Colorado River Division 5 Silverthorne RICD 04CW217 Colorado Basin Roundtable

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ATTACHMENT SUMMARY&RESOLUTION OF ISSUES RAISED BY CWCB STAFF IN SEPTEMBER MEMO TO BOARD I."A significant portion of the project costs have yet to be raised.Acquiring the necessary funds from boaters and other recreation industry partners as planned may take a significant amount of time and effort."Staff also raised questions about the amount of match being provided by Grand County and RICD legal expenses. EXPENSE SUMMARY PLANNING Engineering,legal,outreach,etc $495,414 IMPLEMENTATION Permitting,Construction.sitngrce.etc. $1.190.700 Total Project Estimate $1,686414 SOURCES OF FUNDS 29% Grand County PLANNING $500, IMPLEMENTATION 6% Grand County Grant match $100,000 6% WSRA-Basin Fund Approved by Colorado Basin Roundtable members $100,000 23% WSRA-Statewide Fund Application pending $400,000 35% Other Partners In process[Eagle Co.boaters industry.grants.etcl S600.000- 100% Amounts are rounded $1,700,000 Grand County agrees that a significant portion of the project costs have yet to be raised and that raising these funds will take a significant amount of time and effort.This is true of many projects that are awarded funding. Grant funds are requested only to pay for a portion of the construction costs to build the structures. REQUIRED GRANT MATCH IS EXCEEDED:Grand County's contribution of eligible cash match commitment is$100,000 which is in addition to significant in-kind contribution from staff. The Colorado Basin Roundtable unanimously allocated$100,000 from the Colorado Basin Funds. This Investment of$200,000 cash match Is four times the amount required by the WSRA guidelines. Grand County demonstrates a major financial commitment far beyond many other project proponents that are awarded funds through the WSRA process.The WSRA Criteria and Guidelines do not require that WSRA funds must be the final increment secured for projects and in fact,they are often used to generate momentum for funding from other partners.Grand County should not be held to fundraising standards not specified in the WSRA Criteria and Evaluation Guidelines. LEGAL EXPENSES:During the October meeting with CWCB staff,questions were raised about the project planning budget and whether this included Grand County's legal expenses.For transparency,the overall project budget of about$1.7 million includes all expenses,including RICD legal costs which are about 8% of the total project budget Grand County's investment in the RICD legal process during planning is separate from the detailed implementation budget presented in the final grant application. To dar*,Grand County is NOT asking CI l3 to pay for any legal expenses associated with the project.The WSRA funds will only be spent to build the structures in the dyer at Pumphouse.