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Orphan WeOs of Wiggins LLC -- [[)C Forgiveness <br />July 1.2011 <br />Page 3 c�F4 <br />Agenda iiem 27 <br />Staff Reco�nmendatioa {Board approved staff recommenciations witt� the follo�ving <br />modifications as stated below under "�.ctian") <br />Staff recommends that the Aoard approve a reduction in IDC for Orphan. VVells of Wig�in's L,LC, <br />from $152,611.72 to $95,739.28. �95,205.Sb �f the IDC due w�ili be rotled into OWW's Ioan, <br />bringing its �nal loan balance to $1,048,077.00, which includes a 1°/v loan service fce, at an interest <br />rate of 2.5°l0, amorti7_ed over 30 yeaa�s. OWW will pay the remaini�ag 1DC balance of $533.73 <br />directly to CWCB. Additianally, OWVV agrees to atnen.d its laan contract wi#h CWC'B to inelude <br />t�n shares of Riverside Private Reservoir Rights and azle share of Jackson L�ake i'rivate Reservoir <br />Rights, as collateral and to provide capies of all executed easements associated with the project. <br />Action: Presentatif�M by 7am lyeehcrn. Travis• .�mith made a motian to uccept the stuff � <br />rccon�rr:endation with the change. f'rom 1(J shures of Riversic�e to S, the rem��val ��f the ward "anc�" <br />_just hefbre "to provide cvpies ", the additiort of� "t� provide a ��213,OCJO principul payment, und the <br />adjustrraent qf the annual puy�nent t� refZecC the reduced �rir�cipal, WlIlCT1 11�us seconded hy Geoff' <br />131akeslee. 1 he motian pusser� unanimousdy (9-Oj. <br />cc: Steve �3runtz, �'resident, Orphan Wells of Wig�ins I,1..C; <br />Susan Schneider, ACiO <br />Peter Johnson, AGO <br />Attachtnent: Letter from Steve Bruntz with OWVt�' <br />