Laserfiche WebLink
PROJECT SUMMARY— TOWN OF FIRESTONE, <br /> ACTING BY AND THROUGH THE WATER ACTIVITY ENTERPRISE <br /> LOAN CONTRACT NO. CT2017-288o <br /> SECTION 1-BORROWER INFORMATION <br /> NAME: TOWN OF FIRESTONE,ACTING BY AND THROUGH THE WATER <br /> ACTIVITY ENTERPRISE <br /> TYPE OF ENTITY:WATER ACTIVITY ENTERPRISE <br /> ADDRESS:151 Grant Ave., Firestone, Colorado 80520 <br /> CONTACT:JULIE PASILLAS <br /> PHONE NUMBER:303-833-3291 X258 <br /> E-MAIL ADDRESS: JPasillas@firestoneco.gov <br /> SECTION 2-PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used for the <br /> Storage Development and Water Rights Purchase (PROJECT), located in Weld County, at a <br /> total estimated project cost of$10,043,150.00. The purpose of the PROJECT is to develop a <br /> non-potable water supply and associated water storage. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report, on the <br /> PROJECT, dated October, 2o16 titled "CWCB Feasibility Study for Town of Firestone Carbon <br /> Valley Resource Pit"which was prepared by Steve Nguyen, P.E. of Clear Water Solutions, and <br /> is incorporated herein by this reference. Based upon the feasibility report, the CWCB <br /> determined the PROJECT to be technically and financially feasible. <br /> SECTION 3-CWCB'S AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-6o-ug and <br /> 37-6o-120, C.R.S., which authorizes the CWCB to loan money for water projects from the <br /> CWCB Construction 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 $lo,000,000 <br /> from the CWCB's Construction Fund without prior approval from the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its November 16, 2o16 meeting the CWCB approved a Project Loan from the Construction <br /> Fund, to the BORROWER, in an amount up to$9,900,990.00 for PROJECT Costs. CWCB's LOAN <br /> ORIGINATION FEE of i%in the amount of$99,olo.00, in accordance with CWCB Policy No.16, <br /> added to the BASE LOAN AMOUNT results in a TOTAL LOAN AMOUNT of$Io,000,000.00,at an <br /> interest rate of 2.35%per annum for a repayment term of 20 years. <br /> SECTION 5-SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval,the BORROWER has no other debt, backed by the <br /> loan security, described in Section 6 below, exists. <br /> Appendix 1 <br /> Page i of 4 <br />