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<br />- 2- <br /> <br />2. If the Project Sponsors have progressed towards execution of a project funding contract, <br />but the progress has been delayed due to extenuating circumstances, the staff may <br />recommend that the Board extend the project time limit for one year. The staff will <br />continue to review the project on an annual basis until a CWCB funding contract is fully <br />executed or the Board has recommended de-authorization to the Legislature. <br /> <br />Since these projects are all Small Project Loans, that is less than $5,000,000, and were <br />authorized by the Board, the Board also has the authority to de-authorize them. <br /> <br />Discussion <br /> <br />As of November of this year, there are no authorizations for funding that are three years or <br />more past the date of authorization and are not yet under contract. There are three projects that are <br />not past the three-year deadline, however the project sponsors are no longer interested in moving <br />forward with a loan from the CWCB. Staff has evaluated each of the authorizations and discussed the <br />status of the projects with the project sponsors and their consultants. The results of these evaluations <br />along with the staff recommendations relative to extending project time limits are summarized in the <br />following: <br /> <br />a. Town of Paonia - Purchase Water Rights/Water Taps - The CWCB approved a <br />Construction FWld project loan of $ 1,000,000 to the Town in 2003 for the purchase of water <br />rights/water taps. The Town has unable to complete the transactions necessary to obtain the <br />required water rights and has requested de-authorization of this loan (attached letter). Staff <br />recommends that the Board consider de-authorization of this loan. <br /> <br />b. Town of Frederick - Milavec Lake Rehabilitation - The CWCB approved a Construction <br />Fund project loan of $ 1,000,000 to the Town in 2003 for the rehabilitation of Milavec Lake. <br />The Town has decided to pursue the project fl11ancing from other sources and has requested <br />de-authorization of this loan (attached letter). Staff recommends that the Board consider de- <br />authorization of this loan. <br /> <br />c. Greelev and Loveland Irrigation Companv - Bovd Lake Outlet Rehabilitation - The <br />CWCB approved a Construction FWld project loan of $1,000,000 to the Company in 2003 <br />for the rehabilitation of the Boyd Lake low-level outlet works. The Company has decided to <br />reconsider the scheduling of this project relative to their other capital improvement priorities <br />and has requested de-authorization of this loan (attached letter). Staff recommends that the <br />Board consider de-authorization of this loan. <br /> <br />Recommendation <br /> <br />Staff recommends the Board approve de-authorization of the loan authorizations, as <br />described above, and as shown in the attached spreadsheet. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />