres of land in Weld County. <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 />