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C150360 Increase Approval letter
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C150360 Increase Approval letter
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Last modified
2/3/2015 8:04:02 AM
Creation date
1/28/2015 9:31:04 AM
Metadata
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Template:
Loan Projects
Contract/PO #
CT2015-141
C150360
Contractor Name
East Mesa Water Company
Contract Type
Loan
Water District
38
County
Pitkin
Loan Projects - Doc Type
Approval Letter
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A a N R COLORADO 1313 Sherman Street John Hickenlooper,Governor <br /> Denver,CO 80203 <br /> CO Colorado Water Mike King, DNR Executive Director <br /> Conservation Board P(303)866-3441 <br /> 41,10 r �r,r;: rn�,.r.� ss•5=F�. F(303)866-4474 James Eklund,CWCB Director <br /> TO: Colorado Water Conservation Board Members <br /> FROM: Kirk Russell, P.E., Finance Section Chief V.,6e- <br /> DATE: January 26-27, 2015 Board Meeting (Updated January 28, 2015) <br /> AGENDA ITEM: 19c. Change to Existing Loans <br /> East Mesa Water Company - Ditch Piping Project <br /> Introduction <br /> At the July 2013 Board Meeting, the East Mesa Water Company (Company) received approval for a <br /> $555,500 CWCB loan (C150360) to finance the Ditch Piping Project (Project). The Project will remove <br /> the threat of a tunnel collapse and ensure the delivery of irrigation water to the Company's ranching <br /> shareholders. Due to complications that developed during discussions to realign the ditch on adjacent <br /> property as originally designed by the Natural Resources Conservation Service (NRCS), the Company has <br /> decided to change the Project from a siphon bypass to a repair of the existing tunnel. As a result, the <br /> bids received are higher than the original estimate. The Company is working with the NRCS, the <br /> contractor and AECOM/URS engineers to optimize Company funds. Based on an updated cost estimate <br /> the Company is requesting a loan increase of$200,000 in order to cover construction expenses. The <br /> Company received approval of a $60,000 WSRA Grant in March of 2014. The Company is also eligible to <br /> receive additional grant assistance from NRCS and other sources, which will be applied the loan <br /> balance after the project is completed. See attached Project Data Sheet for a location map and <br /> Project summary. <br /> Staff Recommendation (Board Approved Staff Recommendation on January 27,2015) <br /> Staff recommends the Board approve a loan increase of$202,000 ($200,000 for Project costs and <br /> $2,000 for the 1%service fee)for a total loan not to exceed $757,500 ($750,000 for Project costs and <br /> $7,500 for the 1% service fee)to the East Mesa Water Company from the Construction Fund for the <br /> design and construction of the Ditch Piping Project. The loan terms shall be 30 years at an agricultural <br /> interest rate of 1.75% per annum. Following completion of construction and receipt of all applicable <br /> grant funds, staff will amend the loan to the reduced principle amount. Security for the loan shall be in <br /> compliance with CWCB Financial Policy#5. <br /> Contract Conditions shall remain as follows: <br /> 1)All additional grant funds obtained for the purpose of this Project shall be submitted to CWCB to be <br /> applied to the balance of the loan within thirty (30) calendar days after receipt of said funds. <br /> 2)An NRCS contract shall be executed by the East Mesa Water Company prior to disbursal of CWCB loan <br /> funds. <br /> Interstate Compact Compliance •Watershed Protection • Flood Planning a Mitigation •Stream a Lake Protection i".;' <br /> Water Project Loans ft Grants •Water Modeling • Conservation&Drought Planning •Water Supply Planning , <br />
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