Laserfiche WebLink
Project Summary - Union Well Augmentation Group, Ltd. <br /> SECTION i—BORROWER INFORMATION <br /> NAME: Union Well Augmentation Group, Ltd. <br /> Type of Entity: A Colorado corporation <br /> Address: 3005 W. 29th Street, Suite Gi, Greeley, Colorado, 80631 <br /> Contact: Donna L. Coble <br /> Phone Number: 970-353-6121 <br /> E-mail address: ditchoffice@qwestoffice.net <br /> SECTION 2-PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used <br /> for the Union Reservoir Water Rights Purchase (PROJECT), located in Weld County, <br /> at a total estimated project cost of$273,000. The purpose of the PROJECT is to provide <br /> additional augmentation water to shareholders by purchasing shares in the Union <br /> Reservoir Company for use in the augmentation plan. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report, <br /> on the PROJECT, dated September, 2015 titled "Feasibility Study for the Purchase of <br /> Union Reservoir Company Shares for Augmentation Use,"which was prepared by <br /> Donna Coble, Secretary for the Union Well Augmentation Group, working with their <br /> water accountant, Soley Belt of BELA Designs, LLC. The report is incorporated herein <br /> by this reference. Based upon the feasibility report, the CWCB determined the PROJECT <br /> 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 provisions of <br /> §§ 39-29-109(1)(a)(1), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to <br /> loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for <br /> the benefit of the people of the state, provided that the BORROWER assures repayment <br /> of that money. <br /> Section 37-6o-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the Severance Tax Perpetual Base Fund without prior approval from <br /> the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its May 18, 2016 meeting the CWCB approved a Project Loan to the BORROWER, in <br /> an amount up to $245,700.00 for PROJECT costs. CWCB's LOAN ORIGINATION FEE of 1% <br /> in the amount of$2,457.00, in accordance with CWCB Policy No. 16, added to the Base <br /> LOAN CONTRACT results in a TOTAL LOAN AMOUNT of$248,157.00, at an interest rate of <br /> 1.45%per annum for a repayment term of 20 years. <br /> Appendix 1 <br /> Page 1 of 3 <br />