CT2017-2253 Contract

• Contract/PO #: CT2017-2253
• Contractor Name: Larimer and Weld Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY - LARIMER AND WELD IRRIGATION COMPANY,
A COLORADO NONPROFIT CORPORATION
LOAN CONTRACT No. CT2o17-2253
SECTION 1-BORROWER INFORMATION
Name: Larimer and Weld Irrigation Company
Type of Entity: A Colorado nonprofit corporation
Address: 106 Elm Avenue, Eaton, Colorado 80615
Contact: Mayo Sommermeyer,Attorney
Phone Number: 97o-420-9775
E-mail address: [e-mail]
SECTION 2-PROJECT DESCRIPTION
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used
for the Headgate Structure Replacement (PROJECT), located in Larimer County, at a
total estimated project cost of$750,000.00. The Company's diversion structure off the
Cache la Poudre River is aging and in need of repair. The PROJECT will replace the
headgate structure, including the concrete structure, gates, gate operators, and a new
control building.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report,
on the PROJECT, dated July 10, 2016 titled "Feasibility Study for Rehabilitation of Larimer
& Weld Irrigation Company Canal Diversion on the Cache la Poudre River,"which was
prepared by Brad Anderson, P.E. of Anderson Consulting Engineers, and is
incorporated herein by this reference. Based upon the feasibility report, the CWCB
determined the PROJECT to be technically and financially feasible.
SECTION 3-CWCB's AUTHORITY
Construction Fund: This loan is made pursuant to the provisions of§§37-60-119 and
37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects from
the CWCB Construction Fund for the benefit of the people of the state, provided that
the BORROWER assures repayment of that money.
Section 37-6o-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$10,000,000 from the CWCB's Construction Fund without prior approval from the
General Assembly.
SECTION 4-BOARD APPROVAL
At its September 21, 2016 meeting the CWCB approved a Project Loan from the
Construction Fund to the BORROWER, in an amount up to $675,000.00 for PROJECT
Costs. CWCB's LOAN ORIGINATION FEE of 1%in the amount of$6,750.00, in accordance
with CWCB Policy No. 16, added to the BASE LOAN AMOUNT results in a TOTAL LOAN
AMOUNT of$681,75o.00, at an interest rate of 1.50%per annum for a repayment term
of 3o years.
Appendix
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