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<br />Town of Paonla _ Water Rights Purchase <br />January 22.23, 2003 <br /> <br />Aoenda Item 1911 <br /> <br />Water Project Construction Loan Program-Project Data <br /> <br />Borrower: <br /> <br />Town ofPaonia <br /> <br />County: Delta <br />Project Type: Water RightsfTaps Purchase <br /> <br />Project Name: Ark Land Property <br /> <br />Drainage Basin: Gunnison <br /> <br />Water Source: Springs <br /> <br />Total Project Cost: $1.900.000 <br /> <br />Funding Sources: eWCB. Bonding. Paonia <br /> <br />Type of Borrower: Municipal (Low-Income) <br /> <br />Aver. Delivery: 129 aOoft. (demand reduction) <br /> <br />CWCB Loan: $1,000,000 <br /> <br />Interest Rate: 3.75% <br /> <br />Term: 30 years <br /> <br />The Town of Paonia. acting by and through its Water Fund (enterprise fund), is seeking a loan for <br />$1,000,000 for the buy-back and retirement of 317 unused out-of-town water taps. The effect of <br />this water tap buy-back is equivalent to acquisition of water rights. because it relieves an existing <br />water supply shortage. In addition. the Town originally issued the taps in exchange for water rights <br />on German Creek. and the buy-back of the taps for cash provides the seller with acceptable <br />substituted consideration. The project will implement the first step in a long-term raw Water Supply <br />Master Plan strategy. will relieve the Town of a severe strain on its water supply system by <br />realigning their water supply capability and projected water demands. and alleviate the necessity of <br />immediate construction of a major water storage project. The Town has been working with The <br />Conservation Fund, a national non-profit land and water conservation organization. to re-acquire <br />control of the 317 unused water taps through the purchase of the 770 acre Ark Land Property, <br />south and east of the Town. The total cost of the project is $1,900.000. with eWeB loan funds <br />being used to repurchase the water taps. and Town responsible for securing the additional funding <br />for purchase of the land. <br /> <br /> <br />- ,."Jt;'. ~ ... <br /> ,,: . ~. ". <br /> .- <br /> .. ,; <br /> " >". . u; <br />" r <br /> <br />~cl".n'. - 1" <br />~..,;-. , <br />.:.--". 'R~~ <br />I ~ g ~,A <br />J'Q. ... ' <br />~r;." .~! ~ <br />" I. <br />. '.1. <br />...".... <br />~ .'. <br />Uo" <br />G;jj <br /> <br />. <br /> <br />Location Map <br />