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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 />TO: Colorado Water Conservation Board Members <br />FROM: Kirk Russell, P.E., Desi onstruction 1�� <br />Tim Feehan, P.E. Chi <br />DATE: January 14, 2011(Update February 3, 2011) <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />SUBJECT: Consent Agenda Item 3a, January 24-26 2011 Board Meeting <br />Finance Section — Change to Existing Loan <br />WRCC, Inc. — Cobb Lake Inlet Structure Project <br />Guidance <br />At the May, 2005 Board Meeting, the Board authorized staff to present increases to existing loans <br />less than 20% of the original loan as Consent Agenda Items. The WRCC, Inc. loan increase <br />presented below is less than 4%. <br />Introduction <br />WRCC, Inc. (Company) is repairing Cobb Lake's (Reservoir) inlet structure/ditch that had deteriorated <br />to a dangerous point and was subject to failure. The Company has determined that an additional <br />$55,000 is necessary to complete the Project. The new total cost of construction is estimated to be <br />$1,488,000. In November 2009 the CWCB approved a loan for this project for engineering and <br />construction costs. The loan terms are 30 years at a blended rate of 2.85% per annum. See attached <br />Project Data Sheet for a location map and a project summary. <br />Staff Recommendation (Board approved staff recommendation on January 25, 2011) <br />Staff recommends that the Board approve an increase of $50,702 ($50,200 for project costs and <br />$502 for the 1% Loan Service Fee) from the Construction Fund. The Company's amended total <br />loan amount will be $1,352,592 ($1,339,200 for project costs and $13,392 for the 1% Loan Service <br />Fee) for engineering and construction costs related to the Cobb Lake Inlet Structure Project. The <br />loan terms shall be 30 years at a blended rate of 2.85% per annum. Security for the loan shall be in <br />compliance with CWCB Financial Policy #5. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />VC'ater Information • Water Conservation & Drought Planning • Water Supply Planning <br />