BOARD00048

• Board Meeting Date: 5/11/1998
• Description: CF Section - Changes in Existing Projects - Beaver Reservoir Dam Rehabilitation
• Board Meetings - Doc Type: Memo

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STATE OF COLORADO

Colorado Water Conservation Board
Department of Natural Resources

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721 Swe Cenronnial Building MEM ORANDUM
1313 Sherman Street
Deaver, Co1ollldo 80203
Phone (303) g66-3441 (UPDATED 2/2/94)
FAX [phone]

Roy Romer
Governor

TO:
FROM:

Members, CWCB

Kon Salazar ,
Execlllivc Din:aor, DNR

John Van Sciver

Daries C. Lile, P.E.
Din:aor, CWCB

DATE: January 7, 1994

SUBJECT: Agenda Item CFd (7a(U)), January 19, 1994, Board Meeting-
Beaver Reservoir Company and Loan Cabin Ditch and Reservoir Co.
Request for Revised LOan Tenns

BACKGROUND

The Beaver Reservoir Company received loan approval November 9, 1993 for
funding to rehabilitate the Beaver Reservoir Dam. Loan terms were 3.5% for 30 years on
the construction Loan ($343,000), and 0% for 30 years for repayment of the feasibility study
costs ($42,000).
The Lone Cabin Ditch and Reservoir Company is having financial difficulty and is
currently delinquent on there ($92,000) loan with the CWCB. Lone Cabin is a 3/16 owner
in the Beaver Reservoir Co.

DISCUSSION

1. The following request for improved financing terms has been made by the Lone
Cabin Ditch and Reservoir Co.:

Refinance their existing loan ( Approximately $90,000, 5%, 40 years) to 0%
for 40 years.

2. The following request for revised financing terms has been made by the Beaver
Reservoir Co.:

a. Revise the financing terms for the $343,000 loan to 2% for 30 years, OR
to 3% for 40 years.