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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 />Apri14, 2011 <br />Mr. Stan Fredricks, President <br />Stagestop Owners Association <br />493 Stagestop Road, SS D-5 <br />Jefferson, CO 80456 <br />Re: Stagestop Reservoir Dam Project <br />Loan Contract Number C 150310 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />Dear Mr. Fredricks <br />John W. Hickenlooper <br />Govemor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />This letter is to advise you that the Project referenced above was substantially completed on April 1, 2011. In <br />accordance with the Loan Contract, the Association owes $1,546.44 for interest accrued during the <br />construction phase of the Project (see attached Project Expenditure Schedule) by April 18, 2011. Please make <br />your "interest only" payment check payable to the Colorado Water Conservation Board and include the Loan <br />Contract Number C 150310 on the check. <br />'The total amount disbursed under this contract was $127,741.35 ($126,476.58 plus $1,264.77 for the 1% <br />service fee). T'he loan contract will be amended to a reduced amount of $114,241.35 following receipt of a <br />$13,500 principal prepayment. Vaughn McWilliams will initiate the process of amending the Promissory <br />Note after the pre-payment check is received. The first annual loan payment will be due on April 1, 2012. <br />Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed <br />insurance certificate needs to be submitted to the CWCB annually. <br />It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to <br />call if you have any questions regarding this matter. <br />Sincerely, <br />Tim Feehan, $:E., Chief <br />CWCB Finat4ce Section <br />cc: Alan Hamel, CWCB Board Member, Arkansas Basin <br />Current Contract Amount = $192,708.00 <br />Expended Amount = $127,74135 <br />lnterstate & Federai • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />