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"Financing Costs"shall mean all financing costs incurred by the Authority for the <br /> Projects including, but not limited to, loan application fees, legal fees, interest, <br /> and loan fees. <br /> ARTICLE 2 <br /> BOXELDER CREEK FLOOD MITIGATION PROJECTS <br /> 2.1 Projects. The parties agree and hereby acknowledge that it is in the best interest <br /> of both the Authority and the TDA to work cooperatively to design and construct the Projects <br /> along Boxelder Creek and its associated flow paths to mitigate the impacts of flooding for the <br /> mutual benefit of the parties as well as the region. Accordingly, the Authority has developed a <br /> plan for two storm drainage improvement facilities to significantly reduce the 100-year <br /> stormwater runoff within the Boxelder Creek Drainage Basin that contribute to the flooding <br /> potential in Boxelder Creek, which include the following conceptual elements, which are <br /> together referred to as the Projects and are to be constructed concurrently: <br /> (a) East Side Detention Facility/Gray Lakes Reservoirs: <br /> 1. Construction of an earthen embankment (dam) and un-gated outlet to <br /> create detention storage upstream of County Road 50. <br /> (b) Larimer and Weld Canal Crossing: <br /> 1. Construction of a side spill weir crossing of the Larimer and Weld <br /> canal to allow Boxelder Creek storm runoff to continue downstream <br /> (south). <br /> 2.2 Design Engineering. The Authority hereby acknowledges that the Projects are or <br /> will be included in the Boxelder Basin Regional Stormwater Authority Master Plan. The <br /> Authority has initiated preliminary design engineering for said Projects, but continuation of this <br /> design engineering is necessary in order to determine actual design and related costs and to allow <br /> the Projects to proceed. <br /> (a) Funding. The TDA agrees to provide $500,000 immediately to the <br /> Authority for the design engineering services described in Subsection(b). <br /> (b) Scope of Services. The Authority shall provide the following services: <br /> 1. Preparation of the Feasibility Study and Final Application for a <br /> Colorado Water Conservation Board loan to the Authority for the East <br /> Side Detention Facility and the Larimer and Weld Canal Crossing and <br /> accompanying improvements; <br /> Page 3 of 10 <br />