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PROJECT SUMMARY— CONSOLIDATED DITCH AND HEADGATE <br /> COMPANY <br /> LOAN CONTRACT NUMBER CT2018-1017 <br /> SECTION 1-BORROWER INFORMATION <br /> Name: Consolidated Ditch and Headgate Company <br /> Type of Entity: A Colorado Mutual Ditch Company and Colorado nonprofit <br /> corporation <br /> Address: 3414 CR 104 S,Alamosa, Colorado 81io1 <br /> Contact: Scot Schaefer, President <br /> Phone Number: 719-580-2592 <br /> E-mail address: js_farm@msn.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 Consolidated Diversion and Headgate Replacement (PROJECT), located in Rio <br /> Grande County, at a total estimated project cost of$1,862,000.00. The purpose of the <br /> PROJECT is to improve the existing diversion structure and headgate to the Rio Grande <br /> River. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report, <br /> on the PROJECT, dated June 1, 2017 titled "Feasibility Study-Consolidated Ditch <br /> Implementation Project,"which was prepared by Emma Reesor, Executive Director of <br /> Rio Grande Headwaters Restoration Project. Laurie Clarke, P.E., with the NRCS <br /> provided an analysis of alternatives and cost estimates. These documents are <br /> 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 /> Severance Tax Perpetual Base Fund:This loan is made pursuant to the provisions of <br /> §§ 39-29-109(1)(a)(l), 37-60-n9 and 37-60-120, C.R.S., which authorize the CWCB to <br /> loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for <br /> the benefit of the people of the state, provided that the BORROWER assures repayment <br /> of that money. <br /> Section 37-6o-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the CWCB's the Severance Tax Perpetual Base Fund without prior <br /> approval from the General Assembly. <br /> SECTION 4.-BOARD APPROVAL <br /> At its July, 2017 meeting the CWCB approved a Project Loan from the Severance Tax <br /> Perpetual Base Fund, to the BORROWER, in an amount up to 1,000,000.00 for PROJECT <br /> Costs. CWCB's LOAN ORIGINATION FEE of 1%in the amount of$10,000.00, in <br /> accordance with CWCB Policy No. 16, added to the BASE LOAN AMOUNT results in a <br /> TOTAL LOAN AMOUNT of$1,oio,000.00, at an interest rate of 1.80%per annum for a <br /> Appendix 1 <br /> Page 1 of 4 <br />