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sT�TE oF cozoR�o <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />t3t3 Sherman Street Room 721 <br />Denve�, Golurado 80203 <br />Phoeie: (303) R66-3441 <br />Fax: (3U3) 866-�?4 <br />www.cwcb.state.co.us <br />TO: Colarado Water Conservation Board Members <br />FROM: Anna Mauss, P.E��� <br />Tim Feehan, P.E., Chief <br />Finance Section <br />DATE: September 2, 2011(Updated September 20, 2011) <br />John W. tiick�niooper <br />Governor <br />Mike Kin� <br />DNR Execuiive i�ireCtor <br />Jennifer t,. Uimbei <br />CWCFi Dir�r <br />SUBJECT: Agenda Item 20a, September 13-14, 2011 Board Meeiing <br />Finance Sectic�n — New Project Loans <br />Lake Canal Reservoir Company — North Gray Resewvoir Rehabilitation Project <br />Introduction <br />The Lake Cana1 Reservoir Company (Company} is appiying for a loan far the Rehabilitation of <br />North Gray Reservoir Project (Project}. The purpose of this project is to replace the existing <br />spillway and remove the restriction imposed by the Office of the State F:ngineer (SEO). The <br />Company is requesting a inan for approximately 90% of the $128,300 total project cost. See <br />attached Project Data Sheet for a location map and project summary. <br />Staff Recommendation (Baarcl gpproved staff recommendation an September 14, 2011) <br />Sta.ff recommends the Board approve a loan not to exceed $11b,625 ($11 �,470 for project costs and <br />$1,155 for the 1°fo Loan Service Fee) from the Construction Fund to the Lake Canal Reservoir <br />Company for engineering and con:struction costs related to the Rehabilitation of NorCh Gray <br />Reservoir Project. The loan terms sliall be 3U years at a blended-restricted reservoir interest rate of <br />2.10°lo per annum. Securiiy for the Ioan shall be in compliance with CRTCB �`inancial Policy #S. <br />13ackgrounr� <br />�Iorth Gray Reservoir {Reservair} is c�ne of three reservoir.s owned by the Company. It is iocated in <br />Larimer County, approximately thr�� rniies ea.st ai�d two �niles north of Fort �ollins. The reser�c�ir <br />has a tofai capacity c�f 3i3 AF. As c�f June 2011, �he reservoir is restricted to a level three fcet <br />belc�w the s-pillwav crest (ga�;e hei�ht 1 i) ciue io poor spillway cc��xditic�n_ "I'his restrietian reduces <br />��SE ."i�OY�(� VC7.Ii,tlTs.#: �V %� AF. <br />i�t s�illvvay i�� � cc�rrugated rr�et�.l pi�e� thai has r�:acneci th� �atd �f its �aseful .liv;,. `I'he invert ha� <br />�Qrroded ec��pletel� thr�ug� in a iew lc�catic�ns. 'I'his has a}s4 caused erosi�n �ielc�v� the pipe. <br />C`c���inued cc�rr�s�c�n and erc�sic�n ±5 ex��e;cl, i:z.ic�ly leau�i.n� Lc� da� �'aii_�r�:. <br />[nterstate & Fedes�l • i�%�tarshed &'Fe�cid ['rtti�.xEisx� • tiireana & L,sdkc @ra►trcik�r. • Fi»ancr <br />�'Fater Ev�i'orrnaticia ��S'�Eer f.:on +ervatic�n �Ye ii�nugtet Pl�dnoing + W�ter SuP�l� !'ianesi�eg <br />