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DNR COLORADO <br /> CO g Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> November 18, 2016 <br /> Mr. Max Schmidt, Manager <br /> Orchard Mesa Irrigation District <br /> 668 38 Road <br /> Palisade, CO 81526 <br /> Re: Grand Valley Power Plant Rehabilitation <br /> Mr. Schmidt: <br /> I am pleased to inform you that on November 16, 2016, the Colorado Water Conservation Board approved <br /> your loan request for the Grand Valley Power Plant Rehabilitation as described in the application and <br /> approved Loan Feasibility Study titled "Grand Valley Hydroelectric Power Plant Rehabilitation Project <br /> Loan Feasibility Study" dated October 1, 2016. The Board approved a loan not to exceed $1,717,000 <br /> ($1,700,000 for Project costs and $17,000 for the 1% service fee). The loan terms shall be 2.0% per <br /> annum for 30 years. <br /> I have attached a copy of the updated Board memo dated November 17, 2016 that includes the Board's <br /> approval. After the Board approves a loan there are a few steps that remain in the loan process including: <br /> Contracting: An executed loan contract must be in place before funds can be disbursed for eligible <br /> project expenses. Peg Mason, Loan Contracts Manager, will contact you to initiate the loan contracting <br /> process. She can be reached at (303) 866-3441 x3227. <br /> Design/Construction: You must adhere to the CWCB Design and Construction Administration Procedures <br /> including an invitation to the Prebid, Preconstruction and Bid Opening meetings. Jonathan Hernandez, <br /> P.E., will be the Project Manager for this phase of the process and will work with you on the disbursements <br /> of your loan funds. He can be reached at (303) 866-3441 x3234. <br /> On behalf of the Board, I would like to thank you for your interest in a loan from the CWCB. <br /> Sincerely, <br /> Kirk Russell, P.E., Chief <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> E-mail Copy (Including Attachments): Russ George, CWCB Board Member - Colorado River Basin <br /> 01. coi.0 <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us N �` <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I James Eklund, CWCB Director <br /> x./876*' <br />