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PROJECT SUMMARY— ORCHARD MESA IRRIGATION DISTRICT, <br /> A DISTRICT OPERATING UNDER THE IRRIGATION DISTRICT LAW OF 1921, <br /> LOAN CONTRACT NO. CT2017-2878 <br /> SECTION 1-BORROWER INFORMATION <br /> Name: Orchard Mesa Irrigation District <br /> Type of Entity: A District operating under the Irritation District Law of 1921 <br /> Address: 668 38 Road, Palisade, Colorado 81526 <br /> Contact: Max Schmidt, Manager <br /> Phone Number: 970-464-7885 <br /> E-mail address: max@omirrigation.com <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 Grand Valley Power Plant Rehabilitation ("PROJECT").The goal of this PROJECT is <br /> to bring GRAND VALLEY POWER PLANT (GVPP) up to a sustainable operating condition <br /> and meet current electric and safety standards. The total estimated Project Cost is <br /> $5,200,000.00 and is located in Mesa County. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report, <br /> on the PROJECT, dated October 1, 2oi6 titled "Grand Valley Hydroelectric Power Plant <br /> Rehabilitation Project Loan Feasibility Study,"which was prepared by the Grand Valley <br /> Water Users Association and the Orchard Mesa Irrigation District. This study relied <br /> on a 2015 Feasibility Study prepared by Sorenson Engineering, Inc.titled "Grand Valley <br /> Power Plant Feasibility Study." The feasibility study is incorporated herein by this <br /> reference. Based upon the feasibility report, the CWCB determined the PROJECT to be <br /> technically and financially feasible. <br /> SECTION 3-CWCB'S AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of§§ 37-6o-119 and <br /> 37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects from <br /> the CWCB Construction Fund for the benefit of the people of the state, provided that <br /> the 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 <br /> $1o,000,000 from the CWCB's Construction Fund without prior approval from the <br /> General Assembly. <br /> SECTION 4 -BOARD APPROVAL <br /> At its November 16, 2oi6, meeting the CWCB approved a Project Loan from the <br /> Construction Fund, to the BORROWER, in an amount not to exceed $1,717,000.00 for <br /> PROTECT Costs. The Borrower requested a base loan amount of$i,683,168.32. CWCB's <br /> LOAN ORIGINATION FEE of 1%in the amount of s16,831.68, in <br /> Appendix i <br /> Page 1 of 4 <br />