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,-J' ...."'...;>"-'-'c. ~IHl\IW~'r' ~ HAr-iPt:.R ~C J"1.111"\.L..t1MtN"j Agenda Item CFd January 19, 1994 I. ,.," Lone Cabin Ditch and Reservoir Company 4236 N Road paonia, CO 81428 January 6, 1994 Colorado Water Conservation Board Department of Natural Resources 721 Centennial Building 1313 Sherman street Denver / CO 80203 RBI BZISTIK; LOAK BRCUXBRAXCB HO. C-153517i .ZW LOAK RIQ~BSTO' BBAVBR RESERVOIR cOXPABY Dear Board Members: The Colorado Water Conservation Board ourrently has before it a request of the Beaver Rellervoir Company ("Beaver") for a $343,000.00 construction loan, the terms of which will, hopefUlly, be negotiated and reconsidered at the January, 1994, meeting. the Beaver Reservoir Company is a co-operative effort of three (3) irriqation water companies to provide additional irrigation water supply and storage, of which the Lone Cabin Ditch and Reservoir Company (IlLone Cabinll) is a 3/16th owner. In 1989, a $92,700.00 loan was made to the Lone Cabin by the Colorado Water Conservation Board, with interest at 5% per annum, payable in 40 equal annual installments of $5,402.56 each. currently, the Lone Cabin has not paid its 1993 payment because it only has approximately $4,000.00 available at this time. We do intend to repay this loan, but are having difficulty collecting sufficient assessments from the stockholders to keep current on the payment. The Lone Cabin wishes to participate in the repairs to the Beaver Reservoir that would be accomplished with the new requested $343,000.00 loan. We are concerned that we should not take on additional debt repayment obligations when we are struggling to pay the loan payment obligation we now have. Yet, at the same time, it is not rea&onable nor financially feasible for the other owners of the Beaver Reservoir Company to assume the whole debt repayment for the proposed repairs. WQ ask you to recognize the unique set of circumstancQs which create this particular hardship for the Lone Cabin DitCh and Reservoir Company and to determine that the refinancing of its existing loan (encumbrance no. C-153517) may and should be approved, without creating any precedent applicable to other 4- existing loans of recipients who have not experienced the same or similar problems. Consider this to be our formal request to refinance our present loan balance at 0% for 40 years, payable at approximately $2320.00 per year. Attachment A to Loan Contract C153517 Amendment 3