C150391 Contract

• Contract/PO #: CT2015-039
• Contract/PO #: C150391
• Contractor Name: Big Elk Meadows Association
• Contract Type: Loan
• Water District: 4
• County: Lake
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY
Big Elk Meadows Association
Contract No. C150391
SECTION 1 —BORROWER INFORMATION
Name: Big Elk Meadows Association
Type of Entity: A Colorado nonprofit corporation
Address: 29 Willows Drive, Lyons, Colorado 80540
Contact: Leonard Arnold, Second Vice President
Phone Number: 303-823-6369
Email Address: Iarnold @elkridgeconsulting.com
SECTION 2— PROJECT DESCRIPTION
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the
Emergency Raw Water Storage Reconstruction Project, to repair the damage
caused by the 2013 flood event, by reconstructing all five dams and the
measurement structures destroyed by the flood, ("PROJECT"). The PROJECT is
located in Larimer and Boulder Counties and the estimated PROJECT cost is
$1,900,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
dated November 30, 2013 on the PROJECT, titled "Emergency Loan Application and
Feasibility Study" which was prepared by Leonard Arnold, of Elk Ridge Consulting,
Superior, Colorado and is incorporated herein by reference. Based upon the
feasibility report, the CWCB determined the PROJECT to be technically and
financially feasible.
SECTION 3—CWCB's AUTHORITY
Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of
§§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to
loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for
the benefit of the people of the state, provided that the BORROWER assures repayment
of that money.
Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to
$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General
Assembly.
SECTION 4 -BOARD APPROVAL
At its January 2014 meeting, the CWCB approved a Small Project Loan from the
Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $1,500,000
for PROJECT costs, not to exceed 100% of the cost of the PROJECT, with a loan origination
fee of 1% of the cost of the PROJECT, in accordance with CWCB Policy No. 16, resulting
in a total loan amount of $1,515,000 for 30 years with no payments and zero interest
for the first three years followed by 27 years of amortized payments at the interest
rate of 2.75%.
Appendix 1 to Loan Contract C150391
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