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Project Summary <br /> Lower Poudre Augmentation Company <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Lower Poudre Augmentation Company <br /> Type of Entity: Colorado nonprofit corporation <br /> Address: 33040 Railroad Ave., Lucerne, CO 80646 <br /> Contact: Dale Trowbridge, General Manager <br /> Phone Number: 970-352-0222 <br /> E-mail address: dale@newcache.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 BOX ELDER DITCH WATER RIGHTS PURCHASE, hereinafter referred to as <br /> the PROJECT, at a total estimated project cost of$500,000. The PROJECT is located <br /> in Larimer County. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated August 2015 on the PROJECT, titled "Feasibility of the Lower Poudre <br /> Augmentation Company Water Rights Purchase,"which was prepared by Jared <br /> Damns, P.E., of the Applegate Group. Additionally, the Company provided a water <br /> rights appraisal prepared by A. Bruce Johnson & Associates which is incorporated <br /> herein by this reference. Based upon the feasibility report, the CWCB determined <br /> the PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the <br /> provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which <br /> authorizes the CWCB to loan money for water projects from the CWCB Severance <br /> Tax Perpetual Base Fund for the benefit of the people of the state, provided that the <br /> 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 the Severance Tax Perpetual Base Fund without <br /> prior approval from the General Assembly. <br /> SECTION 4 - BOARD APPROVAL at its September 17, 2015 meeting, the CWCB approved a <br /> Small Project Loan, from the Severance Tax Perpetual Base Fund to the <br /> BORROWER, in an amount up to $450,000 for PROJECT costs. CWCB's loan <br /> origination fee of 1%, in accordance with CWCB Policy No. 16, of$4,500 and added <br /> to the LOAN CONTRACT, results in a total loan amount of$454,500, at an interest rate <br /> of 1.85% per annum for a repayment term of 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has two existing loans <br /> with the Colorado Water Conservation Board, Contract #C150245, in the original <br /> amount of $3,560,333 with annual payments of $170,104, with an estimated <br /> Appendix 1 <br /> Page 1 of 3 <br />