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<br />RECEIVED <br />NOV 03 2000 <br /> <br />)lit <br />POmRHORN <br /> <br />Recreation & Development Company. Inc. <br />4828 Pawderhorn Road, PO Box 250, Mesa, CO 81643 <br />970-268-5735/ Fax: 970-268-5737 <br />e-mail: sbailey@powderhorn.com <br /> <br />. <br /> <br />ColoradO Water Conservation Board <br /> <br />October 31, 2000 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />Attn: Mike Serlet, P .E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />Re: Loan Authorization Review <br /> <br />(Fax'd and Mailed) <br /> <br />Dear Mr. Serlet, <br /> <br />. <br /> <br />Powderhom Recreation & Development Company still wishes to move forward <br />with the Robbins Reservoir Dam Rehabilitation project. Since taking ownership ofthe <br />resort, we have been forced to expend all our efforts on a new Master Plan to satisfy US <br />Forest Service requirements. Within their guidance we are not allowed to pursue actions <br />within that Master Plan process that are on property adjacent to the Forest Boundary, <br />therefore we have not pursued the necessary actions relative to the reservoir. <br /> <br />ACi~,i[ionady, ::Jill discussions with the Corp ofEngir:oers i;utially ind:~a(e <br />they are going to dispute the rehabilitation of the reservoir on the grounds that the <br />affected area now constitutes a designated wetland and cannot be changed. We do, <br />however, feel we can overcome that obstacle. <br /> <br />For the above-stated reasons, we have not pursued financing options beyond what <br />you are aware of from previous discussions. We are still prepared to either personally <br />guarantee your portion of the fmancing or to collateralize it with properties either on or <br />near the reservo ir. <br /> <br />The Master Plan is scheduled for completion and approval by March 200 I. With <br />that hurdle out of the way, we can proceed with the planning and approval process for <br />Robbins with the expectation to construct in the summer of2002. <br /> <br />We request you not drop us from your list of approved projects. <br /> <br />. <br /> <br />Sinch // ' <br />tW~_Z7 <br /> <br />. Steven Bailey 7--- <br />President <br />