BOARD00942

• Board Meeting Date: 1/24/2001
• Description: CF Section - City of Ouray, Skyrocket Creek Deflection Structure Project Request to Retain Existing Loan Authorization
• Board Meetings - Doc Type: Memo

.

.

.

197

Colorado Water Conservation Board
Department of Natural Resources
1313 Shennan Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]
www.cwcb.st<lte.co.us

STATE OF COLORADO

Q

MEMORANDUM

Bill Owens
Go~rnor

GrcgE.Willchcr
Executive Director

Rod Kuh..rkh
CvVCB Director

Dan McAuliffe
Deputy Director

TO:

Colorado Water Conservation Board Members

John Van Sciver, PE, Water Supply Planning and Fi~nce sectiiiifW V
LatTY Lang, P.E., Chief, Flood Protection Section /if J> LfL-
Mike Serlet, P.E., Chief, Water Supply Planning and Finance Sectiw

January 22,2001

FROM:

DATE:

SUBJECT: Agenda Item 10c., January 24.25, 2001, Board Meeting--
City of Ouray, Skyrocket Creek Deflection Structure Project
Request to Retain Existing Loan Authorization

INTRODUCTION
The City of Ouray (City) has an existing $55,000 loan authorization from the CWCB for the Upper
Skyrocket Creek Deflection Structure Rehabilitation Project (Project). The City is requesting that
this /lot be deauthorized at this time.

BACKGROUND
The CWCB voted to deauthorize the existing $55,000 loan at the November 2000 Board meeting.
The City planned to complete a new feasibility study, select a new alternative, and apply for a new
(larger) loan. Buckhorn Geotech completed the Feasibility Study in December 2000_ The preferred
alternative has a project cost of $90,000 and is similar to the project previously approved. A new
loan for 75% of this project cost would be $67,500.

DISCUSSION
The existing autholization ($55,000) is very close to the allowable new loan amount ($67,500)
based on the updated cost estimate. In addition, the existing authorization carries a 4.75% interest
rate (20-year loan) while a new loan would be at 5.25% (20-year term.) In the future the CWCB
could still approve a small increase in the existing authorization, if warranted by the final design or
increases in the construction cost index_

RECOMMENDATION
The staff recommends that the Board retain the eXlstmg Town of Ouray-Skyrocket Creek
Deflection Project Autholization. ($55,000 loan from the Construction Fund as autholized by
House Bill 00-1419.)

C:IProJ-NewIOuray Skyrocket 101 Red Flag memo
L:\boardmem\Jan01\lOc Ouray skyrockel Creek .doc

Flood Protection. Waler Proj~ct Planning ilnd Financing. Slream and Lake Protection
Water Supply Protection. Conservation PI<mning