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STATE OF COLORADO <br /> Colorado Water Conservation Board ■ _i, %.s> <br /> Department of Natural Resources 0,;:av Co t° <br /> 1313 Sherman Street,Room 721 T z <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 <br /> Fax:(303)866-4474 1876 s, <br /> www.cwcb.state.co.us <br /> John W.Hickenlooper <br /> Governor <br /> TO: Colorado Water Conservation Board Members <br /> Mike King <br /> DNR Executive Director <br /> FROM: Anna Mauss, P.E., Project Manager yrit-' <br /> James Eklund <br /> Kirk Russell, P.E., Chief 1/192- CWCB Director <br /> Finance Section <br /> DATE: May 9, 2014 (Updated May 23,2014) <br /> SUBJECT: Agenda Item 34b,May 21-22,2014 Board Meeting <br /> Water Project Loans <br /> Northern Colorado Water Conservancy District—Granby Hydropower Project <br /> Introduction <br /> Northern Colorado Water Conservancy District(Northern Water), acting by and through its <br /> hydropower enterprise, is applying for a loan for the construction of the 1.2 Megawatt Granby <br /> Hydropower Project (Project). The Project is located at the existing Colorado—Big Thompson <br /> Project Granby Dam and will utilize the existing releases from Lake Granby to the Colorado River, <br /> without changing the historic flow regime. The total Project cost is estimated at$5,669,340. The <br /> Company is applying for a loan to cover 90%of the project cost with a 30-year CWCB loan. See <br /> attached Project Data Sheet for a location map and a Project summary. <br /> Staff Recommendation (Board approved staff recommendation on May 22,2014) <br /> Staff recommends the Board approve a loan not to exceed $5,135,183 ($5,084,340 for Project costs <br /> and$50,843 for the 1%Loan Service Fee)to the Northern Colorado Water Conservancy District, <br /> acting by and through its hydropower enterprise, for costs associated with the design and <br /> construction of the Granby Hydropower Project from the Severance Tax Perpetual Base Fund. The <br /> loan terms shall be 30 years at the hydroelectric interest rate of 2.0%per annum. Security for the <br /> loan shall a pledge of power revenues. <br /> Staff further recommends that no funds be disbursed until the following contract conditions have <br /> been satisfied: <br /> 1) Execution of the Lease of Power Privilege <br /> 2) Execution of the Power Purchase Agreement <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 />