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ATCOLORADO <br /> Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 718 <br /> Denver,CO 80203 <br /> May 26, 2017 <br /> Rod Proffitt <br /> San Juan Water Conservancy District <br /> 46 Eaton Drive, Suite 5 <br /> Pagosa Springs, CO 81147 <br /> Re: Dry Gulch Reservoir Land Acquisition <br /> Mr. Proffitt: <br /> I am pleased to inform you that on May 18, 2017, the Colorado Water Conservation Board approved your <br /> loan request for the Dry Gulch Reservoir Land Acquisition as described in the application and approved <br /> Loan Feasibility Study titled "Feasibility Dry Gulch Reservoir Land Acquisition"dated March 25, 2017. <br /> The Board approved a loan not to exceed$2,000,000 ($1,980,198 for project costs and $19,802 for the <br /> 1%Loan Service Fee). The loan terms shall be 2.55%per annum for 30 years. The Board approval <br /> included several conditions as shown on the attached Board memo dated May 19, 2017. <br /> 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 /> Jonathan Hernandez, P.E., will be the Project Manager for this phase of the process and will work with you <br /> on the disbursements of your loan funds. He can be reached at(303) 866-3441 x3234. <br /> On behalf of the Board, I would like to thank you for your interest in a loan from the CWCB. <br /> Sincerely, <br /> 1� <br /> Kirk Russell, P.E., Chl f <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> pE RO <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us �;' j <br /> John W.Hickenlooper,Governor I Robert Randall,DNR Executive Director I Lauren Ris,CWCB Acting Director <br /> +J 7r <br />