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DNR COLORADO 1313 Sherman Street John Hickenlooper, Governor <br /> CO Colorado Water Denver, CO 80203 <br /> Robert Randall, DNR Executive Director <br /> Conservation Board P (303)866-3441 <br /> Department of Natura'.Resources F(303)866-4474 James Eklund, CWCB Director <br /> TO: Colorado Water Conservation Board Members <br /> FROM: Derek Johnson, P.E., Project Manager -09/ <br /> Kirk Russell, P.E. Finance Section Chief <br /> DATE: November 16-17, 2016 Board Meeting (Updated November 17, 2016) <br /> AGENDA ITEM: 14a. Water Project Loans <br /> Town of Firestone - Storage Development and Water Rights Purchase <br /> Introduction <br /> The Town of Firestone (Town), acting by and through its water activity enterprise, is applying for a <br /> loan for the Storage Development and Water Rights Purchase (Project). The Town seeks to develop a <br /> non-potable water supply and associated water storage. Currently the Town relies on Colorado - Big <br /> Thompson Project (C-BT) water, treated by the Central Weld County Water District, to meet all water <br /> needs, the costs for which continue to increase, and the Town's non-potable irrigation needs would be <br /> more effectively served with non-potable water supplies. Estimated Project costs are $10,043,150. <br /> The Town is requesting a loan from the CWCB for $10,000,000 of Project costs. See attached Project <br /> Data Sheet for a location map and Project summary. <br /> Staff recommendation (Board approved Staff Recommendation on November 16, 2016) <br /> Staff recommends the Board approve a loan not to exceed $10,000,000 ($9,900,990 for Project costs <br /> and $99,010 for the 1% service fee) to the Town of Firestone, acting by and through its water activity <br /> enterprise, for costs related to the Storage Development and Water Rights Purchase Project from the <br /> Construction Fund. The loan terms shall be 20 years at the reduced high-income municipal interest rate <br /> of 2.35% per annum. Security for the loan shall be in compliance with CWCB Financial Policy#5. <br /> ?4,\ <br /> Interstate Compact Compliance • Watershed Protection • Flood Planning a Mitigation • Stream a Lake Protectioni-7 ycl <br /> Water Project Loans a Grants •Water Modeling • Conservation a Drought Planning •Water Supply Planning . j'«' <br />