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Project Summary - Last Chance Ditch Company - Contract No. <br />I C150318 <br />SECTION 1I — BORROWER INFORMATION <br />Name: Last Chance Ditch Company <br />Address: 11955 County Road 15, Longmont, CO 80504 <br />Contact: Garrett Varra, Vice - President <br />Phone Number: 303 -666 -6657 <br />E -mail address: gcvarravci @aol.com <br />Type of Entity: a Colorado nonprofit corporation <br />Section 4- Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the construction of the Ditch Headworks Replacement Project, located in <br />WE Id County, hereinafter referred to as the PROJECT, at an estimated total cost of <br />$204,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on he PROJECT entitled "Feasibility Study of Last Chance Ditch Company ", dated <br />Api 1 2011, compiled by AGROPROfessionals, LLC with assistance by Garrett <br />Va a, which is incorporated herein by reference, and, based upon the feasibility <br />rep rt, the CWCB determined the PROJECT to be technically and financially feasible. <br />S ECTION 31- CWCB'S AUTHORITY <br />Cons! uction Fund., This loan is made pursuant to the provisions of §§ 37-60 -119 and <br />37 -60- 20, C.R.S., which authorize the CWCB to loan money for water projects from <br />the C CB Construction Fund for the benefit of the people of the state, provided that <br />the bo ower assures repayment of that money. <br />Small ro'ect Loan: This loan is made pursuant to the provisions of §§ 37-60 -119 and <br />37 -60 -120, C.R.S., which authorizes the CWCB to loan money for water projects for the <br />benefi of the people of the State, provided that the borrower assures repayment of that <br />mone <br />Sectio 37- 60- 122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$10,0 ,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund erpetual Base Account Fund without prior approval from the General <br />SECTION 41- BOARD APPROVAL <br />At its J ily 2011 meeting, the CWCB approved a Small Project Loan from the Construction <br />Fund to the BORROWER in an amount up to $185,436 for PROJECT costs, not to exceed 90% <br />of the ost of the PROJECT, with a loan origination fee of 1% in accordance with CWCB <br />Policy 14o. 16, at an interest rate of 4.65 % per annum for a repayment term of 30 years. <br />SECTION <br />None. <br />SCHEDULE OF EXISTING DEBT <br />Appendix 1 to Loan Contract C160318 <br />Page 1 of 3 <br />