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� DNR <br />co ��`� <br />i <br />. <br />TO: <br />FROM: <br />DATE: <br />COLORADO <br />Cviorado Water <br />Conseroation Board <br />(.i=::N;l'.I"!1C!"lt G; iJ3C:�1'Jt (iZSJUer�,�„ <br />1313 Sherman Street <br />Denver, t0 80203 <br />P �303)866-3441 <br />F (303) 866•4474 <br />Colorado Water Conservation Board Members <br />Anna Mauss, P.E., Praject Manager <br />Kirk Russell, P.E., Finance Section Chief �G.�-- <br />John Hi<kentooper, Governor <br />Robert Randall, DNR E�cecutive Direttor <br />Lauren Ris, CWCB Acting Director <br />May 17-18, 2017 Board Meeting (Updated May 22, 2017) <br />AGENDA ITEM: 27a. Water Projec[ Loans <br />Florida Consolidated Ditch Company Hess Lateral Improvement <br />Introduction <br />The Florida Consolidated Ditch Company (Company) is applying for a loan for the Hess lateral <br />improvement (Project}. The Hess Lateral is an earth-lined, open irrigation ditch. The proposed Project <br />involves piping 4 miles of ditch. 1'he Project is required due to a Colorado Department of <br />Transportation (CDOT) highway widening project along Highway 550 south of Durango. CDOT is <br />providing the Company with 5950,000 in Project funding. The Company was also approved for a <br />5775,000 WSRF grant at the Sep[ember 2015 CWCB meeting. The Company is now seeking a CWCB loan <br />to cover the batance of Pro}ect costs, estimated at 51,075,OOQ. See attached Project Data Sheet for a <br />location map and Project summary. <br />Staff Recommendation (Board approved Staff recommendation on May 18, 2017) <br />Staff recommends the Board approve a toan not to exceed S1,085,750 ($1,075,000 for Project tosts and <br />510,750 for the 1% service fee► to the Florida Consolidated Ditch Company, for costs related to the <br />Hess Lateral Improvement Project, from the Severance Tax Perpetual Base Fund. The initial loan terms <br />shall be 30 years at the agricultural interest rate of 1.80% per annum. Security for the loan shatl be in <br />comptiance with CWCB Financial Poticy #5. <br />Interstate Compact Compliance • Watershed Protection • Ftood Planning & Mitigation • Stream & lake Protection <br />Wacer Project Loans @ Grants • Water Modeling • Conservation @ Drought Planning • Water Supply Planning <br />