CT2019-2241 Contract - Laserfiche WebLink

Home Browse Search

APPENDIX 1, PROJECT SUMMARY Loan Contract Number CT2019-2241 Section 1 —Borrower's Name Missouri Heights Mountain Meadow Irrigation Company Section 2—Project Description A. Description of Project: The Borrower applied to the CWCB for a loan to be used for the Ditch Piping Phase B (Project). The purpose of the Project is to prevent water loss by piping a section of ditch that loses approximately twenty percent of its water due to seepage loss.Piping the ditch will eliminate water loss. The total estimated Project Cost is$774,000.00 and is located in Eagle County. B. Description of Feasibility Study: Dennis Davidson, P.E., an independent engineering consultant, prepared the Loan Feasibility Study titled, "Feasibility Study of Irrigation Pipeline for the Missouri Heights — Mountain Meadow Irrigation Company Phase B-1 and Phase B-2," dated March, 2018. The feasibility study was prepared in accordance with CWCB guidelines. Mike Kishimoto and John Andrews, P.E., with NRCS provided preliminary engineering design and construction cost estimates. Financial statements were provided by Gay Lewis, Treasurer of the Company. Based upon the feasibility report,the CWCB determined the Project to be technically and financially feasible. Section 3—CWCB's Authority 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 37-60-122(1)(b) C.R.S.,authorizes the CWCB to make loans of up to $10,000,000 from the CWCB's Construction Fund without prior approval from the General Assembly. Section 4-Board Approval At its July 18, 2018 meeting the CWCB approved a Project Loan from the CWCB Construction Fund to the Borrower. This loan contract is for $300,000.00 for Project Costs. CWCB's Loan Origination Fee of 1%in the amount of$3,000.00 in accordance with CWCB Policy No. 16,added to the Base Loan Amount results in a Total Loan Amount of$303,000.00 at an interest rate of 2.05%per annum for a repayment term of thirty(30)years. Section 5—Schedule of Existing Debt As of the date of the CWCB loan approval, the Borrower has one (1)existing loan with CWCB,that is in good standing. Lender Original Current Annual Maturity Collateral Balance Balance Payment Date CV/CB (C150351) $428,548 $22,582 $3,604 2025 Assessment revenues, ditch lining project Page 1 of 3 Contract Number:2019-2241 Appendix 1