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�ggial F.conomic, and P ysical Imnacts <br />The project will have no significant negative social impacts. The project will improve ownership <br />pride and improve the community moral and sense of belonging. <br />The project will have a positive economic impact providing irrigation water for 55 acres of open <br />space and 350 owners' lot(s). The project will provide a decrease in potable water use and costs. <br />See Appendix C. <br />The project will have no significant physical impacts once construction is complete. <br />'� ,_, t�,� <br />All easements and rights-of-way for the open spaces aze now held by BLOA. Permission will be <br />sought to install the tap onto each owners' lot. <br />Army Corps of Engineers will be notified of our planned actions. But it is believed no <br />Environmental Assessment (EA) or Environmental Impact Sta.tement (EIS) will be required. <br />Financial Plan <br />Sources of financing for the project consist of a Colorado Water Conservation Boazd loan and, <br />owner assessment increase. It is our intention to apply for several grants to aid in our financing <br />of this project. CWCB loan application found in Appendix D. <br />The financial condition of the BLOA is solid at the present time. BLOA has one obligation and <br />current operating expenses, and is not in default on any of its obligations. The BLOA Financial <br />Statement for 1996 is found in Appendix E. <br />The financial soundness of BLOA is fizrther evidenced by the Reportable Conditions Letter, <br />Management Letter, Audit Committee Communications for the yeaz ended December 31, 1996, <br />from Reese Henry & Company, Inc. CPA's. Appendix F. <br />The BLOA has the following collateral it can offer for the CWCB loan, in this order of <br />preference: <br />1. The project itself. The project will be owned by the BLOA. <br />2. Monthly assessments collected. <br />Page -6- <br />