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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 />TO: Colorado Water Conservation Board Members <br />FROM: Jonathan Hernandez, P.E., Project Manager <br />Kirk Russell, P.E., Chief <br />Finance and Administration Section <br />DATE: September 13, 2013 (Updated September 30, 2013) <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />James Eklund <br />CWCB Director <br />SUBJECT: Agenda Item 30b, September 24 -25, 2013 Board Meeting <br />Finance — Water Project Loans <br />Greeley and Loveland Irrigation Company — Irrigation System Improvements <br />Introduction <br />The Greeley and Loveland Irrigation Company (Company) is applying for a loan for the Irrigation <br />System Improvements Project (Project). The purpose of the Project is to meet the State Engineer's <br />Office (SEO) Dam Safety Brach requirements, improve water management inefficiencies, reduce <br />high maintenance costs, and prevent continued outlet deterioration at Horseshoe and Boyd Lake. <br />The total Project cost is estimated to be $3,470,000. The Company is requesting a loan from the <br />CWCB for approximately 90% of Project costs. See attached Project Data Sheet for a location map <br />and project summary. <br />Staff Recommendation (Board approved staff recommendation on September 25, 2013) <br />Staff recommends the Board approve a loan not to exceed $3,154,230 ($3,123,000 for project cost <br />and $31,230 for the 1% service fee) to the Greeley and Loveland Irrigation Company for <br />engineering and construction cost related to the Irrigation System Improvements Project from the <br />Construction Fund. The loan terms shall be 30 years at a blended interest rate of 2.15% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />Interstate Compact Compliance • Watershed Protection • Flood Planning & Mitigation • Stream & Lake Protection <br />Water Project Loans & Grants • Water Modeling • Conservation & Drought Planning • Water Supply Planning <br />