CT2015-051 Substantial Completion letter

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DNR COLORADO CO Colorado Water .. Conservation Board Department of Natural Resources 1313 Sherman Street, Room 718 Denver, CO 80203 September 8, 2015 Mr. Frank Eckhardt, President Eckhardt Farms, Inc 21454 WCR 33 La Salle, Colorado 80645 Re: Water Rights Purchase Loan Contract Number CT2015-051 (C150338) NOTICE OF PROJECT SUBSTANTIAL COMPLETION Dear Mr. Eckhardt: This letter is to advise you that the Project referenced above was substantially completed on September 1, 2015. In accordance with the Loan Contract, the Company owes $5,965.51 for interest accrued during the construction phase of the Project (see attached Project Expenditure Schedule). The total amount disbursed under this contract was $1,232,035.88 ($1,219,837.50 plus $12,198.38 for the 1% service fee). An adjustment of $104,194.13 will be made to the contract for the funds no longer needed. Ms. Peg Mason, Contracts Manager, will initiate the process of amending the contract and promissory note. The first annual loan payment in the amount $53,137.41 will be due on September 1, 2016. (See attached Loan Repayment Schedule.) Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be maintained during the entire repayment period. It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to call if you have any questions regarding this matter. c_2_,cQ Sincerely, &- Kirk Russell, P.E., Chief Loan Contract Amount = $1,336,230.00 CWCB Finance Section Expended Amount = $1,232,035.88 cc: Diane Hoppe, CWCB Board Member, South Platte River Basin oF ��o\ P 303.866.3441 F 303.866.4474 www.cwcbstate.co.us iN- o John W. Hickenlooper,Governor I Mike King, DNR Director 1 James Eklund, CWCB Director \4\\, ,,,,,...'• * -'�18766