Laserfiche WebLink
RECOMMENDATION <br />Staff recommends that the Board approve the increase to CWCB's cost participation <br />under Loan Contract C150163 from 75% to M. The total loan funds to NCLPIC will not <br />exceed $7,272,000 ($7,200,000 for project costs and $72,000 for the 1% loan service fee in <br />accordance with CWCB Loan Policy #16). Loan Contract C150163 will be amended to extend <br />the time of completion of the project to January 1, 2014, to accommodate NCLPIC's land <br />purchase contract with Cornish Plain Livestock, LLP. Also, the terms of the approved loan will <br />be amended from 30 -years to 20 -years at their current interest rate of 2.5% per annum, upon <br />substantial completion of the project. If NCLPIC should choose to sell any portion of the 1,300 <br />acres purchased under the Cornish Plains Livestock Land Purchase Agreement, the proceeds <br />from that sale shall be used to pay down NCLPIC Loan Contract C150163 with CWCB. <br />Staff further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. <br />ACTION TAKEN BY THE CWCB BOARD ON SEPTEMBER 19,200 <br />Board approved staff recommendation. <br />c: Mike Hungenberg, President, New Cache La Poudre Irrigating Company <br />Don Magnuson, Superintendent, New Cache La Poudre Irrigating Company <br />Vaughn McWilliams, CWCB <br />