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<br />The projects identified on the previous page were planned to be constructed over a 10 year period, <br />with the Company requesting additional funds from the Colorado Water Conservation Board at various <br />intervals throughout this time period. The $1,202,000 loan approved at the January 1996 board meeting <br />was based on a 75% funding level for the construction of the Poudre Vally Canal and the Cobb Lake <br />Pipeline. <br /> <br />At the January 2000 board meeting, the Colorado Water Conservation Board approved a loan <br />increase to the Windsor Reservoir and Canal Company in the amount of$I,155,OOO, from the Construction <br />Fund, for an amended loan amount of $2,357,000. The $1,155,000 loan increase was based on a revised <br />project scope and cost estimate, prepared by Smith Geotechnical, as summarized below: <br /> <br />* Annex No.8 Outlet <br />* Elder Reservoir Outlet <br />* Windsor Reservoir No.8 Outlet <br />* Engineering/Contingencies <br />Total: <br /> <br />= $565,000 <br />= $279,000 <br />= $650,000 <br />= $493.000 <br />= $1,987,000 <br /> <br />Upon completion ofPoudre Valley Canal and Cobb Lake Pipeline, the Company had a remammg <br />loan balance of $633,218 from their 1996 loan authorization of $1,202,000. Therefore, the $1,155,000 <br />loan increase requested in January of 2000 was based on 90% of $1,987,000 less the remaining loan <br />balance of$633,218. <br /> <br />Discussion <br /> <br />During the course of the proj ects the Windsor Reservoir and Canal Company experienced cost <br />ovemms due to design changes, unforeseen field conditions, and additional work added to the total project. <br />Given the long duration of the project it was agreed upon by the owner and the Colorado Water <br />Conservation Board that cost overruns would be addressed at the end of the entire project and not on a <br />project to project basis. The owner is currently in the final stages of the final project and is requesting an <br />increase to his existing loan for the following items: <br /> <br />Item No.1 - Elder Reservoir Foundation Over Excavation <br /> <br />During the course of construction it was determined that soft, saturated material found along the <br />dam breach would need to be removed prior to the placement of the new outlet works. This ensured for a ' <br />stable foundation prior to the placement of the outlet works and dam. <br /> <br />Additional Cost = $45,000 , <br /> <br />Item No.2 - Increase Storal!e on No.8 and Annex. Raise Dam and Enlarl!e Svillwav <br /> <br />Additional storage was obtained during construction to bring the reservoir storage back to its <br />original decree. The spillway on Annex that was installed in the 1980's was determined to be one foot <br />lower than the decreed storage elevation. To recover this additional foot of storage the dam crest was <br />raised and the spillway size increased. Increasing the dam height by one foot required that an easement be <br />acquired along the northeast comer of the crest. <br /> <br />Additional Cost = $61,000 <br /> <br />Flood Protection. Water Project Planning ~d Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />