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PROJECT SUMMARY — Eckhardt Farms, Inc. <br /> Appendix A, Amendment No. 1 <br /> Loan Contract No. CT2015-051 (C150338) <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: Eckhardt Farms, Inc. <br /> Address: 21454 Weld County Road 33, La Salle, Colorado 80645 <br /> Contact: Frank Eckhardt, President <br /> Phone Number: 970-284-6495 <br /> E-mail address: fsdefi @msn.com <br /> Type of Entity: A Colorado Corporation <br /> Section 2 — PROJECT Description <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br /> used for the purchase of WATER RIGHTS, located in Weld County, hereinafter <br /> referred to as the PROJECT, at an estimated total cost of$1,470,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> on the PROJECT entitled "Loan Feasibility Study: Eckhardt Farms, Inc. Water <br /> Project." compiled by Leonard Rice Engineers, Inc., which is incorporated herein <br /> by reference, and, based upon the feasibility report, the CWCB determined the <br /> PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's Authority <br /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 <br /> and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects <br /> from the CWCB Construction Fund for the benefit of the people of the state, provided <br /> that the BORROWER assures repayment of that money. <br /> Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the CWCB's Construction Fund without prior approval from the <br /> General Assembly. <br /> SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> At its January 27, 2015 meeting, the CWCB approved a change of collateral <br /> corresponding to the water shares to be purchased with the loan proceeds. <br /> At its September 2012 meeting, the CWCB approved a Small Project Loan from the <br /> Construction Fund to the BORROWER in an amount up to $1,323,000 for PROJECT <br /> costs, not to exceed 90% of the cost of the PROJECT. CWCB's loan origination fee of <br /> 1%, in accordance with CWCB Policy No. 16 and added to the LOAN CONTRACT, <br /> results in a total LOAN AMOUNT of 1,336,230 at an interest rate of 1.75% per annum for <br /> a repayment term of 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No existing debt. <br /> Page 1 of 3 <br />