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e . . . Agenda Item 29p, November 4, 1994 -- 4 STAFF RECOMMENDATION The staff recommends: 1, That the Board fmds that the failure of well A-3 of the Castle Pines North Metro District does qualify the Di5trict for a loan from the Emergency Infrastructure Account, and 2. That a construction fund EMERGENCY loan in an amount of $100,500, not to exceed 75% of total project costs, be approved for the Castle Pines North Metro District, to rehabilitate District well A-3, and ~ 3, That the financing terms for the Emergency Loan shall be 5% annual percentage rate, for a duration of 1 year, and 4, That a construction fund loan in an amount of $301,500, not to exceed 75% of total project costs, be approved for the Castle Pines North Metro District, to rehabilitate District wells A-I and A-2, and to repay the CWCB Emergency Loan used to rehabilitate well A-3, and 5. That the fmancing terms for the $301,500 construction fund loan shall be 5% annual percentage rate, for a duration of 15 years, and 6. That both loan approvals shall be contingent upon staff evaluation of the District's financial condition and ability to pay, and upon all standard contracting provisions of the CWCB. ACTION TAKEN BY THE CWCB NOVEMBER 4. 1994: (Note: The CWCB approved the Staff Recommendation as written. The CWCB asked that the interest rate be verified, based on Median Household Income (MHI). The MHI was not available for the Castle Pines North Metro District; however, the MHI for Castle Rock ($38,045), and for Parker ($42,588) both exceed 110% of the Statewide MHI ($30,140), indicating a 5.5% rate for a 30 year loan, A 5% rate is therefor appropriate for the requested shorter 15 year term.) AlticIunents C:\wp51 \john\29p.nov