CT2015-022 Increase Approval Letter

• Contract/PO #: CT2015-022
• Contractor Name: Greeley and Loveland Irrigation COmpany
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Approval Letter

DNR COLORADO 1313 Sherman Street John Hickenlooper, Governor
Denver, CO 80203
CO Colorado Water Mike King, DNR Executive Director
Conservation Board P [phone]
Department of Naturat Resources F(303)866-4474 James Eklund, CWCB Director
TO: Colorado Water Conservation Board Members
FROM: Jonathan Hernandez, P.E., Project Manager
Kirk Russell, P.E., Finance Section Chief
DATE: November 18-19, 2015 Board Meeting (Updated November 20, 2015)
CONSENT AGENDA ITEM: la - Change to Existing Loans
Greeley and Loveland Irrigation Company - Irrigation System Improvements
Guidance
At the May 2005 Board Meeting, the Board authorized staff to present as Consent Agenda items
increases to existing loans that are less than 20% of the original loan request. This request is for an
increase of 19% of the original loan amount.
Introduction
The Greeley and Loveland Irrigation Company (Company) received approval of a $3,154,230 CWCB loan
(CT2015-022) at the September 2013 Board Meeting to finance the Irrigation System Improvements
(Project). The purpose of the Project is to meet the State Engineer's Office Dam Safety Branch
requirements, improve water management efficiencies, reduce high maintenance costs, and prevent
continued outlet deterioration at Boyd Lake and Horseshoe Lake Reservoirs. The Project was split into
four phases: Boyd Lake, Horseshoe Phase 1, Horseshoe Phase 2A, and Horseshoe Phase 2B. The
Company has completed all phases except Horseshoe Phase 2B which is currently under construction.
Final Project costs are estimated to exceed the original loan application estimate by 19%. The
Company is requesting a loan increase for 90% of the increased Project costs. See attached Project
Data Sheet for a location map and Project summary.
Staff Recommendation (Board approved Staff Recommendation on November 18, 2015)
Staff recommends the Board approve a loan increase of $590,850 ($585,000 for Project cost and $5,850
for the 1% Loan Service Fee), for a total loan not to exceed $3,745,080 ($3,708,000 for Project cost and
$37,080 for the 1% Loan Service Fee) to the Greeley and Loveland Irrigation Company for engineering
and construction costs related to the Irrigation System Improvements Project, from the Construction
Fund. The loan terms shall remain 30 years at a blended interest rate of 2.15% per annum. Security for
the loan shall be in compliance with CWCB Financial Policy#5.
cat co, ,�
Interstate Compact Compliance • Watershed Protection • Flood Planning a Mitigation • Stream a Lake Protection
Water Project Loans a Grants •Water Modeling • Conservation a Drought Planning •Water Supply Planning