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PROJC00835
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PROJC00835
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Last modified
11/19/2009 11:44:10 AM
Creation date
10/6/2006 12:14:29 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150010
Contractor Name
Columbine Ranches Property Owners Association
Contract Type
Loan
Water District
0
County
Adams
Bill Number
SB 99-173
Loan Projects - Doc Type
Approval Letter
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<br />Columbine Ranches POA <br />January 24.25, 2001 <br /> <br />Agenda Item 8a, <br />(Updated February 5, 2001) <br /> <br />The Barr Lake share purchase closed December 28, 2000, The Association used a <br />portion of the original CWCB loan ($305,250) to pay for 75% of this purchase, <br /> <br />The municipal return flow water purchase is under negotiation at this time, but is <br />tentatively scheduled to close in early summer 2001, at which time the Association will <br />need the additional loan funds. <br /> <br />Selected Alternative 3 also includes a one-time engineering cost of $7,000 to evaluate <br />the consumptive use of the shares to be purchased. <br /> <br />Financial Analvsis <br />The total estimated cost of the project (water rights purchase and engineering) is <br />$532,000. Staff is requesting that the Board recommend a new loan amount of <br />$399,000, which is 75 percent of the new cost estimate, (This represents an increase in <br />the loan amount of $93,750.) The CRPOA has already collected and set aside $78,000 <br />in assessments from lot owners to pay the Association's cost share on the project. The <br />CRPOA will collect additional assessments to cover the Associations $133,000 cost <br />share on the new project cost of $532,000. <br /> <br />Table 2 is a summary of the financial aspects of the project. Annual assessments will be <br />set at $525 per member to pay a Construction Fund loan of $399,000, This represents a <br />monthly assessment of $44. <br /> <br />a e o um me anc es man cia ummary <br />Project Cost $532,000 <br />CWeB Loan Amount $399,000 <br />CWCB Loan Payment (includes 10% reserve.) $28,320 <br />Number of Members (Membership Units or Lots) 54 <br />Assessment per Member (Lot) $525 <br />Assessment per Member, per Month $44 <br />Annual Loan Cost per acre-foot (120 acre-feet total yield) $236 <br />MHI Adams County, 1990 (1990 State Averaae = $30,140) $30,522 <br /> <br />T bl 2 C I b' R h POA f" . I S <br /> <br />Water is used by the members (lot owners) for lawn and garden Irrigation, stock <br />watering (primarily horses), and for fire protection, All uses occur within an existing <br />subdivision located in unincorporated Adams County, The median household income in <br />the service area qualifies for the Municipal Standard Income Lending rate, The original <br />CWCB Loan of $305,250 has terms of 4.75% for 30 years. The added loan amount of <br />$93,750 will carry 2001 Municipal Standard Income rates of 5,5% for 30 years. <br /> <br />Alternative financing sources: The CRPOA actively sought alternative financing for <br />this increased loan amount, but was not able to obtain long-term permanent financing. <br />The Association was offered a loan from the First National Bank of Brighton, however <br />the terms were prime plus 0.5% for 5 years. This option would result in a loan payment <br />of $46,000 per year (compared to $28,320 with a CWCB loan.) The bank option is not <br />financially feasibly for the Association, <br /> <br />Credit worthiness: The CRPOA has no debt, other than the existing CWCB loan. Table <br />3 shows the Financial Ratios and Indicates, with the exception of the Monthly Water Bill, <br />average ability to repay with the project In place. <br /> <br />3 <br />
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