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<br />. <br /> <br />/-II~ <br /> <br />~ - <br /> <br />. <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 State Centennia1 Building <br />1313 Shennan Street <br />Denver. Colorado 80203 <br />Phone (303) 866-3441 <br />FAX (303) 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />o <br /> <br />Roy Romer <br />Governor <br /> <br />April 8, 1994 <br /> <br />James S. Lochhead <br />Executive Director, DNR <br /> <br />Danes C. Lile. P.E. <br />Director, CWCB <br /> <br />Mr. Loyal E. Leavenworth <br />Member, Board of Directors <br />c/o Leavenworth & Lochhead, P.C. <br />P.O. Drawer 2030 <br />Gle~wood Springs, CO 81602 <br /> <br />RE: Kings Row Homeowners Association <br />Preliminary Loan Approval <br /> <br />Dear Mr. Leavenworth, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to inform <br />you that the eweB Board has granted preliminary approval of your request in amount of <br />$75,000. The CWCB Board also approved a loan term of 20 years at an interest rate of <br />4.75%. It is our understanding that these funds will be used to improve the Association's raw <br />water irrigation system. I have attached a copy of my updated CWCB Board memo <br />concerning the Kings Row Homeowners Association. Please refer to page 2 of that memo <br />and to the section "Action Taken by the CWCB Board". <br /> <br />Your loan is part of the 1994 Construction Fund Bill, with passage expected in June 1994. <br />Funds will be available about 60 days after that date, once a formal contract between the <br />Kings Row Homeowners Association and the State has been finalized. The State controller's <br />office insists that no work be oreformed on this oroiect until the contract is final. <br /> <br />As part of the approval, the CWCB also required that the loan be contingent upon <br />evaluation of the company's financial condition, and that sufficient collateral be available. <br />I will be contacting you in the future about these items. <br /> <br />On behalf of the CWCB Board, I would like to thank you for applying for a Construction <br />Fund Loan from the Colorado Water Conservation Board. <br /> <br /> <br />Attachments <br />C:\ WPSI \2OaLlr.mar <br /> <br />,': ,.~~;, <br />:' ,. <br />