C150336 Increase Approval Letter

• Contract/PO #: CT2015-088
• Contract/PO #: C150336
• Contractor Name: Left Hand Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Loan Projects - Doc Type: Approval Letter

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street,Room 721 ti� 'T '•
Denver,Colorado 80203
Phone:[phone] J* *'
Fax:[phone]
N X876 ,
www.cwcb.state.co.us '• , , s • '
John W.Hickenlooper
Governor
TO: Colorado Water Conservation Board Members
Mike King
DNR Executive Director
FROM: Anna Mauss, P.E., Project Manager `� / James Eklund
Kirk Russell, P.E., Chief �Z.:,,Z CWCB Director
Finance Section
DATE: May 9, 2014 (Updated May 23,2014)
SUBJECT: Agenda Item 33a , May 21-22,2014 Board Meeting
Change to Existing Loan
Left Hand Ditch Company—Allen Lake and Lake Isabelle Repair Project
Introduction
The Left Hand Ditch Company(Company) received approval for a loan for the Allen Lake and
Lake Isabelle Repair Project(Project) (Loan Contract C150336) in July of 2012. The purpose of
the Project was to make safety improvements to the dams. Due to additional outlet work repairs
discovered during construction at Lake Isabelle,the Company is requesting a loan increase of
$315,000 as the total Project cost has increased from $1,273,000 to $1,623,000. See the attached
Project Data Sheet for a location map and Project summary.
Staff Recommendation (Board approved staff recommendation on May 22,2014)
Staff recommends the Board approve a loan increase, from the Construction Fund, not to exceed
$318,150 ($315,000 for Project costs and $3,150 for the 1% Loan Service Fee) for a total loan not
to exceed $1,475,307 ($1,460,700 for Project cost and $14,607 for the 1% Loan Service Fee)to the
Left Hand Ditch Company for the Allen Lake and Lake Isabelle Repair Project. The loan terms
shall remain 30 years at a blended interest rate of 2.45%per annum. Security for the loan shall be
as originally approved and is in compliance with CWCB Financial Policy#5.
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