C150083 PIF

• Contract/PO #: C150083
• Contractor Name: John Peroulis and Sons Partnership
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY — JOHN PEROULIS AND SONS— CONTRACT No. C150083
SECTION 1 —BORROWER INFORMATION
Name: John Peroulis and Sons
Address: P.O. Box 1015
Craig, CO 81626
Contact: John Peroulis
Phone Number: 970-824-2314
Type of Entity: Colorado general partnership
SECTION 2 — PROJECT DESCRIPTION
A. Description of Project: Rehabilitation and enlargement of the Martin Cull
Reservoir dam, located in Moffat County, Colorado.
B. Description of Feasibility Study: The feasibility study was prepared by Brian Len,
P.E., of Northwest Colorado Consultants, Inc.
SECTION 3 — BOARD APPROVAL
At its September 25, 2001 meeting, the CWCB found that delaying the rehabilitation of the
Martin Cull Reservoir dam would jeopardize crops and result in undue hardship on the
BORROWER, and approved a loan from the Small Project Account to the BORROWER in an
amount up to $100,000 for rehabilitation of the Martin Cull Reservoir Dam, at an interest rate of
3.5% per annum for a repayment term of 30 years. As a condition of final loan approval, the
CWCB required the BORROWER to provide a favorable credit report from its current lender, a
lender's title policy for the CWCB loan, and an appraisal of the property pledged as collateral for
this loan. The BORROWER has met these three conditions
At its May 20, 2002 meeting, the CWCB approved an additional loan from the Small Project
Account to the Borrower in the amount not to exceed $150,000 to rehabilitate and enlarge the
Martin Cull Dam, at an interest rate of 2.75% per annum for a repayment term-of 30 years.
Board approval of this loan was conditioned upon additional collateral in value equal to the
amount of the additional loan amount of $150,000. Bill Whiteman of Professional Agri Service
provided a letter dated July 10, 2002, incorporated herein by reference, indicating the value of
the property exceeded the additional loan amount. The Board approval was also conditioned
upon final approval of the Construction Fund Bill HB02-1162 wherein §37-60-122(1)(b) was
revised to allow CWCB to authorize projects up to $1,000,000_without legislative approval. Bill
HB02-1152 was signed into law on May 23, 2002, and said.statute became effective upon
signature.
SECTION 4 - COLLATERALT k 1 I
The security provided for this loan, as evidenced by the executed Deed f Trust attached as
Appendix 4 and incorporated herein, shall be an undivided one hundred percent (100%)
interest in the following (1) approximately 360 acres of land consisting of the S 1/2 of the SE 1/4 of
Section 8, the SW 1/4 of the SW 1/4 of Section 9, the SE 1/4 of the SW 1/4 of Section 9, the SW 1/4
of the SE % of Section 9, which includes the Martin Cull Reservoir, and the W 1/2 of the E 1/2 of
Section 17, containing 157.66 acres more or less, and (2) the water rights to fill the reservoir, as
Appendix 1 to Loan Contract C150083