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<br />Abbott Ranch <br />March 21-22, 2006 <br /> <br />Agenda Item 17b <br /> <br />As security for the loan, collateral will be a first lien on a 60-acre tract of land located in, See, 18, a <br />T8S, R62W. The property is located in the extreme southeast corner of the ranching operation, and ., <br />has feet of frontage on Comanche Creek Road (county-maintained road) for access. Comparative <br />land values in the area are $2,500 per acre for a minimum 60-acre building site. Elbert County <br />requires a minimum 60-acre building site in this zoning district, without a county review process. <br />The property is bisected by Comanche Creek, but there is no mapped or designated 100-year <br />floodplain on the property. <br /> <br />The estimated value of the land at $2,500 per acre is $150,000. The required collateral value for <br />the loan at 110% would be approximately $55,000. During the contract process, supporting <br />docurnentation of land values, based on the current land use, will be submitted by a Colorado <br />Certified General Appraiser. The collateral will be in compliance with CWCS Loan Policy #5 <br />(Coliateral). <br /> <br />Recommendation (Tentative based on Soard's policy direction.) <br /> <br />Staff recommends a loan not to exceed $49,440 ($48,950 for project costs and $490 for the 1 % Loan <br />Service Fee in accordance with CWCS Loan Policy #16), to the Abbott Ranch from the Severance Tax <br />Trust Fund Perpetual Base Account, to replace an existing irrigation well, and to pay expenses already <br />incurred. The recommended terms of the loan are 10 years at 2.00% per annum. Security for the <br />loan will be a first lien on real estate with a total value equal to or greater than the CWCS loan amount. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS. <br /> <br />cc: <br /> <br />Cevey Pennington, Ranch Manager <br />Amy Stengel, AGO <br /> <br />e <br /> <br />Attachment <br /> <br />e <br /> <br />Page 6 of 6 <br />