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Project Summary - McDonald Ditch Company - Contract No. C150334
<br /> SECTION 1 —BORROWER INFORMATION
<br /> Name: McDonald Ditch Company, a mutual ditch company
<br /> Address: 2483 U.S. Highway 285 North, Monte Vista, CO 81144
<br /> Contact: James Hart, President
<br /> Phone Number: 719-852-3246
<br /> E-mail address: James @hartfarmsinc.com
<br /> Type of Entity: Mutual ditch company
<br /> Section 2 — Project Description
<br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan, in May
<br /> 2012, to be used for the construction of the McDonald Ditch Diversion and
<br /> Headgate Replacement Project, located in Rio Grande County, hereinafter
<br /> referred to as the PROJECT. The purpose of this PROJECT is to replace the existing
<br /> McDonald Ditch diversion dam, headgate structure and pipeline. Due to a change in
<br /> the final engineering design of the head gate and diversion structure, the total cost
<br /> of the PROJECT increased from $650,000 to $1,085,200. In September 2013, the
<br /> CWCB approved a loan increase of $30,000, from $70,000 to 100,000 for
<br /> additional PROJECT costs.
<br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
<br /> on the PROJECT entitled "Plaza Project-Phase II: McDonald Ditch Implementation
<br /> Project," dated March 22, 2012, compiled by Heather Dutton, Coordinator, Rio
<br /> Grande Headwaters Restoration Project and Laurie Clark, P.E., Natural Resources
<br /> Conservation Service. An additional analysis, by the Colorado Rio Grande
<br /> Restoration Foundation, was completed on August 1, 2013. These documents are
<br /> incorporated herein by reference and based upon these reports, the CWCB
<br /> determined the 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 and
<br /> 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from
<br /> the CWCB Construction Fund for the benefit of the people of the state, provided that
<br /> 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
<br /> On May 15, 2012, the CWCB approved a Small Project Loan from the Construction
<br /> Fund, to the BORROWER, in an amount up to $70,000 for PROJECT costs for the
<br /> McDonald Ditch Diversion and Headgate Replacement Project. On September 25,
<br /> 2013, the CWCB approved a loan increase of $30,000, from $70,000 to 100,000 for
<br /> additional PROJECT costs with a loan origination fee of 1% of the cost of the PROJECT, in
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<br /> Appendix 1 to Loan Contract C150334
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