Laserfiche WebLink
' r <br />COLORADO RIVER WATER <br />�-�' CONSEfr/ATION DISTRICT <br />Mr. Michael Serlet <br />Department of Natural Resources <br />Colorado Water Conservation District <br />1313 Sherman, 7th Floor <br />Denver, CO <br />RECEI . -.y <br />NOV 2 0 1995 <br />Colorado Water <br />Conservation Board <br />15 November 1995 <br />SUBJECT: Repayment Contract - Wolford Mountain Project <br />Dear Mike: <br />As we previously discussed, there are some issues surrounding <br />repayment of the loan on the Wolford Mountain Project which need to <br />be modified, specifically the timing and the amount. The.project <br />construction started approximately six -m6nths-late, but proceeded <br />at a more rapid rate than expected. We completed construction on <br />the dam this year, and started filling on May 20, 1995. We are <br />however, still working on the recreation area, with completion <br />scheduled for the Sprirg of 1996. We will thus not be able to <br />finalize the project construction cost, and thus the total amount <br />of the loan, until early next summer. <br />In as much as the contract calls yment to be commenced <br />on January 1 of the year followin fi o the reservoir <br />(Paragra upon a <br />ph 16), with a specified r t n based <br />$20 million loan, we are request' these terms be <br />modified. We would propose that the e annul repayment <br />be fixed early next summer, when a unt has be finalized, <br />and then the date of the payment set shortly after that <br />determination. We anticipate _ additional requests for <br />reimbursements will be less than $2'.5 million, and that we will not <br />fully draw down the $20 million authorized for a loan. <br />I appreciate the cooperation of the. CWCB staff in this matter. . <br />Sincerely yo <br />David H. Merritt, P. . <br />Project Manager <br />C: <br />P.O. BOX 1115 • KREMMUNG, CO 80459 i <br />Phone (303) 724 -3460 • FAX (303) 724 -3433 i <br />ATTACHMENT 1 <br />