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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866 -3441 <br />Fax: (303) 866 -4474 <br />www.cwcb.state.co.us <br />October 1, 2013 <br />Petrocco Family Limited Partnership, LLLP <br />Attn: David Petrocco, Sr., General Partner <br />14110 Brighton Road <br />Brighton, CO 80601 <br />Re: Water Rights Purchase <br />Contract Number C 15 03 63 <br />Mr. Petrocco: <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />James Eklund <br />CWCB Director <br />I am pleased to inform you that on September 25, 2013 the Colorado Water Conservation Board <br />approved your loan request for the Water Rights Purchase as described in the application and <br />approved Loan Feasibility Study titled "Feasibility of the Petrocco Farms Water Rights <br />Purchase ", dated August 2013. The Board approved a loan not to exceed $840,825 ($832,500 for <br />project costs and $8,325 for the 1% Loan Service Fee). The loan terms shall be 20 years at an <br />agricultural interest rate of 1.50% per annum. <br />I have attached a copy of the updated Board memo dated September 30, 2013, that includes the <br />Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Contracting: An approved contract must be in place before funds can be disbursed. Peg <br />Mason will contact you to initiate the loan contracting process for this project. When all of <br />the contract conditions are met and the contract is executed the Partnership may request loan <br />funds to cover eligible project expenses. You can reach Peg at (303) 866 -3441 x3227. <br />B) Desian/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Jonathan Hernandez will be the Project Manager for this phase <br />of the process and will work with you on the disbursements of your loan funds. You can <br />contact him at (303) 866 -3441 x3234. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />