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C150332 Approval Letter 3/23/12
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C150332 Approval Letter 3/23/12
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Last modified
2/23/2015 1:47:27 PM
Creation date
6/26/2012 2:48:28 PM
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Loan Projects
Contract/PO #
CT2015-033
C150332
Contractor Name
Terrace Irrigation Company
Contract Type
Loan
Water District
3
County
Conejos
Loan Projects - Doc Type
Approval Letter
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Water Project Loan Program — Project Data Sheet <br />Borrower: Terrace Irrigation Company <br />Project Name: Spillway Replacement Project <br />Drainage Basin: Rio Grande River Basin, District 21 <br />Total Project Cost: $4,500,000 <br />Type of Borrower: Agricultural <br />(with request for a Restricted Reservoir reduction) <br />CWCB Loan: $1,010,000 (wl 1% service fee) <br />County: Conejos <br />Project Type: Dam Rehabilitation <br />Water Source: Alamosa River <br />Funding Source: Construction Fund <br />Avg. Annual Delivery: 15,339 AF <br />Interest Rate: 1.75% Term: 30 years <br />The Terrace Irrigation Company (Company), responsible for supplying irrigation water to its shareholders <br />for irrigation of 9,300 acres of agricultural lands, is also an active participant in the Alamosa River <br />Instream Flow Project. The ISF Project is intended to restore flows and replace natural resources <br />damaged by mining operations in the upper reaches of the Alamosa River. The Company relies on <br />Terrace Reservoir to meet its irrigation demands throughout the later part of the irrigation season. The <br />reservoir is currently under a restriction order from the SEO, reducing its available capacity by 2,000 AF. <br />This project will replace the existing spillway and remove the SEO restriction order. Funding for this <br />project includes grant money from WSRA ($1,500,000) and the Summitville Natural Resource Damage <br />(NRD) account ($2,000,000). In return for NRD funding, the Company has agreed to donate 2,000 AF of <br />storage in Terrace Reservoir towards instream flow storage to further the efforts of the ISF Project. <br />
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