CT2018-3303 Contract - Laserfiche WebLink

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APPENDIX 1, PROJECT SUMMARY Loan Contract Number CT2018-3303 Section 1 —Borrower's Name San Luis Valley Irrigation District Section 2—Project Description A. Description of Project: The Borrower applied to the CWCB for a loan to be used for the Rio Grande Reservoir Rehabilitation-Phase 2 (Project), located in Hinsdale County, at a total estimated project cost of$25,000,000.00. The purpose of the Project is to provide operational efficiencies and improve stream health and utilization of Rio Grande water by rehabilitating the outlet works of the on-channel Rio Grande Reservoir Dam. B. Description of Feasibility Study: DiNatale Water Consultants prepared the Loan Feasibility Study titled, "Feasibility of Rehabilitation of Rio Grande Reservoir Hinsdale County, CO," dated February 2018. The feasibility study was prepared in accordance with CWCB guidelines and includes engineering design, and construction cost estimates prepared by Deere & Ault Consultants,Inc. Financial statements were prepared by Wall,Smith,Bateman,Inc.Alamosa. The Feasibility Study is incorporated herein by this reference. Based upon the feasibility report, the CWCB determined the Project to be technically and financially feasible. Section 3—Authority The Rio Grande Reservoir Rehabilitation Project is a component of the Rio Grande Cooperative Project(Cooperative Project)which received a funding authorization from the General Assembly in the 2012 Projects Bill(SB 12S-002).Due to increased construction cost estimates during the final design of the Project,the authorization was increased in the 2017 Projects Bill (HB17-1248). The legislation provided a $5 million grant for Phase 1 of the Rio Grande Reservoir Rehabilitation Project.Phase 1 funding was used to addressed dam seepage,a land exchange with the U.S. Forest Service,and final design. The remaining authorization of$25 million is available for Phase 2. Section 4-Board Approval At its March, 2018,meeting the CWCB approved a Project Loan from the Construction Fund,to the Borrower, in a total loan amount of$15,000,000.00 at an interest rate of 1.65 % per annum for a repayment term of 30 years. This loan is made pursuant to the provisions of §§37-60-119 and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects from the CWCB Construction Fund for the benefit of the people of the state,provided that the Borrower assures repayment of that money. Section 5—Schedule of Existing Debt As of the date of the CWCB loan approval,the Borrower has three CWCB loans. All three loans were for improvements to the Reservoir and are in good standing. Page 1 of 3 Contract Number:CT2018-3303