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<br />~ - <br /> <br />. <br /> <br />. <br /> <br />Agenda Item 20a <br />March 9, 1994 <br /> <br />2 <br /> <br />DISCUSSION <br /> <br />1. The owner's would like to complete the project in the summer of 1994, and are <br />working with Representative Russell George to amend the 1994 construction Fund Bill to <br />include their loan request. (As of the date of the CWCB meeting, the Construction Fund <br />Bill had been amended to include the loan, at a 30 year term.) <br />2. The project is favorable since it allows the Association to put its irrigation Shares <br />they own in the Missouri Heights Irrigation Company to beneficial use. This will eliminate <br />the need to use potable water for irrigation. <br /> <br />STAFF RECOMMENDATION <br /> <br />1. That a loan from the Construction Fund in a maximum amount of $75,000 (4.5% <br />FOR 30 YEARS), not to exceed 75% of actual project costs, be approved for the <br />King's Row Homeowner's Association, for the construction of a raw water irrigation <br />System, and <br /> <br />2. That loan approval be contingent upon evaluation of the Company's financial <br />condition and ability to pay, and upon all standard contracting provisions of the <br />CWCB. <br /> <br />ACTION TAKEN BY TIlE CWCB BOARD <br /> <br />On March 9, 1994 the CWCB Board took the following action: <br /> <br />1. Approved a loan from the Construction Fund in a maximum amount of $75,000 <br />(4.75% FOR 20 YEARS), not to exceed 75% of actual project costs, for the King's <br />Row Homeowner's Association, for the construction of a raw water irrigation System. <br />(The term of 20 years is less than the 30 years currently included in the amendment <br />to the Construction Fund Bill,) and <br /> <br />2. Required that loan approval be contingent upon evaluation of the Association's <br />financial condition and ability to pay (including percent build-out of the <br />development), and upon all standard contracting provisions of the CWCB. <br /> <br />3. Required that the loan be well collateralized. <br /> <br />(Note: I spoke to Lee Leavenworth on 3/9/94, and he said a 20 year term would be ok.) <br /> <br />~~~~.mar <br />