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Project Summary — Borrower <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: The Tunnel Water Company <br /> Type of Entity: Mutual Ditch Company and Nonprofit Corporation <br /> Address: 2319 E. Mulberry St., Ft. Collins, Colorado 80524 <br /> Contact: Dennis Harmon <br /> Phone Number: 970-482-3433 <br /> E-mail address: dharmon @wtrsupply.com <br /> SECTION 2—PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br /> used for the Laramie-Poudre Tunnel Rehabilitation Project ("PROJECT")to extend the <br /> service life of the tunnel and improve maintenance access. The total estimated <br /> project cost is $1,225,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated July 2015 on the PROJECT, titled "Feasibility Study: Laramie-Poudre Tunnel <br /> West Portal Reconstruction & Rehabilitation of East Portal Energy Attenuation <br /> Structure,"which was prepared by Dennis Harmon, General Manager of The Tunnel <br /> Water Company, with assistance from John Andrew, PhD. P.E., of Andek <br /> Consulting, and is incorporated herein by this reference. Based upon the feasibility <br /> report, the CWCB determined the PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 <br /> and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water <br /> projects from the CWCB Construction Fund for the benefit of the people of the <br /> state, provided that the borrower assures repayment of that money. <br /> Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the CWCB's Construction Fund without prior approval from the <br /> General Assembly. <br /> SECTION 4 - BOARD APPROVAL (THIS SECTION VARIES BY PROJECT AND NATURE OF <br /> BOARD'S APPROVAL) <br /> At its September, 2015 meeting the CWCB approved a Small Project Loan, from <br /> the Construction Fund to the BORROWER, in an amount up to $1,100,000 for <br /> PROJECT costs. CWCB's loan origination fee of 1% in the amount of $11,000, in <br /> accordance with CWCB Policy No. 16, added to the LOAN CONTRACT results in a <br /> total loan amount of $1,111,000, at an interest rate of 2.55% per annum for a <br /> repayment term of 30 years. <br /> Appendix 1 <br /> Page 1 of 4 <br />