CT2015-152 Approval Letter - Laserfiche WebLink

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City of Cortez Agenda Item 18a January 26-27,2015 Board Meeting(Updated January 28,2015) Page 3 of 6 TABLE 1: ESTIMATED PROJECT COSTS Task Cost Meters Et Equipment $640,000 Meter Installation $150,000 Meter Relocation $360,000 Software $50,000 Total $1,200,000 TABLE 2: PROJECT FUNDING SUMMARY CWCB Construction Fund Loan (Approximately 70%of Total Project Cost) $850,000 CWCB Water Efficiency Grant (Approximately 4%of Total Project Cost) $50,000 Potential DOLA Grant (17% of Total Project Cost) $200,000 Borrower Contribution $100,000 to $300,000 Total Project Cost $1,200,000 DOLA's funding determination will occur at its January 27 - 28, 2015 meeting. If approved, funds will be available by April 2015. Funds will be disbursed as follows: $50,000 Water Efficiency Grant will be disbursed first; once the Water Efficiency Grant is exhausted, the DOLA Grant and CWCB loan will be disbursed at a ratio of 17% DOLA grant and 71%CWCB loan on each invoice amount for Project related expenses, up to the approved grant and loan limits. If the DOLA grant is not approved, Water Efficiency Grant funds will be disbursed first; after the $50,000 is drawn, the CWCB loan funds will be disbursed at 90%of each invoice amount. Permitting: Permitting is not required for this Project as the City owns all easements and rights of way for the Project. Schedule: The City will begin the meter replacements in the spring of 2015 and expects to complete the Project by the fall of 2015.