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<br />. <br /> <br />Town of Paonla - Water Rights Purchase <br />January 22.23, 2003 <br /> <br />Agenda Item 100 <br /> <br />Water Project Construction L~an Program-Project Data <br /> <br />. <br /> <br />Borrower: <br /> <br />Town. of Paonia <br /> <br />, <br />CQunty: Delta <br /> <br />Project Name: Ark Land Property <br />Drainage Basin: Gunnison <br />Total Project Cost: $1,900,000 <br /> <br />i <br />P~oject Type: Water RlghtslTaps Purchase <br />W~ter Source: Springs <br /> <br />Type of Borrower: Municipal (Low-Income) <br /> <br />Funding Sources: CWCB, Bonding, Paonla <br />Ayer. Delivery: 129 ae-ft. (demand reduction) <br /> <br />CWCB Loan: $1,000,000 <br /> <br />In~erest Rate: 3.75% <br /> <br />Term: 30 years <br /> <br />The Town of Paonia, acting by and through its Wateri Fund (enterprise fund), Is seeking a loan for <br />$1,000,000 for the buy-back and retlremenf of 317 u~used out-of-town water taps. The effect of <br />. this water tap buy-back is equivalent to acquisition ot water rights, because it relieves an existing <br />water supply shortage. In addition, the Town origlnaliy issued the taps In exchange for water rights <br />on German Creek, and the buy-back of the taps for Ciish provides the selier with acceptable <br />substituted consideration. The project wili implemen\ the first step in a long-term raw Water Supply <br />Master Plan strategy, will relieve the Town of a seve~e strain on its water supply system by <br />realigning their water supply capabliity and projectedlwater demands, and alieviate the necessity of <br />immediate construction of a major water storage proj~ct. The Town has been working with The <br />Conservation Fund, a national non-profit land and wElter conservation organization, to re-acquire . . <br />control of the 317 unused water taps through the purphase ofthe 770 acre Ark Land Property, <br />south and east of the Town. . The total cost of the project is $1,900,000, with CWCB loan funds <br />being used to repurchase the water taps, and Town responsible for securing the additional funding <br />for purcbase of the land. ' <br /> <br /> <br />(-& <br />~ "1 <br />'r <br />,"", <br />". ..,.. <br />Won <br />Qui <br /> <br />, <br />Location! Map <br /> <br />. <br /> <br />Page 8 bf 8 <br />