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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 /> Governor <br />TO: Colorado Water Conservation Board Members <br /> Harris D. Sherman <br /> DNR Executive Director <br />FROM: Anna Mauss, P.E. ~/~ <br />t <br />~ <br />Mike Serlet P <br />E <br />Chief <br />~~ <br />Jennifer L. Gimbel <br />. <br />. <br />> > CWCB Director <br />Water Supply Planning and Finance Section <br /> Dan McAuliffe <br /> CWCB Deputy Director <br />DATE: July 14, 2009 (UPDATED July 22, 2009) <br />SUBJECT: Agenda Item 10, July 21-22 2009 Board Meeting <br />Water Supply Planning and Finance Section - New Project Loans <br />Farmers Reservoir and Irrigation Company - Milton Reservoir and Barr <br />Lake Improvements Project <br />Introduction <br />The Fanners Reservoir and Irrigation Company (Company) is applying for a$3,500,000 loan <br />from the CWCB to construct the Milton Reservoir and Barr Lake Improvements Project <br />(Project). The purpose of this Project is to replace the upstream outlet gate structure and repair <br />the piped outlet works through the dam at Milton Reservoir, enlarge the existing spillway at <br />Milton Reservoir, and enlarge the existing spillway and raise the perimeter dike at Barr Lake. <br />The estimated total cost of the project is $3,844,000. See the attached Project Data Sheet for a <br />location map and project summary. <br />Staff Recommendation (Board approved staff recommendation on June 21, 2009) <br />Staff recommends the Board approve a loan not to exceed $3,535,000 ($3,500,000 for project <br />costs and $35,000 for the 1% Loan Service Fee) to the Farmers Reservoir and Irrigation <br />Company to construct the Milton Reservoir and Barr Lake Improvements Project from the <br />Construction Fund. The loan terms shall be 30 years at a blended rate of 3.7% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <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 />