Laserfiche WebLink
<br />Columbine Ranches POA <br />January 24.26, 2001 <br /> <br />Agenda l1em;8a. <br /> <br /> <br /> <br />93% <br />$33 I <br /> <br />52% <br />$77 <br /> <br />avera e <br />(weak) <br /> <br />Income to repay the CWCB loan will come from an assessment Increase of about $44 <br />per month. This additional assessment Is within the financial capability of subdivision <br />residents. In addition, the Association's ability to ;enforce payment of assessments <br />through lien and foreclosure against Individual pr,opertles assures that assessments can <br />always be collected. <br /> <br />I <br />As security for the loan the CRPOA will pledge a$sessment revenues backed by <br />assessment covenant and the water rights that are purchased with the CWCB loan. <br /> <br />Recommendation <br />Staff recommends an increase of $93,750 in theiloan previously authorized to the <br />Columbine Ranches Property Owners Assoclali~n under SB 99-173, so that the new <br />total loan amount becomes $399,000. The purpcjse of this loan is to pay for up to 75% <br />of the costs to purchase water rights for augmentation, and for directly related costs of <br />engineering. The recommended loan terms for tijis $93,750 Increase are 30 years at <br />5.5%. As security for the loan, the Columbine Ranches Property Owners Association <br />will pledge assessment revenues backed by ass~ssment covenant as well as the water <br />rights purchased with this loan. The loan would be funded from the Construction Fund. <br /> <br />Staff further recommends that final approlfl:jl of the loan be conditioned upon <br />acceptance of the project (purchase of senior y.,ater rights for augmentation) and the <br />assoolated financial obligations by a vote ofthe rj1embers of the AssociatIon. Regardless <br />of the water rights Ultimately purchased, a written bpinion of value must be provided by the <br />Borrower as a condition of obtaining CWCB loan funds. <br /> <br />cc: Laura Woods, CRPOA <br />Robert Longenbaugh, P.E. <br />LInda Bassi, AGO <br /> <br />Attachment <br />C:\ColumblneRanches1 01 memo , <br />L:\wctrans\boardmem~an2001\8a Columbine Ranches POA <br /> <br />4 <br /> <br />18 <br />I' <br /> <br /> <br />\. <br /> <br />. <br /> <br />. <br /> <br />. <br />