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<br />. <br /> <br />. <br /> <br />. <br /> <br />TC/'Ml of Paonla -WBlBr Rigl'lts Purchase <br />January 2:2-23, 2003 <br /> <br />~nda Item 19ft <br /> <br />Watsr Projset Construction Loan Program.projset Data <br /> <br />Borrower: <br /> <br />Town of Paonis <br /> <br />County: Delta <br /> <br />Project Name: AIl< Land Property <br /> <br />Project Type: Water R1ghtsfTaps Purchase <br /> <br />Drainage Basin: Gunnison <br /> <br />Water Source: Springs <br /> <br />Total Project Cost: $1,900,000 <br /> <br />Funding Sources: CWCB, Bonding, Paonia <br />Aver. Delivery: 129 ae-fl, (demand reduction) <br /> <br />Type of Borrower: Municipal (Low-Income) <br /> <br />CWCS Loan: $1,000,000 <br /> <br />Interest Rate: 3.75% <br /> <br />Tenn: 30 years <br /> <br />The Town of Paonla. acting by and through its Water Fund (enterprise fund), Is seeking a loan for <br />$1,000,000 for 1I1e buy-back and retirement of 317 unused out."f-town water taps. The effect of <br />this water tap buy-back 15 equivalent to acquisition of water rights, because It relieves an existing <br />water supply shortage. In addition. the Town originally issued the taps in exchange for water rights <br />on German Creek, and the buy-back of the taps for cash provides the seller with acceptable <br />substituted consideration. The project will Implement the first step in a long-term raw Water Supply <br />Master Plan strategy, will relieve the Town of a severe strain on its water supply system by <br />realigning their water supply capability and projected water demands, and alleviate the necessity of <br />Immediate construction of a major water storage project. The Town has been working with The <br />Conservation Fund, a national non~profit land and water conservation organization, to re-acquire <br />control of 1I1e 317 unused water taps through the purchase of the 770 acre Ark Land Property, <br />south and easl of 1I1e Town. The total cost of the projsct Is $1,900,000, wi1l1 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 /> <br />n:- -.,'] <br />...l:;,s,"fl__. <br />~.-1" 'R~ <br />. ~,A <br />ull. , <br />....... a., <br />'r><' ' <br />'<.:; d <br />..c,.;1 <br />, .. <br />u... <br />"" <br /> <br />. <br /> <br />Location Map <br />