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CT2019-980 Loan Contract Option Letter
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CT2019-980 Loan Contract Option Letter
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Last modified
9/26/2018 11:17:33 AM
Creation date
9/26/2018 11:17:29 AM
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Loan Projects
Contract/PO #
CT2018-980
Contractor Name
Corsentino Dairy Farms, Inc.
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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L <br /> DNR COLORADO <br /> 44 <br /> CO Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 718 <br /> Denver,CO 80203 <br /> August 15, 2018 <br /> Mr. Brett Corsentino <br /> Corsentino Dairy Farms, Inc. <br /> 2689 State Highway 10 <br /> Walsenburg, CO 81089 <br /> Re: Hotita Dam Rehabilitation <br /> Loan Contract Number CT2018.980 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Corsentino: <br /> This letter is to advise you that the Project referenced above wilt be substantially completed on <br /> September 1, 2018. In accordance with the Loan Contract, the Dairy owes$180.51 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). Per your <br /> conversation with the Project Manager, Anna Mauss, the interest accrued wilt be rolled into the final <br /> loan balance. <br /> The total amount disbursed under this contract was $99,263.32 ($98,280.51 plus $982.81 for the 1% <br /> service fee). An adjustment in the amount of$13,452.68 will be made to the contract for funds no <br /> longer needed. Peg Mason, Contracts Manager, will follow up with an executed "Option Letter" <br /> reflecting the adjusted amount. The first annual loan payment will be due on September 1, 2019, in <br /> the amount of$11,583.89 as presented in the attached Loan Repayment Schedule and Promissory Note. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> (...------Qt <br /> Kirk Russell, P.E. Chief Loan Contract Amount= $112,716.00 <br /> CWCB Finance Section Expended Amount= $99,263.32 <br /> ec: Jack Goble, CWCB Board Member, Arkansas River Basin <br /> �: <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us ter` } ‘ <br /> John W.Hickenlooper,Governor 1 Robert Randall,DNR Executive Director I Rebecca Mitchell,CWCB Director I *` } I*i <br /> `''1876 t,,` <br />
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