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Clear Water Solutions, Inc.; engineering design and construction administration. <br />Bank of Colorado; providing bridge loan financing for the project. <br />Colorado Water Conservation Board; financing. <br />The LLRC will be the lead for financing and project management. Lower Latham Asset <br />Management Company wiil also facilitate the financing by issuing assessments, if necessary. Bank <br />of Colorado will be providing bridge loan financing of the project until the CWCB loan can be <br />acquired. If LLRC is approved for CWCB funding for this project, an initial pay request will be <br />made in order to pay off any existing bridge loan financing associated with the project. <br />12.0 FINANCIAL ANALYSIS <br />To fund the purchase of the Klein farm with subject water rights, the LLRC obtained a line-of-credit <br />bridge loan from Bank of Colorado in the amount of up to $2,000,000, 100 percent of which is <br />expected to be drawn to facilitate the purchase of the water rights and land associated with the <br />recharge facilities. The interest rate on the loan is equal to the National Prime Rate, with a floor rate <br />of 5.0 percent. The interest on the bridge loan is expected to accrue at the floor rate of 5.0 percent <br />for the first several months. It is projected that the bridge loan interest will accrue over a period of at <br />least three months before the CWCB funds may be available to pay off the loan. Total bridge loan <br />interest is therefore estimated at $25,000. <br />LLRC is requesting a CWCB loan in the amount of $3,774,375 for the purchase of five shares of <br />stock in the LLDC and for construction of the recharge facilities described herein as outlined in <br />Table 5 below: <br />-18- <br />