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DNR COLORADO <br /> Co Colorado Water <br /> ,.I Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 718 <br /> Denver,CO 80203 <br /> October 6, 2014 <br /> Mr. David Petrocco, Sr., General Partner <br /> Petrocco Family Limited Partnership, LLLP <br /> 14110 Brighton Road <br /> Brighton, CO 80601 <br /> Re: Water Rights Purchase <br /> Loan Contract Number C150363 (CT2015-001) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Petrocco: <br /> This letter is to advise you that the Project referenced above was substantially completed on October <br /> 1, 2014. In accordance with the Loan Contract, the Company owes$1,915.89 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). Please make <br /> this "interest only payment" check payable to the Colorado Water Conservation Board and include the <br /> Loan Contract Number CT2015-001 on the check. <br /> The total amount disbursed under this contract was $840,825 ($832,500 plus $8,325 for the 1%service <br /> fee). The first annual loan payment will be due on October 1, 2015, in the amount of$48,974.47 as <br /> presented in the attached Promissory Note and Loan Repayment Schedule. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> I <br /> Kirk Russell, P.E., Chief Loan Contract Amount= $840,825 <br /> CWCB Finance Section Expended Amount= $840,825 <br /> ec: Diane Hoppe, CWCB Board Member, South Platte River Basin <br /> o <br /> /.tw cot <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us i�-; <br /> John W.Hickentooper,Governor I Mike King,DNR Director I James Eklund,CWCB Director <br /> *1876*i <br />