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� � COLORADO <br />� Colorado Water <br />. Conservation Boazd <br />iUeportmeni c:' Natural Resource� <br />1313 Sherman Street, Room 778 <br />Denver, CO 80203 <br />May 26, 2017 <br />RogerCole <br />Florida Consolidated Ditch Company <br />PO Box 2138 <br />Durango, CO 81302 <br />Re: Hess Lateral Improvement <br />Mr. Cole: <br />i am pleased to inform you that on May 18,2017, the Colorado Water Conservatian Board approved your <br />loan �equest for the Hess Lateral Improvement as described in the application and approved Loan <br />Feasibility Study titled "Feasibility of Hess Lateral Improvement" dated May, 2017. The Board <br />approved a loan not to exceed 51,085,750 (51,075,000 for project costs and 510,750 for the 1% Loan <br />Service Fee). The loan terrns shall be 1.8% per annum for 30 years. <br />I have attached a copy of the updated Board memo dated May 22, 2017 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, P�econstruction and Bid Opening meetings. Anna Mauss, P.E., will be <br />the Project Manager for this phase of the process and will work with you on the disbursements of your loan <br />funds. She can be reached at (303) 866-3441 x3224. <br />On behalf of the Board, I would like to thank you fo� your interest in a loan from the CWCB. <br />Sincerely, <br />l <br />Kirk Russell, P.E., Chief <br />Finance Section <br />Attachment: Updated Board Memo <br />P 303.866.34at F 303.866.4474 www.cwcb.state.co.us <br />John W. Hickenlooper, Govemor i Robert Randalt, DNR Exetutive Director Lauren Ris, CWCB Acting Director <br />